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F E D E R A L R E S E R V E B A N K O F M IN N EA P O LIS January 10, 1941. To t h e Sto c k h o ld e rs F e d e r a l R eserve B a n k of th e of M in n e a p o l is : We are pleased to present a comparative statement of condition of the Federal Reserve Bank of Minneapolis at the close of business December 31,1940, and December 31, 1939, together with compari son of earnings and expenses and volume of operations in principal departments of the bank, and other pertinent data for the years 1940 and 1939. Respectfully submitted, President. STATEMENT OF CONDITION ASSETS Dec. 31,1940 $311,096,117.47 Gold Certificates on Hand and Due from U. S. Treasury----331,923.27 Redemption Fund—F. R. Notes----------------------- -----------6,576,020.77 Other Cash......................................................................... Dec. 31,1939 $258,566,127.10 219,218.21 9,267,700.13 Total Reserves.......................................................... - .$318,004,061.51 $268,053,045.44 Bills Discounted: Secured by U. S. Government Obligations, Direct and Guaranteed............ ............................................ $ Other Bills Discounted........................... .................... 109,250.00 107,281.08 $ 50,000.00 215,837.19 Total Bills Discounted........................................... $ 216,531.08 $ 265,837.19 Industrial Advances........................................................... $ 218,577.11 $ 742,802.12 U. S. Government Securities, Direct and Guaranteed: Bonds ........... ............................................. ................ $ 36,611,000.00 Notes........................................................................... 25,636,500.00 $ 36,677,000.00 30,764,000.00 Total U. S. Government Securities, Direct and Guaranteed................. .................................. $ 62,247,500.00 Total Bills and Securities...................................... $ 62,682,608.19 $ 67,441,000.00 $ 68,449,639.31 459.65 1.513.500.00 19,555,657.42 1.367.008.01 1,395,171.19 480.53 1,316,500.00 20,794,963.50 1,395,854.45 1,622,275.24 Total Assets................................................................ $404,518,465.97 $361,632,758.47 Due from Foreign Banks................................................. .... F. R. Notes of Other Banks....... ........................... ............. Uncollected Item s................ - ............................................ Bank Premises.................................................................... Other Assets .—................................................................. LIABILITIES Federal Reserve Notes in Actual Circulation....................... $158,709,015.00 $141,427,335.00 Deposits: Member Bank—Reserve Account................................ $174,476,119.29 U. S. Treasurer—General Account............................... 22,856,979.54 Foreign Bank............................—................................ 17,048,559.62 5,376,777.54 Other Deposits............................................................. $154,787,739.93 24,451,701.64 9,346,174.34 6,105,600.19 Total Deposits...................................... ............... $219,758,435.99 $194,691,216.10 Deferred Availability Items................................................ $ 16,343,592.98 81,540.18 Other Liabilities.................................. .............................. $ 16,361,873.70 86,653.27 Total Liabilities...... .................................................... $394,892,584.15 $352,567,078.07 CAPITAL ACCOUNTS Capital Paid In.................................................................... $ 2,974,500.00 3,152,420.27 Surplus (Section 7)............................................................. 1,000,298.87 Surplus (Section 13b)............................... ......................... 2,498,662.68 Other Capital Accounts........................................................ $ 2,931,150.00 3,152,420.27 1,000,683.96 1,981,426.17 Total Liabilities and Capital Accounts......................... $404,518,465.97 $361,632,758.47 EARNINGS AND EXPENSES Earnings from: Discounted Bills .......................................................... $ Purchased B ills............................................................ United States Government Securities............................ Industrial Advances Commitments to make Industrial Advances. All Other .................................................. 1940 1939 2,755.97 1,237,338.58 15,264.51 573.39 9,570.48 1,643.97 11.08 1,069,781.82 50,206.13 1,294.52 11,662.12 1,265,502.93 $ 1,134,599.64 Expenses: 912,702.80 Assessment for Expenses of Board of Governors of the Federal Reserve System............................................. Federal Reserve Currency: Original C ost................................................ ............ Cost of Redemption.................................................... ...$ Additions to Current Net Earnings: Profits on Sales of U. S. Govemmer All Other ......... .......... ................. Total ...................................... Deductions from Current Net Earnings: Losses and Reserves for Losses on Ii Special Reserves and Charge-Offs c All Other ................................... . $ 901,074.05 38,397.55 36,796.66 28,214.89 5,619.03 30,751.78 6,116.56 984,934.27 $ 974,739.05 280,568.66 $ 159,860.59 363,420.92 53,782.23 $ 139,647.90 7,579.28 417,203.15 $ 147,227.18 499.00 $ 33,000.00 100,000.00 654.82 ... 3,020.81 Total ........................... .......... -$ 3,519.81 $ 133,654.82 Net Additions to Current Net Earnings. -$ 413,683.34 $ 13,572.36 694,252.00 $ 173,432.95 Dividend Paid .......... ......................... Transferred to Surplus (Section 13b). Transferred to Surplus (Section 7)___ 177,400.58 — 385.09 517,236.51 174,905.39 — 479.02 — 993.42 SURPLUS ACCOUNT (SECTION 7) Balance at Close of Previous Year._......................................$ 3,152,420.27 517,236.51 Transferred from Profits of Year........................................ 517,236.51 Transferred to Reserves for Contingencies.......................... $ 3,153,413.69 — 993.42 Balance at Close of Year................................................$ 3,152,420.27 $ 3,152,420.27 SURPLUS ACCOUNT (SECTION 13b) Balance at Close of Previous Year................ ..................... $ 1,000,683.96 Transferred from Profits of Year......................................... — 385.09 $ 1,001,162.98 —. 479.02 Balance at Close of Year................................................$ 1,000,298.87 $ 1,000,683.96 VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS 1939 1940 Loans and Discounts: Bills Discounted: Applications....................................... Notes Discounted...... ......................... Advances Made................................. Number Amount (In Thousands) Number Amount (In Thousands) 109 181 73 2,391 580 1,728 77 99 69 1,142 99 1,037 43 403 25 300 34 143 23 151 Currency and Coin: Currency Received and Counted...... .......... 43,614,208 Coin Received and Counted........................ :32,509,169 188,644 3,631 40,373,251 32,534,940 179,720 3,626 Industrial Advances: Advances Made................................. Commitments to Make Industrial Advances .................................. Check Collection: 467,127 U. S. Government Checks.......................... 3,460,693 68,489 Work Relief Checks................................... 2,396,000 Other Checks............................................ !29,879,253 5,363,619 Noncash Collection: 689,479 154,159 City Collections—Grain Drafts................. 40,166 87,265 Other City Collections............................... 74,130 52,886 Country Collections................................... Coupon (except Government) and Country 34,366 33,659 Security Collections............................ United States Government Coupons Paid: Coupons from U. S. Government Direct Obligations........................................ Coupons from Issues of Other U. S. Gov ernment Agencies...........................— Issues, Redemptions and Exchanges by Fiscal Agency Department: U. S. Government Direct Obligations........ Other U. S. Government Agencies.............. 3,188,622 452,846 2,853,855 80,499 28,535,138 4,967,932 715,385 42,955 80,179 139,028 122,714 61,566 39,184 28,349 328,295 9,287 340,868 9,924 178,070 2,444 242,421 2,841 152,061 13,281 239,450 9,956 136,048 36,883 274,177 50,423 Transfers of Funds................................... ....... 28,929 2,208,411 28,202 1,985,824 Safekeeping—Member Banks: Amount of Securities Held in Custody for Member Banks on Last Day of Year.... Number of Coupons Cut from Securities Held for Member Banks..................... 288,280 312,262 213,602 Purchase and Sale of Securities for Account of Banks Located in the Ninth Federal Re serve District............................................ 5,030 226,686 165,125 PERSONNEL December 31, 1940 Head Office Number of Officers and Employees at End of Year: Officers..................................................... 10 Employees .......................... ..................... 407 7,018 170,887 Helena Branch Total 3 35 13 442 MEMBER BANES NINTH FEDERAL RESERVE DISTRICT 1940 Number of Member Banks at end of Year: National Banks............................................. _............. 372 State Banks................................................................. 88 1939 460 468 Changes during the Year 1940: New National Banks Organized..................................... State Banks Admitted to Membership_____ _________ 387 81 1 9 10 National Banks Consolidated with Other National Banks.... National Banks Succeeded by Nonmember State Banks...... National Banks Absorbed by Other National Banks.............. National Banks Absorbed by Nonmember State Banks------National Banks Absorbed by Member State Banks_______ National Banks Liquidated........................... ....................... State Member Banks Withdrawn.......................................... Net Decrease in Number of Member Banks................. 1 7 2 3 2 1 2 18 8 State Banks which became Members during the Year 1940: The Bark River State Bank, Bark River, Michigan The State Savings Bank of Manistique, Manistique, Michigan The Citizens State Bank of Ontonagon, Ontonagon, Michigan State Bank of Hawley, Hawley, Minnesota State Bank of Sleepy Eye, Sleepy Eye, Minnesota Merchants Bank of Winona, Winona, Minnesota Custer County Bank, Custer City, South Dakota, Custer, South Dakota Union Savings Bank, Sioux Falls, South Dakota The Kraft State Bank, Menomonie, Wisconsin Number of Member Banks in each State or part of State, in the Ninth Federal Reserve Dis trict at end of Year 1940: National Banks State Banks Total Michigan................................................... 26 14 40 Minnesota................................................. 188 21 209 Montana .................................. ................ 42 25 67 North Dakota .......................................... 45 0 45 South Dakota ....................— ................. 40 23 63 Wisconsin................................................. 31 5 36 372 88 460 DESCRIPTION OF NINTH FEDERAL RESERVE DISTRICT Land Area (Square Miles) 1940 Population (Preliminary) Michigan (northern peninsula)............................. 16,691 321,000 Counties of— Alger Keweenaw Baraga Luce Chippewa Mackinac Delta Marquette Dickinson Menominee Gogebic Ontonagon Houghton Schoolcraft Iron Minnesota............................................................. Montana ............................................................... North Dakota................ ....................................... South Dakota....................................................... Wisconsin (northern part)................................... 80,858 146,131 70,183 76,868 23,273 2,786,000 554.000 640.000 641.000 577.000 414,004 5,519,000 Counties of— Ashland Barron Bayfield Buffalo Burnett Chippewa Douglas Dunn Eau Claire Florence Forest Iron La Crosse Lincoln Oneida Pepin Pierce Polk Price Rusk St. Croix Sawyer Taylor Trempealeau Vilas Washburn Total NINTH FEDERAL RESERVE DISTRICT DIRECTORS W alter C. C off ey , Dean and Director, Department of Agriculture University of Minnesota, St. Paul, Minnesota Chairman of the Board and Federal Reserve Agent B. S h ep a rd , President Finch, Van Slyck & McConville St. Paul, Minnesota Deputy Chairman R oger P. C l a r k , Chairman of the Board West Publishing Company St. Paul, Minnesota P. F u n k , President La Crosse Rubber Mills Co. La Crosse, Wisconsin H om er A lb e r t W. D. C o c h r a n , President Cochran Freight Lines Iron Mountain, Michigan F. D. M c C a r t n e y , Vice President First National Bank Oakes, North Dakota President Northwestern National Bank & Trust Co. Minneapolis, Minnesota J. R. M c K n ig h t , President Pierre National Bank Pierre, South Dakota S h i r l e y S. F o r d , J. E. O ’ C o n n e l l , President Eddy’s Bakeries Helena, Montana OFFICERS J. N. P e y t o n , President 0 . S. P o w e l l , First Vice-President H . I. Ziem er, Vice-President and Cashier E. W. S w a n so n , Vice-President and Secretary H . C. C o r e , Assistant Cashier A . R. L a r s o n , Assistant Cashier Wm. E. P e t e r s o n , Assistant Cashier O t is R. P r e s t o n , Assistant Cashier T. H . H o d g s o n , Assistant Counsel A . W. M i l l s , Assistant Auditor Sigurd U e la n d , Counsel MEMBER OF FEDERAL ADVISORY COUNCIL E. W a k e fie l d , President First National Bank & Trust Co. Minneapolis, Minnesota L ym an HELENA BRANCH— (MONTANA) DIRECTORS A l e x C u n n in g h am , Vice President-Treasurer Western Life Insurance Company Helena, Montana H. D. M y k ick , Square Butte, Montana P. B. M c C l i n t o c k , Cashier Farmers National Bank Chinook, Montana P e t e r P a u ly , President Deer Lodge Bank and Trust Co. Deer Lodge, Montana R. E. T o w l e , Managing Director OFFICERS R. E. T o w l e , Managing Director A. A. H o e r r , Cashier C. J. L a r s o n , Assistant Cashier