The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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