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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 E A P O LIS

January 12, 1944.
To

the

Stockholders of th e

F e d e r a l R e se r v e B a n k o f M in n e a p o l is :

We present a comparative statement of condition of the Federal
Reserve Bank of Minneapolis at the close of business December 31,
1943, and December 31, 1942, together with comparison of earnings
and expenses and volume of operations in principal departments of
the bank, and other pertinent data for the years 1943 and 1942.
Respectfully submitted,

.

President

STATEMENT OF CONDITION
ASSETS
Dec. 31,1943
Gold Certificates on Hand and Due from U. S. Treasury...... $365,112,149.78
8,625,304.42
Redemption Fund—F. R. Notes.............................................
9,777,304.41
Other Cash..............................................................................

Dec. 31,1942
$477,051,021.05
201,986.22
8,353,165.50

Total Reserves ................................................................. $383,514,758.61

$485,606,172.77

Bills Discounted:
Secured by U. S. Government Obligations, Direct and
Guaranteed...............................................................
Foreign Loans on Gold....................................................
Total Bills Discounted.............................................
Industrial Advances ............................. ................................ $

0
0

$

0
55,000.00

0.

$

55,000.00

178,129.03

$

365,705.05

U. S. Government Securities, Direct and Guaranteed:
Bonds ....................................................................... ...... $ 60,270,000.00
Notes................................................................................ 25.074.000.00
91.258.000.00
Certificates of Indebtedness........................................
B ills................................................................................. 181,594,000.00

$ 75,729,000.00
36.474.000.00
28.230.000.00
13.746.000.00

Total U. S. Government Securities, Direct and
Guaranteed............................................ .......... $358,196,000.00
Total Bills and Securities................................ $358,374,129.03

$154,179,000.00
$154,599,705.05

2,419.52
Due from Foreign Banks....................................................... $
3,291,050.00
F. R. Notes of Other F. R. Banks........... ... ................. ..........
Uncollected Items ................................. ................................. 36,278,507.81
1,280,468.69
Bank Premises................................................... ......... ...........
2,161,432.86
Other Assets ..........................................................................

$

459.65
2,107,600.00
34,291,387.45
1,309,315.13
2,512,673.17

Total A ssets............... ..... ........ .......... ............................ $784,902,766.52

$680,427,313.22

LIABILITIES
Federal Reserve Notes in Actual Circulation......................... $385,761,160.00

$302,727,460.00

Deposits:
Member Bank—Reserve Account................... .............. $295,469,687.76
U. S. Treasurer—General Account................ ................ 25,045,179.66
Foreign Bank.................. ................................... ...... .....
27,852,622.78
Other Deposits................................................................
10,051,828.93

$276,825,558.76
35,353,627.08
15.377.160.48
12.465.324.49

Total Deposits................................................. ....... $358,419,319.13

$340,021,670.81

Deferred Availability Items.......... ........ .... ........................... $ 29,290,107.82
Other Liabilities ....................................................................
165,690.41

$ 27,636,284.52
229,029.03

Total Liabilities............................................................... $773,636,277.36

$670,614,444.36

CAPITAL ACCOUNTS
Capital Paid In............................. .......................................... $ 3,235,500.00
Surplus (Section 7 )................................................................
3,669,040.63
Surplus (Section 13b).................................................. ..........
1,000,301.36
Other Capital Accounts.................................................. ........
3,361,647.17

$ 3,075,100.00
3,220,822.82
1,000,298.87
2,516,647.17

Total Liabilities and Capital Accounts..—
...................... $784,902,766.52

$680,427,313.22




EARNINGS AND EXPENSES
Earnings from:
Discounted Bills................ -....................................... ..... -$
United States Government Securities............................
Industrial Advances .................................................... .
Commitments to make Industrial Advances...................
All Other ................................................. ......................

1943
564.04
1,977,717.49
5,668.86
0
11,508.12

Total Current Earnings............................................ -$ 1,995,458.51
Expenses:
Net Operating Expenses.........................................................

1,099,098.40

Assessment for Expenses of Board of Governors of the
Federal Reserve System............... .................................

$

1942
1,118.85
1,447,985.75
21,276.47
47.80
7,893.10

$

1,478,321.97

$

1,012,033.45

53,062.27

38,277.49

Federal Reserve Currency:
Original C ost.................................................... ............. .$
Cost of Redemption.........................................................

102,991.44
6,856.83

$

110,946.89
5,089.61

Total Current Expenses..........................................-$

1,262,008.94

$

1,166,347.44

733,449.57

$

311,974.53

Additions to Current Net Earnings:
Profits on Sales of U. S. Government Securities............. -$
All Other ........................................................................

1,083,198.54
4,364.34

$

102,715.65
2,465.34

Total ........................................................................ -$

1,087,562.88

$

105,180.99

Deductions from Current Net Earnings:
Losses and Reserves for Losses on Industrial Advances $
All Other..........................................................................

4,800.00
331,920.57

$

11,000.00
154,412.73

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

336,720.57

$

165,412.73

Net Deductions from or Additions to Current Net Earnings...

750,842.31

$

—60,231.74

Net Earnings..........................................................................

1,484,291.88

$

251,742.79

Dividend Paid .................... ....................................................-$
Paid to U. S. Treasurer (Section 13b)....................................
Transferred to Surplus (Section 13b)...................................
Transferred to Surplus (Section 7 ).......................................

190,924.19
147.39
2.49
1,293,217.81

$

183,336.33
3.91
0
68,402.55

Current Net Earnings............................................................

SURPLUS ACCOUNT (SECTION 7)
Balance at Close of Previous Year...........................................$ 3,220,822.82
Transferred from Profits of Year...........................................
1,293,217.81
Transferred to Reserves for Contingencies.............................
845,000.00
Balance at Close of Year................................................ .

3,669,040.63

$ 3,152,420.27
68,402.55
0
$ 3,220,822.82

SURPLUS ACCOUNT (SECTION 13b)
Balance at Close of Previous Year.......................................... $ 1,000,298.87
Transferred to Surplus (Section 13b).............................. ......
2.49

$

1,000,298.87
0

1,000,301.36

$

1,000,298.87

Balance at Close of Year................................................




VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS
1943
Loans and Discounts:
Bills Discounted :
Applications ........................ ...... ...... .
Notes Discounted ...............................
Advances Made ...................................

Amount (In
Thousands)

Number

1942
Amount (In
Thousands)

Number

21

3.330
60
3.330

20
22

14,679
58
14,621

34

748

218

1,296

0

0

0

0

Currency and Coin:
Currency Received and Counted................ 43,400,522
Coin Received and Counted.............. ..... ..... 39,122,133

249,573
4,500

40,694,037
38,330,950

195,102
3,001

Industrial Advances:
Advances Made ......... ....................... .
Commitments to Make Industrial
Advances.................................

21

4

Check Collection :
U. S. Government Checks______________ 5,908,916 1,866,989
Work Relief Checks.....................................
49,000
1,581
Other Checks .......... .................................... 33,309,892 'L0,357,051

23

3,603,837 1,201,407
881,000
28,889
31,450,532 9,055,179

Noncash Collection:
City Collections—Grain Drafts ................ .
Other City Collections.—
___ ____________
Country Collections ........ .............................
Coupon (except Government) and Country
Security Collections ............... ..............

866,730
41,099
54,727

529,455
155,376
69,900

822,511
38,266
72,272

311,351
102,269
74,493

32,021

30,079

29,501

25,208

United States Government Coupons Paid:
Coupons from U. S. Government Direct
Obligations .................... ........ ...... .......
Coupons from Issues of Other U. S.
Government Agencies ........... ....... .

382,824

19,331

308,312

11,157

114,869

1,629

139,421

1,967

Issues, Redemptions and Exchanges by
Fiscal Agency Department:
U. S. Government Direct Obligations......... 7,968,300 3,708,829
Other U. S. Government Agencies_ ____
_
3,243
7,028
Transfers of Funds................ ................. .

3,678,686 1,577,100
17,122
29,475

30,677 4,243,490

28,321 3,278,702

759,003

620,305

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

250,275

Purchase and Sale of Securities for Account of
Banks Located in the Ninth Federal Re­
serve District.......... ...................................

4,585

PERSONNEL
December 31, 1943
Head Office
Number of Officers and Employees at End of Year:
Officers ................ .......................................
17
Employees ............ ......... ........ ....... ............
819




192,819

373,210

3,622

182,441

Helena Branch

Total

2
74

19
893

MEMBER BANKS
NINTH FEDERAL RESERVE DISTRICT
1943

1942

358
96

360
94

454

454

0
2

1
6

National Banks Succeeded by Nonmember State Banks..
1
National Banks Liquidated........................... - ..... .............................1
National Banks Succeeded by Other National Banks..
0
National Banks Absorbed by Other National Banks.......................0

3
0
1
1

2

5

0

2

Number of Member Banks at end of Year:
National Banks ................. ................. -..........................
State Banks ..................... ..............................................

Changes during the year 1943:
New National Banks Organized............................. .....
State Banks Admitted to Membership........ ....... ..... .....

Net Increase in Number of Member Banks..................
State Banks which became Members during the Year 1943:
Citizens Bank of Montana, Havre, Montana.
The Hill County State Bank of Havre, Havre, Montana.

Number of Member Banks in each State or part of State, in the Ninth Federal Reserve Dis­
trict at the end of Year 1943:
Michigan........................... . ........................
_
Minnesota.—
............. ........ —._ __________
Montana.................... ....... . .......................
North Dakota....................... ........................
South Dakota.......................
Wisconsin................... .......... ....................




National Banks
26
185
41
42
36
28
358

State Banks
15
24
28
0
23
6

Total
41
209
69
42
59
34

96

454

DESCRIPTION OF NINTH FEDERAL RESERVE DISTRICT
Land Area
(Square
Miles)
16,538

Michigan (northern peninsula) .....
Counties of—
Alger
Baraga
Chippewa
Delta
Dickinson
Gogebic
Houghton
Iron




297,990

80,009
146,316
70,054
76,536
22,851

2,676,218
521,622
592,960
587,493
542,034

412,304

5,218,317

Keweenaw
Luce
Mackinac
Marquette
Menominee
Ontonagon
Schoolcraft

Minnesota ............... ................................................................
Montana ..................................................................................
North Dakota............................................ ...........................
South Dakota........................... ....................................— ......
Wisconsin (northern part)......................................................
Counties of—
Ashland
Barron
Bayfield
Buffalo
Burnett
Chippewa
Douglas
Dunn
Eau Claire
Florence
Forest
Iron
La Crosse

May 1,1942
Population

Lincoln
Oneida
Pepin
Pierce
Polk
Price
Rusk
St. Croix
Sawyer
Taylor
Trempealeau
Vilas
Washburn
Total......................

N IN TH F E D E R A L R E S E R V E D IS T R IC T




DIRECTORS
President
University of Minnesota, Minneapolis, Minnesota
Chairman of the Board and Federal Reserve Agent
W a lt e r C. C o ffe y ,

R o g e r B. S h e p a r d , President
Finch, Van Slyck & McConville
St. Paul, Minnesota
Deputy Chairman

P. C l a r k , Chairman of the Board
West Publishing Company
St. Paul, Minnesota

C. L a n g e , President
Chippewa Canning Company
Chippewa Falls, Wisconsin

H om er

R ay

W . D . C ochran

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

S. F o r d , President
Northwestern National Bank
Minneapolis, Minnesota

J. R. M c K n i g h t , President
Pierre National Bank
Pierre, South Dakota

S h ir le y

J. E.

President
Eddy’s Bakeries
Helena, Montana
O ’C o n n e ll,

OFFICERS
J. N.

P eyton ,

0 . S. P o w e l l ,

President

First Vice President
A. R.

Assistant Cashier
Assistant Cashier
W. H . T u r n e r , Assistant Cashier
E. B. L a r s o n , Assistant Cashier
R. D . B a k e r , Assistant Cashier
M . E. L y s e n , Operating Research Officer
0. W. O h n s t a d , Auditor

S ig u r d U e l a n d , Vice President and Counsel
E. W. S w a n s o n , Vice President
H. I. Z ie m e r , Vice President
A. R. U p g r e n , Vice President and Economist
0 . R. P r e s t o n , Vice President
A. W. M i l l s , Cashier
H. C . C o r e , Personnel Officer
H. G. M c C o n n e l l , Assistant Vice President

Wm.

L a rson ,

E.

P eterson ,

MEMBER OF FEDERAL ADVISORY COUNCIL
E. W a k e f i e l d , President
First National Bank
Minneapolis, Minnesota

Lym an

HELENA BRANCH— (MONTANA)
DIRECTORS
R.

B. R i c h a r d s o n , President
Western Life Insurance Company
Helena, Montana

M alcolm H oltz

Great Falls, Montana
P e t e r P a u l y , P r e s id e n t

P. B. M c C l i n t o c k , Cashier
Farmers National Bank
Chinook, Montana

Deer Lodge Bank and Trust Co.
Deer Lodge, Montana
R. E.

T o w le ,

Managing Director

OFFICERS
R.

E.

T o w le ,

Managing Director

C. J. L a r s o n ,

Assistant Manager


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102