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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 L IS

January 15, 1945.
To

the

Stockholders

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 present a comparative statement of condition of the Federal
Reserve Bank of Minneapolis at the close of business December 31,
1944, and December 31, 1943, together with comparison of earnings
and expenses and volume of operations in principal departments of
the bank, and other pertinent data for the years 1944 and 1943.
Respectfully submitted,

President.

Statem ent of Condition
Assets
Dec. 31,1944
Gold Certificates on Hand and Due from U. S. Treasury...... $345,552,530.71
14,820,114.68
Redemption Fund— F. R. Notes................................................
5,932,746.83
Other C ash..................................................................................

Dec. 31,1943
$365,112,149.78
8,625,304.42
9,777,304.41

Total Reserves .................................................................... $366,305,392.22

$383,514,758.61

Bills Discounted ................... ... ............... .......... ...... ......—.

0

0

Industrial Advances .................................................................

0

$

178,129.03

U. S. Government Securities:
Bonds .................................................................................. $ 22,553,000.00
N otes....................................................................................
28.444.000.00
Certificates of Indebtedness...................................... ......
88.636.000.00
B ills...................................................................................... 326,202,000.00

$ 60,270,000.00
25.074.000.00
91.258.000.00
181,594,000.00

Total U. S. Government Securities.......................... $465,835,000.00
Total Bills and Securities.................................. $465,835,000.00

$358,196,000.00
$358,374,129.03

Due from Foreign Banks......................................................... $
2,983.97
F. R. Notes of Other F. R. Banks................ .............................
3,913,100.00
44,130,376.24
Uncollected Items ......................................................................
Bank Premises............................... ............................................
1,251,622.25
Other Assets ..............................................................................
1,274,343.69

$

2,419.52
3,291,050.00
36,278,507.81
1,280,468.69
2,161,432.86

Total A ssets........................................................................ $882,712,818.37

$784,902,766.52

Liabilities
Federal Reserve Notes in Actual Circulation.......................... $475,793,675.00

$385,761,160.00

Deposits:
Member Bank—Reserve Account...................................... $317,789,301.89
U. S. Treasurer— General Account..................................
15,877,075.71
Foreign B ank................... ................................................ .
25,432,301.62
Other Deposits...................................................................
2,108,879.29

$295,469,687.76
25,045,179.66
27,852,622.78
10,051,828.93

Total Deposits ........................................................... $361,207,558.51

$358,419,319.13

Deferred Availability Items...................................................... $ 32,597,135.85
Other Liabilities .......................................................................
229,893.22

$ 29,290,107.82
165,690.41

Total Liabilities.................................................................. $869,828,262.58

$773,636,277.36

Capital Accounts
Capital Paid In............................... ............................................ $
Surplus (Section 7 )....................................................................
Surplus (Section 13b)................................................................
Other Capital Accounts..............................................................

3,500,550.00
4,949,737.28
1,072,621.34
3,361,647.17

Total Liabilities and Capital Accounts............................ $882,712,818.37




$

3,235,500.00
3,669,040.63
1,000,301.36
3,361,647.17

$784,902,766.52

Earnings and Expenses
Earnings from :
Discounted B ills................................... ...............................
United States Government Securities...............................
Industrial Advances ...........................................................
All Other .............................................................................

1944
18,548.70
2,665,716.86
3,979.12
4,542.55

Total Current Earnings...............................................

2,692,787.23

$

1,995,458.51

Expenses:
Net Operating Expenses........... .................................................

1,132,872.65

$

1,099,098.40

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

49,460.76

Federal Reserve Currency:
Original C o s t........................................... ................ .......... -?
Cost of Redemption.... ................................... ...................

$

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

53,062.27

115,984.15
6,953.38

$

102,991.44
6,856.83

1,305,270.94

$

1,262,008.94

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

1,387,516.29

$

733,449.57

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

99,776.70
92,442.43

$

1,083,198.54
4,364.34

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

192,219.13

?

1,087,562.88

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

0
405.11

$

4,800.00
331,920.57

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

405.11

$

336,720.57

Net Additions to Current Net Earnings..................................

191,814.02

?

750,842.31

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

1,579,330.31

§

1,484,291.88

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

206,158.74
20,154.94
72,319.98
1,280,696.65

$

190,924.19
147.39
2.49
1,293,217.81

Surplus Account (Section 7)
Balance at Close of Previous Year............................................. $ 3,669,040.63
1,280,696.65
Transferred from Profits of Year........................... .................
0
Transferred to Reserves for Contingencies..................... .........

$

8,220,822.82
1,293,217.81
845,000.00

4,949,737.28

$

8,669,040.63

Surplus Account (Section 13b)
Balance at Close of Previous Year............................................. $ 1,000,301.36
Transferred to Surplus (Section 13b).......................................
72,319.98

$

1,000,298.87
2.49

1,072,621.34

$

1,000,301.36

Total Current Expenses................ ...........................

Balance at Close of Year.................................................... -$

Balance at Close of Year.......................... ......................... -$




Volume of Operations in Principal Departments
1943

1944
Loans and Discounts i
Bills Discounted:
Applications ...........................................
Notes Discounted .................................
Advances M ad e.....................................

Amount (In
Thousands)

Number

Amount (In
Thousands)

Number

3,330
60
3,330

68$ 329,280
2
1,200
68
329,280
46

896

34

594

0

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

21$
4
21

0

0

0

Currency and Coin:
Currency Received and Counted................. 46,715,078 $ 250,655
Coin Received and Counted........................... 33,155,795
2,472

42,421,647 $ 234,108
39,119,493
2,393

Check Collection:
U. S. Government Checks............................. 7,189,985 $1,930,181
0
0
Work Relief Checks.......................................
Other Checks................................................. 34,770,857 10,707,866

5.908,916 $1,866,989
1,581
49,000
33,273,368 10,353,509

Noncash Collection:
Grain D rafts...................................................
Country and Other City Collections...........
United States Government Coupons Paid:
Coupons from U. S. Government Direct
Obligations .............................................
Coupons from Issues of Other U. S.
Government Agencies .........................

799,351 $ 544,144
115,133
286,184

866,730 $ 529,455
128,060
256,011

456,073 $

382,824 $

67,486

29,443
821

Issues, Redemptions and Exchanges by
Fiscal Agency Department:
U. S. Government Direct Obligations......... 10,291,133 $4,460,963
Other U. S. Government Agencies...............
49,718
49,173

114,910

19,331
1,629

8,637,006 $3,731,441
3,243
7,028

Transfers of Funds...............................................

32,188 $4,478,307

30,677 $4,243,490

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

$ 882,482

$ 759,098

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

275,454

250,275

5,213$ 499,292

4,585 $ 373,210

Personnel
December 31, 1944
Head Office
Number of Officers and Employees at End of Year:
Officers ................................................... .......
18
Employees .....................................................
730
Employees who have entered the Armed
Forces ------------ ---------------------------------Died in Service................... ............ ..............




105
3

Helena Branch

Total

2
79

20
809

14
0

119
3

State Banks Which Became M em bers During 1944
MINNESOTA

WISCONSIN

FIRST STATE BANK OF MERIDEN
M eriden, Minnesota

PEOPLES STATE BANK OF BLOOMER
Bloomer, Wisconsin

LIBERTY STATE BANK
St. Paul, Minnesota

STATE BANK OF BOYD
Boyd, Wisconsin

MONTANA
EXCHANGE STATE BANK OF GLENDIVE
G lendive, Montana

CITIZENS STATE BANK
Cadott, Wisconsin
STATE BANK OF FLORENCE
Florence, Wisconsin

MILES CITY BANK
M iles City, Montana

IRON EXCHANGE BANK
Hurley, Wisconsin

FLINT CREEK VALLEY BANK
Philipsburg, Montana
THE FIRST STATE BANK OF THOMPSON FALLS
Thompson Falls, Montana

LAONA STATE BANK
Laona, Wisconsin

KOOTENAI VALLEY STATE BANK
Troy, Montana

FARMERS AND MERCHANTS STATE BANK
Stanley, Wisconsin

SOUTH DAKOTA
MINERS AND MERCHANTS SAVINGS BANK
Lead, South Dakota

UNION STATE BANK OF WEST SALEM
W est Salem , Wisconsin

-------------------- I> --------------------

Num ber of Mem ber Banks
1944
Number of Member Banks at end of Year:
National Banks ............................................. .....................
State Banks ................................................... .....................

1943

356
I ll

359
96

467

455

Changes during the year 1944:
New National Banks Organized................. .....................
.....................
State Banks Admitted to Membership

1
16

2

National Banks Succeeded by Non-member State Banks
National Banks Liquidated........................... .....................
State Member Bank Converted to National Bank...........
National Banks Absorbed by Non-member Banks.........

17
1
2
1
1

2
1

Net Increase in Number of Member Banks...................

5
12

1
1

0

0
0
0

Number of Member Banks in each State or part of State, in the Ninth Federal Reserve Dis­
trict at the end of Year 1944:

Michigan......................... .................. .............
Minnesota.—.................................................
Montana...........................................................
North Dakota..................................................
South Dakota................................................ .
Wisconsin.........................................................




National Banks
26
184
41
42
36
27
356

State Banks
15
25
33
0
24
14
111

Total
41
209
74
42
60
41
467

Description of Ninth Federal Reserve District
Land Area
(Square
Miles)
Michigan (northern peninsula) ........ .............. ..............
Counties of—
Alger
Baraga
Chippewa
Delta
Dickinson
Gogebic
Houghton
Iron




16,538

265,221

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

2,525,558
470,033
536,510
544,866
503,422

412,304

4,845,610

Keweenaw
Luce
Mackinac
Marquette
Menominee
Ontonagon
Schoolcraft

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

Nov. 1, 1943
Population

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

Ninth Federal Reserve District

Directors
W a l t e r C. C o f f e y

President, University of Minnesota, Minneapolis, Minnesota
Chairman of the Board and Federal Reserve Agent
R o g e r B. S h ep ard

President, Finch, Van S ly ck & 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 o c h r a n
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 h i r l e y S. F ord

J. R . M c K n i g h t

President, Pierre National Bank
Pierre, South Dakota

President, Northwestern National Bank
Minneapolis, Minnesota

J. E. O ’ C o n n e l l
President, Eddy’s Bakeries
Helena, Montana

Officers
J. N.

P e y to n ,

0 . S. P o w e l l ,

President

First Vice President
A. R. L a r s o n , Assistant Cashier
Wm. E. P e t e r s o n , Assistant Cashier
W. H. T u r n e r , Assistant Cashier
R. D. B a k e r , Assistant Cashier
M . E. L y s e n , Operating Research O fficer
0 . W. O h n s t a d , Auditor
M . H . S t r o t h m a n , J r ., Assistant Counsel

Vice President and Counsel
Vice President
I. Z ie m e r , Vice President
R. U p g r e n , V ice President and Economist
R. P r e s t o n , Vice President
W. M i l l s , Cashier
C. C ore , Personnel O fficer
G. M c C o n n e l l , Assistant Vice President
B. L a r s o n , Assistant Vice President

S ig u rd U e l a n d ,

E.
H.
A.
0.
A.
H.
H.
E.




W.

Sw an son ,

Helena Branch (Montana)
Directors
R.

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

M a lc o lm

H o ltz

Great Falls, Montana

Helena, Montana
P eter P a u l y

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

President, Deer Lodge Bank and Trust Co.
Deer Lodge, Montana
T o w le ,

Managing Director

Officers
R.

E.

T o w le ,

Managing Director

C. J.

L a rson ,

Assistant Manager

M em ber of Federal Advisory Council
J u li a n B . B a ir d

Vice President, First National Bank
Saint Paul, Minnesota

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