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CONS®OILER'S DEPORT
FEDERAL RESERVE BASK OF MIHlffiAPOLIS
FOR THE YEAR

1 9

2

2




Auditing' Department
Comments ........................................
59 ,60
Bonds (See Fiscal Agency)
Certificates of Indebtedness (See Fisoal Agency)
Olearies (See Transit Dept.)
Closed Banks - Expenses ........... .................................. 16,19
Collateral Department
S t a t i s t i c s ............... ......................... .................. 75
Collection Department
Comnents. . . . . . . . . . . . . . . . . . . . . . . . ....................... .*.35
S t a t i s t i c s ................................................... . .26,37
Committee on Eoonony and Bffloiency......................... 57,58
Coupon Department
S t a t i s t i c s . . . . . . . . . . . . . . . . . . ....... ...........................29
Currency Department
Comnents* . . . . . . . . . ......... ..................... ..25,26*34
Statistics.................................................. 27,28*80-34
Deposits - Member Banks.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 2
(Sea also Government Deposits)
Discount Department
Discount Bates*.............. ................................... .....9
Comnents............................. . . . . . . . . 3 8
Statistics... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 9
Earnings
Average Bate of Earnings on Earning Assets.. . . . . . 9
Gross Earnings......... ............................. .
8,9
Conannts.. . . . . . .
....................*.......... 10
Efficiency
Sill* Bandied.......................................... ..................28
Coupons Bandied............................... ......................... 28
Collections Handled................................................*25
Discounts Handled............. ........................... ..88
Transit *. * ......................... ........... .
44,46,51
CoonLttee on........................................................ 57,58
Employees
Salaries by Departments....................................
20
55
Coaownts.......................... ...............................
Statistics.............................................................55*56
Expenses
A n a l y s i s ............................6
Statement....... .................................... .................11,12
Comment**............................. ......... ................ . 13,17
Reimbursable................................. ........... .......... . 1 8
Closed f l a n k s ..........................*...................... 18*19
Salary*................................... ....................... ...
20
Federal Eeserve Notes (See Currency)
Files
Comnents..................... ....................... .......... .
62*63
Fisoal Agency Department
Coanents............................................................. 71*72
Statistiaa*.. . . . . . . . . . . . . . . . . . . . . . 7 3 - 8 2
Franchise fa z e s .... . . . . . . . . . . . . . . . . . . . . . . . . . ..............6*7
Furniture and Equipment
Comments............. ............... ......... ......................... 24
Gold H o ld in g s*...*................
40
Government Deposits
Account witb Treasurer U .S ........................... .
41
Depositary Basics by S t a t e s . . . . . . . . . . . . . ....... .
73
Collateral to Government Deposits. . . . . . ....... .
74
Government Funds in Depositary Banks........ ......... 74




Guards
Comments............ .............. ................... .............. 64
Helena Branch
Coranents..................................... .
21,22
Investment Holdings of U.S. Securities... . . . . . . . . . . 40
Liabilities - Comparative Statement 1922-1S21.......... 2
lunch Boom.............. . ........ . . . . . . . . . . . . . . . ........ ..64
Member Bank B a l a n c e s . . . . . . . 42
Membership - Statistics......... .
66*67*68
Hew 3uildix]£.............. ..................... ............................ 23
Penalties...................................................... ................ 42
Profit and loss
Statement................. ............................ ......... . . . . 3
A n a l y s i s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 ,5 ,6
Statement Of Charge Offs.......................................o 7
Protection....... .................. ....................... ........... .
64
Purchasing
Comments........ ................... .....................
61
Reimbursable Expenditures.. . . . . . . . . . . . . IS
Beserve Department. . . . . . .
Average Balances................... .
42
Penalties............................................................ . 42
Stenographic
Comments.......... ............................ « . . . ...................58
S t a t i s t i c s .........................
54
Surplus
Detailed Statement since Organization.............. . 7
Transfer Department
Statistics.................. .........................................52
Transit Department
C
o
m
m
e
n
t
s
.
.
43, 44
Statistics................ .................. ..................... 45-51
Treasurers General Acoount......... ................................41
War Finance Department
Comments.............................. .............................. 69,70
Welfare Department
Lunoh Bom....... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64
65
Comments...................... ................................ .
Wire Operations..................... ........................... .
72




To the Directors,
Federal Reserve Bank of Minneapolis,
Gentlemen*In the fpllowing comments we have touched briefly
on the various functions performed by this bank indicating'
the more important chanj-es in the character and volume of our
work,

The tables give further detail and afford comparison

with the previous year.
Considerable progress has been made towards increas­
ing our efficiency of operation and in improving oar service to
our member banks and to the Treasury Department,,

Plans are

being made to add to the results during 192?.
Helena Branch report for 1925 and Minneapolis report
for December are offered separately.
Bespeotfully submitted,

Controller
January 1, 1923,

COMPARATIVE SPATffiKNT OP RBS00RC3S
FHDSRAL RES3RY3 SANK OF IHNN2A?r>LIS
1922-1921

Gold Redemption Fund F„ R. Notes
3,422,611.29
Gold with F. Ro Agent
46,371,920.06
Gold Settlement Fuad
25,496,501.56
Gold Soilion and Coin
2,375,615.00
Gold Certificates (Incl. C.H. Certificates)
5,159,730o00
Other Lawful Honey
1,190,324.11
5 per cent Fund against F. B. Bank Notes
196,150o00
Overdrafts
201,500,44
F.R.Bank Votes (Secured fc U.SCBonds) on Hand
y
273,419.00
Federal Reserve Votes on Hand
3,177,335o00
ifatilated F.R .Notes Forwarded for Redemption
720,400o00
National Bank Notes and Notes of Other F. R. Banks 887,289o00
Transit Itews
16,295,299c84
Checks and Other Cash Items
301,633.80
Sxohasge for Clearing House
371,230o69
Bills Discounted
18,973,350.24
Member Bank's Collateral Notes
2,942,956.43
Treasury Notes
8,049„400o00
Other U. S. Bonds
272,961.00
Certificates of Indebtedness
499,500 00
Liberty bonds
4 ,2 4 9 ,600o00
Municipal Warrents
38,664.58
Interest Accrued on U. S. Securities
149,487.95
Expense Current
1,064,942.49
Fiscal Asent - Reimbursable Expenditures
10,856«93
War Finance Corporation - Reimbursable Expenditures 17,175.38
Furniture and Equipment
24,640.60
Deferred Charges
20,887o96
Dividends Accrued
213,774*01
Banking Bouse
97,768<>27
New Building Account
459,646.46
Other Real Estate
500,000o00
Reimbursable Eaqpenditures - Postage
314.44
Difference account
1,075.18
Claims Recoverable
1,403,439^*4
Expense - Other Real Estate
24, 307.81
Nickels and cents
37.t98.40




TOTAL RESOURCES . . . . . . . # 143,515,004.70

2,764,620*93
16,656,240.00
31,115,656.91
l,813,035o00
7,326,800o00
810*991o80
201,150,00
96,580o20
1C2,544<>00
2,355,640o00
l,332,400o00
l,364e804o00
12,399,645o62
1440916o33
595,744.05
42,483,230o86
8,728,387.62
115,561,00
4 ,4 5 0 ,OOOcOO
175,100o00
88,995.60
46,094o93
660*820«61
5,129*88
3,607,17
1.00
17,848o60
106,655o78
99,661.50
169,070o09
500,000.00
214.49
30.83
798,860.45
1,069.41'
, „
$ 137,796,490.51

1

GGMP4RASIVB STATBKEHT OP LIABILITIES
FKERAL BBSBHVB BABE OF USSBAPOLIS
1922-1921

Deo. 81. 1922
Federal Heserve Hotee Outstanding
7. R. B. Notes (See'd by tf. 8 . Obligations)
U. S. Treasurer General Account
Members - Reserve Account
Foreign Banks
Non-menibers - Clearing Account
Cashier's CuacXs
Expense Ohecics
Federal Reserve Drafts
Government Transit Items
All other 'Transit Items
Coupons, (jRT.err.hip Undetermined
Capital, iaju j.n Vv Members
Surplus Fand
Super - Surplus
Profit and loss
Discount Earned
Interest Earned
Penalties on Deficient Reserves ,
Domestic Transfers Bought sad Sold
isiseellajieouis
Discount on U. S. Bonds
(Tnearned Discount
Reserved for Sundry Expenses
Reserve for Depreciation ~ Sew Building
Int. Adj't Bec'd on copv o f 4 $ ABonds
Rb served for Govt* Franchise fax
Reserve for Saxes other than Franchise Tax
Special Reserve
Depreciation Reserve on V . S. Bonds:




TOTHi LIABILITIES

| 62,632,920.00
288,282.20
49,309,575*67
27,000.00
155,019.15
692,453.29
19,118.43
20,488.06
249,903.36
16,338,011,80
2,320.85
2,534,600.00
7,416,054.44
1,451,659.12
384,634.44
128,087.06
3,195.00
1,672.06
36£399c93
173,310.66
9,456,67**
100, 000o00'
70-45
25,77208
500,000*00^
.# 143, 515,p04i, 70

D.o. gl. 1921
$ 60,477,240.00
4.322.200.00
687,888.23
43,524,104.65
216,000.00
150,379.19
91,196.88
8,170.86
9,347.90
514,150.47
12,405,187.14
2,315.55
3.566.950.00
7.102.100.00
200,970.13
25.84
2,165,653.99
56,885.82
80,227.84
1,134.75
1,505.23
54,775.55
460,218.35
928.42

, 78.57

100 000.00
1,284,497.62
10,158.08
300,000.00
# 137,796;490*51

2

m n t t**
DaMta
Discount Earned = Bills Discounted
Interest Earned - U« So Seoaritiafc
Interest Earned ■ Bill lading drafts
=
>
Interest Earned - Municipal Warrant*
Bomastle Transfers Bought £ Sold
Deficient Reserve Penalties
.Sundry Profite
Exobange Beoeived ~ Collection*
Profits for years 1919 to 1922 from rasales ant
purchases of U. So Sacuritias
Discount Burned ob Bilie Biaaotmtld - Helena
Deficient Beearve Penaltias - Helena
Exchange BeoeiTed - Helena
Transit & Return items Differenoes
Expanse Carrent
f 926,253.79
Expense *-Other Real Batata
*
*4,807*81
Dividends Accrued
2i s , m 0oi
21,870o68
furniture & Equipment
Taxes onKeir Building far 1922
6 f200o00
Bapraeiatlan allowance on ft * Building at Mpls0 6,446o87
Depreciation Reserve on T 8 * Bonds
J*
78,067,80.
Transferred from Bifferenoe Account Collections ~~ I M f
686*06
Tranaferrad froa Biffarenae Account Tellera
166*56
Transferred from Biffaranaa 4ooaunt Qenaml
Tranaferrad from Diffarenae Account Clearings
i69 ,«ffe ? r
Expense Currant Helena
2,768*97
Furniture and Equipment Helena
General Biffaranaa Helen*
4,68
82*60
Tellers & Coupon Bifferenoas Helena
*41
Clearings Difference Halena
e99
Collection Biffaranaa Helena
Bepreoiation Allovanoa an bank premises
l,655oS7
at Helena
Bepreoiation Allovanoa on fixed Machinery
and Equipment at Helena,
10 % on Electric Bier®
$5,064011
Blev4
" light & Tent a
8,461*08
* Plumb. & Htg>
7.698,86
16,108,99
1,610,90
Traneferred to Surplus Fund
56,692910
Paid to Treasurer of 0c So for Government
Franchise Sax
612,028o98




$ 2,010,478c7*

# 1*070*549.48
888,680*44'
478*88
628*17
8,196*00
78,846*16
1,889*11
265*46
41,227,2*
881,109*64
49$740*90
If *49

8,88

# 2,010,478*72

3

raftlg A DL S
M OS
There is given below a brief em anation of the make-up and
reason*, where not entirely cle.ar, for the items plaeed in profit and
Loss aooount daring 1922*

m m m ar m o m - m ll op LAm m

vra ™

fbis income is from flo w drafts with bills of lading at­
tached, the face amount being oredited and no interest charged until
draft is paid.
BMHtTfl m m m

M m tm M Ji

This heading, as far as Uinneapolis is concerned is a mis­
nomer.

Tf do not buy or sell mail transfers and oar acceptance of
Se

wire transfers is for immediate credit,

If we give credit to a m em

ber bank for a wire whioh is delayed in being oredited to as in some
other district, we oh&rge oar member interest for the tine delayed
and credit to above aoooont.
m m

m sm

In this instance sundry profits represent our share of com­
missions received by the federal Beserve Batik of Mew York for hand-,




ling; acceptances and molted States securities for foreign Governments
and basics under repurchase agreement and of whioh we assume our pro­
portion of contingent liability.
Mymya vnn CTATS 1919 to 1922 FBPM BBSAtBS
Shese profits came from purchase of 2 per cent consols
t-.ven below r u and exchanged at par for one year Treasury Notes and
-r
'60 ye>.r Conversion Bonds.

These issues and other miscellaneous tr. S.

Securities »ere sold at a profit*

tfader request from the Federal He-

serve Board these accumulated profits were plaeed in Profit ’ and loss
Account, on December 20, 1922,

4

• 2 ®
BXPBNSfl - OTHER RfiAL BSTATg
This re presants a separate account maintained on our General
Ledger transferred to Profit and Loss December 30

1922e and covers

taxes on our ground at ^ifth Street and Marquette Avenue.

Taxes

amounting to $8,807.81 for our share of the 1921 assessment appear
in this account and in addition, under approval from the Federal Beserve Board, we have charged out and placed in a special account
§15®500 for 1922 taxes on ground only*
FURNITURE AMD EQUIPMBKT
Under federal Beserve Board ruling purchases of furniture
and equipment now appear as a separate charge yearly in Profit and
Loss account ratbar than be included with "Expense" as forme rlyt
TAXBS C HEW BUILDING 1922
M
This charge ($5,300) was authorised by the federal B is a m
Board and is the assessed value of that part of our new building
completed April 1* 1922*

^be charge-off is based on 2/5 of $200,000

at a rate of 65 mills*

jBgyjp.U^ W

AttgMBBM. M

,3u il^n g3

The federal Beserve Board authorised the charging off each
year of 2 per cent of tbs Book value of Bank Building*

The reduction

made at close of year was on values as of November 28s 1922 at Minne­
apolis and Helena after allowance

had been made for depreciation re»

serve of #1009000 set up two yearj 30.
D3PEBCIATION RB3SRVSS ON UNITED STATES BCKDS

This account is made necessary from the fact that all bonds
no matter at what price taken* are carried by us at jpar®

The

Federal Be serve Board has instructed us to amortize discount and

praalufti oror th» U !t $t tlv ben4 and in »4UU<m m « ir » d us to oredlt
i




5




amaoiAgiai a m

c r m n m m im a mots (oontd)
a

up to Profit and Lom or charge m the ease qay bo* the difference
between par /md market value of oar total holdings on the last day
of tho yearc

Tho present depreciation charge (#76,007*60) is oc­

casioned by oar holding over # ,0 00*0 06 Liberty loan 4 1/4 por cent
Bonds taken around 98*

I38?ltEQIAl>IOii Ai.LO.yAI'fOS Qg PHOTO mPHIMiHY
* .•X
.
.*•;. approval, we are setting up a
reserve or 1C por oent of the oost of SLoetrio Blovator, Lightine
and Ventilating, Plonking sad Heating at Helena*

this fond will be

used for replacement and bo added to in like anount each year.
M W m g & Q g AflQOTB^p

&o se entries represent accumulations during the year and
are iteras which, in. oar jadguent, may not bo recovered.
»fm in a
In addition to the 90 por oent of not earnings transferred
to the Treasurer of* tho TJtoited States after allowance for all ohar**offs and dividends* we transferred to tho Treasurer before closing of
tlie books Decewfcer 90, 1922, the son of $52,428.26.

This amount

clionld have been inolnded in tho franchise tax for 1921 and was
ceased by s.3 sinterpretation of the lasr by tho Federal Deserve Board,
"ho adjactiar entry dots not appear in Profit and Loss account bat
ciar^ed against Surplus Account.

m o m aw m n a a .. bxpmsbs. DIYIDBHD3
ABB PBAgggI3B TAX PAT1BST8 F0B1922

su m m a r y

Gross Warnings
Current Bxpenses
Current net earnings
Additions to Current Hot Barnlnga
Deductions frosi Current lot Banting*
lot dodnotlOM trm . ourrent not Bamliigs
lot Barniags available for dividend*, fraaohiae tax
and surplus
Dividend* paid
Paid to Government as a franchise tax 1922
Transferred to surplus aooount

# 1,969,247.68

#
884,305«19

41,231.04
101.610.10
i

792.69g.09

.*

782.695.09

219,774.01
512,028.98
56.892.10

Total ............................ .........................................

$ 7,069,200.00

Subscribed capital January 1, 1923

7,472,946.54

Surplus January 1, 1923
DPAI1. S T A T M T OF SPBPPg AgCOCTff 8HOB OBGANIZATI.6W
Transferred to Surplu* frcn Profit aad
January 4 , 1916,
«
«
*
Peoenber 31, 1918,
«
Maroh 4 , 1918
from Reserve for Franchise
n
to Surplus from Profit and
JUna 30, 1919,
m
m
Deosaber 31, 1919
«
m
Jana 30, 1920
*
i
t
Deoember 31, 1920
n
m
n
June 30, 1921
m
#
Deoanber 31, 1921
m
*
Deoaaber 31, 1922

Less
‘«
Tax
Loss

«

I
V
I
t
I
I
m

Loss Amount to adjust srror of Fodoral Hsserrs Board in Figuring
Franchise Taxes 1920 and 1921
Total Boossibor 81 f 1922

#

37,500.00
688,871*82
688,871*82
904*357*40
1,249,899*04
1,609,241*86
1,801,706*84
828,121*98
168,407*67
86.892*10
# 7,828,969**0

_ _ IS a P fffft
_
# 7,472*946*84

m TOTH PMICHI31 TAXB8 M 1B 8X101 0WHIU81TTC

Deeenber 91, 1916
Deoeaber 91, 1920
June 90, 1921,
Dao«aber a . 1921
Deember *1, im
Deoeaber

51. 1922

Trauf.r trm m a t u l
»
«

n
N

•
»

«

1. . .
•»
N

»

Transferred on aooount of
undor-payoqt year* 1920 and 1921
Tmnmfor f m M f l t aad Loot

Differenoes
Abraalea of Gold Cola
Dsproolatlon on Bonds
Paid P. S . Baak Ghioago to adjust Book value* $229,400. Capital
Sto«k 52 Wisconsin Banks
Reduction of Baak Preartses authorised by P. B. Board
(Vow Sngland *lte) Deoe«ber 31, 1919
Re*erv* for deproolatlaa new building
(Vow Baglaad alto) Dooaaber 91, 1920
Spoolal Reserve June 30, 1921
Spoolal Beaerve December 31, 1921
Depreciation lav Building (law Sngland)
Depreciation BankingHoase (Halona Branch)
Xianoapolls Vault
Holona Vault
Furniture, Fixtures aad Offioa Bquipaent




#

37,500.00
524,233.58
1,264,497.62
1,166,466.96

52,423.36
___ , n ? . < w g
$ 3,577,152.52

l,662.6t
15,707.19
99,057.80
2,127*22

,
100,
000.00
906, 600.00

100 000,00

200,000.00

5, 159.50

10,000.40

n jm m

lifisia.

# 1, 198, 170,46

7




00

COMPARATIVE STATBMKIW dV (51033 SAMIHSS
F3DBBAL RSSBRV2 BASK OP IfflnTBtPOLIS AHD HBX.3IA J3RAH0K
BiBHIHGS FROM

MHMEAP0LI3
1922

Discounted Bills
# 1,070,649.46
Purchased Bills
Municipal Warrants
625.17
TJ. S. Securities
383,530.44
Domestic Transfers
3,195.00
Deficient Reserve Penalties
78,345.16
Miscellaneous
2,133.40
Total

$ 1,538,379.65

HttlJWi
1922

OOMBElHP
1922

* 381,109.64

$ 1,451,669.12
97.50
625.17
383,530.44
3,195o00
128,087.06
2,150.89

49,740.90
17.49
# 430,868.03

$

1,969,247.68

mSHBtPOLIS
1921

HBLMA
1921

# 3,995,037,14

# 654,516,85

12eS30.4S
113,422.73
4,568.13

325,81
142,001.30
50.00
43,735.44
lo9E

$ 4,268,007.04

$ 696,304^24

00MB1BSD
1921
$ 4 ,6 4 9 ,553o99
97c50
32S.S1
142,001.30
1£,58C»43
157,160c17
4,590,08
$ 4,966,311.28

SBOSS SAMIKGS
FEDERAL -RESEHVE BASK OF ^IgSEAPOLIS ASP HE15BA BRANCH

BABKI3GS FBSM

A£22

^Z X

1920

Discounted Bills
#1,451*659.12
Purchased Bills
Municipal Warrants
625a1
?
U. S. Securities
383,530.44
Domestic Transfers
3,195o00
Deficient Reserve Penalties
128,087.06
Miscellaneous
2.150.89

#4,649,553o99
97.50
329.81
142,001.30
12,580o43
157,158.17
4.590.08

#4,734,258,72
191,862.15

TOTAL

41,969,24^.66

$4,966,311.28

$5,307,380,60

#164,103.96
90,411.88
73,692.10
17,814.50

$413,859o29
110,488.91
303,370.36
17,638.09

#442,281.72
84,765<>51
357,516.21
16,322.55

5,841. 56

11,759061

6,546.84

24*82

103.70

119.36

181,989.66
77,244.94
92,744.53
29.260.60

A i m w .v m m
Gross Earnings for year
Expenses for year
Set Profits for year
Dividend Paid for year
Cost of F.B. Notes for year
Bate per cent of Bet Earnings
on paid Capital Stock for year

AEEBAGB BATE OF BAHH1S0S OS M E E IW ASSETS
Bills
Discounted
1922
19S1
1920
1919




Bills
Purchased

U.S.
Securities

Munioipal
Warrants

5*119
6,479
6.223
4.381

6.067
6.269
4,867

3.427
2.055
2.016
2.460

4.752
5,807

Discount
Discount
Discount
Discount

rate
rate
rate
rate

effective January 1, 1922
lowered January 11, 1922 to
lowered August 15, 1922 to
in effect December 31, 1922

Total
4.640
6.091
5.755
4.114

5§^
5%
4M>
4§%




Income increased slightly in December, the total for the
month being $141,205.- 33,

During the last half of the year earnings

fluctuated from #157,800 in July to §132,400 in November.

Total

earnings for the year were $1,965,000 which was three million dol­
lars less than the amount earned in 1921

Discounts for member

banks ranged from $11,689,000 in September to §£5,224,000 in
January.

On December 30 our total advances to member banks were

$21,916,000 in comparison with $51,200,000 advanced on December 31,
1921
The average rate earned on discounts during 1922 was
5 0119 per cent

In 1921 the rate averaged 6.479 per cent.

W had
e

no income from acceptances purchased and but $625,17 from Warrants
discounted.

In common with other Federal Reserve Banks, we pur­

chased United States Securities more freely and our income from
this source was $383,530*44 compared to #142,001 30 in 1921. We were
oarrying #13,071,000 of the various Government issues on December
30.

The average rate of return for the year on these securities

was 3«>427 per oent while in 1920 and 1921 it had been only slightly
better than 2 per cent due to our very small holdings of United
States securities, other than Special Z% certificates securing cir­
culation.

Daring the latter part of the year these certificates

were steadily reduoed and the last certificate was called on
December 28.

Part of our income during past few months has come

from carrying united States securities for Federal Land Bank under
repurchase agreement.

The income of $31950 under "Domestic Trans­

fers" represents Interest charged on delayed transfers, wired for
our oredito

Deficient Reserve penalties were higher at Minneapolis

than for any other month during the year.

Oar total earned of

$128,087o
06 from this source would have reached a larger amount had
we not reduced the maximum penalty rate to 10$.
est penalty rate was 15 per cent.

In 1921 the high­




W H M B ff

8B TOB 3

m p m . qaaravK m m r or « i m i p o l i 8 a p m

i t

brabch

for the year 1922.

Bank: General
(including Agent's}
Salaries......... ............................................ .................................
Bank O ffice rs.....................................................................
Clerical Staff.................... ....................................... .
ill other ............................ ..................................
Governors' Conferences . . * ........................................................ *
federal Be serve Agents Conferences ............................ ......... .
federal Advisory Council ........................................... .
Directors Meetings ..................... ........... ......... .................. .
traveling Expenses ................. .............................. ..................
Assessments for federal Be serve Board expenses ......................
legal fee8 ...................................................................................
^Insuranoe (life, fidelity* casualty* workmen's compensation.
Banking house*
faxes.................................................................. ........... ..
/C five insurance.......................... .................................. .
Light, heat, and power................................
Bepairs and a l t e r a t i o n s .................. ................ .
All other...............................................................................
Bent....... ............................ .........................................................
Xfire insurance— Furniture and equipaent.............................. .
Office and other supplies.............................................
Printing and stationery.............................. ..............................
telephone............................... ......................................................
Telegraph................................. ..................... ....................... .
Postage (other than on money and security sh ip m e n ts )........
Bxpreesag* (other than on money and seourity shipments)........
Security shipments.................. ......... ..........................................
Ourrenoy and ooin shipments................................ .......................
federal Be serve currency*
Original cost, including shipping charges.......................
Cost of redemption, inoluding shipping c h a rg e s...........
TaxBs on federal Be serve bank-note circulation.......................
All other expenses........... ............................ .
Total Current Expenses

107,706.55
272,420.50
S3,231.85
467.13
267.27
1,140.00
11,407.15
20,480.45
24,944.85
11,592.09
21,849.85

Fiscal Agtnjcy Bxpenses
absorbed by bank
270.94
54,049,56
5,253.12

Transit

156,919.97
2,242.02

989.64
1,296.05

2,665.64

Total

107,977.39
463,390.08
38,726.99
467.13
267.27
1,140.00
11,407.13
21,470.07
24,944.83
11,592.09
25,810.92

1,577.52

1,577.52

901.84
1, 666.68
11.40
19,944.58
252.55
14,856.87
21,204.04
5,255.88
15,919.82
11,485.55
709.42
1,474.57
22,991.94

901-84
1,66 S.6B
11.40
44,037.87
460.61
21,953.96
42,514.64
7,090.10
21,697.33
79,184.58
887.16
4,017e54
22,991.94

4,849.86
1,889.15
5,189.04
123.35
16.21
4,467.82

19,743.48
228.26
5,258.44
18,121.56
1,731.37
5,761.30
63,231.21
177.74

2,542.97

55,535.78
16,764.99
14,260.35
43,356.80

19.65

1,499.70

53,333.78
16,764.99
14,260.35
44,876.15

750,954.61

55,417.60

278,570.28

1,084,942*49




COMPARATIVE STATEMENT
OUBEBNT B23SNSB3 OF TH3 FB3J3RA1 BESBRVB BABE OF MUBBAF0L18 AID HSLBKA BRANCH

Minneapolis
Salaries
..... i m . .
Bank: Officers
$ 92,126.59
Clerical Staff
402,595.66
Special Officers And Watolnaen
17,$74.51
All Other
11,653oil
Governors* Conferences
467.13
Federal Beserve Agents Conference s
267a27
Federal Advisory Council
1,140.00
Directors Meetings
6,847ol7
traveling Xxpenses
15,071.96
Assessments for isdaral Beserve Board expenee s
24,944.63
Legal fees
6,325.37
Insurance (life* fidelity, casualty, workmen's Comp.
23,422o
49
Banking house i
Taxes
Fire Insurance
Light, heat„ and power
Bepairs and alterations
All other
39,559.82
Bent
Firs insurance— Furniture and equipment
160.75
17,667.37
Office and other supplies
Printing and stationery
34,342.10
Telephone
5,301.72
Telegraph
9,376o21
66,211.31
Postage (other than on money and security shipments
Sxpressage (other than on money and security shipments
590o41
Security shipments:
2,542.97
Currency and coin shipments
16,624oll
Federal Be serve currency*
Original oost, including shipping oharges
53,333.78
Cost of redemption, includii£ shipping charges
16,476o99
Taxes on Federal Be serve bank-note circulation
14,260.35
* Furniture and Squijment
All other expenses
42.229.78
Total Current Expenses

$ 925,253o78

Balena Branoh
# 15,850.80
60,794.37
4,606.70
4,792.67

4,559.96
6,398.09
3,266.72
1,666.45
1,577,52
1,153.98
901.84
1, 666.66
llo40
4,478.05
300.06
40266«59
8,172.54
1,788,86
12,321.12
10,973.27
296o75
1 9474o57
6,367o83

Conbined
1922
| 107,977.39
463,390.08
22,281.21
16,445.78
467.13
267o27
1,140.00
U,407ol8
21,470.07
24,944.83
11,592.09
25,310.92

im
# 115,499 043
517,448o12
23,617.80
18,807o40
770.15
402o67
908. S)
11,902.57
35,505.30
25,553.89
11,628.36
29,552.46

l,577o52

1,964.48

901.64
1, 666.68
11.40
44,037.87
480.61
21,953.96
42,514,64
7,090.10
21,697.33
79,184.58
887.16
4,017.54
22,991.94

2,346.60
5,981.86
38,370o05
111.94
29,921.13
67,150.97
7,248.05
23,494o2S
80,931. as
4,776.78
2,1 00o96
17,849.83

288.00

2<,646o37
#

53,333.78
16,764.99
14,260.35
44.876.15

124,564.17
16,551.65
26,979.64
53,368.10
29.384.34

159,686o71

♦ 1,084,942.49

# 1,325,866.98

#Other than those connected with governors* and agents' confeiences and meetiz^s of the directors and advisory council.
* Charged to Profit and loss in 1922 and to current expenses prior to that year.

j m m m ..
In making a comparison of 1S22 and 1921 expenses it is perhaps
well to state that the ratio of reduction in 1925 will not be as great as
in 1922*

Comment is offered on the more important items with reasons given

for the variations from 1921 figures.

PAY ROLL
Our payroll reduction for the year was ^65,300

but in comparing

with 1921 figures allowance should be made for bonus paid covering first
six months of 1921 amountin': to 032,394.

Likewise the Fiscal Agency ex

pense absorbed by the bank in 1922 was $20,000. greater than in 1921 and
salary increases amounting to approximately $15,000

were also granted. The

net result is a better showing for 1922 of $68,000.

TRAVELING BXPBHSBS
"hile there is an apparent redaction in this item of 314,000. at­
tention is drawn to the fact that the traveling expenses of our representa­
tives at failed banks are now carried under "All Other Expenses" and amount
to $11*227.

The total for the year charged in expense is $32,697., similar

expense in 1921 being $35,505.
ASSESSMENT FOR FBUBIUL HBBHtttt BOARD ffitPTOSBS
The total assessment paid by u> daring 1922 was $24,944.83 which
is $609.66 less than the payment for 1921.

On the basis of our assessment

for the first six months of 1923 the total charge for 1923 will be approxi­
mately $2,900. lower than in 1922,,

The Federal Reserve Board expenses from

January 1 to Jane 30, 1923 are estimated at $387,000.

HKUi1
,
la include under this heading salary to legal Counsel at
Minneapolis #5,000., office expense of counsel $2500. and salary of counsel
Weir at Helena, $3600.

The balance of this expense $492.09 represents

traveling and maintenance of counsel on bank business.

Legal fees incurred

by our representatives at closed banks are not carried under this expense
item.




13

-2 IKSURANC8

(All Kinls other than Fire)

In August we took advantage of a new blanket policy arranged
for the benefit of Federal Beserve Sanies through a committee formed to
study such matters.

This policy covers all persons in our employ at

Minneapolis and Helena other than Agent and Assistant Federal Reserve
Agents, also Bank Burglary. Holdup and Forgery,

The policy taken

August 1 was for #509,000 with premium of $12,500. yearly.

On November

1 we arranged with tt e Hartford Company for an excess blanket Bond of
il
$1,060,000. with yearly premium f 5,000. on first $500,000. and $2,500.
on second $500,000.

These policies also corer Helena Brandh.

With the

various other polici'es we carry, our expense of this nature approximates
$25,000.per year and should not vary a great deal.

The life insurance

we oarry for our employees costs us approximately §3,990. per year
after allowanoe is made for return premiums.
BAgglHG HOUSE
Under this heading we show taxes, ligit, repairs, etc. for
the Helena bank property only.

Our taxes at Minneapolis are charged to

a separate account "Expense Other Beal Bstate” and will be so handled
until we oooupy our own building.
RENT
Rentals at Minneapolis amount to $23,924.60 per year and at
Eelena $125. per monta was paid during 1922.

We include under "Bent"

however, all repairs and alterations, also, ligfet, heat, and power re­
quired in the Annex at Minneapolis and in the separate building used as
a transit department St Helena.
the year 944,027,87.

Total expenses of above character tor

Our rental expense for 1923 will be greater as we

have Just acquired additional spaoo in which to place our files but
bills for repairs and alterations should be loner.




14




3
OFFICE SUPPLIES

PRIMTIKG AKP STATIONERY

Resuit8 have been shown in cutting down costs of general
affioe supplies and printing during the past year.

Paper oosts hare

fluctuated and many items have ranged in price from 20 per oent above
to 50 per cent below 1921 prices.

Total expense at Minneapolis has

been $52,029.47 in comparison with $84,222.40 expended in 1921.

At

Helena, costs have not changed materially and the total expense of
$12,439 13 is only $410o57 below the figures of 1921

m a sR tes
Costs were over #3,000 lower for the year at Minneapolis
and approximately #1,300 greater at Helena.

Allowance mast be made,

however, for the fact that in 1921 the branch was open only eleven
months.

While the records indicate a considerable expansion in trans­

actions handled over our private wire, the oosts are about $1,600
lower.

The ruling that descriptive data should not be included in

transfers for member banks and the coding of every wire possible, has
brought about the lowered expense.
POSTAGE
The postage used by our Transit Department was $63,000 out
of a total Postage Expense of $79,000c
largely in transit work.

Any saving effected must be

Although we had a daily average of 5,324

more items handled by the Transit Department than in 1921, the total
postage expense was $800 less for the year,

Eliminating stamped en­

velopes and installation of postage meters in May brought improvement,
No meters have been installed at Helena^

15

aggtiRimf flffTPm
wiffi
This represents postage and. insurance on bonds shipped
to or from our Collateral Department, the individual charges being
small, and the costs on bonds sent in for exchange*

During the

greater part of 1921 this latter expense was absorbed by the Treasury
Department but has been during 1922 an operating expense *

Total for

the year $4017.54, and in 1921 $2100*96*
mmranny asp g q h hhipmkhm
Country shipmants increased SO per cent during the year
and this item will, no doubt, be larger in 1923*

Heavy incoming

shipments of coin in 1921, soon after we assumed sub-treasury functions,
increased the expense for that year materially, otherwise the ratio
of increase would have been greater during 1922 ^

Incoming expense on

all currency and coin and outgoing expense on all except silver dollars
is now assumed*

1BTM8BAL B S flfig gURKBHQY
B fiT
The oost of printing our notes for the year was $47,841.17*
Shipping ohargas on notes from Washington to Minneapolis and Helena w»x«
$6492*61 making a total of $53,888.78*

The total charges for 1921 ware

$124,564*17 during which time oar supply of notes an hand at Washington
was increased to $ 100, 000, 000•

In anticipation of an increased circu­

lation in 1923 we are reserving $5000* monthly to oover note costs*

HtaBRAL KS3BRVB omtRBBST - TrepsjMPTinE flrapa
This expense apart from shipping charges is paid the
Treasury ^epartaB'nt in July of eaoh year*

Wa hold in reserve at pres­

ent $4500. covering redemption expenses during last half of 1922*

For

the first half of 1923 we will reserve $1000 monthly which should be
sufficient to maet chargas*

The retirement of our bank note circula­

tion and n a iler amounts of federal Be serve Hotss destroyed should
make our redemption costs lorer for a time.




16




4
m E S ON FEDERAL EBSIS^yB 3AKK SOTS OIRCtUTIQS

This charge *as #14,260.35 for 1922.

During December our

liability for outstanding r*etes s.s wiped out thrown retirement
of o
tar special 2$ Cert if ieetss aud va trill imve no further batik
note expense

fm s v m s Am BorriraEHT

This item was in expose figares for 1521, but is treated
as a separate sparge during 1322

O iXiS^ts appear elsewhere in
o-

Report
ALL OTI35R SX: EK3£

Yarious iteas of expense not covered b,7 the prescribed
headings appear as "All Other "

'I.is Includes Closed Bank ex

pense (other than salaries} $12»642082;
Reports $11,696 54;
tion $1,178 5 0 |

Copies of Examiners

Educational Work #2,076 .08;

Suita for Quards $1,635;

Credit Informa-

Maintenance and Repairs to

Equijnsnt $3,837 68
COMPARISON WITH 1921

In order to show a true comparison with 1921 figures we
wust add to current expense the amount expended on Furniture and
Sfdiprjnt wfcieh was an Expense item In 1921 c

In addition we are

to Koioao tspifist for purpose of goraparison, the costs of
(It fftilod **«*• in Montana jaid by MUmeapollsQ
This will leave figoroo as follows:
Minneapolis

Current Kxpansss 1921

$ l a1480798o77 $

Current Expanses 1922 In­
cluding Furniture £
Equipnent
Adjustment Failed Bank expense
Total expense 1922

947»1S4041
210
477 S3
928,646088

Reduction

223..151<,89

during 1922

Helena

Combined

177 068 21* i l a
326n866-98

162^467,68
21„47? m
18S~93E2i
Increase
69867 00

1 109.582 09
216,284 89

*ElevsTi r o a f s in 1921.
a a te

17

REIMBURSABLE EXPENDITURES
Account Fiscal Agency Operations
1922
Combined
Minneapolis
Minneapolis_________Helena__________ and Helena
Salaries Officers
$ 5,200,00
Clerical Staff
'85,401.49
6,511,81
All Other
Officers' and clerks' traveling expenses
576.12
Publicity
7,455.79
5,688.32
Rent
7,312,64
Equipment
916.45
Telegraph and Telephone
5,852.94
Postage, expressage, etc*
3,421*20
Insurance and premiums on fidelity bonds
ll,095s72
Printing and stationery
57.65
Newspaper and directories
1=895.12
All other expenses, n.s

•a
■
:
| 7,453*50

S0„00

5,200.00
92,854,79
6,311,81
576.12
7,453c 79
4,588 ^2
8,952,99
1,510,61
4,037c41
3,478,96
12,121,95
57 65
1.925 12

$ 1579125025

$ 11,906 27

$ 149_029 50

7»682ol0

1.054.95

8 737 05

^ 144,80o o55

# 12,961,22

$ 157,766 55

Reimbursement received from U.S.Treasurer
since January 1, 1922 including other
recoveries
118.408.50
Total Disbursements for Which Re­
imbursement has not yet been received^ 26,397.05

11.525.94

129.754.24-

Total Expenditures
Amount reimbursable January 1, 1922
Total

900.00
1,640.35
594.18
204o
47
57*76
l,026o21

$

1,655028

$

28,052o
31

CLOSED BANK EXPENSE
Since March 1 we have paid all expenses incurred by our re­
presentatives at Closed Banks through Minneapolis.

Salaries of repre­

sentatives are included in Pay Roll figires, but traveling, mainte­
nance, and other incidental expenses appear as a special item on the
back of our expense report.

We also keep an expense account covering

all costs to us at eaoh Closed Bankc

The total amount of unrecovered

expense of this nature at close of business December 50, was ^ l , 592.29.
In addition to this our offioe expense for this year in connection
with olosed banks was $8,472.81.

While we expect to recover some of

this expense we are unable to state what the proportion is likely to
be.




Statement showing amount due from each bank follows?

18




‘ o
H

s a 3

b a n e

m

.im

Salaries

§aox

M fe fg a .

First Nat'l Sank
Com Belt Katl. Bank
First ?atl. Bank

Soreka, S. D.
I 1,766.50
3cotlard, S. D*
^eas Jr^tor SprIn?sS.D. 420.00

Total South Dakota*

$ 2,186.50

n ? n 3 «

,

Traveling i
Maintenance

Other

la o l

total

296.72
2,565.14
121.40

*

lOOoOO
279.53
105.65

I 1,394.15
1,460.19

$

19.18
154.35
46.06

$ 1,612.03
6,225.71
695.15

$2,985.26

#

485.16

1 2,654.32

#

219.61

$ 8,730.87

#

977.96
341.53
76.76

♦

15.72

#

601.88
400,00

$2,764.65
100*54
76.47

# 5,123.80
988.69
551*90

596.27

♦

15.72

* 1,001.38

#2,945.56

♦ 6,618.89

36.49
20.50
522.77
452.44
350.05
77.96
26.00
607.47
1,639.45

♦

1

#

#

#

fflrn m m
First Natl* Bank
First Satl. Bank
Merchants ^atl. Bank

Medina, V. Do
Towner, N. 9 . .
Wimbledon, N„ D .

Total North Dakota®

$

763.72
96.62
596.67

$ 1,257.01
m sm .

Ballectine State Bank
Sallentiat .Mont.
t
301.67
Belt, Mont.
State Bank of Belt
Big Sandy, Mont.
Farmers Natl. Bank
565.69
American Natl. Bank
Billings, Mont.
821.60
Stockmens State Bank
Browning, Mont.
962.55
Cut Bank, Mont.
1,107.58
First Natl. Bank
46.69
Fresno, Mont.
First Natl. Bank
Conmeroial Natl. Bank
Great Falls, Mont
420.96
Havre, Mont.
Havre Natl. Batik
1,977.47
Hingham, Mont.
1,999.36
Hingham State Bank
Ingoaar, Mont.
First Natl. Bank
974.24
Optaelm, Mont.
87.50
First Natl. Bank
1,774.17
Poplar, Mont.
First Natl. Bank
Poplar, Mont.
728.56
Stoekmens Natl. Bank
964.00
Yellowstone Talley Sank Sidney, Mont.
* Treat Company
Total Montana
# 12,731.86
Grand Total Closed Bank Expense

# 16,175.47

$

SV5.00

10.69
90
458.61
45.87
53.44
54*75
40.20
21.01
1,967*19
345.37
172.12
2.00
440,86
405.08
64.20

17*40
7.40
10.70
3.00
2.00
29.25

1,047.94
304.10
1,335.51
640.18
1,106.67

375.27
213.80
10.50

47*18
828.07
1,564.47
1,319*41
1,873.24
1,250*99
114*69
1,052*46
5,981.86
2,567*78
2,194*80
398.60
3,561.04
1,773.77
2,509*87

I 8,169.46

I

34.25

# 1.010.07

# 4,101*79

$ 26,047.49

#12,560.99

#

535.15

t 4,865.72

* 7,264.96

$ 41,592.29

MONTHLY BASIS- OF SALARIES PAID BY BA1.K
(MIKM4POLIS ONLY)
December 31. 1922
Officers
Bank
Agent's
toPlff.ljagn.t
Agent's
Audit
Controller’ s
Discount & Credit
Currency & Coupon
Collection
Wire Transfer
Transit
Bookkeeping
Registered Mail
Purchasing
Guards
Reserves
General Files
Government Deposits
Multigraph
Addressograph
Stenographic
Private Wire
Switchboard
Welfare Department
pages
Men on Special Work
All Other
Bond
Extra Help
Total Paid By Bank

M P &M .

jteaal.
4,483.36
3.025.02

12

1,906.68
875.04
491*68
2,085.40
3,190.88
1.803.03
466.68
11,167,64
1,828.20
246.68
283*34
1,145.02
220.00
343.61
358.36
80.00
90.00
1,963.32
275.00
216.68
280.00
230.34
2,014.17
366.68
2^573.36
488.85

7
3
18
281
17§
4
129
14^
-

2
2
11
2
5
3
1
1
19|
2
2
3
5
10§2|
24
3401-

V 42,499,02

December 31. 1921
yammer
aber___________ Amount
6
# 4,233.36
5
2, 916., 68
10
9§
4
27
33
22J3
127
.16
3
3
10
3|
4
4
1
1
26§
2
2
2
5^
8
1
29
368^

1,238.34
1,168.36
600.00
2,883.72
3,601.84
2,252.36
350.00
U,624o66
1,824c26
288.68
350.00
1,038.34
318.34
288 34
426«68
80.00
90.00
2,713.71
275.00
200.00
225.00
296.40
1,825.00
175.00
3,459.22
168,08
# 445,911 c.49

Reimbur sable Salaries
Certificate of Indebtedness
Collateral
Treasury Saving System
War Savings Redemption
Officers
Employees
War Finance
Officers
Snployees
Reimbursable

§

121
3
2£

1,611,70
421 68
796,34

10^
3
2^

k

500o
00
5,268,10

13

$ 10 ,232a65

29

1,317.84
308,36
796*84

200 00
1,434 o83

1
50|-

$

14

84

2,013.08
$

4,435.62

In connection with above figires please note that in order to show
the exact number of persons under reimbursable payroll, we have eliminated the
following from the departments of the bank:
1££2
6
$ 801«68
Auditors on Fiscal Agency work
Guards on Fiscal Ageney work
Stenographers on Fiscal Agency
work




l£

154,17

4
111-

13U&Q
# 1380c 85

1921
1
1

I

90 00
100 00

$ ISO 00




a s m

m m

The operations of the branch for 1922 in rnoet departeeiits
show a considerable increase in volume and as the number of peoole
employed has not increased and there were many c a .t ^ s , credit must
be given the Officers and ernfloyees of the branch for the improve­
ment indicated

The branch was last examined by the Controller on

May 13, 1922 and was also ex.air.inea under date of July 15 by the
Federal Reserve Examinero.

An examination was scheduled in November

by the Controller but due to illness'and a conference called by the
Federal Reserve Board, the two weeks necessary to cover the branch
could not be arranged before the close of the year.

This matter will

have attention just as soon as the present pressure of work eases.
luring the past year there were many changes in personnel
especially for the last six months.

it has been difficult to obtain

competent employees at Helena and during the year we had 55 resigna­
tions and releases.

While some of the new comers remained but a

short time* the constant shifting prevented a high degree of ef­
ficiency being reached.

At the present time Mr. Towle is the only

person remaining of the force originally sent from Minneapolis office.
s'
A large portion of the changes have come in transit work and in
order to afford the branoh relief, in November we notified all other
Federal Reserve Banks, with the exception of San Francisco, to route
Montana items throu^i us.

These items are forwarded direot to

Montana banks by us and the branoh is saved the handling of about 3500
checks daily.

Average number of cheoks handled daily in 1922 was 9711

in comparison with 8925 in 1921.

Items paid for the Government nearly

doubled during the year, the balance of the gain being country checks
as no change took place in number of clearing house checks.




HBLEKA HRAKCH

(Continued )

Collection handling increased in greater proportion tnan
at 1'inneapolis, 25,911 items being received compared to lr
,%647 ce
ceived in 1921 o

Shipments of currency and coin to Montana bsnirs increased
6? per cent during 1922, the total number of currency shipment?

being 2526 and of coin 543.

Of these shipments 692 were to non-

member banks on request of member banks.
..;17,700,000 against

650,000 in 1921c

Total amount of shipments
Ifotes of other Federal Re­

serve Banks returned during the year amounted to ■'.S,SS0,000 and of
this amount $1,260,000 represented notes of Ban Francisco district.
Holdings of discounts on December 31, 1922 were $4,174,000 which
was a reduction of $3,853,000 from the amount carried at the close
of 1921,

A total of $28,370,000 represented by 14,316 items was

handled for member banks.

In number of items this was 5300 less tha

in 1921 and in amount $29,560,000 less.

It should be noted that the

paper of all closed banks in Montana is turned over to Minneapolis
for handling and all expense of collection is paid and recorded at
Minneapolis,

particulars of the expense of the 15 Montana banks

carried on Deoember 31, are given on separate sheet elsewhere in thi
report.
Total earnings at Helena were $274,000 less than in 1921,
while expenses were #15,000 lower.

As the branch operated only

eleven months in 1921, the reduced expenses would be approximately
$30,000 for a full year.

If, however, the closed bank expense of

Montana banks was included, no such saving could be reported.

ffisijgT O s m
Foundations for our new building were completed daring the
winter of 1921-1922.

Contracts for tto auperstructure war® let early

in June 1922 and work progressed rapidly until aidsuamer, when, owing
to tha ooal and railroad atrikea, delivery of steel from the mills vat
greatly delayed.

We had expected that the frame would be erected b r
a

the last of December, but because of the above delays, and not beoause
of the fault of any contractor, it will probably be February 1, before
the steel work is all in place.

She contractors are preparing to re­

sume work when spring opens and the completion of the building
oarried forward as rapidly as possible*

It would seem unlikely how­

ever, that it would be ready for occupancy before the spring of 1924.
Qua of the most competent vault engineers in the country
has been selected to make plans for vaults, upon which he is now at
work.

Owing to the special design of the building, which affords in

itself unusual protection, it will not be necessary for us to invest
in the vaults at large an amount as would otherwise be the case*
nevertheless* their size and strength will be ample*
Planning of the vaults has been delayed as long as possible
in order that we might take advantage of tha scientific study and test­
ing which has been going on during the past two years.
Carafal study is being given to the laying out of floors so
that tha practical work of the bank can be earried on with the utmost
efficiency.

It is planned to eliminate so far as possible all parti­

tion walls and separate tha different departments either by aisles or
balustrades so as the volume of work in different departments increases
or diminishes tha needed adjustment can be easily and quickly made*
Shis la especially desirable in the case of a Federal Be serve Sank
owing to the peculiar nature of Fiscal Agency operations, the volume of
labor in connection with which fluctuates greatly from time to time.
It would seem that we were fortunate in letting our contracts
^han we did as m are advised by people who are in position to know
that were we to ask for bids today there would undoubtedly be a con­
siderable advance in the cost.



TOHMITURE & BOTl^MENT
Total purchases of furniture and office equipment which includes
cancellation machinery have amounted to $252,690 10 since the opening of the
bank.

IXiring 1922 #21,870t
,6S was expended at Minneapolis and §2,768 97 at

Helena.

Very little additional equipment other than files v .s needed,
/o

tically all the expense being for replacements.
the year $5100

rac-

Of the total expense during

was for replacement of adding machines find

7500. represent­

ed the purchase and installation of our automatic t- ?
l-

•’

latter expense will not be duplicated in our new building as the telephone
system will be taken with as.

An effort has been made to hold down purchases unless absolutely
necessary and the total of $24,629.60 compares favorably with ;£>?,36S.10 in
1921 and £100,816<>40 in 1920o Until we are able to obtain a capable mechanic
and find space to install a work room, our replacement expenses and mainte­
nance costs will be considerable.

All furniture and equipment purchased for

the War Finance Department conforms in design and finish with that of the
bank and will be taken over by us at a reasonable price when the War Finance
work is completed.
While furniture prices have fallen somewhat during the year, we
hare not written down our values on the older furniture to the same extent
as in former years for the reason that our present figures are quite moder­
ate.

On our machinery however, the value is shown by the amount the makers

will allow as determined by the age of each machine.
The valuation placed on equipment in main bank building at
Minneapolis is $49,088.45 and in Annex $39,830,40.

Element of risk much

greater in Annexe

Our stock room also is located in the Annex.
•
f
Particulars.as to building location of our furniture and equipment

with insurance is given below:
•
#




Amount expanded for furniture and equipment
to ei£d of year 1922
$228,050.50
Purchased during 1922 jiead Office
21,870.63
Purchased during 1922 Helena Branch
2.768.97
Exchange valuation as of January 1, 1922
Head Office
Helena Branch
Insurance carried on Furniture & Fixtures
At Minneapolis
Main Building
"
"
Annex
" Helena
Main Office
"
"
Ktsm (Dmnsit t&j.-t.)

88,918.85
17.586.00

$252,690.10

106,504.85

40,000.00
50,000.00
5,000.00
110, 000.00

OUS3BEOT FUIOTIOI'S

Conditions changed somewhat during 1922, our second year
of Sub-Treasury operations.

Most of our difficulties were overcoae

during 1921 and the handling of currency and coin in the past year has
bean smoothly and efficiently done

Dae to the enormous volume of war

savings certificates sent in for redemption in the last sixty days, we
have been forced to store over $500,000. in snail bills in the vaults

at the Metropolitan Fational Bask.;

fbe using of our tellers on War

Savings work "has & I 30 thrown us behind in our money sortingo

The trend

of currency and coin was outward an- rhile we received $20,000,000 less
i
in shipments than during 1921, we shipped $17,000,000. more to member and

nor-member banksG

In number of shipments to country banks our total was

11,020 compared to 7,403 in 192l0 There was considerable demand-locally
and from oountry banks for silver and minor coin, causing us to bring
several hundred thousand dollars from the other sub-treasuries and mints,
whereas, in 1921 we had received from our district banks and shipped to
the mints in excess of $1 , 500c000e
FEDERAL RESERVE KOCTS
The total Federal Reserve note circulation expanded $35,552,000
during 1922 and of this amount our expansion was $2,165,000 and at no
ttoa during the year until December was reaohed did we have a greater
amount outstanding than on December 31, 1921.

Botes to the amount of

$43,360,000 were withdrawn from the Agent during the year and of this total
$34,060,000 were new M l l s 0 While we issued nearly $5,000,000 more of
new bills than in 1921, this was necessary due to shortage of fit-for-use
bills of the smaller denominations.

On December 30 the Agent had on

$1,055,000 in fit-for-use notes and of this amount $400,000 consisted of
$1000 bills,
Notes were destroyed to the amount of $32,784,000 and of this
amount $18,315,000 was forwarded to Washington from this office




Total

FEDERAL RESERVE iQTBS

(Continued)

notes tints removed from circulation vss ^1?,000*000 lo’/er than amount
destroyed in 1521 and is the smallest amount destroyed since 1918s

The

total issued is also 6f greater amount than any other year since 1918The ratio of denominations issued changed very little from 1921, #5

hills falling slightly and #10 bills increasing

m comparing tho ratio

of denominations destroyed to like denominations of r m notes issued, - e
s
«
r
find little change in .$5 and #10 notes tut a large increase in the - ie
stroyed notes of higher denominations»

This is unusual and may meat

that money withdrawn from circulation in the past years has been brought
into use again•
Gold holdings of the Agent have increased £29*£>90*000 during
t e year and at the same time paper with the Agent eligible as security
h?
for note issues is $26*400*000 lower than at the close of 1921^

'S'fcile

this automatically increases the gold reserve in the Agent s hands, the
gold and Federal Reserve notes are in .Joint custody and reserve is
calculated against Federal Reserve Rotes and deposits combined
Stock of our notes on hand at Washington on December 30,
1922 amounted to $86*820,000 on which all costs except shipping charges
to Minneapolis have been paid*

In addition, there is being printed the

amount of #19*760*000 which will give us #106,580,000 availablec

As

our normal needs should not exceed $45,000,000 yearly» the asnount held
At Washi ' :tor. added to the supply carried by our Agent would be suffi­
cient for two and one-half yearsc

If necessary to further curtail

expenses, printing of our notes might be stopped for at least a year
without danger.
During the year we set aside each month #4000 to cover es­
timated costs of printing notes.

The total amount reserved #48,000

was within $158.85 of the amount actually expended.

Redemption expense

is being provided for by setting aside $1000 monthly for this purpose.




26




IK
>>
6$

00MBIH3D
CPRBMOY RBOSIPTS FROM AITD 3HIPM8NT3 TO MBifB3q Ut p T O T U t ffig RAJTK3 BY MCKTH3
TT-tU t
PSDBRAL RB33B7g BANK OP IflHSaiPOLIS AMD ffgLBfA HRAffm
r

(OOO's omitted)
w sm &
From
Member Banka
January
February
March
April
May
June
July
August
September
October
ftorember
December
Totals 1922

Prom
Hoii-Meraber Banka

$11,106 M
7,795
9,058
9,062
10,800
10,950
9,711
9,681
9,817
9,627
5,985
10,238
#118,825 M

w zm ss.

♦6 M
3
1
7
36
27
81
10
2
7
1
#

181 II

To
Member Banks

w B &xm xm ,
To fOtt-

UatdImt * BarIm

#11, U S H
7,795
9,056
9,068
10,807
10,986
9.7SB
9.712
9.82T
9,629
5,992
10.239

$ 105,117 M

# 2,047 U

1921

# 113.456 M

*

1921 # 182,789

249

89,296

1,020

"

1920 #

526

78,616

880

64,882

1922

* 84 M
88
147
139
91
55
98
111
187
488
840
224

# 5,358 M.
6,082
7,824
9,106
8,407
7,996
8,583
8,992
12,841
8,569
10,214
12,195

t o u l shipmtos

# 12,853 M
8,916
10,967
11,406
12,664
11,809
11,194
10,426
10,229
10,501
10,781
11,292

1922
# 5,442 M
6,170
7,471
9,245
8,498
8,051
8,681
9,108
12,528
9,052
10,554
12,419

1921
# 4,656 M
6,264
7,907
7,877
6,579
6,548
6,684
7,960
9,476
9,586
7,522
9,607

# 107,164 H
# 183,088 M

# 90,816 U

64,860

78,996

00UPABASIV8 3CATBMSHT SHOHHQ
HUMBBR OF 3ILL8 HAHDLBD, HUMBBR OF XUPLOTS£3
ASS PAT ROLL BY MONTHS
(Minneapolis only)
Ho.Bills
Bsoeived and
.Counted
2*731,629
1,688,624
1,739,869
1,677,338
2,140,606
2,339,987
2,125,660
2,166,491
2,336,277
2,292,932
1,601,613

January
February
March
April
May
June
July
August
Septemba r
October
November
Je camber
Total
Monthly
Average

Ho. Bills
Paid
Out
1,346,461
1,265,664
1,472,026
1,662,698
1,822,966
2,014,067
1,630,477
1,929,966
2,272,642
1,926,479
1,290,311
2.376.016

25,280,467

279

21,100,927

2,106,706

Ho. of
Employees
26
26
23fc
23
2l£
22
23
24
24
23
22
£3

1,766,410

«

Salaries
2,667.72
2,654.36
2,799.36
2,600.77
2,542.66
2,634o34
2,657.39
2,725.74
2,759.94
2,696.56
2,641.90

# 32,247.14

23fc

2,667*26

CQUPAHAIZVX 8TAmasNI SHCWIHQ
HUMBSB OF OOUPOHS HAHDLBD, HUMEBB OF BMPLQKB23
AHD PAT ROLL 3? MQHTH3
(Minneapolis only)
Ho. Coupons
Handled
January
February
March
April
May
Juna
July
August
September
October
Hovembe r
December
Total
Monthly
Average




239,206
84,255
185,960
264,144
218,600
276,639
160,926
76,233
141,526
221,021
174,168
.

J

2 5

. Q

W

Hoo of
B ubI q t m j

Salaries
#

4
3
5
4

*

4
4
3
3
3
-------------1

.

436.66
361.66
337.16
270.00
270.00
362.60
336.00
335.00
256.00
260.00
265.00
366.67

2,277,660

43*6

$

3,863.67

189,805

3.6

$

321.97

UNITED STATES COUPONS PAID THROUGH FEDERAL FSS3 VE
BAKK OP MINNEAPOLIS AHD HELENA BR/.ECP.
HUiiBER OF COUPONS PAID 19ZZ
Minneapolis
1922
January
February
March
April
ISay
June
JUly
August
September
October
November
December

285,206
84,255
185,960
264,144
218,500
276,639
160,928
76,233
141,526
221,021
174,168
..,33§a2SP

TOTAL

Total
1922

Helena Branch
1922

2,277,660

14,845
6,587
10,485
13,747
17,414
18,664
12,662
5,046
11,090
13,378
15,786
jli*m
•
157,642

254,051
90,842
196,445
277,891
235,914
295,30S
173,590
81,279
152,616
234,399
189,954
- 255*218

488,127
157,410
289,329
360,625
313,078
362,423
285,504
111,002
225,058
207v810
352,253
435.632

2,455,302

3,588.452

A1IOOTT OP COUPOllS PAID
Minneapolis
1922

January
Itbroory
Ittroh
April
Mur
Ally
August

September
ootober

Bovember
Itocenber
TOTAL




$

665,527.72
254,085*86
1,037,400.63
1,273,604.61
957,250*91
1,269,80&.4S
465,414.03
292,159.99
1,348,253.80
1,229,288.01
837,741.47
:
on-.fp

$ 10,656,162 19

H0I 021 Branch
&
im
$

43,992.19
14.289.31
45,256.87
67,294.43
90,517.86
64,696.23
56,673.09
12,730,49
48,962.52
72,667.48
79,350.38
t?

$ 640,096 05

1921

Total
1922
$

709s519*91
268,375.17
1,082,657.50
1,940,899.04
1,047,768.77
1,554,079.71
502,087.12
304,898.40
1,397,216.32
1,301,955.49
917,071.85

$

..

4 11,296,258 24

1,345,386.72
386,547.45
1,255,776.34
1,577,896.60
1,305,614.36
1,589,169.65
868,730.95
865,653.86
1,133,702.31
1,378,924.03
1,408,543,5?
1.7*w . ' • i „3 1
»

$ 14,346,797018

COMPARATIVE STATEMENT COOPOWS HASSLED
BY YEARS
Bomber of
Coupons

1921
1920c..« .« .* .*
1 9 1 9 ..........
1918,...........
1917...............

...
...
...
...

2,435,302
3,588,452
5,089,141
5,192,950
1,669,567
4f,089

Amount
$ 11,296,258.24
14,346,797,18
16,418,820.21
14,366,128,76
4,320,943.38
136,615.27

29

eoBFAKisos or vm /u ro n *

m s m * *o*bs.

AL». FIBWAL hlSJBV* B ITlC
A d.
(In thOAMWtS t S

Boo, 27
Boston
B w 7oxk
ro
Philadelphia
Olorolaad
Rioteond
Atlanta
Chicago
St* Louis
ffiaatapolio
Kansas City
Dallao
San Fraaoiooo

< 0 Owittsd}
.1 0

DOOcSJ
19 .U ...

$ 227,415 V # 228*272 I!
781*528
816*675
245,477
281*652
276*684
841,782
112*902
116,662
180*848
186*898
449,566
472*711
115*268
115,880 ‘
63*188
60*477
75»664
79*887
89,861
48*801
879*959
.m * M

Inoraass

Doevoaso
fwai 1920

3o*rta@»

4*148 K t •
85,158
20,825
84,902
s>*760
6,056
29,145
.58
8,656
4,168
8,940
♦

t
-

♦

# 76,088 B
f
848*681
48*147
108*067
46*850
43*548
161*718
40*460
10 y
703
86,778
40*918

__________

l o t i l fo r

Syatora

I 8*685*098

# 8,796,540

# 88,552

# 908*768

cost or v o w n o m f s s akd rsnranro ora
BKD3RAL RBSDfB 80988 At SHEW} OF M t l f 0 0 * USHIKffOS

1914 to
7-1-17 to
7-1-18 to
7-1-80 to
7-1-21’to
7-1-88 to
10-1-88 to

6-80*17
6-80-18
6-80-80
6-80-81
6-80-88
10-1-28
data

#84*97 p»r X A M t i
86o56 psr IT tiiMti
44,75 por Vafaoot*
50*65 por * Ofcooto
49*88 |#r It «hMt«
59*65 for II OteOto
50,48 por V (hN tt

18 will to aotod that t big taeniM was w it la tbs printing oosto on
l«l| 1* last. Hi aadorotoad that la ordor to Hoop tot. Borooa of Bngmviag
japltytit k v toojr *o*srtod to ths old toad prossoa with tot rosult that
priatiag oooto took a big Jfrap* Objaetlan « w *alsod to till* iaoroasod
axpsnso and oa Oototor 1 too n to per 1000 obooto was rodaood to $50< ,
>
42
ta addition to priatiag oaptata* too fodoval Booorvo Basks fs a u d ostiaatod
oooto of rpplaotag prsssoa aad titer priatiag oqpijasat*

8adfe oxpoaao boo •

booa provided far howovor* until M o * 1988* If oar toargt of #llg078o89 to
Profit aad loss oa Ooosabor 81* 1988,




UTOglUL RB33R7B flOT3S 33GBI73B AHD IS3PBP BY AgSN? DURING 1922
m HANDS OF .133a? D3C3SBSR 81- 1921
FI? FOR USB

m .
$2,540*000
2*280*000
1;200,000
150,000
620,000
380,000
285.000

Fives
Tens
Twenties
Fifties
Hundreds
Five Hundreds
Thousands
TOTAL . . -

$2,540,000
2,280,000
2,380,000
325,000
875,000
415,000
625.000

$1,935,000

. . |7,455,000

#9*390*000

RETUBN3D BY
BANK
FIT FOB USX

ML

TOTAL . . .

1,130,000
175,000
255 000
35,000
840.000

t

m m m .m s

Fives
Tens
Twenties
Fifties
Hundreds
Five Hundreds
Thousands

. $ 86*440*000

% 1*965,000
3*285*000
2,360*000
30,000
50,000

TOTAL .

TOTAL
RECEIVED

230.000

3 139280*000
11 (,280,000
100480*000
600,000
800,000
-

| 15,245,000
14,565*000
13*340,000
630,000
850,000
230.000

| 8,420,000

% 44,860,000

-

ISSUSD TO BANK
FIT FOB US3

ML
Fives
Tens
Twenties
Fifties
Hundreds
Five Hundreds
Thousands

TOTAL

TOTAL

$ 18*020,000
11*320,000
8,960,000
280,000
430,000
50,000
*-

•| 1,790,000
3*085*000
3*790,000
145,000
305,000
15,000
170.000

$14,810r000
14*405,000
12*750,000
425,000
735,000
65,000
170.000

• ^ 84,060,000

§ 9,300,000

$ 43,360,000

IN HANDS OF AGENT DBCEMBEK 81. 1922
TOTAJ,

m l

Fives
fens
Twenties
Fifties
Hundreds
Five Hundreds
Thousands
TOTAL ..............

|

2,600,000
2,240,000
2,720,000
470,000
990,000
880,000

§

. $

9,835*000

| 1,056,000

175*000
200,000
200,000
60.000
20,000
400.000

$

2,975,000
2,440,000
2,920,000
880,000
990,000
360,000
______ .§m*ps2.

$ 10*890,000

BAT10 OF ISSUE BY DENOMINATIONS 1919-1922

Fives
Tens
Twenties
Fifties
Hundreds
Five Hundreds
Thousands




34.2 i
33o 2
29.4
1.0
1.7
ol
.4
100.0 %

1921
3S«3 %
314
28o2
1.3
2c4
.4
l.Q
100*0 %

1920
27o2 %
33o2
33s8
1.4
2 o4
.2
1.8
100*0 %

m i ,
36.2 1
29o5
29o7
o7
1.0
.5
2*4
100.0 %




CM
CO

wqMBAt, nggy yn Fq a m a a i L m

m m vm

r a w <ag*nain<y

I330B) to a n t
Issued in 1914
Issued in 1915
Issued in 1916
January
February
March
April
**
June
July
August
September
October
Norember
Deoenber
Total for year

#
260,000
13,742,000
9,980,000

1917
2,500,000.
t'
1,400,000.
1,070,000*
2,850,000®
2*250*000.
1*600,000.
1,300,000.
1,940,000.
6,660,000.
9,860,000.
6,400,000.
JU M JB S m
.
♦ 42,230,000.

Destroyed in 1916
Jamaxy
Pebruaiy
Uaroh
April
)by
June
July
August
September
October.
loreraber
December
Total for year

*

*

#

*

m s.
500,000.
2,150,000.
2,945,000*
2,000,000*
840,000.
1,400,000.
4,000,000.
4,785,000.
16,140,000.
8,720,000.
2,160,000.

I

1919
800,000*
1,860,000*
2,810,000*
2,450,000*
3,800,000.
2,900,000.
1,480,000*
2,050,000*
8,080,000.
5,050,000*
3,570,000*

im
# 1,860,000.
8,S«0,000*
8,860,000.
2,875,000.
1,600,000.
1,200,000*
3,130,000*
3,420,000.
8,136,000a
4,486,000*
2,596,000.

12£L
I 1,820,000.
1,926,000*
1,975,000.
2,705,000*
2,165,000*
2,580,000*
8,280,000*
4,820,000*
6,785,000*
6,670,000*
2,670,000*
4.920.000.

^
122*
# 1,540,000.
2,090,000®
8,505,000.
2,705,000,
2,845,000.
3,125,000<>
8,466,000.
3,140,000 <
t
5,646,000
6,420,000.
2,777,500.

# 39,460,000.

# 69,266,000*

# 48,860,000o

* 4.617.M S .
3,297.000.
8,481 ,S36«
8,2*3.000.

# 4,186,900*
8,2*8,250.
8,886,800.
4,566,620.
4,832,100.
4,729,960*
4,050,610*
4,368,800*
4,195,100*
4,887,460*
4,010,100*
8.638.900.
f 49,748,680*

# 4,950,390 o
4,144,050
8,251,000*
3,286,000o
2.905,400*
1,939,600
1,620.700,
1,724.100,
1,993,600c
2,084,709c
2,606,000^
2.128.620.
# 82,784,320<■

\
'

#

57,140,000*

#

471,410.
950,025*
597,405.
664,060.
882,330.
817,480.
815,760.
999,995.
553,600.
245,950*
1,047,280.
1.176.248.
9,421,540.

# 89,990,000*

695,955.

125,550.
130,610.
2,131,600.
1,703,750.
461,400.
529,600.
226,810.
774,700.
969,220.
635,700.
611,850.
687.305*
8,988,095

#

#

1,894,160*
2,110,765*
2,689,156.
2,448,740.
8,109,835.
8,564,510*
2,638,816 •
4,050,060*
3,194,590*
8*870*295.
8,723,150.
8.M 7.780,
$ 86,771,805

3,412.266.
i * m * B 6t
3,si7.soo»
2.416.000.
i ,a o * 9 w .
8,011.100*
4 .U i .W L
I 40.T66.T86

fafflM
L

n a tom ttffa 3WC1 cwttas t» n i l

xs* rssstmttmias

A* o
§

ittt

JltMtfK fM I

4

fWO .

tMtttli

m tiM

ai i i m i l y * « 8t
# $ , 9n vooo.

$ w.nt.poo*

?K 2 M 2 *

M JOLAOS*

85,880,000.
74 , 480, 000*
8,600,06$.

w .w .

6,000,000.

n «i

1,150,000.

USfOOO*

• tM®gl00®#
915,008.

*3,807,000.

v896,207,000*

ooo.ooo.

1.600.000.

TC*Ai ♦

• ♦#

a r e a , a? a n a

gawfc

m

. . <

? 86,797,000.
98,606,000.
•7,005,000.
8,905,000*
6,160,000.
565,000,

848,065,000.

MS,85ft,000*

>285,517,000..

2 M

t? IE TUjfflgBB

iitsm d ^ t a m l «tt»r
to loant

>4,260,000.
2.645.000.

•O
ft
*im#»
2&&r*6*

1.020.000.

25.000.
80.000.

iv* H'OiXdr^dfl

^.sasaiate

JL . .

3,&49,750,
4,073,910.
2,197,100.
147,600.
285,600*
.7,000.
___

."7,860,006.

^10,216,960.

3 «t W M 6 by
’tofeamtA f g.
er
’l a a a M ^ l a

? 24,538,500
24,065,CpD
17,300,000
733,000
1,089,000
57,000
____u

63,969,000

l a Ito ** o f

;4
i\# «*r4**6«
'• hc»aa»»4*.
-




8,975,000.
2,440,000.
*,920,000,
630,080.
990,000.
350,000.
--- ,368-.000.
. nr
r -

5

Total
$♦

088,996,430,
82,345,990
28,450,300
918,200
1,809,400
68,300*

*61,389,
58,889,
49,467,
1,824,
2,494,
1*7,
___ 294.

;*2,311,620

^179,877,

In J ir tr e la tio a
ioar 80. 1928

istot
JSmafear M . Ittfi
"’ su s

s.oqo

O b T 9Uw«l
t ft
M iiftJati

s i i f i i ?

n nitt

ycndradi
?lvt fTnnAr®*#

f 8,3*7,000.
15.665.000.
15.888.000.
775,000.
1,150,000.
95,000.
948.000*

I

T«a*
?v m U m

| 78,840,000.
•8* 040*000*
t i ,76o , ooo.
3.130.000.
5.010.000,
470,800.
i .a i8.ooo.

nm

y » 9m iiai

16,885,880.
19,020,500.
22,092*400,
1*248,200.
£,816,003.
32*,500.
_• ., ftHl^QQO*
.

ta tto
)M tN jr« A tO

’'6.30 t
76.87
68.93.
. 56.50
*9.V8
m \ iz

F3D5RAL B53gRV3 BA11K WOTB I5SP3S 1952

Ones

Leaa
Destroyed Darius: 1922
To be retired thru Retire"
meat Fuad

#3,265,070

#265,930

#4,181,070

Outstanding Deo. 31, 1923
Bee'4 from Comptroller, *22

Twos

#1,260,060

Total

'Fives

#713,930

#791,200
J^SSSL
#811,200

$5,703,200

#464,940

#253,000

#1^978*000

#4,322,200

FBD3BAL RBSSRVB BAHK HOTS I33UB3 SHTOB SBPTiMBSR 20. 1916.

-Qflaa.

M i

Received from Comptroller

*16.808.000

>2.964.000

14,140.000

$23„952.000

Returned to Washington for
Destrootlon
To be Retired thru Retirellent Fund

#15,547,940
1.260.060
#16,808,000

#2,519,060
-iftLSia
#2,984,000

#3,887,000

#21,954o000
JL.97Jj.0Q .
3 Q
$23,932,000

IH

M sl

ssl

$4,140,000

One year ago we had Bank note circulation outstanding to the
amount of #4,322,200, whereas during the final week of 1922 our
liability for circulation of this class was wiped out through the re­
tirement of our special 2 per cent Certificates.

The coining of stan­

dard silver dollars has enabled the Treasury Department to issue silver
certificate* and retire the bank note circulation.

During the year we

received #1,304,000 in new notes and the total shipped to us slnoe this
circulation was put out on September 20, 1918 was #23,932,000,
amount #21,954,000 has been destroyed at Washington*

Of this

While there are

notes in circulation to the amount of #1,978,000, the Treasury Depart­
ment has a Retirement Fond of this amount and our liability has ceased®
Taxes on circulation for 1922 were $14,250.35.

This amount

has been reserved but we will have some additional redemption expense to
meet In connection with notes still outstanding*

This expense as well

as similar expense for redemption of Federal Reserve notes is provided
for by our setting aside #1000o monthly.




34

m ja m m

Q w m iQ i®

There vras a continuance of expansion in collection work dar­
ing 1222, the voluwe in April alone falling below tixat of the caae
month in 1S21.

At Minneapolis the collections received averaged 1000

for every worscirr day in the year and the increase in volume was 15 per
cent.

The gain was entirely in City collections as the iterss on

country points fell from 145,951 in 1921 to 137,240 in 192;;.

'H had
e

been receiving a large number of items from the St. Paul banks but the
First Kational Bank, St. Paul, since December 1, 192~, has scut its
items direct

City collections handled at Minneapolis were 166,5?5

compared to 118,391 in 1921c

At Helena the increase in volume reoeived was 34 per cent.
This represented an increase from 17,847 collections reoeived in IS21
to 23,911 received in 1922,

Oollections reoeived at Helena are .prac­

tically all on country points not more than five or six daily bein£
payable in that city.
Out of a total of 30S,57S oollections received *»t tftnnea.'-ils

10*697 were returned unpaid while at Helena 4,547 collections v.ere re­
turned out of a total of 23,911 received*

The total arxnwt collected

at Bead Office and Branch was $132,740,328.41»
A comparison by months giving: number of employees, salaries
and volume handled at Minneapolis during the past rear




in

shown belows

Comparative statement showing number of
collections handled, number of employees
and Pay Boll by months.(Minneapolis only.)
Bunker of

Bomber of
Salaries

tom A M

February
Hurah
April
m

Jfcm
e
J&ly
August
September
October
Bfovember
December
Total

21,049
16,786
20,780
18,884
21,374
23,150
21,038
24,238
31,298
38,858
34,619
30.806
303,575 •

Monthly Average 25,296

20&
20
19|
20
20
21
20
20
18|
18
19|JzJ
2341

4

19*5

S 1,9S9„85
S

$

2,149.50
2*073„66
1,999>.66
2,025.66
2,025.68
2,067.28
2,034.02
2,034.02
1,943*94
1,845.04
1,996*70
S jfiM S
23,998*19




CO
C O L L E C T I O N

Collection Items Handled
by Minneapolis 1922

SUar
January
February
March
April
May
June
July
August
September
October
Horember
December
Total

9692
8307
9599
8868
9976
10513
9069
13239
19228
25012
20568

ZM M
166,4 35

Country
11357
8479
11181
10016
11398
12637
11964
11099
12070
14846
14051
9142
137,240

D B P A R / MSB T

Collection Items Handled
by Helena Branch 1922

Collection Items Handled
by Minneapolis and Helena Branch

S2BS5T-

21*Z

m z
9810
8396
9617
9005
10081
10618
9240
13391
19384
25194
20818

1935
1109
1837
1576
1476
1379
1902
1225
1252
2773
2981
2625

lie
89
118
137
105
105
171
152
156
182
250
359
1,842

168.177

22,069

Tdt.il

£S£atSy

23102
1?984
22635
20597
22954
24634
23106
25715
32706
42813
37850
33390

13292
9588
13018
11592
12873
14016
13866
12324
13322
17619
17032
127.47
159,309

327,485

►

Items Received for Collections
Items Returned Unpaid
Items Collected
Amount Collected

303,575
10,697
292,878
#125,157,490.68

1922
TOTAL

H3LSKA

SIM3AP0LIS

23,911
4,547
20,837
#7,582,83? 7S

327,486
15,244
313.715
$132,740,328.41

VALUE OP ITEMS E30EIVED - (.MHHSAPOIIS OSL* )
19Z2
1921
to3,074,371*Ql
City...........159,517,436.73
Country. . . . 69.626.365.62
60.706.344.23
Total......1 2 9 ,1 4 3 ,8 2 2 *3 5

1 5,760,715.24

1922

1921
TOTAL
282,189
15,355
266,834
$109,669,726. 23

COLLECTION PEPAE'TlffiNT
COMPARISON OF KUMBER OF ITEMS RECEIVED FOR COLLBOTIOH
1922

- 1921

- 1920

MINNEAPOLIS OKLY

ClfY COLLECTIONS
1922

CPUSTRY COLLBCTIOKS
1921

WVPAT, m>T.MCWft^l

i£2i

1920

January
9,692
February 9,30?
9,599
March
April
8,668
9,976
May
10,513
Jane
July
9,069
August
13,139
September19,228
October 25,012
November 20,568
December 22.364

8,559
6,096
7,605
6,546
8,086
5,376
6,481
10,631
14,022
17,744
11,940
11.305

7,875
5,151
6,150
5,888
5,819
6,760
6,393
5,792
10,972
11,780
11,387
10.177

11,357
8,479
11,181
10,016
11,398
12,637
11,964
11,099
12,070
14,846
14,051
8,.W 2

12,447
10,270
12,510
12,930
11,608
13,316
12,107
11,303
10,722
12,123
12,294
14.321

1,573
1,334
2,139
1,869
1,508
2,538
2,466
4,179
8,341
11,465
10,519
13.528

21,049
16,786
20,780
18,684
21,374
23,150
21,033
24,238
31,298
39,858
34,619
30.506

1669335

118,391

93,644

137,240

145,951

61,279

303,575

1922

im

1922

1921

1920

21,006
16,366
19,915
19,476
19,894
22,692
18,588
21,934
24,744
29,867
24,234
25.626

9,448
6,485
8,289
7,757
7,327
9,118
7,859
9,971
19,313
23,245
22,406
23.705

264,342 154,923

ITEMS ?JCEIVED ?OB COLLECTION
HELENA

. AI03

COLLECTION'S

TOTAL COLLECTIOHS

CITY COLLECTIONS
1922
January
February
Search
April
May
June
July
August
September
October
November
BeceKbar
TOTAL




qou ,,tex

im

1922

1221

im

1921

118
89
118
137
105
1 *
171
l£;2
156
192
250
269

59
64
66
69
91
118
76
92
76
32

644
@41
966
1193
1425
1302
1699
2090
2060
2009
2769

2053
1198
1955
1713
1580
1484
2073
1377
1408
2955
3231
2884

703
905
1032
1262
1516
1420
1775
2182
2136
2CS1

It

1935
1109
1837
1576
1475
1379
1302
1225
1252
2” ?3
29G1
2325

1842

849

22,069

16,998

23,911

S L
«H
17,847

37

DISCOUET OreTA'?!*

It will be noted on the accompanying table that
while there was little change in tke nan,ber of banks yeing our fa­
cilities during the past three years, the number of items received
and the total amount had wide changes

During the aontfca of May and

Jane number of items and volume increased over the previous three
months, but fell off again for the balance of the year*

The increased

number of failed banka and the many over extended banv.s not only gave
additional oonoern to oar Executive Officers, but called for very
careful handling of the items and records by our employees ;
The drop in Items handled from 109,195 is 1921 to 4 7 ,953
in 1S22 does not sean a corresponding falling off in labor urder
present circumstances

We have, however, reduced the number of em­

ployees on Discount work from 20 to 12 during the year which represents
a salary saving of <'916-00 per month.

Employees of the Discount De­

partment are giving assistance when possible on other works

The mult-

iple ticket plan for recording .transactions continues to give complete
satisfaction and will admit of considerable expansion without adding
to our present foroec
COMPARATIVE STATEMENT SHOWING HUMBER OP
ITEMS BBOEIVBD BY DISCOUNT DEFAETMSRT AKD
PAY ROLL BY HotfSIS, BISfflEAPOLIS OKI To
Sumbsr of
im *- m 3 X r a &
January
Ptbruary
March
April
Kay
June
July
August
September
October
November
December

3837
2321
2472
3045
3342
3066
2462
1880
2073
3014
2942
3129

Fonthly Average

2799




dumber of
■fwployeea

17
16
16
16
15
13
12
12
189
1507

Salaries

2,2l6o?0
2,093o
20
2,006o70
1,956.08
19923o57
1,930,40
l,930o40
1,760,38
1,511,04
1.417004
1.417004
^"22,506*09
#

1,875.42

38




DISCOUNT OPEBATICafS 1921^191$ 30MPABATIV*

05
co

MINNEAPOLIS UfD SZLHffA BRANCH

Month

Number of Banks
S^rrad

Number of Item
Heoeired

1922

. 1923

January
500
February
572
March
580
April
400
412
aay
June
415
July
525
August
556
September
268
October
514
November
550
December
545 _
So. different
Banks
706

614
589
589
608
645
654
620
552
506
605
610
582

288
221
275
345
441
495
502
468
410
508
567
624

76-

704

1920

1922

1921

5,172
8,966
2,940
8,258
5,280
7,741
4,558
10,505
5,291
11,855
4,964
11,986
5,766
8,489
2,825
6,291
2,662
6,252
4,082
10,595
4,064
9,545
4.529 ____S .514
47,955

109,195

Aaount Hediseounted in tf*s
1920

1921

19^2

2,462
1,988
2,955
5,056
6,515
8,579
7,222
6,646
5,516
8,140
8,215
10.110
75,164

$

25,524 J # 81,971 a
t
17,667
69,310
14,580
66,495
65,172
14,729
67,566
20,890
67,996
21,288
51,520
12,120
56,610
11,862
51,864
11,689
56,955
14,556
49,220
12,555
____ 15,921
46.165
# 193,014 m |

750,662 M

Wisconsin

aichiaaa

1920
$

61,185 U
62,836
68,461
89,552
87,605
94,758
72,291
81,185
75,705
85,031
62,688
96.500

$ 953,591 M

VOLUME OP RE-DISC0U1ITS
Minnesota
So. Pieces
Rediscounted

Total Amount
Bediscounted

1S22
1921
1920
1919
1922
1921
1920
1919
1S18
1917

15,655
40,644
36,268
10,159

North
Dakota
6 ,655
14 ,945
8 ,546
1,828

# 97,456,500.79 : 20,768 ,015,06
I

474,556,540.56
755,151,853.61
570,559,414.15
558,768,785.00
70,254,995.00

67,058 ,285.55
50,551 ,395o64
18,664 ,910.41
17,516 ,176.00
5,060 ,613.00

South
Dakota
11 ,014
24 ,595
12 ,959
5 ,245

Montana
14,405
19,718
15,052
2,578

1,750
5,717
2,108
614

478
815
382
533

# 27,886, 594.41 # 28,370,089el2 $ 10,552,811.38
20,397,189.10
65 ,498,977.15
91,858, 597.01
19,516,346.19
55 ,592,374*96
87,875, 616.47

45,860, 050.56
51,766, 675.00
2,557, 925.00

14,170,110*95
11 ,794,575.00
2 ,815,16?o00

5,557,229.75
10,284,581.00
1,204.175.00

Total—.
.
47,953
104,234
72,275
18,737
$ 8,161,554.45

11,550,656,70
6,924,176.25
6,908,662.75
3,559,108.00
461,822o00

-■
193, •i*: *4.4,'
?30. :i p # , ./»
95} „ :5Si , 7 } ?
.

661 t€t ■,376.37
-:
'
43*%?? i,eco.oo
•*134

IfireSMjBBT HOIXUiGS OF UNITED STATES BONDS
gSCEKBEB 30. 1922,
Par Value

Market

Two per cent Panama Bonds 1936-1936
$
260*00 ♦
265.20
Three per cent Panama Bonds 1961
500.00
465o
00
Shree per oent Conversion Bonds 1917-1947
114,600.00
106,764c00
Ufeited State* Coupons Post dated
1*00
43o71
first L .L . Converted 4 ^ Bonds of 1932-1947
146,700*00
143,766.00
Second L .L . Converted 4&Bonds of 1927-1942
1,069,100.00 1,047,718.00
Third Liberty Loan 4-# Bonds of 1926
1,129,050.00 1,106,469.00
Fourth Liberty Loan A H Bonds of 1933-1936
1,904,750.00 1,666,655.00
U .S. Treasury Bonds 4-$ 1947-1952
157,400.00
157,400.00
U .S. Treasury Votes Series B-1924 dated 9-15-21 Doe 9-15-24 6 H
10,000.00
10,000.00
U .S. Treasury lotes Series A-1925 dated 2-1-22 Due 3-15-25
237,900.00
237,900.00
U .S. Treasury Hotes Series B-1925 dated 6-15-22 Due 12-15-25
4-3/6%
1,642,600.00 1,642,500.00
U .S. Treasury Notes Series C-1925 Dated 12-15-22 Due 6-15-25
600,700.00
600,700.00
U .S. Treasury Hotes Series A-1926 Dated 3-15-22 Due 3-15-26 4f?6
240,500.00
240,500.00
U .S. Treasury Hotes Series B-1926 Dated 6-1-22 Due 9-15-26 4 ^
5,317,600.00 5,317,600.00
U .S. Treasury Certificates of Indebtedness Series TJ 1923
Dated 6-15-22 Due 6-15-23
9»
84,000.00
84,000o00
U .S. Treasury Certificates of Indebtedness Series T S 1923
Dated 9-15-22 Due 9-15-23 3 ^
410,500.00
410,500.00
U .S. Treasury Certificates of Indebtedness Series T X 1923
Dated 3-15-22 Due 3-12-23 4-$
5.000.00
5.000.00
Reserve for Depreciation

13,071,460.00 12,976,445 9
.1
_____________________93.057o60
# 13,071,460^00 13,071,503M

SOLD HOLDINGS 07 THE BANK AND FEDERAL RESERVE
Afl«*T AT OIOSS OF BU8IHB8S DECEMBER 31, 1922,
AS COMPARED WITH CLOSE OF BUSINESS JECEMBER 31,
im
Bant 192^.
Gold
Gold
Gold
Gold

Coin
Certifioatea
Settlement Fund
Redemption Fund

$ 2,375,615.
5,159,730.
23,496,501.

1,613,035.
7,326^800.
31,115.656.
* 34,456,457.

im nt l?S2t
Gold
Gold
Gold
Gold

Coin
Certifioatea
with F. B . Board
Redemption Fund
Combined Holdings




3,000,000.
10,052,000.
32,000,000.
1.319.920*

# 43,020,1120
Aeent 1921.

46.371.920.
$ 80,828,377.

3,000,000.
10,052,000.
2,200,000.
1.604.240.
|

16.656.240.
59,676,352.

ACCOUNT ’S'lfT TOEASUPBR OP TITS iJSlTriD STATES
FSDWiAL rSSBKTB SA*K 0? ''If!?SA?OLIS AKD HK*rA *BA^C!? C0S®UffiD
l$22
Deposits

Withdrawals
January
February
March
April
May
June
July
August
September
October
November
December

Balance
2,045,046.25
1,337,766.13
2a
543,121016
2,973,514 o03
2,045,814.20
1,335,782<,58
2,096,892.89
986,30l„48
1,473,681,72
2,575,944.87
1,241,302.79
600.311ol8

$ 25,304,£37 &1
33,043.055o49
48 ,662,12* *30
21,597,330o29
12,530,7£6,38
4 8 ,5 9 7 320o25
9,716,54 33
28,733,566c43
30,103,876.71
45,531,646.94
16.469.094.44
54.597.736.45
$ 374,887,718.52

| 23,466,389.49
35,750,335.61
47,456,773.27
21.166.937.42
13,458,454 21
49,307,350.87
8,905,438,02
29,844,161.84
29,616,496*47
44,429,383.79
17,803,736.52
55.038.728.06
t 374,294,186.57

AOCOOTT WITH TKEASUBEH OP THE uiillED STATES
FEDERAL RESERVE BARK OP HISKEAPOLIS OKLT
Withdrawals
January
February
March
April
June
July
August
September
October
ITovember
December

#

20,287,543.83
30,751,516.11
44,543,414.83
19,543,103.51
11,553,894.99
47,755,084.22
7,647,942.15
28,322,306.28
27,586,513.35
41,920,379.19
15,825,398.04
5U »Z 2a3$k .U
$ 347,119,959.01

Deposits
#

$

22,202,513,65
30,001,840.38
45,780,Sl*.39
20,004,519.72
10,628,966.38
46,991,414.64
8,344,215.28
27,323,572.57
28,108,201.86
45,024,798.40
13,901,348 10
51.523.066.22
347,835,393,59

#

1,914,970,42
1,165,294.69
2,402,796.25
2,864,212;46
1,989,803.85
1,166,134.27
1,862,407.40
863,673.69
1,385,362.20
2,489,781,41
1,145,731.47
715.434.58

AOCOUIT WITH TREA3UHIB OP THE UHITED STATES
HELEHA BRAHCH
Withdrawals
January
February
M roh
April
nr

#

Angust
September
October
Borember
December




#

8,178,846.26
2,998,819.50
2,913,358.44
X,5X9,583.91
1,905,059.22
1,548,865,65
1,807,495.87
1,581,555.56
2,089,988.12
8,509,004*60
2,575,886.48
8,065,864.95
27,174,226.56

Deposit*
$

$

3,102,143.86
3,041,215.11
2,881,211.91
1,592,510*57
1,901,768.00
1,506,905,61
1,878,882.05
1,409,997,86
1,995,674,66
8,506,848.54
2,567,746.34
3,074,670,23
27,052,324 98

Balanoe
180,075.83
172,471.44
140,324.91
109,301.57
106,010.35
169,649.31
234,485*49
122,627.79
89,819.52
86,163.46
75,571.32
84,876.60

DA ILY AV3RAGE MKU3SR BAT.ATOBa By MONTHS

1220

im .

m i
January
# 42,234 M
Pabruary
42,628
iiarch
43,193
April
43,960
Kay
44,036
Jana
44,110
44,286
July
43,133
August
45,149
September
45,399
October
November
46 8786
48,508
December

# 43,444 1
1
42,746
44,008
42,298
40,540
40,774
41,745
40,178
40,706
40,095
40,589
42,301

I S

# 52,344 M
52*018
57,271
53,695
48,038
48,308
47,789
45,628
45,782
44,115
44,122
45,058

Daily Average Balance for 1922
f
f
"
h
• W 2i
n
«
« 1920
f
t
n
n
n J91g
f
t

.
0
.
0

I S

.

# 48*257 U
48,114
49,576
48,838
48,681
51,187
55,424
50,803
53,003
53,193
52,443
51,819

. . . # 44,451 1!
. . .
41,535 1
C
. . .
48,680 H
e . «
50,945 M

MSMBKR BASK RESERVE BALANCES BT STATES AT
OLOSS OP BUSINESS DBCBMBBB 31. 19220
1921

122&
Michigan
# 2,424 M
30,521
Minnesota
5 »954
Montana
Horth Dakota
3,767
3outli Dakota
3,893
Wiseonain
^_.JU128
# 48,687

#

1920

2,153 If
26,702
5,546
3,134
4,093

....

# 43,524 H

2221

#

2,663 M
26,733
4,853
3,434
3,690
2^198
# 43,571 M

$

2»339 M
36,544
6,018
4,439
5,812

$ 57,333 M

PSNALTI3S DBFI3IEHT BBSSBTiiS
192ft

Minneapolis

Mo* of Banks Penalized

Highest Point Ifember
Bank Reserves 5/l8
2/16

High Point Mambar Sank
Be serve a 12/22
7/2*
Low Point 7/26
High Point Ifember Bank
Beaervea 3/l5
low Point fi/l6




#128,087.06

#157,158.17

501

log

45,690,121.61
•S
’

1921

13B

10%

Highest Penalty Eat®

Low Point

363

Combine^,

#49,740.90

$78,346.16

An*t of Panaltiee

Helena

$

33,799,23o086

744
15#

50,807,298.96
38,787,651.21

$ 6,480,543.77
$ 4,403,293.76
47,215,204.37
34,175,437.34

42




TRANSIT Oi-5PAglOKS
After making a marked iiu^roveinent In lt- over 1920. the
21
Transit Dej.arteent continued to bring uj efficiency during' 1922 making
very favorable comparisons- with 1921;,

The number of employees fluc­

tuated very little from January to December.

lr* 1S2I the average number

of persons employed on transit work was 157, while in 1S22 this average
dropped to 125,

In January 19 as the daily average of items handled was

64,651 by 126 people, while in December 1922, 128 people handled a daily
average of 91,817 items.

Daring; the year many changes were raade in per*

sonnel of transit der.artrr.ent, a number of the older employees beinr
placed in other de; artsients or released and their places filled by lov/er
salaried ez^loyees ,

Consequently we were handling 4^ per cent more iter;;s

in December than in January, v,ith a monthly reduction of #600. in pay­
roll
In making comparisons of various classes of work, we find a
bout the same percentage of clearing items missent for the two years,
also that our Clearing Division is about on a par with the Clearings in
the other large banks as far as errors are concerned

In sending items

to out of town banks we had 00 per cent less missent items than in 1921
and this in the face of an improvement in 1921 of 75 per oent over 1920.
Another big saving in labor was the large decrease in missorts between
the various sections within the Transit Department, the namber missorted
being out in half.

As the mishandling of items counts heavily against

an employee in the efficiency rating and consequent salary adjustment,
this improvement is natural.

It is noticeable that during the last quar­

ter of 1922 there was an increase of items missent over the earlier
months of the year,

This is without doubt, caused by the sudden expan­

sion in volume thereby throwing a heavier load on the younger operators
than they oould efficiently handle,

in December, for instance, the

average number of items handled per person was 781 against a daily
average for the year 1922 of 674 and for 1921 of 559.

43




All items on Montana points outside of Helena from Federal
Reserve districts other than San Francisco, are now forwarded to
Minneapolis.

This is an assistance to the branch where employees are

difficult to obtain, and may be handled here with little additional
expense.

In number of items handled dravm on the Treasurer of the

United States, there was little change, but the amount was consider­
ably greater.

In 1921 we handled 543,685 for •.75,226,000 and during

the past year we paid 548,791 items drawn on the Treasurer for
$116,753,000.

The daily average of all items handled in 1922 was

83,280 and in 1921, 79,956.

The following tables give details and,

comparisons with previous years.
Comparative statement showing number of
items handled by Transit Department and
pay roll by months. Minneapolis only.
Number of items
handled ~ daily
average

Humber of
employees

Salaries

645691
64,885
69,746
71,251
71,583
76,041
72,236
66,719
76,384
84,265
94,244
91,817

126
127
126
127
127
124
124
123
120
122
127
128
1,500

ll,768o30
11,733.30
ll,528o54
11,559.56
11,590072
11,390.07
11,384,43
11,244.04
11,024.58
10,958.21
11,169.44
11.167.64
$ 136,518,83

Monthly Average 75,322

125

f 11,374 90
t

January
February
March
April
May
June
July
August
September
October
November
December

$

The total expense of the transit work at Minneapolis and
Helena was $278,570.28 and for 1921 similar expense was $358,526.17,
The reduction was principally in pay roll although five stenographers
charged in 1921 to Transit Department are now on Stenographic pay roi
With this allowance, salaries were reduoed #47,000.
£12,000 less in 1922*
separate accounto

Supplies cost

Furniture and Equipment are now carried in a

After all allowances are made, transit expense was

approximately $70,000 lower .than in 1921.

rais err? cltueikos

FSDEF’Ati HKSSS7* BASK
f03 VTAf 1922
Items on
St. Paul Basks

Items on
Minneapolis Banks
January
February
March
April
May
June
July
August
September
October
November
Deoember

$ 112,869 ,219 72
95*324 ,456cO2

# 62,201 ,157o25
52,802 ,430 61
70,696 ,579o77
62,265 ,893o61
66,540 ,595c21
70,627 ,220a51
72,430 ,005.71
72,556 ,105.84
78,057 ,797.56
94,322 ,989,45
80»S96 ,032.85
86.388 .562 o76
5869,785,571c15

134,067 ,947,26
110*440 ,436all
113,445 ,789 53
130,176 #494o30
123,230 ,417.70
127,978 ,932.73
,
140,278 ,447 <96
153,886 ,910o67
146,634 ,387.16
5
IQvft 790 ,506 o £
ISO. fyveOUDoOfe
$1,534,843,946.70

REPORT OF TRASSIT DEPARTMENT
MIHHEAPOLIS ONLY
FOR m S 1922
DIRECT SBKDIKGS TO OTHER BBSSBVE BANKS ( INCLUDING
HELKKA BRANCH) BY OTHER MEMBER BAMS
DIR3CT TO 01® BEAKCH

Atift
January
Fabroary
March
April
May
June
July
August
September
October
November
December




Bo. I^amt

4a m

TO OTHER HESBRSTE BAMS
l

19169
10766
14269
18966
14644
14121
1411T
14649
15J67
17944
16210

| 1,026,384.37
664,269o79
819,127^21
360,034.63
991.970.y2
862,050,89
752,944.92
760,424o
40
1,033,328.72
1,217,112.19
1,060,183.21

168669

$ 9,967,820o75

3 oI terns
30
99540
82290
102757
97664
103720
104916
104712
111430
107648
116401
105212
120227
1255917

Amount

# 15,315,419034
13,297,374o36
16,747,066.82
14,147,179.5?
16,726,697.17
18,957,268,67
15,962,008o78
15,951,904c84
15,110,847.27
17,437,831o77
17,028,571.06
16.440.689o97
$ 189,l22.742o62

45

TWIK c m CLB*RIKSS IREOUCR
FSOK'AL RESERVE BJJTK 0?
KIIimi'OLIS

TOTAL
Average by
months

$175,170,376o97
145,726,385.69
194,784,627o
05
172,706,329o72
184,986,484«74
200,803,714.81
I95,660,423o41
200,535,039.57
218,336,245.52
248,209,900.12
227,530,420.01
237.179.069,30

1922

19 El

208,621.92
178,620 13
180,256.39
138,529082
137,364.85
166,113.06
185,808o39
175,079.72
209,596.88
234,919.61
278,284c70
355.527.53

628,477c83
329,371 93
382,734072
179,467049
214,972-86
364,483.65
631,207.79
498,531.44
445,850©27
398,157.95
386,9?8o04
420.273.98

| 204,101.92

$ 411,708,98

..sx

1332
January
February
March
April
May
June
July
August
September
October
Kovember
December

DAILY AVERAGE
cleahies S held ovkb

$ a09,4849776<,78
157,533,337-92
219,278,539.31
193,5*1.157.56
179»7S39191o22
199,781,050.43
187,406,594,59
194,463,633o95
212,057,556.28
229,485,561cOQ
204,896,436.46
211.975.785.75

#2,404,629,516o85 $2,397,663,683*28
$>203,385,794,74

$ 199,805;306o94

AVERAGE ITEMS PBR FERSOE
HAHDLED DAILT
rm

1921

AVERAGE HUMBER OP
EMPLOYEES
1922

1921

January
February
Marofe
April
May
June
July
August
September
October
Kovember
December

561
568
627
661
671
749
701
650
627
756
739
781

429
435
495
447
496
553
544
516
577
679
639
_657

126
127
126
127
127
124
124
123
120
120
127
128

188
184
179
174
164
160
157
149
144
137
138
127

Yearly Average

674

539

125

158




46




CLE4RIHG STATISTICS
lumber and Amount of Items Handled During 1922.
Within District
Humber
C l e a r i n g s 3*205*957
Member & Kon^Member....... . 20*244,434
Paid for U. S. Govt.

Amount
*1,459,963,995,67
1,102,061,522.71
116.758.277.42

T o ta l.... .................. 23,998,582

Other Districts
lumber
Federal Reserve Banks*.......... 1,066,689
Sent Direct by Member Banks** 1,255,917

$2,678,773,795o80

Daily Average cumber of items handled:

1922: 83,280*

1921: 77,956,

Twin City Clearing handled through Federal Reserve Bank in 1922

Total.
1920: 71,015,

2,324,606

Amount
$ 263,743,384.6
189,122,742.6
# 452,866,127o2

1919: 35,354
$2,404,629,516o85

(Highest nijmbar of items handled in one day H o t. 13, 133,040: Average number items per person 1,118 )
(
•
)
(Highest average number of items per person Dee. 18, 1,140: Total number items for Deo. 18, 132,267 )

Exclusive of
Helena Branch

CLEARi m SCAM agios
FED3RAL K3SEBVE B M OF KIL’KEA. ;0L1S AKD H3LEKA BR
'.'JKJH
HOMBBR AMD AMOUNT OF I TEL: S HANDLED BEJKliiG 1922
WITHIN THE DISTRICT
Amoant
31,459,953,995.67
1,102,061,522.71
116.758.277.42
2,678,773,795.80

Number
3,205,357
20,244,434
546.791
23,998,582

Clearings
Member and Kon-ir,ember,
Paid for U. S. Government,
OTHER DISTRICTS
Federal Reserve Banks,
Sent Direct by member b:mics,

263,743,384,64
1,068,689
189.122.742 62
1.255.917
2,324,606
§ 452,866,127.26
Daily average number of items bandied, exclusive of duplications on
account of items handled by both parent bank and branch:
1919o . . .
1920 . .
1921
19220

. . . .
„ . . o .
„ o =
o . .' .

35,354
71,015
77,956
83,280

Twin City Cle& 4- > handled through Federal Reserve Bank in 1922
rr

CLEANING STATISTICS
Minneapolis only
H0MBBR AHD AMOUNT OF ITEMS t MOILED ~
*
VITKIN ‘ HE DISTRICT
T

^2,404,629,516,85

1222

2,926,937
17,788,092
446, 111
62.864
21,224,004

Twin City Banks
Member and Non-member
Paid for U. S. Government
Helena Branch

#1,361,336,247.28
949,313,399.36
98,241,471.90
3.671.930.70
$2,412,563,049.24

OTHER DISTRICTS
992,861
1.255.917
2,248,778

Federal Reserve Banks
Sent direct by member banks

$

224,442,509.71
189.122.742.62
413,565,252.33

Daily average number of items handled:
1919.
1920.
1921.
1922

35,354
71,015
70,832
73,311

Twin City Clearings handled through Federal Reserve Bank in 1922; -$2,404,629,516*;

OLBARiUP jtta ttlB a
rA ttlu
Helena Branoh
A U A 0U
JU M J.tr OF ITEMS HASSLED DUIU1,G 1922.
WITHIN THE DISTRICT
278,420
2,456,542
102.680
2,837,442

Clearings
Member and Non-member
Paid for U0 S. Government

Federal Reserve Banks
Daily Average Ho. of items handled:




75,828

IS2
2

V9S617,748.
152,748,123,35
16.516.805.52
270,882,677.26

V

39,300,874.93

9,711

48




R3P0RT 07 THE TRANSIT DEPARTMENT FOR TSAR 1922
MINNEAPOLIS ONLY

M Sm

CLEARINGS

1222.

OTHER R3SERVE BANES

Amount

96,580,702.88
Jail* 216,427
81,652,667.91
Feb. 194,269
Mar. 264,251' 115.922.979.60
98,286,266*71
Apr. 222,547
258,151 105.556.816.61
fey
June 246,499 109,709,585.22
July 257,896 110,468,015*54
Aug. 229,817 110,806,791.48
Sept. 257,105 126,285,477.92
Oct. 281,601 145,269,166.51
Ho t * 260,296 126,597,5 88*1?
Deo.
lg j.6 P g .l87*!?
2,926,957
1,561,556,247.28
3 7 f l » P 9 6

J a *__________ AiwMt,.

DIBBCT to banks in
OTHER F.R.DI3T3
So*_______ Asofijnl

63,445,167.29 76526 15,095,700.05
1276,058
621,350.46
1625
654,255.57
1116.269
1650
52,519,445.05 66415 15,151,519.07
1469,737
2295 1549,462.67
75,989,524.02 85244 17,228,658*85
1401,066
69,256,979.42 76668 15,506,069*65
2149 1151,526.10
1471,159
2270 1268,856*76
75,110,500*66 81220 16,881,264*66
1571,570
940,016*11
80,486,664*90 76764 17,075,449*05
1906
867,607*57
1419.270
1857
78,029,289*55 79055 17,588,965.40
867,235.09
1750
1451,562
76,911,299.23 78648 17,575,558.45
1499,208
84,215,125.98 75994 16,929,688.58
2950 2045,968.59
1722,956 105,076,510.65 86686 19,177,501.48
5521 5024,189.26
4795 5491,870.15
1564,851
94,415,156.01 85842 17,155,525.57
1842.806
m zi i&«9sq.97? . ?4
jk m .
17,788,092
959,487
55,374
24,828,669.96
199,615,639.75
949,515,599.56

TO H3L12SA BRASOK
BY US
No. ______ Amount

5065
4364
5522
5111
5602
5645
5092
4234
4727
6929
9631
922
62,864

379,689,19
199,740*14
306,991*00
228,918.70
248,567o47
222,460*10
246,507.92
307.014.62
299,894.56
464,082cSO
648,339.00

TREASURE OF TSTS
UNITS) S'?A1^3
A ountm
No,

28435
20631
30904
40022
33747
43626
35564
25694
41967
53156
4TI62
4

7 1 £

12*809,092.02
10,792,022o82
13,644,054>52
8,819,819.53
6,570,853.12
6,643,107*65
5,790,274.31
5 ,5 4 9 ,583o61
5,8£0„fr9&*53
7 i4il < •' * o76
,7 *
7 ,7 6 5 ,5 ^ .8 8

v

446,111
3,671,930.70

98,241,471«90

Monthly
Are. No.
Items

245,911

79,957

1,482,541

2,781

5,236

37,176

Monthly
Aye* Amounts

113,444,687.27

79,109,449.91

16,634,466.64

2,069,055.83

305,594.22

8,186,789.32;




Qpamiara

or

snasg giaaarvtt asp ooiLagriov pgjBgaara

iffiVffreoMS yrp mfrgu gPAWCH
Detailed Classification of Humber and Amount of I teas Handled by Months, during 1922
With Totals for 1922, 1921, 1920
Items handled In actual numbers - Amounts In thousands of dollars

I teas drawn on Banks In own Dlstrlot
Looated in F.H, Bank
Located outside F.IU
and Br. Cities

Vo.

Amount

Vo.

Amount

Items Drawn on
Treasurer of
United States

tfo.

Amount

I tens forwarded
to Other FJI.
Banks and thetr
Branches
Vo.

Amount

TOTALS (a)
.... ...,................ ,
1922
Vo.

Amount

Vo.

Amount

Jan.

241,571

1104,496

1,466,201

#75,197

34,694

#15,711

88,284

#18,428

1,880,700

#218,682

1,826,426

#247,973

Veb.

210,416

87,586

1,278,275

61,151

26,887

13,582

73,135

16,298

1,568,713

178,617

1,612,049

204,157

Mar.

281,058

121,596

1,679,717

84,945

86,976

16,086

91,899

21,279

2,089,645

248,908

2,118,264

286,448

Apr.

286,440

105,279

1,603,816

80,261

46,222

10,098

84,621

18,896

1,971,099

214,534

1,949,561

238,457

n*r

252,990

113,258

1,682,005

86,651

48,087

8,017

89,541

21,115

2,067,578

229,041

1,891,740

216,305

June

270,488

118,117

1,785,797

91*772

51,869

7,724

84,712

20,805

2,192,818

238,418

2,098,901

243,499

July

262.111

119,375

1,632,769

89,815

40,787

6,689

87,786

21,125

2,023,453

237,004

1,907,860

224,151

Aug.

252,060

119,487

1,627,549

88,693

32*699

6,362

86,319

20,980

1,998,647

235,522

1,933,760

233,575

Sept.

284,032

136,056

1,710,877

98,514

51,447

7,312

84,522

22,818

2,180,878

264,195

2,003,568

254,011

Oct.

816,882

158,641

1,977,890

121,946

64,418

8,441

98,274

30,251

2,456,464

319,279

2,135,340

276,131

Uov.

289,816

139,457

1,803,677

111,843

58,775

8,909

95,825

27,029

2,247,593

287,238

1,991,080

250,358

Deo. T
Totals

806.531

136.660

1.996^361

111*268

61.480

7.820

103.821

25.818

2.466.193

280.966

2.152.375

268.563_

3 ,205,357

1,460,008

20,244,434

1,102,056

548,791

116,753 1 ,068,689

263,737

1922
1921
1920

25,067,271 2,942,554
23,620,876 2,940,624
21,588,684 3*908,856
(a) Exclusive of duplications on account of items handled by both parent bank and branch

0

F rH•
l& r i

••
•

•

.C' r

•:iki .TA..0LIS C .t Y
-L

;t i x ' tths
\
D 14,Y ;Vlvv',G8
.
P EttlJSXT
LEKTSR3 fflKTCJVSD
.1 2 &

1252
1177
1068
1035
1115
1174
1122
1128
1370
1389
1487
1454

1868

1230

Arermge by months

M ILT AVERAGE
ALL OTHER ITEMS
SEv’T

68,446
63,891
63,924
72,764
70,489
75,209
71,013
64,878
75,283
82,945
85,816
90,638

Average hy months 73,311

B.UI Y ATOA.G5
' w z e j i of irm m
rssi’S ZASWZD

1921

i coo
Jrj» jW
h

1921

3001
2999
3048
3022
2995
3002
3008
3011
3013
2960
2*83
3197

&312
2S75
2965
3000
2873
2946
2937
2SS2
3022
3024
8049
3035

14 8
1913
915
975
96S
1097
lose
999
1089
1230
1393
1375

924
816
972
924
792
90S
940
865
1023
1152
1460
1380

:

3018

3005

1100

10U

DAILY AVERAGE
miiiSM x*E£S sei;t
DI3ECT BY OUR
iEL3BT: BAMS

DAILY AVEFOG*
IflKiS SS;iI DIBBOf
fO EELBKA BY OCR
UEKBEK BUDCS

jl922

1*21

1522

78,021
66^946
72,780
66,515
66,900
71,815
67,918
63,875
71,141
72,311
78,358
73,Q51

4 ./V?3
3,740
3,850
4,067
8,980
4,012
4,188
4,127
4,306
4,476
4,574
4,825

. 3,595
4,102
4,140
3,928
3,970
4,072
4,190
4,007
4,208
4,091
4,031
4,189

526
488
528
556
570
544
564
523
610
690
781

70,882

4,179

4;043

580

m

im
January
Vtbara&ry
l&reh
Iprll
nay
Jfcm
e
J&ly
August
Septtsfeer
October
Knrenfcer
December

DM ; ’
*m
*r>y) C- SRttSIT
l
MK?TE5£; se ;.t

iia

1322
1390
1262
1364
1148
1182
1103
1256
1477
1456
1669
1740

January .
February
Karoh
April
May
Jr 9
UJtely
Augast
September
October
®0Ytnib«r
D*o«rib#r

.. » i* 2J AST,.28*
2>

DalLY AVERAGE
CLEARIHG ITEMS
BBCQBBSD

IvEl

587
634
610

DULY AVERAGE DULY AVERAGE
CLEARIKG ITBUS CDS OF fOV.K
ITEC3 WISSEKT
M1SSBET

DULY AVERAGE
UXSSORTS 3STV.T
SECTIONS

m

1922

1921

1922

1922

87
tt
88
«r
84
27
84
31
34

27
25
26
88
»
tt
81
81
86
24
27
88

82
85
80
81
ZL
19
16
86
21
87
86
86

22
16
80
28
28
25
88
19
80
28
89
87

26
25
34
80
25
38
82
30
27
29
42
51

83
77
87
97
80
108
86
87
55
20
24
25

93.
131
175
117
138
124
95
62
77
62
C6
52

281
270
241
246
248
226
229
194
176
156
ioo
101

Average by months 26

24

27

26

32

68

*:«
)

sog

im
i f i iiy
Ptwi i y
February
Msroh
April
Jta»
*»ly
August
September
October
Ifoveaber
December




27
a

1921

M

51

TIBI TRAISPSB8 B0P8BT H P SOLD
MPrtfBUPQLia urn m m
»bawct
121*
Humber

K flife
jS
January
February
March
April
Hay
June
July
August
September
October
November
December
TOTAL . . . .

. . . . .

1,243
1,089
1,203
1,09#
1,357
1,355
1,378
1,519
1,552
1,817
1,609
1,535
16,754

Purohaaed
Amount
#

65,259,890
59,890,704
84,176,038
73,216,811
88,790,987
98,867,654
80,672,786
99,248,537
101,149,214
1X5,418,756
93,251,705
111.792.070

#1,073,129,147

Number
880
752
1,004
921
957
969
911
996
960
1,051
920
_1*075
11,396

Amount
#

37,659,263
29,577,487
44,070,039
41,796,254
50,299,376
52,228,747
45,759,680
60,789,817
47,045,8*9
51,406,638
49*413,686
57.959.350

| 567,994,906

A m ao«>

(MluiMpolU only)
Number

Honth
January
February
March
April
May
June
July
August
September
October
November
December
TOTAL o . • • • • •

1,049
900
973
875

62,925,180
56,766,215
79,458,632
68,885,311
84,046,767
94,096,730
75,277,334
94,344,889
94,735,719
105,821,082
83,848,787
102.651.514
#1,002,858,160

1,074
1,064
1,238
1,162
1,337
1,187
1.205
13,166

January
February
March
April
M y
fc
June
July
August
September
October
November
December
TOTAL o




194
189
230
223
255
281
314
280
390
480
422
330
. . 3,538

Amount

813
826
808
755
838
841
941
816
928

# 35,808,787
28,080,408
42,426,180
40,750,249
49,174,859
50,329,100
44,160,873
59,414,6a
45,975,612
50,067,727
48,261,641
55.586.209

9,850

#550,036,286

741
677
866

aaAas.F^, ^putj^,.„Ain) SOLD
(Helena Branch 1

Humber

Month

Sold

Humber

#

1 ,1 0 2

i m

Purohaaed
Amount

Amount
|

SW

Amount

&S*

3,328,710*09
3,124,488o65
4,717,400.94
4,331,500.54
4,744,219.58
4,770,924ol3
5,395,451o74
4,903,647o69
6,813,495024
9,597,674.34
9,402,917.61
9.140.555o83

139
75
138
108
131
161
156
158
119
110
104
147

# 70,270,986c.38

1,54$

#

1,850,476 16
1*497,079o29
1,643,859o21
1,046,009,20
1,124,517.28
1,8 99 ,646c48
1,592,806,95
1,369,171.77
lp
070,9t57.18
1,338,910.59
19152,044 o82
1^773.141.09

# 17,358,620 02

52




STEKOSRAPHIO BBFARCMEMf
•I? i£ Department was comparatively new at the time of the last
a 5
aafcual report tut sufficient ti^e had elapsed to s ~ c it apparent the
aa
centralizing; of the stenographic work in one department had many advan­
tages over the former custom of assigning the work to certain indi­
viduals.

After the girls got over trying to cake a record and settled

down to normal conditions, it was found the work could readily be
handled' by fewer people and a shorter working day.
While at the end of December there was little change in num­
ber of stenographers from 1921, there had been a heavy expansion in
work*

Our War Finance Department has grown so rapidly that the time of

five stenographers is necessary, while work in other departments of the
bank increased materially„

Although this new work enabled as to charge

the expense of five stenographers to War Finance work, we were able to
assume these duties without additional help, thereby saving the bank
the salaries of these persons.
Although it was anticipated that tha organization of a cen­
tral stenographic force would be benefioial, it is now apparent that
certain definite advantages have been derived from this action*

Some

of these are as follows:
1.
2.
3
4.
5.
6.
7o
8*
9.
10.

She girls are given broader experience.
The work is divided more evenly.
it is easier to handle the work when a girl is absent.
Peak loads, are handled more easily.
She same volume of work, is turned out in a shorter
wozicing day.
It is easier to standardize methods of handling the work.
Unnecessary duplication of equipment is reduoed to a
minimum.
Supervision and inspection are centralized, and thus made
more efficient and economical.
A fair comparison of quality and volume of work done by
various individuals is more easily made.
Complete rotation of work and Department meetings make
it possible to assist dictators in improving their
diction according to standards of modern letterwriting*

53

A I I H A L

£ e ^ o s t

VOLUME OF ■:...- DOivS 1U
0
STENOGRAPHIC K ... IM ’KEIvT
B
YE ill 1922

Month

’
Total sfords
Written

Working
Days

Ilumbar in
Department

January

2.055,471

25

27

3*045

February

1*686,773

22

26

2*966

5y

n rt ?v•*
U «

March

2,096,575

27

27

2,876

7
i-

3,647

April

1,916,065

24

26

3,072

4a

3,715

May

2,050,509

26

26

o, 033

6

3,653

June

1,923,727

26

26

2,908

8

3,695

July

1,817,042

25

25

2,914

7k

4,049

August

2,022,100

27

25

2,996

5k

3,834

September

1,829,785

25

27

2,714

5

3,369

October

2,129,590

26

24

3,352

4k

4,152

November

2,048,779

23

30

2,969

9

4,376

December

2,027,337

25

29

2,796

8

3,980'

Actual Daily
Average Words

Avera-e iio.
Ifcroloyees Loaned
Other Departments
and on Clerical
Work

Ad.las ted
Daily
Average
Words
3,638

* "Number in Department" includes special messenger for department and Miss Hake.

In

figaring "Adjusted Average", the work of Miss Hake, who is a blind girl, is deducted.
While the clerical work performed by members of the stenographic department makes it
rather difficult to obtain comparisons as a whole we estimate a reduction of about
four people over one year ago and a salary saving of approximately #800




per month.

54

EMPLOYEES
Beginning in January 1922, the Controller’ s Department has com­
piled monthly, certain personnel figures whioh are submitted to the operating
officialso

These figures have been of material aasistanoe in the ensuring of

punctuality on the part of employees, determining departments with ezoess help,
and those needing assistance*
For the information of the Directors, we attaoh figures for loTember.
Owing to the extra work entailed by the Redemption of Var Savings Certificates,
we are not able to submit figures for December and the year*
In arriving at the Standard hours of work, we use 46 hours a week
Although the male employees outnumber the

(8 hours daily and 6 hours Saturday)*

female by approximately 60 per oent, salaries involved in absences on the part
of the m8les, axe about one-half that of females*
The salaries involved in absences are approximately 5 per oent of the
clerical payroll for 1922,

The percentage naturally varies among departments

and with the number of female employees*

For the Transit Department the figures

are 2*3 per cent, for the stenographic 5 per cent, for the Discount 4 per oent
and for the Collection 2 per oent*
AT1EKDAK0B RECORD
HOYEMBER - 1922
Basis 180 Hours
Department
Average Hours
_______ _______________ Per Bnployee
Agont’ s
Audit
Bond and C0I 0
Bookkeeping
Cash & Custody
Collection
Collateral
Controller's
Discount - Credit
General Bookkeepers
General Files
Government Deposits
Messengers
Multigraph
Private Wire
Purchasing
Registered Mail
Reservee
Stenographic
Switchboard
'Transfers
Transit
War Finance
* Day Force
** Special Arrangement



Per Cent
Per Cent
Hours to Required Attendance

167
161
156

93*7
90 e6
87 < 7
>
97 o4
87o 5
100 o7
S 8 c8
98 o4
89o 3
1027
88 ol
91 3
89c7
91o5
38 o4
9 6 ,3

ITS
156
179
159
175
159
183
157
163
160
163
158
171
158
156
153
116

**

IS 2
168

*

15?

68 05
97 06
8 5 09
65;. 3
3
1

90 8
9 4 03
8 8 c0

99o0
97o 2
97 08
9 8 .3
96 s3
95o 3
97d
100 „

96 04
•98c9
96«1
92o8
97 05
lOOo
98 09
9 3 ,9
9 7 08
100 /
98 0
4
95 06
100*
98 0
4
9 8 01

Per Oent
Punctuality
9 1 ,6
90al
9 2 ,1
98 0
9 6o 8
90 4
95c2
97 o5
90o 6
9 3 08
89 ol
8 3 03
98 4

100 o
9 2 „9

96.5
96 ©
4
9 6 ,5
95d
97 04
9 0 ,7
89<>7
88 3

55

8AUfil3a, tfY.QliY.lB IM AftP»Q,13

Departoent

HoPersons
Absent

A gen t’ s
Audit
Bank General
Bond it 0 . 1 .
Bookkeeping
0aeh S Custody
e
C o lla tera l
C o llectio n
C ontroller * s
discount it Credit
denere1 Books
General P ile s
Gorer&aont Deposits
Guards
Messengers
M ultigraph
Private Wire
Purchasing
Registered H a ll
BSeerves
Stenographic
Switchboard
Transfer
Transit
War Finance
W elfare
Totals

Total
Says

1
7
1
6
1
14
1
6

3
12
18
16
5
29 \
t
2
41

2
10
15
13
4
23*
2
92

3
1
4
1
1
2

16 ir
l

141
1
5*
6
2

1
1
1

i
f
r
1

7
3

1

*
1
1

7
1

12*
2

12*
2

29
13
1
103

40|
24
1
248

99*
19
1
205

$

O

Reim bursable

w
o
«*
H
tO
m
m

loss in
S elariee

Total Deys
Excluding
^SanAajf* .

Total 81]
January ;

20 00 $
75 1*4 5
4 7 8 073
4 8 .6 9
405*88
1 1 5 .0 0
6 9 .7 1 * *
1 ,3 2 9 * 0 6
91 9*7 5
1 9 .4 4
95*24
1 ,5 2 8 * 0 2
86*77
5 .3 3
«lf*88
10 7*1 1*
i t 7 .l t
1 ,2 3 4 # 6 1
68*87
10 9*4 1
4*17
14 9*0 1
17*69
86 *60
16*67
5 8 9 *4 1
1 0 .0 0
9 4 .9 2
9 .7 5
8 0 .9 4
2o08
9 1 .1 8
3 .3 3
67 *48
2c67
2 6 .9 8
2 1 .1 6
1 ,5 3 6 .3 9
4 3 .4 1
2 4 ,4 1
6<>67
63o l3
2 ,8 2 6 ,6 8
1 2 2 .1 2
1 ,2 1 3 .6 2
78o61
.
9 f 99
i
_____ 4 5 *18
8 5 9 .8 9 f 1 3 ,8 3 7 .7 3

2 * 2 3 ^ .4 1
_ 1 4 2 .7 4
1 1 ,5 6 7 ,3 2
717*15 $
♦

Bank

* Ineludes # 1 9*6 3 account employ** discharged?
** Includes |38© 50 account employee re sig n e d ;
January
February
March
A p ril
May
June
July
August
September
October




l e .U l
# 1 ,0 9 2 .4 8
1 ,4 1 2 .3 3
2 ,4 2 1 .1 3
1 ,0 3 1 .8 4
1 ,4 6 8 .6 9
1 ,2 3 7 .0 3
1 ,1 3 1 .0 2
1 ,072o 37
1 , 035o 59
1 ,0 6 5 .3 6

1 2 2 .1 1
2 2 7 .6 1
6 0 0 065
336c38
154 * 19
226«82
5 5 .7 8
1 4 6 o16
141o56
116o41

# 9 7 0 .9 7
1 ,1 8 4 072
1 ,8 2 0 .4 8
6 9 5 046
l ,3 0 4 o50
1 ,0 1 0 .2 1
1 ,0 7 5 o24
926 21
894c03
9 6 8 ,9 5

56

COMMITTEE T

EOOFO?!Y AND BFFICIE: Cl

'itfc a view to coordinating the activities of the
twelve Federal Reserve Banks, the Federal Reserve Board in 1921
anointed a Committee on Economy and Efficiency which includes two
members of tfc Federal reserve Boardo
e

This Comsiittee called a meet­

ing of representatives of the v&rioue Federal Beserve Barks at
Chicago in April, where a tentative plan was adopted.

Each Federal

Reserve Bank has a local CoitKiiitee on Efficiency and Economy*

This

Committee in our Bank is ccir.posei of Messrs^ Dunlop, Moore and Warren
The first practical result of the Board’ s Committee on
Efficiency and Econo?Ay« was the adoption of a uniform Functional re­
port of expense and volvms of work handledo

This re.ort was first put

tentatively into effect as of June, but was made compulsory on July 1,
1922*

Monthly each Federal Reserve Bank submits a detailed report

of its expenses and volume of work handled, divided into seventeen
functions with various divisions*
These reports are studied by the Federal Reserve Board's
Coramittee on Efficiency and Economy and a combined comparative report
prepared and sent to the Federal Reserve Agent for use of the Senior
Officersc

A quarterly report is also submitted^
At a Conference of the Board's Coianittee and the Chairman

of the local Comnittees on Efficiency held in Chicago in Deoember, some
modifioations were made in the reports to be submitted during 19230
In the past when information has been requested for means
of making comparisons with other Federal Reserve Banks, we have found
no two banks submit figures uniformly.

The first procedure of the

prevent Ceamlttee en Eoonoqy and Efficiency, has been to get up a
manual stating what items of expense shall appear under eaoh function
and how the item oomprising volume are to be obtained
These reports will undoubtedly prove of great value to the
looal Committees in enabling them to detexmine in which bank each
function appears to be handled most effiolently and economically.




57




.

2 -

The Committee has taken another step,in dividing into
groups of four, to enable oloser ^tudy of the wore important
functions, those banks having similar or nearl;/ similar conditions»
The functions to receive attention first will be. Discount, Account­
ing, Currency and Transit
In Minneapolis - have experienced considerable diffi­
m
culty in compiling the figures requested*

Our organization is

small in numbers comparatively speaking and often two or more officers
are devoting part of their time to the same function..

In sorse

functions we have to determine the time given to the function by
four different officers to arrive at the costa

The salaries of the

officers oust be distributed to 14 expense functions and the salaries
of employees over 86 expense units0
In order to obtain the best results and admit of truer
comparisons, the Federal Reserve Banks should have their organization
charts follow functional lineso
Considerable difficulty has been experienced in train­
ing the employees to conform to the neoessary regulations to enable
us to get accurate figures,,

Bach expense item must he carefully

analysed before being distributed*

We have found that it takes one

man about two hours a day to make this distribution.

The posting of

the distribution has increased the work of the general ledger to
such an extent that we have been unable to reorganise this division
of our work and cut down the employees.

A study of the comparative reports of all Federal Re­
serve Banks shows that Minneapolis ranks among the leaders in low
costs and high efficiencyo

During the coming year it is hoped

to remedy the weaker spots and by the close of 1923 we should rank
in every department with the best of the other Federal Reserve Banks*

58




AUDITING 3 x
3S ‘ABgMBST
In the first half of 19ZZ there was perceptible improvement
month by month in the morale of the Auditing Department.

Daring the

last half of the year the Auditing Department has not functioned as
efficiently as your Controller desires.

This v;as due partly to illness

in the department, shortage of corr^etent senior men and additional
duties undertaken without expann?on of personnel.
At tiie last examination, the Federal Beserve Examiners re­
commended the addition of at least one senior man.

This recommenda­

tion was complied with., tut due to siiortageain other departments it was
necessary to have our men assifted to other work.

At present there are

11 clerics regularly assigned to audit work, under supervision of the
Controller's Departments
Uhtil late in 1922 there was no increase In the actual num­
ber of Auditing Department employees even though the work had increased
materially in some departments and three persons were required on the
Audit of V/ar Finance iflfo k
r.

The sudden development in Fiscal Agency

work has made necessary two additions to the Department and further
help may be required temporarily?,

Of the IS members of the Auditing

Department, there are at present only 7 on bank pay roll.
During the vacation period the Auditing Department was call­
ed upon to do relief work and at one time four men were filling operat­
ing posts.

During December auditing work fell behind, practically the

whole department doing operating to help remove the War Savings con­
gestion.
We have worked out a set of standards and have placed the
requirements for each grade in the hands of every member.
audit cleric can qualify for the next higher

Until an

post, no recommendation

for increase of salary is made.
A general outline of the auditing procedure was written up
and given to each member of the department.

Before an audit is under­

taken, the general plan is discussed and written assignments made of




A t j p m m iau- 3 TKEMT (Continued)
A

duties to the various members,

After the audit is completed each mem­

ber turns in a report of his aseignraeEt.

These reports are collated

and a general report of the audit made through the Controller to the
Executive Committee with a copy riven to the Officer in charge of the
department.
The members of the department are rotated on the routine and
daily work.

At present we have at least two people available for

every post

Ultimately every member will be familiar with every post.

As audit clerks are not always received with enthusiasm, es­
pecial emphasis is laid on the necessity of avoiding controversies
with other employees of the bank.

Audit clerics are instructed under

no circumstances to argue with clerks in other departments but to refer
disputed matter; to the department head or Controller for adjustment.
It is hoped by these instructions to remove ill feeling and antagonism
towards the Auditing Department and increase efficiency.
Employees are encouraged to take up special courses which
will aid them in their daily work.

At present every male employee

but one is studying one or more 01 the following:

Auditing, Accounting,

Commercial law, Negotiable Instruments, The Alexander Hamilton Course, and
the American Institute of Banking Courses.

60




HTROHASII.G PBPAB33SEHT

The value of having some person to devote all his time to
the purchases of supplies was .m
ore clearly demonstrated during the
past year

Over £30,33!.

cost of our supplies

in 19S1 and this includes Bond Department purchases, which up to
July 1, 1921, had been assumed by the Treasury Department*

Bids are

required on all printing unless the job is a very sm ll one, sad the
work is given the lowest bidder.

On only a few articles are-we now

able to get the Government discount, but as we buy in quantities and
are not tied to customers like the commercial banks, we are in a
position to force close price-.

If necessary we go outside for cer­

tain supplies and on a number of things are able to purchase lower
than can the Minneapolis supply houses.

H M 20XJIPMSST

In ITovember an order was given for three Ellis Adding
Machines for use on Beturn Items, the Federal Reserve Books and the
Government Transcript Divisions.

These machines are a combination

typewriter and adding machine and have proven their merit in other
Federal Reserve Banks.

The Federal Beserve Bank of Chicago after

several years use, has found their flexibility so advantageous that
they have replaced all their Burroughs equipment with the Ellis
Machine^

We are satisfied good results will be obtained on the work

mentioned and will also try the Ellis machines on our letters to
other Federal Reserve Banks.
It has been our practice to trade in our adding machines
at the end of five years, but as soon as we are able to provide a
suitable mechanic and work room, it will be recommended that we hold
our equipment indefinitely.

The machinery if properly looked after,

will be worth much more to us than the trade-in value.

61

FILES

In November 1921 an expert was secured to make an analysis
and survey of our files and filing system.

Careful study of the re­

port received was made by the Controller and Committee on Bconomy and
Efficiency.
Many of tiie recommendations have been put into effect and
there has been a noted improvement in General Piling conditions.

In

place of each department maintaining its own files, consolidation has
been effected, cutting down from 90 places where a letter might be
filed to less than a dozen.
Credit is due to Mis?

'ankins for improved conditions.

She

was given su|jervision over all bank files after her return in June,
1S22, from a course of study at the Illinois School of F ilin g

Re­

vised methods put into effect have cut the cost of supplies about 50$,
speeded up the service and obviated much of the former criticism and
complaint made by the staff.
Miss Jenkins expects to start oross indexing all Board and

Treasury Department circulars by subjects and topics as soon as the
1 ftr Savings Redemption filing is oaugit up*

The need for this sub­

ject classification has been apparent for several years but it has not

been possible to provide it prior to this time.
The old hit and miss method of obtaining letters from files
has been abolished and a visible follow up instituted, which has
lessened the chances of lost letters and fixed the responsibility for
returning borrowed material on the person taking same.
By the close of 192S we hope to have a single place for re­
ference to all correspondence .to, from and about a bank..,

We have as

far as practical, established a centralization of responsibility for
.
the condition of all files.




Our files are rractic H y uniform so that

62

FILES (Continued)

similar material is filed by the same standards.

Economy in labor

oost has been achieved within the department when one takes into con­
sideration the cost to the bank one year ago and now*

While it has

been necessary for the War Finance Department to maintain separate
files the equipment was purchased to conform with that of the bank as
it will no doubt be turned over to us at a fair price when the War
Finance work is completed.

STANDARDIZATION OF AOCQUMCIKO FORMS

During 1921 the Governors of the Federal Reserve Banks ajjproved the appointment of a Committee on Standardization of Forma
used between Federal Peserve Banks.
This Committee made a careful study of the various intra
bank relations and completed by 1922 a set of standard forms.
Federal Reserve Board approved the forms and all Federal Resew

The
q

Banks

have adopted the standard forme^
The adoption of standard forms has proved a great benefitsIn many forms the originating bank makes at one operation the entries
for their own books, the advice, and tickets for use of the receiving
bank.
Our experience with these standard forms has been very satis
factory

The volume of correspondence between Federal Reserve Banks

on routine matters has been materially lessened; operating has been
quickened, the v;ork of the bookkeepers lightened and efficiency in­
creased




S3




MM

3M K

In February of this year it was determined to make arrange*
ments wbereby employees who chose to bring their own lunches might have
a suitable place in which to eat tham»

The bank, provided tables and

has been supplying ooffee and milk without chargeo

Many employees

promptly availed themselves of this privilege, resulting in a saving to
them it was estimated of about $10«00 a month each*

However, as many of

the employees were not living at home and so unable to bring their
lunohes it was recently decided to provide sandwiches and a few other
things* which ware purchased outside and supplied to the employees at
actual cost*
The Lunch Boon service is greatly appreciated and at the
present time an average of about 275 are talcing advantage of its facil­
ities*

How and then the officers have also found it very convenient to

make use of the lunch room when pressed for tin»o

Data*

From March 1 to December 31» 1922.

Humber served in Lunch Boom

27,025.

m m sm .
A strong foroe of carefully selected guards is maintained who
are regularly drilled In the use of firearms and a record kept of their
marksmanship.

Great precautions are being tal&n to prevent holdup,

which is undoubtedly the greatest danger to whioh we are subjeot*

It

is believed that by thus maintaining an adequate foroe of guards, we
may be able to forestall aa attack euch as was made by bandits at
Denver and by constant training in marksmanship we reduce to the minimom the danger of accidental casualties*

64

m a m s usBAim/m?
To Assist us in maintaining a more efficient force of employees,
a Welfare Department was put ir.to operation in * :<1; 1 - C a> a very c*r
T
S1
id
able woman selected as Secretary.

.It has been her a tty and that of her

suooessor to investigate all caees of reported i l l h e i e i t h e r by tele­
phone, or if so desired by the department manager, to r ;3 t a ;.ersonal call
> re
at the residence of the employee

Minor eases of Hirers or injury are

often taken care of by the Secretary, or her assistant, and: six^le re­
medies or dressings administered.

They are instructed, however, in all

cases of apparently serious nature to urge the employee
own physician:

to consult hie

The number o£ absences oh aocouu;t .f illr.- -> h n been
o -. - s
■

materially reduced at oftenti5nes 9-ii.oyees through t.'e {intention /riveii
them in the ’ elfare Department ha’ o been able to reew.e their work where
W
otherwise they would have found it necessary to w

to tiieir hoir.es. Through

kindly oversight and. counsel. * roble&s of a mental nature are often
solved, resulting in better capacity on the part of employees to a ply
:themselves to their work,

Nov. and then problems of a financial nature a-

rise which are referred to the officer who has t)> der^-t- m nrdsr ? *
e
ils
v
sm ervlaiou.
The . Weifare Department also takes the
cal examinations which are now required o f all new ei^loyeec*

9 physi­
?;> prac­
.ss

tice was adopted for the reason that in several ca^es « e have < jcovered
.<
U
that after an employee has been in our eervloe for u few weeks, or
months, he has been found suffering from son* obronSc ailment which
necessitated his absence from the office for protracted periods,

fhic er-

aoination which is made by a competent physician, e%loyed by the bank, it
expected to eliminate eases like the above,

it is our practioe also to

send our employees to this physioian for examination wheneyer it seems to
♦
us that it nay be advisable in order that we nay be assured that they are
fit to pursue their duties.




Data: Xron January 1 to December 21, 1922.
Somber of calls at residence, hospitals, etc.

84

Humber of applications for service at office
Of Secretary

8 ,76S

BANK OMNSES

II 1922

Important changes that transpired during the year, in­
cluding the establishment of new banks, both National and State,
are sunmarised as follows:




Total number of banks in the district, January 1 ,
1922. ................................... .................................
Sew national basks organised. .........................* . 4
!Tew National banks, by conversion • • • • • • • • 2
Total number of new National banks organised* . . •
State banks and trust companies admitted. . . . . .

1024
6
A
1098

national banks absorbed by state institutions. . . . 4
State institution absorbed by National bank.............. 1
National banks absorbed by another National bank . . 2
National bank consolidated with another National Bankl
State institution consolidated with another state
institution.............. o . . . . . . .
.
National banks liquidated
State institutions liquidated
State bank withdrawals* ...................................
. 3
Total number of banks at the and of the year. .

State
Michigan
Minnesota
Montana
Worth Dakota
South Dakota
Wi SCOPSI®

11
33
59
4
20
_io _
137

Sftitonal
36
344
130
184
133
—M
877

.1
.6
cl
21
1014

Total
49
377
189
188
153
_5£_
1014

66

19 22
ffgff MSMB^
MINNESOTA

Bank

Shares Subscribed

State Bank of Anoka, Anoka
Duluth National Bank, Duluth
Minnetonka Stats Bank, Sxoolsior
Transportation Brotherhoods Nat '1 Bank, Minneapolis
Richfield National Bank, Richfield
Security State Bank, Wanamingo

45
150
21
72
18
29

MONTANA
Daly Bank & Trust Company, Anaconda

120

NORTH DAKOTA
First National Bank, Doruybrook
First national Bank, Streeter, (Reopened)

8
15

SOUTH DAKOTA
Mellette County State Bank, White River

16

Wisconsin
First National Bank, Bagle River

18

SUMWff 9f MBMB3R
Number of member banks December 81, 1921
.........................
!Tew National Banks organized. . . . . . • • • • ■ ..................... 4
Hew National banks by conversion* ....................... ........................... ...
Total number of new National banks organised . • • ......................
State banks and trust companies adaitted .......................................
T o t a l.............. ... . . . .........................................................
Number of banks liquidated in 1922.......................... ...
Number of member banks December 31, 1922.......................... ...

1024
6
... 5
1035
21
1014

Capital stock paid in, Deceniber 31, 1922.........................................#8,534,600
Capital stock paid in, December 31, 1921. • »
- . . . . . . . 8,566,950
Decrease. ............................................................... . . . . . $
34,350




67

2iea.oi,Jiat
Farmers National Bank
Citisena national Bank
Stocfcnens Rational Dank
Firat Xatlocal Bank

Bi* Sandy# Monto
Tyndall, 3c D,
Poplar, Moist;
Fenno, S » V-.

Stillwater Valley Sat-Bank
>
Stodfcnens National Bank

Abaarokse, Monto
Hardin, Monte

first iation&l Bask

Intelops, Monto

Silver Bov National 5&Sk

sm u t
m m *dared

Looation
Liquidation
Consolidation
Liquidation
Absorbed by *
State Bank

18
17
16

20

Batts, Bonto

Liquidation
Absorbed by a
3 tats Bank
Absorbed by a
State Bank
Absorbed by a

Rational Sank of Commeroa

Yankton, So Do

State Bank
Absorbed by a

First National Batik
First national Bank
Lincoln National Bank

Ingoaar, Mont?
Rood Point, Mont
Mlnnsapol.'^

Liquidation
Absorbsd by a

Ifsrohanta Rational Bask
Aaerioan Rational Bank
First National Bank

Vlnblsdon, Ro D,
Billings, Mont.:
Frssso, Hontc

national Bank 860
Liquidation
18
99
Liquidation
Liquidation
15

paoplae Bank
Stoekasaa State Bank
farmers State Bank
St. Anthoay Falls Bank

Sto Buil, M
liaio
Browsing, Mont
VSoonia, Kina0
Minneapolis, Mlnn0

,

first Aserioaa State B
atfk
Littls K a n State Bank




Qolden Talley, K0 Bo
Vyolae Moat? •

Natlanal Bask
Liquidation

Consolidation
Liquidation
Withdrawal
Absorbed by a
national Bank'
Withdrawal
Withdrawal

17
27
17
182

38
28
17

860
80
21

800
17
21

68

flax Finance Department
On December 31, 1921, we had made advances for account of the
War Finance Corporation to 497 applicants.

These advances totaled

$12,650,000, and were secured by 10,563 pieces of collateral having a
face value of #18,750,000.
T p to the close of 1922 a total of 6242 advances and re­
J
newals had been handled at Minneapolis and Helena .nd the total amount
of advances was $57,755,000.

The total amount of repayments during

this period was #15,897,000. leaving the amount due the War Finance
Corporation on December 30, 1922, ^41^858,000.

The face value of col

lateral held at end of year was §66,120,000.
While the amount advanced gives some idea of the work in­
volved, the fact that in e*eess of 120,000 individual pieces were
handled during the year, shows more clearly the volume.

It is neces­

sary to handle these items three times irrespective of the writing up
of the multiple ticket which constitutes our records and the filing of
these items in the Collateral division.

Two and one-half times as many

items were handled by the War Finance Department as were handled by the
Discount Department.
Apart from the handling of negotiable collateral in the bank
Collateral Department, all other War Finance collateral is handled by
the Custody Division of the War Finance Department.

The Department

also has its own Collection Division as the nature of the collections
and the necessity for frequent reference to the records made it ap­
parent this work could not be handled in our regular Collection Depart­
ment.

In October there were approximately 35,000 notes cut for collec­

tion, practically all of whioh were past due.

By segregation of the

War Finance 9fcrk, we are better able to obtain efficiency and also
watch operating expenses*
The Accounting methods adopted in War Finance work have
proven quite satisfactory from all angles.

The system keeps only live

items in our records and as we must furnish detailed information to




89

War Finance offioes at Washington as well as to the local Agency on
all transactions, fonaer methods would have been inadequate and ex­
pensive.

There is added value to the plan of operation due tothe

fact that we are frequently called upon to furnish the war Finance
Corporation additional information and are able to do so with a
minimum of work.

ff virtually do all the bookkeeping for both the
le

looal Agency and the Washington offioes, it being necessary for them
to maintain only the oontrols.
Credit is dne Ur. Moore for the smoothness of operation,
the Wbr Finance Auditor stating that although the volume handled at
Minneapolis is many times greater than that handled at other points,
the Minneapolis Department is the most efficient.
In October we commenced handling advances to the Borth
Dakota Grain Growers Association, followed in November by advances to
the Montana Grain Growers Association.

Shis has added to our account­

ing upwards of 30,000 Individual transactions which are handled some­
what similar to the collateral notes*
On December 31, 1921 this Department had 12 employees and
on December 30, 1922 the foroe consisted of one officer and 50 em­
ployees.

The total expense to the War Finance Corporation for the

handling of their work by us since the beginning has been $87,828*48
at Minneapolis and $14,016.17 at Helena.
Ur to the olose of 1922 we had collected for the Ifer
Finance Corporation at

interest, the amount of £1,830,468.73;

. Accrued interest on unmatured said past due bills payable is estimated
at £730,000

The total .expense of operation incurred at Minneapolis

and Helena of #101,848,65 would seem very reasonable.




On aecenber 31, v e bad 82 employ®** engaged in tbs last*
<
and redemption of Bonds* Certificates of Indebtednsea* (Treasury Savii&e
Certificates ana. ?ar Savin;* Ourtificata* and ths accounting incident
thereto*

la addition

had an entirely separata fore* of 61 person*

handling the work of the '£** Finance Corporation*

Boas of ths wp»M >

of tie ?'ar Finance Corporation is aesuaed by as end we axe also r*»
imburaod for 61 persona on tfieoal agency *x>rk.

Rowally* three or four

peopla are able to tafco care of the *’ar Saving* and fzfeaeujqr Certifi­
cate work frit the treaendoue volant* of redemptions thrown on us sine*
%

the latter part of Soreobe* M s made necessary tha employasnt of all the
additional h*lp

m

could aooomnodate.

For a*veral neelcs v.» hate called

on the eoployoee of otter tanks to assist os nights aad on Sundays»
using several hundred extra people.
Had * been called upon to handle only the certificates
•«

sent in for iwdemption by banks* our groblea would have been ooraparetively easy* but under Ero’sury Departnsnt ruling, tha Postmasters all over
the country a®re isetruoted by the Postmaster Central to send all anr>li~
cations for oxchang* or payaent oi >ar Savings Certificates direct to
the Jtedaral Heserve Bank or Branch of the district in vhioh they ware
located.

As of January 1» all federal reserve Panics were instructed to

forward Cashlar’ s Check or Treasury ' .arrant direct to the owner of eaoh
<
’
certificate redseasd.

ft*u over

1 0 0 ,0 0 0

checks havo been Issued to

individuals and banks in addition to which* a;my osaber banks have taken
credit on our books*
Ebo work of writing checks and making oxedlt tickets could
not be lone until all stamps and certificate a had been examined and
verified*

Oar vault* had becons congastod to such an. extant that v *
-

found it nocessar’ to stow email bills at the Metropolitan Rational
Bank*

As our perforating Machine could not be used on the stoops* la

order to reaow eon^stion* we purchased large rubber stsrape and ore
then able to cancel and ship U & > having* Steeps rapidl.v to tha
ar
Croacury Department*




71




FISCAL AGENCY

(Continued)

Apparently our troubles ara no greater than those of the
other Federal Reserve Bankso

The branch not being in a position

to ta&e care of the Montana redemptions* Postmasters of that State
were requested to forward all certificates direct to Minneapolis.
The Chicago ban* is about ten days behind in handling redemptions
and in order to help out* we are, at the request of the Treasury
Department* taxing over the redemptions forwarded by first and
second class Postmasters in the State of Wisconsin?

This v/or'« will

be handled by a special force in quarters provided at the Minneapolis
Post Office.

!£ anxiety of the Treasury Department to avoid criti­
he

cism* as much as possible* for delay in redemption prompts us to
give this assistance* for which we will be reimbursed.

OPERATIONS OP PRIVATE WIRE
1922- 1921

Sent

Telegrams

Received

Month

1922

19a

1922

1921

January
February
March
April
May
June
July
August
Sep tembe r
October
Novembe r
December

2 752
1987
2273
1 913
2092
2198
194 8
2128
2032
2278
2097
2325

2207
1759
1947
1784
1776
2172
2263
2374
22 9 0
2431
25 0 9
28 9 6

2446
1842
2146
1871
2095
22 9 3
2131
2374
2175
2542
2292
23 6 2

2109
1732
2033
18 1 9
1867
2167
23 5 3
2645
2499
27 2 2
2787
2973

26023

26408

26569

27706

Total

72

A R tu m fiM 1922. (

Depositfiiy Banks By States .

im

Michigan

m i

49

50

Mime sota

826

807

Montana

142

144

No. Dakota

292

293

So. Dakota

332

329

1760

*754

Wlsconsin
TOTAL

GBBTiFICATBS Of INDBBTBDNiSSS AND TREASHHT BOTES 1331
DURING m YEARS 1922 AND 1921
1922

12.21

4,335

1779

13

lumber of Subscribers

18

Number of Issues

fotal Amount Sold ' # 104,883,200.

1 87,635,600.

Bedeemed

$ 33,971,500.

$

199531,000.

CERTIFICATES OF INDEBTEDNESS BEIEEMBD
IS M

1921

January

f

45,000

§ 2,752,000.00

February

1,378,000

196,600.00

torch.

5,733,000

6,534,500.00

ipril

1,141,BOO

£,050,000.00

May

42,000

2,979,500.00

June

2,437,000

4,144,500.00

July

63,000

1,054,000.00

2,664,000

1,556,500*00

40,500

6,012,500.00

3,597,500

3,191,000.00

541,500

96,000.00

August
September
October
Novemba r

Otoember
Vtttn

x *m m

of
OJ
•J




BSPORT OF Q3BTIFI0ATBS OF IFjQTEDKESS ^

$85,971,500.00

73




AMOUHT OF SECURITIES PLKDOED AS COLLATERAL TO GOVBRSMEHT
DEPOSITS OF THE LAST M I OF SACB MOESH

W
Jan u ary

♦ 5 ,7 0 8 ,4 2 6 .5 0

$ 1 0 ,8 1 7 ,6 5 0 00

February

1 0 ,2 7 0 ,0 0 0 .0 0

9 , 9 0 0 9300 o 0 0

March

5 ,7 0 6 ,6 5 0 * 0 0

1 0 , 3 5 3 , 300o 00

A pril

2 ,5 7 8 ,7 5 0 .8 0

1 4 , 0 6 7 , 5 6 0 oOO

4 8 3 ,0 9 2 ,6 3

1 1 ,3 3 2 ,7 0 0 .0 0

Jan e

5 91 8 3 , 0 6 2 a00

1 2 ,7 5 0 ,4 0 0 o 0 0

July

3 ,5 2 5 ,9 0 6 .7 0

8 ,3 9 0 ,0 0 0 .0 0

August

7 ,8 7 4 ,0 4 9 ,3 3

1 2 ,7 2 8 ,0 2 2 .6 7

September

6 ,3 4 9 ,9 5 0 ,0 0

2 4 ,9 0 6 ,8 7 2 .6 7

October

6 ,0 7 0 ,1 7 3 ,9 0

1 4 ,0 2 0 ,7 6 6 .5 0

November

4 ,4 2 7 ,3 8 9 .5 0

1 3 ,6 6 4 ,3 6 6 .3 0

December

8 ,9 7 2 ,4 2 5 .7 5

1 7 ,0 7 2 ,7 6 6 .5 0

May

GOVERKMENT PUHDS IV DHPOSITART BABES
OK LAST DAY OF EACH MOKTH - 1 9 2 2

Jan u ary
February

$ 5 ,7 0 8 ,4 2 6 .5 0
1 0 ,2 7 0 ,1 9 1 .2 5

March

7 ,1 1 1 ,0 7 8 .2 2

A p r il

7 ,4 9 2 ,2 5 0 .8 0

May

5 ,1 7 1 ,5 9 2 .6 3

June

5 ,1 8 3 ,0 6 2 .0 0

J u ly

3 ,5 2 5 ,9 0 6 .7 8

August

7 ,8 7 4 ,049o38

September

6 ,3 2 9 ,9 5 0 e 0 0

October

6 ,0 7 0 ,1 7 3 .9 0

November

4 , 4 2 7 ; 3 8 9 053

December

8 ,9 7 2 * 4 2 5 * 7 5
$ 7 8 , 1 3 6 ,4 9 6 . 7 4

74

COMPARATIVE STATEMENT
0P2RATICKS COLLATERAL DSPARTMENT
1922 and 1921
(Minneapolis only)

19 22
Number
Bond Sales
2,841
Pieces Placed In Reserve Vault
26,277
Pleoes Taken out of Reserve Vault 29,551
Coupons Clipped
41,143
Trust Receipts Issued
1,906
Trust Receipts Cancelled
2,874

Amount
| 10,690,187.66
115,107,064.44
98,478,497.65
2,708,652.42
51,765,750.39
56,904,791.29

1921
1,426
85,627
68,917
68,643
5,994
7,101

JafiBAL
# 4,272,500.00
50,212,781.19
76,882,776.10
797,876.80
100,845,112.58
64,495,754.12

REPURCHASE AND RESALES SOVEHNMEKT SECURITIES
m Z . COMPARES, WITH m i
1922

1921

ReDttrohas.es
January
February
March
April
May
June
July
August
September
October
November
December
Total




1,710,600.00
7,561,400.00
14,094,900.00
6,594.600.00
7,776,200.00
14,646,700.00
10,281,300.00
20,045,900.00
13,498,100.00
18,258,900.00
4,309,200.00
6.434.500,,00
127,186,300.00

No.
85
75
108
40
54
97
52
93
54
75
46
781

Bssales
Repurchases
Jk S M M L
So. - _ Io„
_
No.
75
4,660,000.00
57
24
50
2,780.000.00
36
80
2,902,000,00
58
89
51
4,855,500.00
75
40
64
6,860,500.00
83
152
41
6,812,600.00
91
52
84
1,120,600.0C
52
97
36
67
8,229,200.00
53
59
14,711,800.00
34
82
68
1,528,900.00
46
48
59
44
3,057,500.00
54
48
JLSfrSLSfi&SM?
J&
-JML
571
60,199,100.00
732
851

The drift of Liberty Bonds from snail holders to those in
better financial circumstances continued during 1922. The beat
evidence of this is in the denominational exchange of Liberty Loan
Bonds. The table below is a sunnaxy from the denominational exchange
division of our Fiscal Agency Department.
DBfOMHTATIONAL EXCHANGE TRANSACTIONS
1922
Number
Amount
Denomination
§sfiilza&
luisft
SssftlzsA
l£2£S&
#50
151,049
# 7,552,450
1,728
f 86,150
162,571
100
3,109
16,257,100
310,900
16,393
2,490
8,196,500
500
1,245,000
10,406
1000
10,406,000
25,262
25,282,000
5000
565
1,247
2,825,000
6,235,000
10000
.-1*252,
____
.....U 4 2 P J U &
Total
341,135
35,206
$46, 729,050 $ 46,729,050
1921
Number of Pieces
Amount
Rafiftjvei
Issued
J& s s lz s l
JjtSSSX
#50
171,460
4,932
$ 8,573,000
$
246,600
7,279
18,153,000
727,900
100
181,530
14,666
7,333,000
1,494,500
500
2,989
1000
3,287
3,287,000
31,662,000
31,682
5000
1,430,000
3,425,000
266
665
2,090,000
1C000
209
349
3,490,000
100,000
0
200.000
0
..... 2
371,440
Total
47,916
# 41,066,000
# 41,066,000

75

aEI?CMIMA3?10MAL BXOHMflB OP BQIDS
(Exchange for different denomination of sane isBJB at ease interest rata)
Barraanent 3 ^ First juibsrt;/ Loan, 1932-1947

Denomination

50
100
500
1 ,0 0 0
To tal

Mo. of Pieces
Rsoeived for
Excitant

Amannt
Beceivad
for Exchange

$

4 ,6 6 8
3 ,3 7 6
309
JO
8 ,3 6 3

So. of Pieces
Issusd on
Exchange

2 3 3 ,4 0 0 .
3 3 7 ,6 0 0 .
1 5 4 ,5 0 0 .
1 0 .0 0 0 .
$ 7 3 5 ,5 0 0 .

Amount
Iss-iei on
Exchange

18
26
170
#47
861

$

900 o
2 ,6 0 0 .
8 5 ,0 0 0 .
6 4 7 .0 0 0 .
$ 7 3 5 ,5 0 0 »

4 s # F ir s t L ib e r t y Loan Converted
$

300*
700.

13

$

1 ,0 0 0 .

1
1

»
O
O
o
•

6
7

50
100
1 ,0 0 0
T o tal

f

1 ,0 0 0 .

$

1 ,6 0 0 .
1 2 ,9 0 0 .
6 1 ,5 0 0 .
5 8 6 ,0 0 0 .
1 3 5 ,0 0 0 .
3 6 0 .0 0 0 .

B a m a n e n t 4i5» F ir s t Liberty. Loan 1932- 1947 Converted
50
100
500
1 ,0 0 0
5 ,0 0 0
10 ,0 0 0
fotal

3 ,4 1 2
3 ,1 4 4
504
305
9
7

32
129
123
5 86
27

$

1 7 0 ,6 0 0 .
2 1 4 ,4 0 0 .
2 5 2 ,0 0 0 .
3 0 5 ,0 0 0 .
4 5 ,0 0 0 .
7 0 .0 0 0 .
# 1 ,1 5 7 ,0 0 0 .

7 ,3 8 1

— 3S.
933

$ 1 ,1 5 7 ,0 0 0 .

Barmansnt 4£ Second. L ib e r t y Loan 1927- 19 46
8
1
2

$

11

50
100
500
1 ,0 0 0
T o tal

$

40 0 =
100.
1 ,0 0 0 .

1
1

500.
1 .0 0 0 .

2

1 ,5 0 0 ‘.

$

1 ,5 0 0 .

ftjcnanent 4^35 Sfecood L ib e r t y Lo an 1927- 1942 C onverted
50
100
500
1 ,0 0 0
5 *0 0 0
10,000
T o tal

# 1 ,2 7 7 ,3 5 0 .
2 ,1 3 3 ,9 0 0 .
1 ,3 1 9 ,0 0 0 .
2 ,2 0 4 ,0 0 0 .
8 5 5 ,0 0 0 .
1 6 0 .0 0 0 « T
*
7 ,9 4 9 ,2 5 0 .

2 5 ,5 4 7
2 1 ,3 3 9
2 ,6 3 8
2 ,2 0 4
171
_________

5 1 ,9 1 5

S

50
100
50 0
1 ,0 0 0
5 ,0 0 0
10,000
T o tal




3 9 ,6 8 1
3 7 ,7 9 2
3 ,6 0 7
2 ,9 1 6
132
________

8 4 ,1 5 7

s m

m

j

A

.

^

it lb

#

a £

1 ,9 8 4 ,0 5 0 .
8 ,7 7 9 ,2 0 0 .
1 ,8 0 3 ,5 0 0 .
2 ,9 1 6 ,0 0 0 .
6 6 0 ,0 0 0 .

A J
M
L
§ 1 1 ,4 3 2 ,7 5 0 .

$

391
637
476
3858
234
260

1 9 ,5 5 0 .
6 3 ,7 0 0 .
2 3 8 ,0 0 0 .
3 ,8 5 8 ,0 0 0 .
1 ,1 7 0 ,0 0 0 .
2 .6 0 0 .0 0 0 ,
$ 7 ,9 4 9 ,2 5 0 *

5856

t e J

<

Q

5

q

41 3
686
51 9
6 19 9
331
?2S
8471

#

2 0 ,6 5 0 .
6 8 ,6 0 0 .
2 5 9 ,5 0 0 .
6 ,1 9 9 ,0 0 0 .
1 ,6 5 5 ,0 0 0 .

3^§30,.9flPjt
1 1 1 ,4 3 2 ,7 5 0 .

76

BXOU^GJS OF BO&JS - *Ccntirneaj
j'eX-uiment 4- j Fourth Liberty Lorn, 1,5<>193S
'v
Dexioairuition

50
100
500
1,000
5,000
i 0,000
Total

Ho* of Pieces
deceived for
Sxciiniice
42,51?
54,965
5,610
2,558
178
......... m
107,201

£0 of r5 eces
Issued on
•SRChonge

Amount
’ eceived
d
for Exchange
^ 2,125,650*

51$

5,498,500.
2,905,000.
3,653,000.
890.,000.
580iooo.
$ 15,652,350.

Aiaount
Issued «
Exchanf-'e

■6 U

628
7880
402
534
10,787

$

25,950.
82,400.
314,000.
7,88T.000..
2,010,000.

^ ^ L l O ,.
SO
# 15,652,350.

Pmrman^nt Sf'g Vintnrv toaa. 1922,1922.

50
100
500
1,000
5,000
10,000
Total

34
55
8.
252
1

4

"330

$

1,700.
3,500.
4,000c
252,000.
5,000.

38,176
41,892
9,515
1,027
61
..,1 2
84,690

$

9
13
19
74

266,200.

PtnHMW* 4 |$ Yfotonr Jam
50
100
500
1,000
5,000
10,000
Total

22
11

$

§

1,100.
1,100.
9,000.
65,000.
190.000.
266,200.

19,Sfr»lE33

1,908,800.
4,189,200.
1,757,500.
1,027,000.
305,000*

$ 9,377,500.

328
796
1091
5926
222
170
8583

16,400.
79,600.
545,500.
Si,926,000a
1,110,000.
m
M
i
$ 9,877,500.
#

Treasury Bonds . 1947-1952

3,000.
41,000.
65,000.
200.000.
309,000,

21
76
170
12
2
281

#

500.

*5
20

♦

1
11

10,800.

25

100
500
1,000
5,000
10,000
total

6
41
13
20
80

100
500
1,000
Total

$

#

§

Treasury
100
500
1,000
5,000
10,000
Total

40
421
1
1
_ 1
464

*

21,000.
38,000.
170,000.
60,000.
20.000v
309,000.

500.
10,000.
10,500.

ces -B-1924

♦

40,000.
210,500*
1,000.
5,000.

#

266,500*

5
22
85
2
O i
130

#

150
85
380
142
93
___ 1
857

1

#

500.
11,000.
85,000.
10,000.
.j is s l s s s u .
266,500c

Treasury Botes - A-1928
100
500
1,000
5,000
10,000
100*000
Total




1,780
641
829
42
24
___
2,831

'4

178,000.
320,500.
329,000.
ao,ooo.
240,000.
2,777,500.

$

15,000.
42,500.
880,000.
710,000.
980,000;
700.000.
2,777,500.

ZSSiUlXi A TlO m XSSKAftat OV BGK38
Treasury Botes.
•nomination

S'* of -iecas
'.eceivad for

B-1926
AffiQO&t
Vant'JveC f*or
’ iTCfc&K*

ivC
900

7

5,000

1 , 0 0 0 .*

8

1 0 ,0 0 0

- I

Total

ifo. of ; iece«i
3se?»e*k«:
2 r:«iU J * «
<C
i

£0
2

1 ,0 0 0

(Ooatteued!

98

$

7,000.
40,000.
10.000.
60,000.

lott'eu u:
rrcKii- c

#

, .

2 000

98

5 8 ,0 0 0 ,

76

60,00).

-jd m
100
500
1 ,0 0 0
5 ,0 0 0
1 0 ,0 0 0
1 0 0 ,0 0 0

SOtal

45
4 ,0 0 0 .
1 4 ,0 0 0 .
3 0 ,0 0 0 .
4 0 ,0 0 0 .

23
27
11
9

4 ,5 0 0 .
1 1 ,5 0 0 .
2 7 .0 0 0 .
5 5 , 0 0 ’.
9 0 .0 0 0 .

1 8 8 ,0 0 0 .

115

1 8 8 ,0 0 0 .

*
8

14
6
4
9

55

*

- iJfc iM .
100
500
1 ,0 0 0
5 ,0 0 0
1 0 ,0 0 0
1 0 0 ,0 0 0

Total

100
14
1
7
3

$

154

$

Treagarv Sbtas
500
1 ,0 0 0
8 ,0 0 0
1 0 ,0 0 0
1 0 0 ,0 0 0

Total

1 0 ,0 0 0 .
7 ,0 0 0 .
1 ,0 0 0 .
3 5 ,0 0 0 .
30 Q 0 0 .
9 0 0 .0 0 0 .
9 6 3 ,0 0 0 .

#

2 500.
* 2 ,5 0 0 .
7 5 ,0 0 0 .
1 2 5 .0 0 0 .
7 8 0 .0 0 0 .

206

$

983,000

± jbxm
♦

2i

4
10
56

25
5
79
25
78

f

2 1 ,0 0 0 .
2 0 ,0 0 0 .
1 0 0 ,0 0 0 .
100.0 0 0 .
2 4 1 ,0 0 0 .

62
65
25
3
15 5

*.

4

3 1 ,0 0 0 .
6 5 ,0 0 0 c
1 1 5 ,0 0 0 .
3 0 s0 0 0 .
2 4 1 ,0 0 0 .

JBHUiLLNAa'lUfiAL s n iH U G B Or USiTXlFlDAZKS OF HiUKBTEISiKSS

Total

$

125

2 1 5 ,0 0 0 .

131

$

2 1 5 ,0 0 0 ,

;:
t

4 1 0 ,0 0 0 .

tt»19gg
Total

$

5

Sarlaa

4 1 0 ,0 0 0 .

50

TD-1922

Total

189

$

516,000.

113

$

5 1 6 ,0 0 0 .

Total

7

$

19,000.

15

r

1 9 ,0 0 0 .

Sotal

S5

$

7 8 5 ,0 0 0 .

1 27

$




78




Steriirh

•

, .

Tot*l

261 000

92

£-56,000.

Series :,S- .- 2
lc 2
Total

5,000

5,000

Series I’52»1^22
Total

151,000c

50

$

151,QOO.

68

|

175,000.

Series fS-li22
Total

10

175,000

HBGISTETiEB-bOIIPOil EZGH UIG2S, YE IF 2KDI1JG DECET'IET: 31. 1922
;
A. HEGISTEBSD 30UDS S/vOHAlTGED POR COITI'OK BOIfDS:
Ho, Pieces
First s|yi
First 4#
First Second Converted
First Liberty Loan 4 ;
Second Converted 4J$
Third Liberty Loan
Fourth Liberty Loan
Victory Liberty Loan 4|$
Victory Liberty Loan te'jl
Second 4,.j
Total

236
150.
4
415
1908
4644
8021
5625
19
1029
22051

.fonoust
112,300.
42,400.
8001
.
158,400.
847,000.
1,567,000.
3,640,850.
2,157,300.
22,850.
219,400

$ 8,769,800.

B. COUPON BONDS EXCHANGED FOR REGISTERED BOKDS:
MO" Pieces
First 3j$
20
First 4 $
77
2
First Second Liberty Loan Converted
Second 4%
Hone
312
Second Converted 4 ^
Third Liberty Loan
520
Fourth Liberty Loan
601
Victory Liberty Loan 4|$
167
Victory Liberty Loan
Bone
Treasury Bonds 1947-1952
222
Total

1921

#

Araonnt
35,200.
133,750.
150.
Hone
1,188,700.
1,313,400.
2,184,350.
41,650.
Hone
265,000c

$ 5,162,200.

SXOH4HOE OF REGISTERED BONDS FOR REGISTERED!
Ho* Pieces
First Liberty Loan
First A%
First L .L . Second Converted
First Converted 4?$
Seoond 4%
Second Converted 41$
Third Liberty Loan
Fourth Liberty Loan
Viotory Liberty Loan

Amount

4
Hone
None
23
None
128
259
404
200

#

51,600
None
None
16,000
None
50,550
85,750
165,500,
109,900,

1018

#

479.500.

79

bhdihg usokmbsb s i. 1922 (continued)
i
i'OK RSGI3f!SIlEj;

EXQH4BGE OF BSGISfSRBJ)

(Continued)

Ho. Pieoas
Victory Liberty Loan 5$$
fotal

Amount

Hone

$

None

1018

%

479,300.

UNITED STAfKS 03RIIFI3AIE3 OF IHDBSESDH3S3 ISSUED DURING 1922,
Series

Data of Issue

TIC-1922
fS—1922
SD— 1922
D--1922
m —1923
TD2-1922
f j— 1923
*3— 1923
TM2-1923
fD— 1923

Sept. 15, 1921
Sept. 15, 1921
Deo. 15, 1921
Apr. 15, 1921
Har« 15, 1922
June 1,
1922
June 15, 1922
Sept. 15, 1922
Deo. 15, 1922
Deo. 15, 1922

Interest Bate

5$

J5»

EOo Pii3C93

Total amount
eacl* issue... ,

414
233
1255
753
1551
922
585
516
57
327

$

038,500
201,500
7,442,500
8,190,000
8,650,000
6,920,000
8,650,000
6,920,000
497,500
1,621,500

PHIfSD STAfqa TREASURY BOFDS 1949-195*1 SSOSi) JURIMS 1922.
Data of Issue
Interest Bate
Ho. Pieces
fotal amount
... ..................... .................. ............................................. ..... ,
?11,412,400
Oot. 16, 1922
6219
iff
JESISfBRBD UNITSD 3TAT8S TREASURY BQNDS1942-1962
Date of Issue

Interest Bate

Ho. Pieees
572

m m
Series

Date of Issue

A-1924
B-1924
JL-1925
B-1925
A-1926
B-1926
C-1925

June 15,
Sept. 15,
Feb. 1,
June 15,
liar. 15,
Aug. 1,
Dec. 15,




1921
1921
1922
1922
1922
1922
1922

fotal amount
each 4 8 sue
♦

381,800

m x m . 1932
Interest Rate

*1*
4 3 /e *

Ho* Pieces
106
324
3084
2003
2052
2347
3550

fotal amount
each issue
$

79,900
390,800
14,199,800
6,350,400
5,447,300
13,503,000
11,150,500

80




k o— JiSM
PGORABY BCSTDS SUHS-SDSP.D FOR 3X3111'!T2 OP./AH3 OOIT73R3IOR* YSAR BHDHTO
jisiin m si, 1922

AMOUNT

mJMB3B OF P IS C 3 3

l a g ,— a m . .........f t w m .
£CT
First 4? atirrend^red for exch&n%o for 4*£ permanent bonds........

325

93
____

First 4f$ surrendered for exchange for 4f$ permanent bonds. . . ___ 64

_

10,300

First L0I.Second Coflv.Temp. surrendered for exchange for Per.
«ee. ;omr.

____600

SsKfond %% scrrenderad for exsli&s&e for 4;^ permanent bo nds.... 2 f928
Seooad 4 ? » aturrendared for axohan^a for 4 $ permanent bonds..
-t

__2.47_

10

J2SL

712

J5fi_

270*100

,

5

101.700

Third 4%$ surrendered for sjeshar-je for 4- pernanent bonds... 6 t977
f$

2 .2 2 6

XL

—30

Fourth 4/!'» surrendered for exoh&n£s for 4*$ permanent bonds.. 13f886

8 .0 5 4

J22JL

800

A._

604.980

3

4 » 2.041.300

C
ffit Smtssaittfu
First 4$ surrender#! for axsban^s for 4-^ permanent bonds...

269

i'acond 4$ sorrendared for e*eba.jv? 9 for 4f$ permanent bonds..
<

2t294

y i L

...I i ...
fS

............................................ 25.913

1 3 r6 7 0

JBUL

TOmiS ( p

l

a

o

M

. 33bl~

-

1-

22

_

126 ^

.. 1S5...____

_

2

64.650
496rOOP

_ 4-_

a*aauj5ft




Pm uM ag?

BCTD3 3 3 L I 7 3 R 2 D .

Y R SSTDHrS
2A

Ol
OO

D3CSMBSR 5 1 , 1 9 2 2

AMOOHI

w m o L w m
- I.

-

—

- - -----------

— &50

jfcsoo

* 1.000

$ 5.000

_ 110.000

2j| Bxehaflge:

First 4/C delivered in exchange for temporary 4% bonds
surrendered............... ........... .....................

259

JL&I-

30.550—

46

70

10-800-

First A j$ delivered in exchange for temporary 4<$ bonds
surrendered............ ............. ....................... .
First L.L.Second Ooirr.4^ delivered in exchange for temporary
First L.L.Second Conr* su rr e n d e re d ...........................
Second 4^ delivered in exchange for temporary 4$ bonds
surrendered................... ....................... ..................... .
Second 4*$ delivered in exchange for temporary 4f$ bonds
surrenderedo................... ..............................
Third 4 ^ delivered in exchange for temporary 4^C bonds
surrendered.......................................................................

II.

*1 0 0 ..

Fourth 4*$ delivered in exchange for temporary 4 ^ bonds
-S
surrendered............................. .................. ........................
liULQHgll ?pgvgr,s.i.0a-

6

Second 4f$ delivered in exchange for temporary 4^bonds

1-065

JX .

—

, 94
4

450

JSL

_JJZ— .. ____

3-917

2.346

JL52_

90

e.574

.,7 »gja,

-ML

J&23.

p ieces}........................................................

... — X

_1___

604.950

1 ___ 2 ,Q4t,.apg

____
267
.

Second 4-f$ delivered in exchange for permanent 4#bondssur. 2-271
TOTAL

270-700

1-974

First 4 f » delivered in exchange for temporary 4$ bonds 3nr
-f
First 4f$ delivered in exchange for permanent 4% bonds Sur

&00-

_____ 2_

17-80?

258

J S.
Sl

JZl
LS

JL2SL

64»65Q.

JX .

_______
1.626
12.970

m

J

505T650

L

j l

.

_g______ 3 . 6 3 0 . 4 0 0


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102