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OOBTROIABB'S BSVOBS
m a a t i msbbvs b a k or u n o u r a u s
JOB THS
1 9 * 8
To the Director*.
Federal F.eaerve 3arifc of Mln&eapolls,
Oentleasn: As S3 susttraury at the close of each year, we pre
sent ii s'jrvey of our operations lurlx£ 1923 and draw attention
briefly to the results obtained
The tables attached furnish
figures of volume and make comparison with previous years
Unless otherwise stated
and Helena combined.
figures gWen are these of Minneapolis
Helena statements made up by the branoh
Auditor are offered separately
During the year considerable progress has been made
in bringing some of our functions :k > to standard but the special
-*or"ic required of many of our officers has prevented the very best
results boing obtained
The report of the Federal Beaerve Examiner covering
examination of Minneapolis and Helena us of .December 1. was ^ulte
satisfactory and our own audits of the past month have disclosed
nothing of Importance
respectfully submitted.
Controller.
1. 19j24
11A12
AnAltlac MpirtMtnl
....................... •••............••••04*60,66
load MyirtMBl
......................................................................... .................................................................... ...
......................................................................................................................................................
Cirtlf^pilii M latebttdaoM
.................. ................... • • • • • • ......................................... ................ ..
Oittriags
(0M fnuult Dopartaent)
G14M4 M m
BUtOHBt of ...................................... ..................... 66*64
................................................................................ •40*66
OolXaUnl Sififdinl.......... ...................... 60
CoXXoetloa StparUnnt
............. »...... ......••<Mi»M>IM H i»<lt|||ll|
............................................................................................................................
OQH&ttM oa Boftaoay u d Bffielcaojr.................. •••••••0 7 ,6 6 ,6 9
Covpon DtptftattBt
.............................. • • • • • • « « ............................... M iiillt M
e m a o ; BqirtM nt
O O M B t l*.............. .............................................. ..........
StttlitlH............. *.......................................... .
.87,66
(8m •1*6 Yttenl Bestm Bitoa)
Depositary BMkt
..........................................................................................................................................................
ir #f BtfOtlUry Baaki toy 6tato*............... .
BlMOVtt DlpltMlt
U m MU ......................... .......... ............................... ...
........................................... ............................ .«ff
Statlattto....................... ......... *••**«*§
N t I M i paid •last organisation. .....................................« « 4 6
laiBlaga
Goppm tlM
tenthly
etatoatnt........... ...................
................................................ .........T
Av6WfO ittc oa Barning .......... ............ ••••V
.................................... ••••••••6,9 fXf
Ioobmv aa6 BffUlaney............................ BTfN
OM M iltivi 6tat«aont.......... • • • • .............. • • • • • • .........
................................................................................................... .........................................
M i a m t t i ....................................... *........................... SO
0X06*6 ..... ........... ........ .................................. ••••65,64
Ic A m l i H i m
litii
0 6 M I I ................................... .........................66.60,61
BfetUtM**.......... .........................
Q«il of tinvlii aad Printings*................m«I 6
Fiscal Agency Department
statistics............. ..................................... .............78-84
Franchise Taxes
Statement of Total Paid Since Organisation........ c ....« 4
Furniture and Rqulposut
OOBBSntS i
<■•••• .11*. )•• i>:•«• j ■r 'iijii* >21(22
Gold Holdings*................ ............................... ...................o59
Helena Branch
ComntBo........................
.................................. 68,89
Investment Holdings of U# Sa Securities.• • • »• .................. ••89
Liabilities - Comparative Statement 1922-1923.,.................. •
Venter Bank Reserve Balances................................................ W
Membership
Statistics.................. .......... ................... ............ 74-77
lew Building
Comnsnts.......... ............... ............... ....................... • • • N
Statement of Ooat....... .................................................#8t
Penalties on Deficient Reserves........................................... «TI
Fartoaael
.................................... .....................................••••8 0 ,1 1
Private vire Operation*............................• • • • • • • • « ........••••T 9
Profit end Lots
Statement*............................................... »........ ...........*3
Sumaary............... ...........................................................4
Statement of Charge Offs and Reserves...........................5
Analysis........... ............... ................................... "17-20
Reimbursable Expenditures......................... ............ ....
.>20
Resources-Comparatlvs Statement 1923-1922............ , , .............S1
Salaries
Salaries Involved In Absences..................................... 61
Monthly basis by departments........................................82
Stenographlc Department............... * 9• • ...................... ,.....= 6 3
Surplus
Detail statement Since Organisation...........................9«4
Transfer Department
CnnentSo................................................... ................... 62
Statistics................................................................. if59
Transit Depart'aent
Cements.................. ...................................... .........40,41
Statistics.............................................................. 41-48
Treasurer* s Sens ral Account*. , ............... .............................. 73
War Finance department
Co'Bner.ts................................... ................................70,71
Welfare Departm-mt......................................... .................... ( >65
oom tBm rs sgAgsagm op r^odrcss
m m x i x m s is basic or laro ojo as
1923-1922
j& M jfu jm
f
M
1
£
0
i
Oold Redemption Fond P« R. Hotea
OOld With fm 1U Agent
Geld Settlement Pond
Oold Bullion sndOoin
Oold Certificates (Incl. 0* H. Certificates)
Other Lawful Mojjey
9 per cent Pond against P. R. Batik Votes
Overdrafts
P . R . Bank Votes (Secured by U. S. Bonds) on Hand
Federal Reserve Votes on Bud
Mdtllated P. l« Botes Forwarded for Redemption,
Vational Bank Votes and Votee of OHier F* R* Banks*
Transit Iteas
Exchange for Clearing Hones
Bills Dieooimtcd
Member Banks* Collateral Votes
Bills Bought in Open HMcet
Treasury Votes
Other 0* S ' Bonds
Certificates of Indebtedness*
Liberty Bonds
Mnnioipal Warrants
Interest Aoorued on V. S . Securities
Expense Current
Cafeteria
Profit and Loss
Fiscal Agent - Reitftarsable Expenditures
Vsr Finance Corporation - Reintoureable Expenditures
Furniture and Equipment
Deferred Charges
Dividends Accrued
Banking House
Vow Building Account
Other Real Bstats
Reimbursable Expenditures - Postage
Difference Aooomt
Claims Recoverable
Expense* - Other Real Bstate
Vioksls sad cents
$
2*053*410.92
54*551*590o00
23,545,141.59
2*780*440o00
6,048*000.00
954*425.00
•
40,140.75
72,900.00
3,604,905.00
610,800.00
1,074,100.00
13,751,109.93
273,749.53
196*407.17
14,839,198.98
3,817,428.56
623*501.13
2*746,700oOO
115,561.00
165,000.00
7*009*150.00
•
97,499.15
1,082,137.35
4,954.20
2*771.81
4,839.38
6,613c66
23,329.73
18,390.41
212,732.68
96,112*90
1,649,073.87
500,000.00
177.18
941.41
3,355,177.73
17,638.92
SOCU. HE300RCB3...............................................# U6„027,700„44
$
3*422,611o29
45*371,920^00
23,498,501.56
2,375,615*00
5,159,730.00
1,190*324.51
196,150.00
201,500.44
275,419.00
3,177,335.00
720*400.00
887,289.00
16*296*299.84
301,633o80
371,230.69
18,973,350.24
2,942*956.43
m
8 aM9«400s00
js n w u o o
499g800o00
4 ,M 9 ,«0 0 U00
8fi.M 4.58
M & 8 7 .9 S
1,064,942o49
«9
10,866.98
17,173.38
24,640.60
20,887*96
£13,774.01
97,7C3v27
459*646o46
500*000 <fc
334*44
1,075.18
1,408,439.44
24,307^81
JBZJSttJA.
# 148,616,004.70
W g lB lH T B gTATMUff V H M M B B
m a m . bbssbto mmr n» M M m m Lra
1923-1922
Bm . 81. lftt
t o » J E U lt t g
$
69,167,690*00
$
federal Reserve Voted Outstanding
2,814,829.28
V* S. treasurer General Account
Members - Reserve Account
46,902,570.69
Foreign Banks
56#m .2 2
92,060*01
Ion ltafters - Clearing Account
247,341.49
Cashier's checks
Expense CheOkB
7,835*20
7,642o67
Federal Reserve Drafts
149,447*86
Oovemment Transit Items
13,428,102.19
All other transit I toss
«»
Coupons* Ownership tfodotermined
8,498,860.00
Capital, Paid in hy Members
860.00
Capital Stock Suspense Account
7,478,946.54Surplus Fund
1,120,S12\&7 '
Discount Earned
628,786.02
Interest Earned
91,948.18
Penalties on Deficient Reserves
Domestic Transfers Boughta:.*! Sold
S,218.?»
Micic-sliar.oOnfi
11,047.90
Diucomu and Premium on Xh S« Bonds
45,975.62
156,872.68
unearned Discount
8,165.61
Reserved for Sundry 2spensa
100,000,00
Reserve for Depreciation - STe* Building
Interest AdJ*t Reo'd on C o m of 4% Bonds
32,402.04
Reserve for Itaares other this; Pranohise ?az
Special Reserve
600,000.00
Depreciation Reserve on U. S. Botds
93,057.80.
Reserve for Depreciation ^ixed Machinery & Equip* -Helena,
1,041.78
m
L u m in B s
62,682,920.00
268,282.20
49,809,576.67
27,000.00
185*019.18
692,468.29
19,118.48
£0,488.06
249,903.36
16,888,011.80
2,820.86
8,586,600.00
•
7,416,064.44
1,451,659.12
884,684.44
1X8,087.06
8,196.00
1,672.06
86,899.98
173,810.66
9,466. $7
100,000*00
70.45
26,772.06
500,000.00
15,000.00
♦ 148,615,004,70
%
M A W M M W 0 » P B O P It IB P 1038 ACOCTOBi FO B 1923
Debit»
Credlta
871,052.93
31,413.58
520,723.79
1,946.45
65.78
3,213*79
46,611.23
2,968.07'
7,073.69
92.84
217,846*46
45,351.9*
900.00
12.90
Dlsoomt Banned - Bills Discounted Minneapolis
Discount Earned - Bills Purchased
n
Interest Earned - TJ. S.* Securities
"
Interest Barned - Bill of Lading Drafts ”
Interest Saraed - Ifunicipal Warrants
w
Interest on Delayed v.’ire Transfers
"
Deficient Reserve Penalties
M
Oar Pro rata store of profits on Investments a/o Foreign Banks
Interest Earned on Past Due Rediscounts - Closed Stoics Minneapolis
£fcohange Received Minneapolis
Discount Earned - Bills Discounted (Helena)
Deficient Reserve Penalties
"
Bent Received
Exchange Received
910,695.9ft
Minneapolis
Expense Current
n
17,636.92
Expense - Other Real Estate
212.79S.68
Dividends Aecrued
n
22.940.04
Furniture and Equipment
*
4,954.20
Cafeteria -* Bet Expense
"
U
,760.00
1923 Taxes on Ifew Building
19
2,101.93
Maintenance - Hew Building
*
20.361.04
Depreciation allowance Bank Building "
Addition to Depreciation Reserve to offset
m#8u5«40/^
TJ* 3. Securities carried at Par Minneapolis
Difference Account r>eneral
"
Transit and Return Itess - Differences ”
Tellers and Coapons - Differences
M
Clearings * Differences
”
iti
7Collection - Differences
w
2oo,ooo.o<r <\i,
Addition to Special Reserve for possible losses *
1,571.06
'
Depreciation Allowance Bank Building - Helena
Depreciation Reserve - Fixed Machinery and Equipnent
1,610.90
at Helena - 10# of Cost
141,501.39
Expense Current
Helena
388<
Furniture and Equipment
"
0.18
Transit Differences
rt
55.82
Tellers and Coupon - Differences
n
•21
Collection Differences
”
Loss in connection with rediscounts - First Bat lonal
18.13Bank, Bowman, Korth Dakota
Our proportion of redemptions of incomplete Federal
6 .3 ^
Heaerve and Federal Reserve Baulk Rotes
X X Return Premium on Schedule Bond
n. Fidelity & Guaranty
Company #27680
2.00Item lost in transit unable to secure description
Wot Loss on 3ales of U* 3. Securities A1924-5 B1926
8,586.53—
Allowance on adding machines and typewriters
Recovery of expense in connection with Closed Bonks
A Sight Months dividend on Group Policy #5208679
' Liberty Loan Bond Suspense Account balance 3/2/1918 ownership
undetermined
Postage Refunds not claimed
Coupons - ownership ^undetermined
Transferred to Surplus Fund 10# of balance
of Vet Earnings
ll,272o25
of balance of $et Warnings Credited the
Treasurer's General Account a/c Goveraaont
Franchise Tax
101*460 26
t o m ..............................................................., 4
1,757,366.46
532.65
,
1 211.12
2,530.05
1,453.83
40.49
23.61
2,320.65
*
1,757,366.46
8
SWjART REPORT 07 EARN1N08, EXPENSES, DIVIDENDS
--- m m m m m n m m m \ m :---
Oros8 Earnings
Current Expenses,
Current feet learnings
# 1,749,253<,46
1,082,1370 35
Additions to Current Net Earnings - All Other
Deductions from Current Net Karnings
Depreciation Allowances Bank Premises
Furniture and Equipment
Reserve for. Probable Losses
Reserve for Depreciation U.S? Seourities
All other
t____ 8a327.44
* 667,116oil
23,642.99
23,328o73 /
200 000 00
63,865,40
49,261,25
ir ^ m z w r
, , '
Het deductions from Current Net Earnings
Net Earnings available for Dividends, Franchise Tex and Surplus
Dividends Paid
Transferred to Surplus
Credited Treasurer's Goneral Aoeount as Franohise Tax
* 325,456,18
212,732,68
ll,272o26
101,450o25
# 325,466.18
DETAIL STATIST OF SUFPLUS ACCOUNT SINCE ORGANISATION
January 4, 1918, Transferred to Surplus from Profit and Loss
December 31,1918,
from Reserve for Franohise Tax
March -4, 19? 8,
to Surplus from Profit and Loss
June 30, 1919,
Deoember 31, 1919,
June 30, 1920,
December 31, 1920,
June 30* 1921,
Deoember 31, 1921,
Deoember 31, 1922,
Deoember 31, 1923,
Less Amount to adjust error of Federal Reserve Board in Figuring
Franchise Taxes 1920 and 1921
Total Deoember 31, 1923
#
37,500o00
68$,871*82
688,871*82
904,367o40
1,249,399*04
1,609,241,56
1,801,706*54
323,121o95
166,407.67
56,892.10
11,272*25
w t & w & ivb
52,423*36
* 7 ,W ,2 1 B ;7S
STATEMENT OF TOTAL FRANCHISE TAXES PAID SINCE ORGANIZATION
Deoember
Deoember
June 30,
Deoember
December
31, 1918,
31, 1920,
1921,
31, 1921,
31, 1922,
.Deoember 31, 1922,
December 31,1923
Transfer from Profit and Loss
a
«
a
Transferred on account of under*
payment years 1920 and 1921
Transfer from Profit and Loss
*
»
#
n
#
37,500.00
524,233*58
1,284,49?*62
l,W6A€Z<$%
52,423.36
512,028,98
101,450.25
>v zm r m zp r '
4
s ^ a is s T ss qeabgb oms* q h u r mum asm t,? mtaasas
BKsares
3KT 0? fflSOuSK PROFIT AM3 LOSS JflJOCjg SIhOlt PROASI2ATI01
fitter** for I*preciation on Sonde
Readrre for depreoiation new building
(flew Bngland site) Eeoeaber 31, 1920
Speolel Raterve June 30, 1921
Sptoitl Bettrvt Itooentier 31, 1921
special Beaerve Eeoenber 31, 1923
Beeerve for Jfepreoiation on Fixed maohinery and
gquipnent at Helena Zrznoh
£ifferenoee
Iteration of Gold Ooia
Paid F* B* Bank Chicago to adjust Boole value $229*400* Capital
Stock, 52 Viaoonain Banka
fieduotion of Bank Preaiaee author! atd by F* B* Botrdi
(lew England aite)Seeea»ber 31, 1*19
Depreoiation Btw Building (Bov England)
Depreciation Banking Houat (Helena Branch)
Minneapolis Vault
Helena Vault
Furniture, Futures and Offlot Sqaipfttnt
?ax68 on Bev Building
Other Heal Batate
iifpeaac 4 41,946*7$
Xnoone
Maintenance Bew Building
1916
1917
1916
1919
1920
19a
1922
1923
«
4
146,913*20
100*000.00
300,000*00
200,000*00
200,000*00
3,221*60
2,919*05
15,707*13
2,127,22
100,000*00
30,169*31
6,730*55
40,000*00
77,73? *64
274,£07*71
19,960*00
6,146*71
..- ju u u afi
57,719*67
353,676*06
167,945*47
179,499*03
195,267*75
£11,657*03
213,774*01
1,602,471*90
5
CO
sm s m i m
m m m
w mo»a m u m
TT«l«c» ggmeh
Earnings froa
1222
im
1928
1922
Dlseoantii Bills
t 671,062«98 «10070,849*46
Purchased Bills
81,418.66
365o680*44
United StatM S M W ttiM
620.728,>79
KttieipU Warrants
625.17
66.76
SiflelM t M M m penalties
46,611*28
76,846.16
S2«84
Ssefcange received en collectlone
266,46
Interest ce Mll-ef^ladlne <5rafts l.:946,46
476*63
Interest en delayed wire
transfers
8,218,79
8t196o00
Interest en past doe paper closed
banks
7.078,69
Profit on Inrestnent Operations for
Foreign Banks
Z, 968 07
1,869,11
Kent received
f5 217,646,46
$ 861,109,64
46,881c96
12*90
49.740,90
17,49
§ 1 ,« 5 0I«2 „U & 1,W 8,J79.66
$264,091^81
im
1922
$l»066,699c89 4l-461,669tl2
81,41806S
868,680,44
620,728,79
626ol7
66,76
128c067.06
9 1 ,948ol6
106,74
282.96
478o83
1,946.48
8»218,79
8,196 00
7,078*69
900,00
#430,eM .0S
2,966*07
900,00
1 889»U
| l 0749,*B8o«
#l,9«9,2*Tc*e
^ k iim s ran-J
jo jz
Discounted 3iils
?urohased 3ills
Ifcinlcipal TTari'M^lL
J.ii. Securities
i)jaestie Transfera
Deficient Peserve realties
Miscellaneous
TOTAL
J12&L
$1 066.6:?? 29
31 '1C.3?
€5 73
920.723 75
3;21C.79
91 943 16
12,993 95
5l 451.659 12
625.17
563,77)
3 10E.C0
120 087.06
2,150:81
*4.S49fGf.3,99
07*50
329-81
14&.:M1 30
12.S80.43
157«158»17
4 590o08
1,749:253.46
1 969,247-60
4,966e3U„28
145.771,12
95,633 32
50,237*80
17t72? 72
164,103,98
95«000„74
72,538.83
17.814 50
413 .859*29
110,630 c33
304,702 32
17,638.09
3 333 79
5.841»56
11,759 61
17 00
24 43
103,65
i^YjgAM BffllMi
arose Earnings for year
Expenses for year
£et Profits for year
Dividend Paid for year
Cost of F.B„ Motes for year
Sate per oeat of Ilet Earnings
on Laid Capital Stook for year
Bills
Discounted
1923
1922
1921
1920
1919
4.502
5.119
6-479
6 223
4* 381
3111s
Pnrr.lu.38d
4 125
6.-087
5c259
4.267
Discount
Discount
Disoount
Discount
rate
rate
rate
r-te
U.P.
Seourlties
IStuiloliJal
•Tarrunts
4.250
3 427
2:055
2 016
2 460
4f500
4 7f>2
5 007
affective
lowered .
lowered
In effect
iTatraury 1; 1922
J-v:iu>ry 11*1922 to
August 15,1922 to
December 31, 1923
?ot;il
4 411
4 640
6.091
5.755
4c 114
5$
SfT
4k$
4g}S
7
SIL&iEag
Earned at finite spoils
$ i 5485*162cl5,
$1*749,253 46
Earned at Helena $264,091.31
Cur earnings for the year are #220000 less than during
1922, the major portion of the reduction occurring in Helena figures
In 1922 the incone from rediscounts and charges for reserve deficien
cy penalties at the branch amounted to £4--0*368<03- At Minneapolis
total incon* vae $53,000 lower than for 1922
Practically all the
variation in branch earnings was due to the drop in discounts as
penalties of $45,331 95 were only #4400 below 1922
The lOwpred
earnings from discounts at Minneapolis of approximately $200,000
were oif set in part by an Increase of $137,000 in income from United
States securities*
Reserve deficiency penalties were $32,000 less
at Minneapolis than for the previous yearc
The decrease in our earnings from discounts represents
an average reduction of discounts carried for the year of approxi
mately $3,000,0u0»
During the past year however, v/e have added to
"Claims liecoverable” ^2,500,0;).. in paper of banks since, closed* An
estimate of the interest earned but uncollected on this closed bank
*
paper is $110,000« which amount if auded to the collected earnings
of 1923 would show the total figures of 1923 to be but $110,0JJ less
than the earnings of 1922
A la ge portion of these deferred profits
should be collected eventually
itor the year 1923 our income from United States securities
was .$520,72o*79, a rauch larger amount tfcam receive from this source
in any previous *«a ;« 4 considerable anou"t of this income, was ob
tained from carrying Treasury notes for the Fecnral Land B^nk, Stcpaul
uudot repurchase agreement, up to $7,000,000 being carried at times
On December 31 we were currying #2,000,000 of Treasury notes for the
above ba:&, an increase of 31,500,000 duri'% the months
At Uiis tine '.v'hen our oiscounts are decreasing and we know
cur expenses will be higher in the new building it is evident our
:-rese:it basis of monthly income should be increased
This basis should
8
•2“
be m il that our income for 1934 will at least reach, that of
1923*
With this thought in mind* an arrangement has boon
entered into with the other Federal Reserve Banks to participate
in purchaeee of ehort term Government eeouritiee and Bankers
Acceptances*
Moat of the work of handling will fall to the
federal Reserve Bank of Hew York and the banks will get their
allotments of bills and notes on the basis of reserve position*
with adjustment weekly*
Up to January 4 we had been allotted
$515*700 of Treaaury notes andCertificates and $1*272,187o$2
Acceptances*
During the whole of 1923 our earnings from purchased
bills amounted to $31t413«58 and it is likely income from this
source will be much greater in 1924*
Income from penalties during the year was $91*943ol8
This was $36,000 less than in 1922*
The lessened amount of
penalties is not due so much to inproved conditions in the banks
as to the fact that a large nunber of the chronic offenders are
now listed in the closed banks*
Penalties in 1924 should be much
smaller than for the past >ear for the reason that no penalty rate
beyond 6$- per cent will be assessed*
it ie our opinion most short*
agss in reserve art from causes beyond the control of the member
banks and the Federal Eeserve Board has approved the flat penalty
rate*
Our miscellaneous earnings for the year amounted to
$L6#207o74o
We. collected $7,073*69 for interest on past due paper
of closed banks and charged $3*213*79 Interest for delaye in wire
transfers purchased*
From the handling of bill of '.ading orajrts
we received interest of $i*946o45 end our sh*»r* of the coraclesions
received for the handling <i investments for
banka mu
$2*968o07o
9
•>3<3
Average rate earned on discounts for 1923 of 4 502
ptr cent was the lowest rate since 1919o
The rate earned on dis
counts in 1922 was &<>119 per cent but the rats earned on all *lasses
of earning assets for 1923 was 4 411 per cent in comparison with a
rate of 4 640 per cent earned in 1922.
Our larger volume of
Government securities carried at an average rate of 4o250 per cent
compared well with a rate of 2o427 per cent earned in 1922o
The
lowered rate in 1922 was caused by our carrying up to $4,000,000
of special Zjb certificates oecuring circulation
Total holdings
of Government securities at close of business Decenber 31, 1923
were $10,036o000»
10
Minneapolis
./alartea
San* Officsre
Clerical Staff
Special Officers and watchmen
All 0tL*r
To*erwir#* Conference
federal Secarre Agents Confcra&ccft
Federal Adviaory Conncil
Directors Meetings
f Travel lag Expenses
Aaeescaenta for Federal Ssaervo Board Expenses
tegal Peee
Insurance (ether than on currency A sec**r1ly &fr.1TJt^r?s !
Tnsum?<5« en c’arreccy and security shipascts
Taxe* on Banking House
Iigit0 beat a»6 power
Repairs mod alteratictts taKfelng fciM*e
All other
Sent
Office and other tttfpllet
Printing citf stationary
Telephone
Telegraph
Postage
Sspreeeage
••Security ehipeaentes
♦•Camucy and coin shipnente
Federal Beeerwe currency*
Original coat, including shipping chargee
Coat of redsoptlon, inciting afcipr'ing charts
? & » • en Federal Reserve Banlr-not# circulation
♦Fmrtture and !?<?uipmont
.‘ 11 other exponaofc
Total Current Zxpenaea
£ 97,702.74
404,093o90
19,841v,30
so,«o7,26
606 09
69 66
1 195.. 0
5,244c65
29,449*59
23 703o66
10,624*06
26,334.24
6q936c90
44,616,64
21,273o07
82,829.49
5,296.90
14.693o78
7s .6ei.ee
6,088*69
Helena Sr&nch
1988
15r533 24
56,033 99
4,200*00
B(146o56
4,261.67
3,199 04
3,625,00
4,139.97
8,070o08
l,592u63
l c836.42
195 70
C<nbln«d
1923________________ i222.
$ 113,235.98
460,127.69
24,041.30
35,755*81
606 09
89v68
1.195.30
9,506.52
32,648.63
23,703.66
14,149»06
30,474*21
11,408*98
1,592.63
1,836.42
m .*o
2,082. 23
2,587,38
4,427 39
1,689.38
11*068*44
11,721c55
l c071ol7
46,698*77
23,860,45
36,756o88
6,988.28
25,757c22
90,308.>«0
7,954*66
40,0051»46
10,587,97
284c00
40*005o46
10u621 97
k *jm ± M
#940,655 96
3.758,86
$141,601*89
£1,082,137.36
.I M i
£107,977©39
463,390,03
22#281o21
16,445*78
467.13
267c27
1,140,00
11,407,13
21o*70.07
24,944w83
11,592409
26,791.78
|115,499«43
517,448 12
28,617o80
18,807., *0
770.15
*02©6?
90e,20
11,902.5?
35,505 30
25,553.89
ll,628v36
80,816V4C
1,577.52
901.84
1,666.68
11.40
44,037.87
21,953.96
42,514.64
7,090ol0.
21 o697u33
79,184,58
1,964.46
2,?4buf0
5,961v86
687a6
4,017.54
22,991c94
53,333o78
16,764.99
14o260,35
44.676.lf
$1,084,942*49
38,370o05
29,921.13
67,150,97
7,^49.05
23*494,22
80,931<86
4,776*78
2,lC0o96
17*849 83
16,551c65
26,979o64
58,868*1©
29 584, 34
t l0325,866<98
•Otfcer than ifcoa* e«m«ct»d wltli gOTerccrs’ tod scats’ eonfarenese ana ioe«tln«» of tho dlwetora ana advlaory eotmoll
•Slaft* .’si«E.ry X . 1928,
coot of aaeurlty etlpcao'-o ana coat of eorrmcy aasd coin (hljmcts ha* torn aiatrltatat to postage, fxpr«i»*g«, lwurftnoo on curwBey an* soowr^ty
tfclpaor.tr, its. ’ Stacs 1921 furniture and oquipaoct has boon ch»rg*d to profit aad lo**c
MMBBISS
In commenting on our expanses one year ago, we stated
the ratio of reduction In 1922 aver 1921 could not be maintained
in 1929
*Phe current expenses for 1929 were $1*082*197r 36 er
$2800 less than in 1922
It Is necessary* however* to explain in
some detail conditions that have affee ted our expenses because
material reductions in sane of oar functions have been offset by
increases in others
699?160c98
$he increase for the year over 1922 was .129*000 and
this atooont also represents the increased salary expense of oar
Closed Bank Dtpartadnt for the year?
Fiscal Agency pay-roll as
sumed by the barik was approximately *12: 000 lower than in 1922,
material reduction being made during the last half of 1929 and
this expense should show a further decrease in 1924*
Increases
granted January 1* 1929 to officers and employees aggregated
^25,680?
m ygM Ps s t o p j s
?his iteo tihioh includes maintenance of our representa
tives stationed at closed batiks was $ 35. 910,£1 for the year in com
parison with an expense of §32*697. for 1922
As our representatives
have been increased? this expense will no doubt be heavier in 1924?
For the year total expense of the Closed Bank function was $89,601 62
and no allowance is made for the *>xtra expense created in practically
every other department of the bank through the closed bank situation
An estimate of the expense in connection frfth closed banks for the
coming year v/nold be approximately {3125,000:
A sssm n x for.jm m - xpnpm M J c r s a s s s
Daring the past two years the expenses of the loard have
been slightly reduced, our payment of $23;709' 66 bein$ .YL341*17 less
than tic**, wf.de in 1922,
Oar **910* nt for W A ^Sll average about
<~2*m
{1500 per month*
federal Reserve Board expenses for first half
of 1924 are estimated at >)398f500.
xm ^t ygisq,
Shere wero no changes in salaries paid lagal counsel
at Hinneapolis and Pelena, Judge A. Ireland receiving $5C000 per year
with office allowance of 32500 and Oounsel #eir at ;;*lena *3600
salary*
‘She balance of 03049 06 making up oar total of $14; 149c 06
represents special trips taken by counsel plus the regular fee for
saoh work and legal fees of local coonsel at closed banks*
JGsMASSI
$30,474. *1
?his total Includes coat of fidelity bonds, group life,
fire insurance and all kiada of g»n*ral liability insurance, aut doea
not include insurance on shipments of currency or securities*
'The
principal iteas asking ap this total are 3roop life ;'.6080*94f ^lariket
Fidelity Bond fl8,500| 3xoosa blanket 3ond ?7590$ r/orknen’s Com-vsnsa*
tion 0888*731 Casualty nnd a9nor.1l liability. )1620.0#* Pir* insurance
$1057,34
m um off w n c m hoosw {Helena)
a
1*592 e$
This repreaents the 1923 taxes on onr building at Kelena<
^ax^a at the Branch arc assessed and paid during same year.
valuation placed on our proparty is 080*455
la 30$ of this amount
'The
?fte taxable valuation
?ax rate 65 5 Hills*
Ly>H? - m x? • ?(r*m
At Minneapolis above items are shown under n*nt
j i,836
42
The
above figures cover the coat of theae ltans in the t’dlafsa bank nuildlag
3uch itetns in the Transit quarters at Falens ara oharged under
Rent*
13
3~
m *k m - A s m m n m
u c 698.77
Minneapolis office pays rentals of $37*322,88 y9arty and
Helen* pays £1200 for the store building used as a transit Depart*
meat
?or 1925 Helena had a reduction in rent of $900 \#ille at
Minneapolis additional space in the Brans ton luildinf? adjoining
transit quarters and an adjustment of rent reimbursed us by Treasury
Department resulted In a net Increase for the year of 03*098.28^
Tte-
palrs and alterations cost *8*175,89 which was *637 39 less than in
1922
Cental of 0900 per year received by the branch from v?ar Finance
Corporation appears in Bamlngs rather than a deduction frcra Expense
as in 9922,
^hlle the increased volume of work in most departments
has required a greater amount of supplies, the total cost of supplies
was $3800 less than for 1922:
?he reduction in expense of this
character at Felana was $5400 but at Minneapolis there was an li*»
crease of *1600
2he Helena supply houses have shown a disposition
to meet competition more than formerly and supplies are cheaper at
the branch than formerly .
?he transferring of a large part of the
transit work to Minneapolis has also had seme bearing on the lowered
expense at the branch
Our supply orders are carefully checked and
vre are at present Installing a new plan for the oheOking of bills
r»hich should throw an additional safeguard around our purchasing
department*
W SOM PR
#25: 757>22
?he Increase of <‘4000 in this expense over last year is
e<M)11y accounted for ^hen it is realised the amount of additional
telegraphing mad* necessary throu# conditions In our district*
Oar
wsn'nr banks are also tafc<?5* *dvAntage of oar willingness to assume
•yir* expense of transfers; **tc-
Daring the year c*ur Central Coding
Department was entabJ.f.sh*d *1**5inf? all telegram* tinder the control
14
ea£o
of & fe» peopl* >
Handling in shie meaner greater efficiency
is obtained and oar wire coat kept os low as poesibleo
. pqmam
$909ai)8b40
Car transit itmm inoro&sed vary materially dnrii£ 1923
and there was also a considerable increase in general oorreepoad»aoe<>
By oar reoeiviag Montana itaas from all the othor Federal Reeerve
District* except the twelfth, wo increased our postage expenee withoat a relative redaction at Helena*
Sinoe January 19 1923 the
postage necessary on oarrensy aad seourity shipments has been enlarged
nader "Postage**
These changes oore than aoooant for the iaoreased
expense of approximately $llo000o
/e use a minis— of postage stamps
practically all oar sail being handled through the postage meters*
These tasters are re-eet on the first of eaoh month by the fttaneapolls
postal officials*
m ssM L® m m m m a .
Original Cost and Shipping Charges
$40,006*46
Proa January to SeptetB^er inclusive* we set aside woaXk*
2y $3000 to cover oar note eostsc
For the first half of the year
the oosts exoeeded the saoont resorvedo
Daring the last quarter of
the year none of oar cotes tfere printed so that at tho olose of the
year ve uore able to return to Expense Account the amooat of
19469*74 reserved beyond oar requirements*
3be total expense for
*the year ims approximately f 13*000 less than the expenditure for 1922*
It is quite probaole vb will have no note oosts daring 1924 other
than the expense of shipping etock from Washington to Hinneapolieo
FS3S /it CTSBRitSM llSX
Redemption Costa
$10,387o97
Sinoe September last we have oeased reserving the usual
§1000 monthly to cover redemption expense*
<
2ho retiraeent of oar
bonis: note circulation aad she redoced amount of oar Federal fteeena
notes sent in for redemption will make it unnecessary for as to
15
H5
reserve further amounts for this purpose before the last half of
J92*.,
The amount; of $$116?. 34 no* reserved for this purpose wfl?
*e ample *
,J I g j S g ^ ^ ^ J B 3 S ^ [
#».,6*8*80
Bxpense Items not classified under separate headings
were as follow* for the year?
Sxpense incurred In oonneotlon with
closed batiks $8,87?*48? (Bits includes taxes on property surrendered,
feeding and handling of Itor* stock? rent paid by representatives,
legal costs
insuranot
etc*) Copies of reports of bank examiner
tlons $8,180e!tfti Credit Serv^e £741*08? Books., subscriptions
eto»
$1470*86$ Oar share of expense in oonneotlon 1H H 1 Pension Contittee
activities f?.£09»68; Farewell dinner to 8* 3* Cook #768,00? Btaoatlon»
at woifc#100*
Contributions to Vedsral Reserve drib $584,GO:
Bsrihange Pal*. #158**25: Hepairs to farnltnre and equipment #4943»?8«
16
!
O
I
phc tir
: a':l lcss
An explanation is given bp low of the various items
affecting our profits which are not cov- red in Ccirr.envs on Warnings
and Expenses®
$1 7 ,6 3 8 ,9 2
Under Federal Reserve Board ruling v>e are
Aot allowed
tc. charge in current expense any outlay In connection with our bank
property until such tine as we oc
.. *. M) property*
Tne above amount
is trie accrual uuring the year of ti..?s on ground at 5th Street and
Uarquette Avenue o
This amount is placea in a. special account out of
which the t&^ns will be paid when called for in 1924
The tax r.
for 1923 was fiied at 73^50 mills which is appropriately 15^ nigher
tnan the 1922 rat©0
14,760 '00
in May of 1923 the valuation on which to U s e 1923 ttx^s
was set at £ 500,000o
Forty per cent of this valuation at a rate of
73c50 mills was our assessment for 192--
Monthly portions
J«ve been
Building Account during the year and credited in a tax re
serve accounto
On December 21 the total of tai.es for the year was
witndrawn frcu Building Account and charged to Profit sncl loss*
1
L
- c':: ~
§ 2,101*93
-
Since the coming of colder weather ana the closing in of
our builainf , it has been necessary to provide heat*
Our expenditures
for fuel o il, coal and miscellaneous items together with wager of two
e igineers tctalleu the above amount up to December 31
The expense
was charged against Building Account but und r authority from the Board
was withdrawn on December 31 and charged to Profit and loss.
FURHIIUKB Ai;i~ 3C/IK.3 •K-vTl
1 1 ^ 2 2 , 9 4 0 o04
388c69
Cur expenditures were largely for replacerne?itsat Uinneapoli?
The iter
ormerly carried in Expense but is now a separate account
transferred to. Profit ana Loss at the end of the
ear
£ 4,954 20
This amount represents net «..pe: se to the bank for supplies
*2*
and coat of aervice but none of the exoenie of direction or for
rent and equipment hao boon laolndcd*
MPRECUTIOH AHOKABCBS - BAHC BPttPIHL
MtMiiPOLga
#20*961*04
n o i
i»57ioM
fedoral Retorvo Board hat anthorlsod the charging off
each year of 2 percent of the estimated replacement value of hank
property* Ihilo the replacement value vooli W jgm ter than book
vH«o «o have reduced Building Account hut 2 poreeat of hook n l w
at of Hovmaber 1 after allowing for taxea and maintenance redactiona
and the tpecial reeerve of 4100,000 now carried.
Vt reduced hook value of Helena building 2 percent after
allowing for #16,108*99 of fixed machinery and equipment and #77,737*64
for vault already Charged off*
^JUSMfcyB l 9t JBJEfcififiCtATIfflf tfJUUSML*
u m if m .,v 4 . m m m - m m —
* u n o .9 o
Approval for a ton percent charge-off wat given by the
federal Betorve Board*
thia it a timilar charge to that mode one year
ago*
At Klanoapollt wo had $316»2$1.42 charged for fixed madileery and equipment hat no depreciation allowancet will ho litol « t t l
wo are occupying the building*
s m m
m v m M u m i .m a m
_
la accordance with wire inatmctioaa frcm the federal
Betorve Board, we adjusted our depreciation reaerve on l^eeemher SI*
fho 4J* per cent liberty Bondt were given a market value of #98 and
our 8 per cent eonvoraicn Bondt a market value of #94*
#
ffco difference
between par, at which all oar bondt are carried, end market price
neeeatitated an addition to oar reeerve account of the above amount*
The total amount of thlt depreciation reeerve it now #146,913.20*
ABDUCT *> SPECIAL MggBVB AQAIWSf
w ^ im m n L
^
* 200, 000.00
The above amount wat'asked for and approved by the
federal fottrve
Board, a« * lftafty 3* 2* cs
the
par*** at banka con^
18
I
I
■
.
i8 approximately .10 peT CWt. of the advances made these banks-
Total
amount now carried as a special reserve is $700 000.
4 1,027 80
This total 3 s
'"ssive when consideration is given
?ntSo
The total
is u de up largely of amounts under V10. -.akin^ location difficult
i f the to.al amo'int £951 i
2-*. re;
>ol5: di f >-rentes -
$76 27 shortages at Helena
:et differences chargee out of Profit and L o g s account
since organisation $ 2 ,9 1 9 o05
izscm JM~mil_: •: ..u s s _ a j ^ n _ & C L i Q a s
DIBITS
$ 8,778.40
8,327 44
The c larges are almost entirely rnde up of xosses on
Treasury notes Series A 19'
and B '925 disposec of during the ps.st
year
Cf the credits ,£532 35 is teturn premium on our Schedule
Bond which had "been paid in 1922 "but no recovery made until after J&r..*
1 , 192i-
During the year we received allowances on adding machines and
typewriters amounting to t: 211
formerly these allowances applied
on new purchases hut present instructions call for a credit in proi ’ t
*
and Loss unless the allows ice is
purchase
a: u.ue.
in t...■: *vi i rear in whict- ">e
The dividend we - cei
d frOu the sSqui table Life
on our Group Life policy for eig’ht months of 1922 amountinr to $1453.83
was credited to Profit a id Loss
Ilecoveries froi.i Closed banks on account
of expense items paid by us amounted to C2530 05During tne last quarter of 1918 the r’irst National Bank,
St- Paul*£nd irirst Rational Ba k, Mankato refused to accept credit for
♦i.1ippect from bonds presumably received from these banks-
An
>
19 and the sum of
|
$22>20oGB entered therein.
As there is
o likelihood of this amount ever
being claiued, it was determined to credit Profit end loss on December
-4-
if n r aU dig i II m
m
f«r all lt «u previously aotad
wa had **aalaiag ia Profit and Loss Aocotmt 4ll20?22o60o Uadar tha Law
10j{ of this aaouat, $119272025 was addad to oar Snrplva Aoocoat and tha
raaaladar, $101,450»25 « • araditad to tha Gaaaral Aocorcat of tha fraas
w a r of thatia*tad Statas
Total of Surplus from Bamia$s siaea argmisatiaa $7,464*218.79
Total fraadklaa Taasa paid siaea arftaisatiaa
3«6T8fM2oTT
H8IXBUBSA3L3 KXPBRDlfOHBS
ifeont fiscal Agaaey Oparatioas
1028
Coribiaad
Xtaaapolla
B M W lt f
H itt
l i t ltlli>
$ 7,662.49
5*lariats Offieara
90,902.51
Clariaal ataff
31,262o98
All othar
765 53
Offieara* Dad elatfca traraliag aapaasas
1,809,4*
Xasumase (othar than on earraaoy and aaearitiaa)
12o72
Iasmxica
currency aad aaeority shipasata
3,666.66
*«Bt
Offica aad othar aappliaa
3,419.67
10 444,37
Priatiag aad statimisry
?al4phoaa
736*93
336,94
?<*lagraph
It974 74
?®8taga
**^rac«sj?a
156o99
All othar ajrpoasast a a„
_ J L K * «
$ 1,666*76 * 9,329.25
99,094u00
5,141049
l,400o00
32,662998
765.99
l P451o76
142.29
12*72
900.00
4,566.66
144.99
3,564.66
342,21
109766*59
807,28
70o45
645.24
308.30
120.30
1,995.04
196o99
<164*10«o95
*10,341 ST $174,446 42
26.397 03
29.082.31
£190,601,98
,H 1,» ? 6,96 $202,478 73
*otal Szpanditoraa
.‘ssttat r f t M m b l a Jftaaary 10 1923o
total
t’>i»tara*tt»nt raoaivaa
othar racotaH*^
?aaol«19230
total diatmrc«3fft<5nts fo* <fcieh ^im^araa^aat
'••'3 oot j?*t V *w r&9*t**d
- Jb lU c M
iis u m jtt
10,683 IS
769,92 I 11,463, 04
20
m im m
Purchases for the :/6&r amounted to $22 ^940# 04 at
Minneapolis and $388#69 at Helena*
$1700* tlmn In 1922
While the net Is lower "by
all the gain is at Helena*
This is natural
at Kelona opemtions have .contracted and the braash hc,s not been
open long enough, to mu.ice replacements of equipment necessary*
Apart from a few chairs
no new furniture has been
purchasedat Minneapolis and the adding machines and typewriters
f<urahased wars to replace worn oiu equipment*
The largest item
^dded during the year was our ai^ourod truck at a cost of $5944*85*
We also purchased aoveral Ford machines-- one for use at Minneapolis
office and tile others for closed bonk representatives-
We own in
all, four Ford cars with partial interest in two others*
Changes have been made in the machines used on soma of
oar work, the Kills adding typewr iter being substituted for Under
wood and Remington machines used for handling return iterns^ Governs
ment transcript and Federal Eeserve isocounts
Increased efficiency
has been obtained by the changes rude*
On July 1 we hired a competent mechanic at $2400* to
look after our machinery.
factory.?
£o date the showing made has been satis*
For the yeai* our totul repair bill was $ 4 ff34.3*2Q at
Minneapolis and Helena*
Bxpense of this character at Minneapolis
for the last half of 1923 m s $656.14*
The amount includes re
pairs to other equipment over which the mechanic has no control*
The advantage will be more apparent later on as we replace the old
machinery*
Eventually we will not trade in adding machines at
the end of five years and typewriters at the end of three years as
the oare given will prolong the life of our machinery.
Our fa
cilities for handling repair work will also be muoh better in the
new buildup*
z
It is our intention to use every piece of equipment
we now own in th* new buildi:*g
!
i’here aill be considerable expendi
ture accessary however for cabinet safes, trucks, etc., so that our
Furniture and 3quipuent Account will have tauch higher figures for
1924v
Our valuation placed on furniture and equipment is
about $12,000 lower than January 1, 1923 values as costs are sone~
what below one ;.ear ago and depreciation allowances are ^turslly
less with an additional year’ s-u&nge given most, of our equipment*
/or autiing machines and. typewriters turned In on new
machines, the sum of $1211 12 was received in allowances and credit
ed in Profit and Loss Account
Costs since organisation, present valuation and
building location of furniture and' equipment st Minneapolis and
Helena., is given below
Amount expended for furniture and equipment
to end of year 1922
^252*690.10
Purchased during 1923 - Minneapolis
22 940 04
Purchased during 1983 - Helena
• 388 69
,**276,018 83
Valuation as of January 1, 1923*
Head Office
Helena Branch
$ 79,762 66
14*475 11
$ 94,227:77
Insurance Carried on i'urniture and Equipment
At Xlinneapclis Zzizi Building
§ 40,000 00
”
w
Awttx
40,000 00
"
M
Svanston Building
5,000 00
" Helena
Uain Office
5*00.) QO
"
••
Annex
15«000t00
#105.0 • >,00
In audition to the equipment carried at the Annex, we
have stored in the basement, all the supplies for.the bank*
A recent
inventory of our stock on hand indicates a valuation of $23,695.32
This
is a greater amount tnan ordinarily carried due to recent purchases for
Treasury ‘Dev;*rtJ;;eiJt redemptions and large stock of envelopes
g- UOLO
2JU L&
CO
<N*
11 ?BFSB
m aam
Bank
Address
First rat 1* Bank
First IT&.cll° Batik
Farmers State Batik
First Fat*l*Bank
Salaries
Grey Bagla Mian
Lancaster, Mism«
Spring Valley, Mii;n
Well#., Minn
Traveling &
Maintenance
;> 44*88
78*54
147*00
800*00
Legal
Other
$ 102*46
49,26
217*06
$
$ 3B«:3?
3
19
7
48
Total
50
51
37
06
* 150,84
97*85
203c 63
1.221o49
^44
#1.673*81
♦
Total
Ulmeeota
# 6 6 78
W T E F
$356*37
m m vm u
FSrst Katl*Bank
Cavalier Co Fatl Bank
First Fatl.Barik
Firsc ITatl Bank
Firs , Katl Bank
Firs* EttlwBi»jc
First Katl Bank
Firs*5* l^tloBank
Merchants Rati Bank
Merchants Katl Bank
Crosby,
D*
Langdon? V D*
Medina 11 Do
Tolley K,. D.
Tower City- F. D*
Towner
D
Turtle take Fo D
Willow City *T„ D»
billow City r* D
Wimbledon. N. D*
Total Xorth Dakota
92.06
$ 5 00
101 61
811,76
21 29
1,00
21,97
22 40
88 07
11*35
185*34
$55o00
844*72
9 212 88
432 19
224.39
938$ 69
399 44
592.95
2 5 1 *8
2*992.10
$4*577*22
«1,289<,42
$1,269 79
$15 943 94
$
265*19
443 10
264*38
593*24
2,402„87
255*29
30*76
826*47
137*74
$1 £26 94
f
$ l»809o58
964,00
■v
839o$3
1,187*7$
69293*78
661*94
192*40
.. Z.ZS9.VT
846 3l*,
*5,219.04
$3,392 72
# 50.00
539«85
4 775*11
239*46
192*31
46-62
280*00
288,05
158*72
2,242*39
208*26
2,942*01
171*44
31*08
356a75
97*04
216c83
66,51
472.32
38,807,81
'4
$
684 00
•*•
818 37
SSGQBOttSSi
First Katl Bank
3urekav> S , D*
*
493.49
First Katl Bank
Gregory* 3* D*
•
Howard *ratl Bank
Howard. S Do
First Katl Bank
493 33
Mitchell So Dr~
536.67
Citsens Bank £ Trust Co Itopid Ci*yr S Do
10766,150
Com Bolt Katl > Bank
Seotland0 8* D*
388*90
First sat1 Bank
Sprlngfield0 8* D.
154,50
Stoek Growers State Bank ,Timber lake S D»
Wessington Springs,SoD*l?0t&*00
First Katl Bank
Winner, 8* D*
107*75
Fire- national Back
Total South Dakota
^01614
•
1 863 78
2 ; 00
* This is not recoverable aa w$ have made settleneat with reoelver aad absorbed this expense.
17 45
27.41
81s 62
57*87
260.63
17,75
UtM
337e60
82
$806*37
$14,434X 7
C ..L
m a
Address
-B D
.. 1 A . 1 X.— B X P
Salarlss
Ballantine Stats
Ballasting Monto
$ 274o45
3 tats B iA
Bslt, Xsot
305>54
Fanasrs Bail
Bi* Sandy, nonto
670o63
First Batl.
Big Sandy0 tfonto
262001
Ansrieaa Batlo
Billings, Wont >
l #747031
First Batl.
Broadview, Xont0
827o70
Stoeknan’ s Stats
Browning, lout:
l 0643o96
First latlo
darter, Konto
*0o00
First Natla
Chesterv> tfont
803 81
First Stats
Clyde Park, Honto
F i r s t Batlo
Cut 3ank0 Mont ,
2,022*47
Dsnton Stats
Denton, TICEto
299o l7
First Batlo
179o73
Falrrlsw, sonto
Bank of Forsyth
Forsyth, Ro&to
9 o00
First Ratio
Forsyth, Honto
9 o00
First Batlo
Fresno, Monto
173o l9
Cttsaerclal Batlo
Ors&t Falls, Kent
2 ,6 8 3 38
Bardin Stats
Hardin, nonto
1 , 2 6 1 ,9 5
First Batlo
Harlowtono 'font >
555 52
Harrs B a tlo
H a v re , "o n to
3 ,1 2 9 30
853 03
First B a tlo
H i^ w > 3d p ?lonto
Hingfcsa Stats
1 , 9 55,25
Hin^t^s, r^ontu
.5,223 21
Ingossar, Xonto
First H tl»
2 3 .1 0
Inverness, )font
Inverness Stats
Joplin0 ttont
146*09
First Katl
l,353o65
(Htissns Ratio
lanrel, Wonto
269027
Ophelia, Monto
First Batl*
167*51
Oswego, Mont
First B a tlo
87j 50
Poplar, Monto
First Batlo
2,102,57
Poplar>
3onto
Stookmens Ratio
727 ,06
Roundup, Uoato
Citisens Stats
586o63
Roundup^
Mont,
First S fc tlc
289
79
Roundup,
Mont
Hofsndtsp Uatlo
3
,
6
0
0
.2
2
Tsllowstoas Talley Bk.& TroCoo 3idney*Monto
255o09
Three Forks, Meat*
tasrioaa B a tlo
8 00
Three Forks, ?£onto
F i r s t B a tlo
60 36
Willow Creek, Mont
b illo w C re e k S t a ts
:1320622U49
Total Montana
Grand Total Olosod Bank Sspense
&4 7 0516 36
Malntenj
$ 337o73
259o25
631 o06
220o03
1,086*01
674o99
597077
29022
118*75
1708S
243o96
3 |
tue& #20
O ther
Leg al
i
17o40
277 o U
7o40
68o20
223o60
2 3 3 .1 8
1 ,9 4 3 5 1
l , 119o87
434 49
5 , 0 7 7 ,4 8
609o95
3 , 783*78
2 , 9 3 3 ,7 3
2 0 o95
213o83
836ol5
520.50
221 40
l » 380o62
550o87
451 o03
106o30
l , 641o46
$ 25,25
24»46
145o16
llo47
95o41
738o52
203a13
636o39
lOOoOO
299.39
262o82
118*55
7o70
6,20
15o00
796 62
203o10
1 8 ,5 5
24o20
$2 4 0845o l7
&3 9277<,32
$35, 0 1 0 ,2 1
#8 , 315o83
118j18
11,13
36.. 77
3 60
94o70
29066
15o90
39.70
Iol09o63
233o41
3^89
l0253o07
X36o28
709o86
522o02
a30
8o26
831o24
7o00
79^40
253.55
36 59
*7091
29 58
312022
37o59
lo53
cm
• H f .4 3
5*9,*5
l,464e&9
493*31
2,928, ?3
1,779,1*1
2,367 30
HOcSf
989o3S
21o4i
2,429o32
552o43
195o63
9.00
9o00
446o07
6,475o04
2e324o36
l,024o90
8,096o24
l , 699o25
6*728o28
6,946o78
44u35
368.13
3,139w59
796.77
468o51
l,587o50**
3,744044
l,320o72
10055>57
620o57
S,350o52
•W 'i,
28o05
99^21...
?68,8l8o27
............______________ .........
56o573o39
$8,727,89
3X00,870,23
* * 0t th lB aaount ^ lo600„00 re p re s e n ts b a la n c e o f com prom ise s e ttle m e n t f o r $3 ,0 0 0 00, - $1 , 3 0 0 .0 0 o f * h ie h h a s p r e v io u s ly b s sn p a id
R&coirtijry o f Litp.*^t39 d u rin g 1923 aeoonnt reo p en in g o f sad s e ttle m e n ts ao so & it C lo se d B a sks
$ 2 , 411032 0
m m
zm M s m
It ia lapoaalble to stats Just what our total sxpenaa
in connection with closed teoki hae boon doling the past year* There
in
10 may
indirect expense* caoaed throughout the tetdt ttet wo oan
only hasaard a guess as to the total*
vs do know, however, there has
bean a very asterial increase in our expense for handling and protect
ing our property and for the operation of our Closed Bank Department*
Under the revised Sxpense Manual salaries of representa
tives at cloaad banka appear on our pay-roll aad traveling aad main
tenance ia handled the sans as our other expense of like character,
hut all other expense such as filing fees, foreclosure expense aad
diebureeaente to protect our Interest must ha carrisd aa "Miscellaneous",
Por ths benefit of the Directors a stateasnt has been compiled ahowing
the expense contracted at each bank sines data of closingo
During 1928 we recovered |M U «8 2 of saqpease incurred at
banka uhich have sines reopened*
cooproaiae eettleasntOo
la aeveral other eaaee ws have aade
The total of aipanaa incurred at banka, unp*
oollected aa of Decosiber 31, 1923, was #10098?0«£9o Co this amount
should be addad #11,599o23 covsring pay-roll at Hinneapolla in eonae**
tion with handling of Cloaad Bank affaire, no part of which ia recover
able«
Montana cloaad bank expense is aore than double that of
the other Stataa of our diatrict combined*
The total expended at Hontaaa
banka for the year was approximately #43,000 aad if a fair proportion of
our office expenae ware
included, the aaount to ba allocated to Helena
Branch for the year would ba ia excess of #80,000 with a corresponding
reduction in expease at Minneapolis*
All of the time of one offloar and a large portion of the
tine of aeveral other officers. ia devoted to closed bank work*
Xn addi
tion th?re are eight employees on closed bank records*
25
-2 -
2he outside foroe consists of twenty-six persona including three
persons representing other banks In addition to ourselves*
Che accounting methods in our Closed Bax& Department
are satisfactory to the Federal Reserve Examiners* but we plan
several changes *toioh we thin* will add to efficiency.
Total receipts of currency and coin from the hanks of
over district exceeded shipments hy approximately #7«000*000<.
Both
shipments and receipts were heavier than in 1922, hat the incoming
amounts were greater than the outgoing in both years*
Shis m s
also true in greater degree during 1921*
XMber of bills handled during the year 71,000,000 which
was 9,000,000 greater than in 1922
Shipments increased 2938 over
the previous year when 11*020 were madeo Daring every month of 1923
shlpmsnts and receipts exceeded those in the ooxresponding month in
1922.
Sub-Treasury operations have proceeded smoothly through^
oat the year and we have had no heavy accumulation of money sash as
o
* «
was the oase one year ago when the War savings redemption upset our
routine*
We have found it necessary* especially during the last
half of the year® to bring In considerable amounts of ooln ranging
from #50-000 to $100,000 per months
In 1921 the banks of the district
shipped In over $1,500,000 in coin v/hioh we had to re-handle and sesd
to the Mints*
During the past eighteen months a large part of this
total has been returned by the Hints and shipped out by us to banks
of the district?
the accompanying table shows the volume of currency handled
during the yast four years
26
COMBINED
CH^PEITCY BBQgI°TS F*HM AH) STTI^gKTS TO
AID KMK.Tg*B5ft BAITKS ST r r ? F 5
FEDERAL BESKHVE EAKK OF MIE-'KEAPOLIS AFP K7?T,E?*A BTUrCK
RECEIPTS
Fro*n
SJembar Banks
January
#12,980,335,
February
8,770,105.
March
10,667,043.
April
11,991,377.
'lay
14,047,538.
.’uns
13,056,4400
vuly
12,170,260.
August
12,472,789.,
'e r t o ^ r 13,525, H32 o
October
12,475,281,
ov«-2ber
12.227,879c
" •■
}Cf33-.-?r
13.206.r54 6,,
"’etal
’’’otal
nfil
"'or^il
1923
^147,591,375u
1922
.*113,325,000.
1921
“132,789,0000
1920
$ 64,332,000.
SHI ^SKTS
From
Hon-Member Banks
■3
257o
2,o23„
lo
4,681o
20,231.
25,110.
37,528o
30,385,
28 0„
7,812.
7 7^0
To
Member Banks
.%
8,034,412
7 ,^ 7 ,7 9 6 .
9,974,375o
9,285,543c
10,264,9953
119118,959 o
10,923,779,
11,723,285,
14,5o7,50So
13,166,020.
13,667,207,
17.253,961 j
To
Kon-dtember Banks
£ 157,518o
233,100;
277,200.
258,730<»
216,400.,
308,150.
238,150*
170,700.
275,380.
283,875.
199,400.
154 .1-00.
TOTAL 35031^PS
TOTAl SHIPSIKFPS
1923
1923
112,930,592.
3,772,729.
10,667,044*
11,996,059.0
14,067,869a
13,091,5?0o
12,207,783,
12,503a174„
13,526,162..
12,483,093.
12,227,879a
13.210a"04S..
19^2
$
11,112,000.
7,795,000.
9,056,0006
9,063,000.
10,807,000 „
10,986p000o
9,738*0009,712,000,
9,327,000.
9,629,000„
5,992,000c
10.239o000o
3
8,191s930.
8v120,896o
10,251,575,
9,524,273.
10.43I , 395i
11,427,109c
11,161,929.
11,893,985.
14,842,888o
13,449tf8950
13,866,o07o
17,408.361c
1922
$
5^442,000,
6,170,000.
7,471c000o
9,245*00QC
3,493,000,
S,051,000c
3 9631,000 o
9,103,000,
12,528,000o
9 ,0 5 2 , OOCc
10,554,000
12.419.000,
13296103
S 137,367,3400
*2,753,003.
131,000o
*■106,117,000.
'2,047,000.
$113,45'% >00 >
^107,164,000,
249,000o
f* 89,296,000 ,
551,020,000.
S113t038,Q00o
# 90,316,000.
528,000 j,
£ 78,616,000.
$
# 64,360,000o
'$ 78,996,000.
380,000.
$147,723,905.
';:140,620,843
oqhpaba?iv8 a m m u m m m t m
B0HB2H OP BILT3 H&KDLSD, BQBBSB OF 3MPL0T323
AMD PAT BOLL BY MOTHS
(Hinaeapolis o&Xjr)
SO* Bills
HeoalTad and
Oomtad
HOo Bills
Paid Oat
1928
- JSOL ....
2,871,683
2,482,690
2,551,793
2,880,897
1,921,968
Jana
2,119,141
2*030,837
J«2jr
3,060,316
Aagast
S n t D K k ir l^ ^ U
flakahftv
IW
PwwWWp 8,788,788
I s v i t e 2*541*100
Dtoanbar 2.546*360
2,731,628
1,683,624
1,789,869
1,677,888
2,140,808
8,889,987
8,128,880
2,166,491
8,886,877
8,298,932
1,801,813
2.245.681
Total
29,884.636
Soathly
A t t n n 8,490,388
28,280,467
Jamarjr
February
Sarah
April
2,108,708
30. of
1922
1,796,875
1,770,194
1,909,408
1,746,786
1,784,473
1,683,608
1*806*884
8,874,886
8,647,230
8,118,268
2,255,418
8.211.901
1,348,481
1,266,684
1,472,026
1,552,898
1,822,986
2,014*067
1,830,477
1,929,988
2,272,542
1,926,479
1,290,311
2.376.018
1923
1922
81.60
26.26
26*80
25.00
84.00
22.11
88.26
88.60
22.33
80.21
21.72
Ih l *
26 8 2,619.93 8 2.88?.72
25
3,044.17
8,864.88
23fr 3,071.68
8,799.88
2,979.08
23
8,800.77
2,777.08
2i£
2,648.68
22
8,780.16
2,684.84
23
8,788.18
2,667.89
2,726.74
24
2,678.04
2,702.80
2,759.94
24
2,698.66
2,498.94
28
28
2,678.63
8,641.90
2.431.93
* s64f.J8
J&
84,843,913 21*100,927 276.28
2,020,326
1,758,410
Salaries
22.93
879
28*
1988
1822
132,988.08 $32,247,14
2,748.68
8,887.28
oqkparatitb statists ? sho ? ib &
3UH3SB OP OGUPOB ZUB&L39, 8DS8EB OP SEPLOT1S
ABB PAT SOIL BT MCK7HS
(ltlxB9fta.poll6 oaly)
8d« Coupon*
Handled
iit t __________ i m
January
Fvbntafjr
ttaroh
April
May
Jnaa
JUly
AUgOSt
Saptsiabor
Ootobsr
3or*mber
Bsodltr
Total
go. of
Sauries
a^logrMi
1w »
i m ________ 1988
m a
252,136
47,101
184,884
171,198
191,434
194,790
80,121
46,881
108,641
186,237
148,045
U flU ll
239,208
84*266
185,960
264.144
218*600
276*639
160*923
76*233
141,526
221,021
174,168
236.080
4.60
6.00
6.00
5.60
4.00
3.90
2 c66
2.06
2.47
2*79
Zo60
2oSl
*
4
4k
3
3
«fr
4
4
3
3
3
d
1,623,872
2,277*660
42o98
44 o5
4 ,m o 0 8
3^868067
135,323
139,805
go58
So6
361.92
321.97
Monthly
ATeraga
$
484.16
803.82
608.32
557.88
601.85
344.08
236.52
178*64
222.49
264*91
247.53
$
488.86
961.86
337.18
270.00
870.00
382.60
336.00
336.00
256.00
860.00
265.00
wm cp
28
Fm m u m m m m m
At the close of 1923 the Agent's records showed
$69,167,590o of our federal reserve notes outstanding*
After
allowance Is made for the notes held in our cash and those in
process of redemption, the actual amount in circulation was
$65,733«925o
The actual expansion ever 1922 is $7,000,000* The
1922 increase over 1921 was $2,200,000 and in no other year
since 1916 has there been an Increase in our circulation**
The greatest amount of notes we have had in cir
culation was $97,361,000 on December 27, 1918 which is 50/* higher
than the amount outstanding at the close of 1926o In December of
the past year we issued notes to the amount of $7,5400000 exceed*
ing the Decamber payments of any year since 1918c
Our total of
notes Issued however, was over $3,000,000 less than in 1922o
Of
the $40,205,000 issued, new notes amounted to #33,690,000 and fitfor-use to $6,515,000o As the bank returned $6,350,000 in notes
during the year, there was a net reduction of fit notes in the
hands of the Agent of $165,000o
During the past four years the
fit notes reissued to the bank have always exceeded the notes re
turned by the bank during the same year® Consequently there has
been no accumulation except for several months each year and we
have no trouble reducing our supply during the Fall months» On
December 31 the Agent had only $890,000 in fit money on hand but
this amount will be added to during the next sixty dayso
Our figures for notes destroyed during the year show
the lowest total since 1918o The amount $27,320,330 is also near
ly $5,500,000 less than the amount destroyed in 1922.
While more
care is now taken in the sorting of notes, the greater volume of
notes outstanding during the past two years would indicate a higher
percentage of notes to be destroyed for 1924*
-2 -
ttlthou^i totul circulation incrraeed tor the ;t>ar,
tbq .juount of t's Issuoii -.vus '.39£0&9j.i0 Ires than in 1922 anu
tin ratio cf &'s i.utstanding to tot&l of our issue is 1.3*9 prrce .t.
In 1920 ..2.0 notes were outstanding i:. ^Tc-atrr proportion
turn any othor ucinonination and this condition h.*>r. returned at
the end of 192::*
per cent*
The proportion of 20* s to totul issue is 32.0
She ratic of bO's a:iu lOJ's in circulation at prcseut
is iii(.hor thiin at any previous lii.e*
l/uriru; 191;< :>.u I9J20 bil*s
of .,DOO and V100J were in greater uoiiand than :it pr<i.e:it.
Apju-r-
riitl^ ':ual. u ‘^:.:v.ors iu witnarawing funds fTun bunks ure tukl::*;
20vsv .0 's Malt* t100*b with thr ices of holclng foz^s until their
confidence returns*
r'or several ^ears tne volume of our notes returaeu to
the Treasury ^epartueit for destruction fron Ulnneopolls has been
greater than that of our notes returned fron other ifooeral heserve
Ittatrlcts*
In 1922 tide excess was v4»000,0Qu*
?he fnot that
other districts during 1923 returned aore of our notes than we aid
Is another indication of looney being withdrawn fron circulation In
our district*
Minting and oost of transportation of our notea free
i.ashington to LLlnnsapolia called for an expense of #40900&»46 for
the year*
This was a reduction of ;1 3 9300 fron 1922 coots aiid about
one-third of thr aaount expended in 1921*
be had no printing costs
for the last riui^trr ox* 192:* anu frt.m present indications we will
have !*o coats for printing no tee curing 1924*
The Bocrd plana to
keep a eup^ly at '..aehlngton sufficient for one gear's nceui; mil v.r
hnv'- at proeent a two gear's cup;lv in nost a-n« diintionc*
The aecieion of the *reasur* JoparU«nt to have all
cl&eses of notes of Ilka denonination bear the picture of the eane
x'resldent, will necessitate &<jditio:ifil expense to us later on* but
the idea ie a tf>od one*
Cn July 1« JL9«:3 prli-lint; conta wpn rcdursd
—g —
from $60.42 to $42*50 per thousand sheets of notes, the out not
coming however, until we were well stocked with notes*
These
costs have always been too high but the Federal heserve Banks
have no control over than*
Since Cctcfeer we have not reserved the usual $1000
monthly to meet the cost of redemption of our notes*
This expense
proved lo..er than wa had expected in 1923 and the v0116*34 already
reserved should tasks unnecessary the setting aside of any further
amounts before July next*
since organisation the total amount of
our notes destroyed is ^206,697,410 which is 74*68 per cent of the
total new notes issued*
mFMAL
During the final week of 1922 the last of our special
2^ certificates securing circulation ware retired and v/e ceased to
have any liability for bank notes*
At the present time we are hold**
ing in our cash ,.1)2,700 Of these notes*
*.ith these notes retired
there will reaain uncancelled at thic time, oppro:;im tely $520,000
of our original issue of , 23,932,000*
31
FB D S E A L B S S K R V f N O TE S K S C K T O D M l) IS S O K P B T ACB8ST D C H IIg 1 98 3
IN HANDS OF A6B8T DSOSl^BEg 81, 198>
Fives
Tens
Anstlit
Fifties
Hundreds
Five Hundreds
Thousands
# 8 , 800,000
2,840,000
8 ,720f000
470.000
990.000
580.000
886.000
$
tOTAL .
$
I 1
9*885,000
long.
FIT FOR PSI
S5-
176,000
800,0Q0
800,000
60,000
$
a,9fe»ooo
n o tooo
•10,000
*0,000
660,000
400,000
___ 846.000
086,000
9 10 8 0,000
,*
RBTOHKBD SX
EBC8XTC) FROftt
tout
naWRBSDOBT
9.560.000
10,600,000
18,080,000
1.800.000
1,600,000
800,000
I
I 86,840,000
t
Fives
fens
Twenties
Fifties
Hundreds
Five Hundreds
Thousands
TOTAL
*,976,000
*,440,000
1,800,000
*,#60,000
*,400,000
> 10,860,000
18,*60,000
14,480,000
i,too,ooo
1,600,000
*00,000
8.*60,000
# 41,0(0,000
TOTAL
ISSUED tO EMK
'w
Fives
Tens
Twenties
Fift *S
Hundreds
Five Hundreds
Thousands
# 10,840,000
10,880,000
10 800,000
800-000
1,860,000
180,000
50,000
#
TOTAL .
$ 88;690.000
|
m
n f
X,*75,000
*,600,000
*,400,000
60,000
o
*0,000
*80,000
6,616,000
I 11,016,000
IS ,8*0,000
IS ,*00,000
860,000
l,t60-000
140,000
>10.000
•MMNMHlMal*
| 40 808,000
XX HANDS OF AGBNT DECEMBER 81, 1988
FIT FOR tTSg
$
Fives
Tens
Twenties
Fifties
Hundreds
Five Hundreds
Thousands
TOTAL .
Fives
Tens
Twenties
Fifties
Hundreds
Five Hundreds
Thousands
|
8,080,000
8 880,000
4,000,000
870.000
1,880,000
410.000
886.000
,
11,886,000
#
TOTAL
140,000
8,880,000
8.870.000
4.800.000
870.000
1.880.000
410.000
876.000
890 000
• 18,876,000
200,000
#
850.000
800.000
$
BATIO OF ISSTOS BY DBgOMINATIOiS 19190988
- ~ im -■.... is a r — " " O T T ." T l#Mb'
W X %
T O T
33,2
81*9
88.8
81o4
82.8
29 <>4
88.8
88*8
1.0
1.4
1*8
8*1
5,2
2o4
8.4
1.7
.8
.1
»4
»2
♦3
loO
1.8
ICRTTtT %
itfCCT
lOOTtT %
io c t o #
89*6
89.7
.7
loO
.6.
2.4.
1CTOJ %
CO
CO
m>EBJLL RESERVE KOTES ISSUSD AKD PSSgROYED SIKCS QRCULW.UTICE
Issued
Issued
Issued
Issued
in
is
In
in
1914
1915
1916
1917
• issusc to bask
#
260,000c.
IS0742,000o
9S980,000.
42,230,000.
1916
500,000.
t;, 150,000 >
£,945,000«>
2,000,000.
&4o,ooo.
1.400.000.
4.000.000.
4 a785,000..
16.140.000.
8.720.000.
£*160,000u
11.500.000.
January
February
March
April
May
June
July
August
September
Octobjr
November
December
£
fetal for year
^57,140,000.
Destroyed in 1916
Destroyed in 1917
*
8?.%955o
6,988,095.
January
February
March
Arril
Stay
June
Jxity
August
September
October
November
*
471^410.
950,025.
597,405*
*64,060.
882,330.
817,480c
815,760.
999,995.
553,600.
245,950.
1 047,280.
1.376*.?45c
$9,421,540v
Docember
1919
£
800,000o
1.350.000.
Z 310W00C«
2 450,000..
3.800.000.
2.900.000.
1.480.000.
2.050.000.
6,080-000o
5 , 050,000.
3.. 570,000o
6.150«000a
£39*990,000.
3.240.000.
3.360.000..
2.875.000.
l c600,000.
1 200,000.
3.130.000.
3.420.000.
s 8,135,000.
4.435.000.
2.595.000.
4.100.000.
1921
£ l,320o000o
1,925v000*
1.975.000.
2,705,000*
2.165.000.
2.580.000.
3,230,000o
4.320.000.
5,785v000a
5,670*000.
2.670.000.
4..920.000..
1922
* lo540,000o
2.090.000.
3 .505,000,
2*705,000.
2.845.000.
3.125.000.
3.465.000.
3,140 000.
5,64£,000<»
6.420.000.
2,777,500.
6a0.2.500o
1923
* 2,150,000.
2,370,000w
2.625.000.
2.647.500.
1,5*0*000.
3.967.500.
3,880*000,
3.340.000.
2,595 c000,,
35310.000.
4.210.000.
_ _ 7,&4_0.Q00.
$39,450,000.
£39,265,000.
t43„360;000.
$40,205,000.
£ 4,186,900.
3,2*8,250.
3,839,300.
4 |f56,620o
4,232,100.
4,729,950.
4,050y610i
4,353,300.
4,195,100.
4,387,450.
4,010,100.
?.838,900.
$49,748,580.
S 4,950,350.
4,144,050 0
3,251,000.
3,23% 000*
2,905,400o
1,939,800.
1,620,?00>
1,724,100c
1,993,600,
2,084,700.
2,606,000*%
2.328.620a
$32,764,320.
$■ 3,169*800.
1920
-t 1,360,0000
DESTROYED AT WASPnWPOK
* 1,894,160.
2,110,765«
2,689,155.
2„448,740>
3,109,835.
3,584,510.
2,838,815.
4,050,060.
3,194,590.
3,870,295.
3,723,ISO*
3.257.730.
£36,771.805.
?■ 4,617,395.
3,297,800.
3,481,335.
3,263,090.
3,030,695.
3,422,265.
3,264,555.
3V517,300.
2,416,000.
3,310,350.
3,011,100.
4.134.900*
140,766,785.
2,402,500.
2.170,000*.
2*208,200.
5,503,000 0
l,872,800o
1,803,500.
1,937,600.
1 ,612,200c
2,356,400.
2,122,330.
2.162nOOOo
127,320*330*
Jg3PB> RBS999B
0 P HftflPPtxai oy.-i^RAit jRbsshvs x&m aoroB gpwnm of iabk
A g ja a o a im ja ^ i9 2 ^ o
Reoeirad fron
Controller
Fires
Taas
Taaatlss
Fiftias
Boadrads
Pita Boadrads
Thousands
Returned by Bank
to Aosnt
Total
90.700.0000
95,880,000.
86.560.0000
4.800.000.
7,600,OOOo
1.000.000.
1*600*,000.
9.872.0000
18.415,000,
17,925,OOOo
836p000.
1.150.0000
115,OOOo
1,345.000c
100,572,000.
1149295,OOOo
104q485,000.
5,635,OOOo
8,760,000*
1,116,000c
2.946*000.
Total . . . o .288,140, OOOo
49,657,000c
387,797,000*
Hsw
fin i
Taas
Taaatlaa
Flftlas
Boadrads
Pira Hundred*
Thousand*
Total
UJLM Z J&3
88,660,000.
95.560.0000
82.660.0000
3.930.0000
6e270,000*
590,000o
1.365.0000
9.672.000,
18,065,000o
I?,725,000.
835,000c
1.150.000.
276t755,000o
48 c767,000c
Total
98,368,000.
111,425*000o
100,285,000.
4 ^ 7 6 5 ,000o
7,420,000c
705,000o
2 o870.000o
1159000o
ijJMaOQQ?
325o522o000:
DBSTROYSP AT WASHIIGTOg
Bsturaad by
Treasurer
Returned by
Mlnnsapolis
Returned by
other Fsdaral
Pfl"1”
4t260,000o 3,654,920a
2,545,000o 4,175,720,
1,020,000. 2,302,500.
25,000o
163,450*
30,000.
247,400,
33,739,130o
36, 607 ,740o
32,526,500o
1,062,650c
1,418,900*
75,500o
158.000c
71,783,600c
72,195046Oo
6 6 , 777,OOOo
2,225,100o
3,116,300.
194,006c
24.000*
30,079,500°
28p867,000o
20,928,OOOo
974,000o
1,419,000.
110,500.
225.000c
7,880,000. 10,575,990o
82,603,000o
105,638c420o
206,697,410c
Returned
by Ai»nt
fin s
Taas
Tvaatlss
Fifties
Boadrads
Firs Boadrads
Thousands
Total • • • o
8,000o
_______ ___
la hands Of
Afaat
PM fPtfrnr si*. 1**3
Ftvas
Tans
Twaatlss
Flftlas
Boadrads
?1t s Boadrads
Thousands
Total . . o .
, , .
la otroulatlua
December 31. 19ZZ
TotrX
Ratio
Deatroyad to
Issued • mm
2 220 000
2,870,000.
4,200,OOOo
870.000.
1,330,000c
410sOOOo
373.000.
16,6969450o
20,8U,540o
26,583,000
1*704,900.
3,154,700o
396,000c
818.OOOo
8Oo9B0
77.33
68o77
66.61
49.68
32o88
12,275,OOOo
69,167v590o
74o68j(
COMPAPISOK OF OPTOCaPIMB FEDERAL BSSEBVE VOTES
A U FEDERAL RESERVE BARKS
( la thousands !«e<>000 omittad)
Jan, 2
1924
$264*696 M
712,170
255,247
272,598
115,951
167,115
460,058
92,199
69,368
80,412
58,651
£77.605
Boston
Eew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Sto Louis
Minneapolis
Kansas City
Dallas
San Fraaslseo
Total for
System
$2,805,972 M
Dec. 27
1922
#227,416 K
781,525
246,477
276,684
112,902
156,598
472,711
116,262
63,155
79,827
45,801
279.959
Increase
Decrease
Desr@s.8e
1920
#27,183 K
#
*
69,355
#60,905
318,184
38,577
107,163
45,501
22,831
174,371
63,623
12,468
38,193
26,063
35.539
9,770
4,086
3,049
20,717
12,653
23,063
6,236
585
14#*60
2.354
#29,120 11 #952,908
12,855,092 M
COST OF EBORATISQ PLATES AKD PRXRTIRO OUR
FEDERAL RESETS ROTES AT BUREAU 01 EEGEAVMG, IASHXKGT0E
1914 to 6-30-17
7-1-17 to 6-30-18
7-1-18 to 6-50*20
7-1-20 to 6-30-21
7-1-21 to 6-30-22
7-1-22 to 10-1-22
10-1-22 to 6-30-23
7-1-23 to date
#34.37
36,54
44075
60»65
49o68
59o66
60.42
42.60
per
per
per
per
per
P*r
per
per
X sheets
X Sheets
■ sheets
IK sheets
X sheets
X sheets
X sheets
X sheets
35
I
I
UHITBD STATES COUPONS PAID THROUGH FSDK8AL HXSEHVE
S ASD HELENA BRAIIOH
3AHS OF I
Total
li'alena ter'ahok
Tffgs
- — rrss—
*ry
3,391
47,101
254,061
270,022
D2,492
196,445
277,891
235,914
296,303
173,590
81,279
162,616
12,231
April
■
148,045
119,117
12,734
7,793
3,004
6,030
12,626
12,395
9,614
673914
40,225
109,671
193,765
100,440
l s623,072
122,904
1,746,776
174,790
« 60,121
45,221
.
Avgust
ooer.-ber *
189,954
AIIOTiHT OF JOXJPOIS PAID
Minneapolis
Helena Branch
-- ~
January
$ 1,089,201o02
f
112,127 JOe
1,503,766.02
1,106,767,34
923,535.IS
1,031,032.20
221,707,97
b#r
Total
"im
49*073,29
l2,181o04
46,182,93
72;
79.862.57
1,073,274.80
124,303.10
1,549,949,85
1,179,56^.82
1,005,185.66
26.944.58
9 ,2 4 1 .1£
4Qa736.34
247,652,35
1
§
709,519.91
258,375.17
1,032,667.60
.04
1,047,768.77
1,354,079,71
602,087.12
1,397,216.32
1.9GD.4J
917,071.86
],140,468.31
$
616,5S4o8l
#11,373,994.91 | 11,296,258o24
OOMPAPiATIV'B STATEMENT COUPONS HA! ,'LKD
0 11 373,994.91
14,356,128.76
136,615.27
DISCOPS?
The last half of 1923 made ft fair comparison with similar period of 1922 tn
namber of pieoes of paper discounted and in only two months of the year, January and Feb
ruary, m e the amount rediaoounted below that of the suae month in 1922*
The faet that
fifteen day bills payable of the large city b&nics, frequently taken up before maturity,
made up a larger port of our discount holdings than was the case in 1922 accounts tor
our lower yearly average of paper under discount und the consequent reduction in earp
lugs from discounts of $362,000o
Both somber of batiks served and nuriber of pieces handled have decreased
although the total amount discounted is $97,000,000 over that of the previous year, the
State of Minnesota showing an increase of $135,000^00 and all other States a decrease*
there was a reduction of $5,£00 in salaries paid Discount Department employ
ees from the year previous and the uoresent basis shows a further reduction of $1000;
However* the care *hioh must be exercised in the preparation of offerings for the Baceoutive
Cocanittee and the other important details of discount work will not admit of any reduction
in employees at this time.
We are now participating in purchases of ftufloers Acceptances and Government
securities which will give some additional wor* to the department.
cau&jusxrc tr-sasur sm u'xm x p j s e r or
13SM& HBBBIY3D 3? DXSC&Jg? IT&AE2MES2 AIZD
PAY BOLL BY IOT2ES,
OULY.
Huriber of
-
1923
1 ,6 6 1
906
1 ,3 8 0
2 ,0 6 7
2 ,5 9 7
2 v550
2 .5 6 4
l v?52
1*727
3 035
2 ,799
Ja n u a ry
F e b ru a ry
2fia.ro h
A p r il
Hay
Jfcne
J u ly
A u g u st
?epteafl>er
O ctober
Roveaber
December
.
. 19^2
3 ,8 3 7
2«321
2*472
3 { 045
3 ,3 4 2
3*066
2 .4 6 2
1 880
2 ,0 7 3
3 ,0 1 4
2 .9 4 2
dumber of ffQi>lo^ees
m *
19*
199
# 17, 0 0 2 .0 8
1 5 .7
* 1 «4 1 6 .8 4
3 3 ,5 8 3
136
2 ,1 5 8
2 ,7 9 9
1 1 .5
1923
$ 1 *4 2 0 .3 2
1 .4 9 6 98
1 416 16
l ; 4?a 66
1 ,4 9 1 66
1*491 66
l v5 1 « ;6 6
1 ,3 4 1 66
l v341*66
1 ; 3 U *66
1 *341*70
_____ JB SS L—
14*
12
n£
12
12
12
12
11
11
11
11
£5 ,6 9 1
Monthly
Average
Salaries
17J
17
16J16
ie
16
15
13
12
, T •_ ... 19^h)
$8 , 33? 54
2 : 2X6 .7 3
£ .3 9 3 .2 0
2 , 0 0 6 .7 3
1 , 9 5 6 ,0 0
1 , 9£ 8 ,R 7
1 . 9 3 0 .4 0
1 ,9 3 0 40
1 ; 7 6 0 .5 8
1 , 6 1 1 .0 4
1 4417j 0 4
1 . 4 1 7 .0 4
982, 0 0 5 .9 9
£ . 1 , 875. / :
go
CO
Discoins: oi_: J2ic: s
hishs^-cus i:m ezlk>a
Buber of Baulss
lumber oi I Seas
'Z’O
Aaoant Rediacoianted in & s
Received
sm •
400
Jam,
jaly
'
294
288
BWOE&er
606
646
634
£5S
264
552
506
503
610
582 „_
_
1922
1921
2,635
1,333
1,942
2,795
4, 003
4f076
3,567
2,589
2,041
3,448
3,358
3.605
5,172
2,940
3,280
4,558
5,291
4,964
3,766
2,825
2,662
4,092
4,064
4.329
8,966
8,268
7,741
10,303
11,655
11,966
8,469
6,291
6t252
10,355
9,345
9,31.4
$ 10,960.11
9,669.
18,011.
21,696.
33,412.
34,484.
25,775.
26,483.
29,241.
32,914.
22,656.
24.549.
36,392
47,933
100 , 19s
$290,052.M
1923
1922
#25,324.)!
17,667.
14,580.
14,729.
20,890,
21,288*
12,120.
11,862.
lip 689.
14,336.
12,535.
15.991.
19 a
$61,971*E
69,310.
660495.
65,172.
67,366.
67,996.
51,520.
56,610.
51,864.
56,955- •
49,220.
46.183.
35JO* different
706
765
§193,011.# $730, 662«£
fOLOKiS Of :^S-2ISCCCT3
Rediscounted
‘ mrth
jps&ota
5 982
6,633
14 945
8^546
1922
Minnesota
7£5,151,853*61
a
SOJPtcj Dakota
$ 19 , 591, 941.19
D,?$8f013.06
57,058,263.53
60,331.395.64
18.664,910.41
17,518.176,00
3,0e0,6l3r00
Dakota
11,014
«*,»*:>
1£,93?
3,246
Soati. 2akD *a
$14,2T*0C*.?C
2?,88f-,3?l*41
91,836,59^.01
37,875,616.47
45,860,050.36
$1*?66 675.00
2, 36"*925.00
Montana
9,501
14,403
19,718
13,03^
2,578
$17,997,317.36
2£,370,Qo9.U
s f , <*•--,9ii? .ie
53,592, £74.96
14,170,: 0.95
12,794,375*00
2,815,167.00
Wisconsin
977
1*750
3»717
2,108
614
Uiehigas
210
478
@15
332333
TOtfcl
35,392
47,933
104,234
73,276
18,737
Wisconsin
Miohi^ac
$ 3,580,630.40 ^ 2.407,577.24
10,352,811.38
8,181, 334.45
20, £>97,189.10
11,530,636.70
19,516,346.19
6,924,176.23
6,908,662.75
5,fi67 ..229 .75
10, 294, 681.00
3,629,108.00
1,204,176.00
481, 622.00
lotil
$29GU041,9*6^4
1930014., 143 -SS
7itf)c£62a024*03
953,391,763.10
6610520,375.37
453* 791 „600.00
800154*715* 00
n T a s V .H V *)3>11.CZ Or' U U ?Z D JjUTOZ 3333
tao xsju a i. m s .
xat-irltr
liit«iwct
»'aouitt
JfettS----- 3 * f
M ftlM
Weld Under .lr**trchi-a& «cr«K*Kits
r* s* imtitijf rout 3«ri«s a *1920
u« 3 . ?reatu*y ::otft neriee >1926
0*10*1920
9*10*1*26
V 1,000,000.00 i 1,000,000.00
1.COO.QOO.QO
1,000,0000)0
Held in lnvest&sat ‘Account *
r in t UHriy loaa M i ^
Stooal. UWrty loan Bond*
Third U W r t f Loan Bonds
Fourth liberty Lour Bonds
a* S* Oertlfl cates of indefctsdness
Series i?:2-1924
!?• >?• Sertifloatos of Xndehtedaees
Series
0*
rotos Series
U* 3* ?reasinr? ot*s neriee B-192?
9* 9* Trewroiy Kotos assies a«)9M
IT* 3* treasury rotes Series
H« ft* ffenane 3cnd* 4V61
V* 3# Fansftft Bond* 1936-1931
O* S*
Conversion Bonds 1*1*4946
0# 3* 0? Conversion *m ds 1V17-194?
Fost dsted
ea our hooks ss
1*10»A**&*47
11-16*1927*62
*~i*-*928
10*15*1903*00
147,904.00
£,306,780.00
1.144.400.00
3.401.900.00
i44.S6*.00
2.262.875.00
1,125,*44.00
3.333.274.00
0*10*1924
102,800*00
102,800.00
*-A>i:2t
12-10*192?
0*10*1927
0*10*1980
9*10*1924
3S.809.00
500,000.00
»M «M »
42.800.OC
800.000.00
00040
W .N » < M
800.00
260.00
4.200.00
m asbtt
490.00
26?.00
9.004.00
104,904.00
10,6s6,41ll^
9 .68».8404(1
.
OOOoOO
,
10 000.00
10 000.00
serried
s * M m for aw rw U t l w
<!<10,086,4110)0
llAftU.tfl
10,036,458.71
IMffll W W M B M 8 W l f f l B
jS M H m e jm a E .
TtoUlt \Q9A
M l&JM &L
field
Gold
Gold
Gold
Coin
Certificates
Settlement tm&
Hedsoption Ftoid
v 2,700,440*
6*040*000*
22*040*142*
£.033*411*
*
v34*426*999<
iw r t 1»2|
Agent 1920
Gold
Geld
Gold
Geld
Ooln
Certificates
with ?♦ a* 3c*rd
Hedesptlen Fund
Contel**«$
0*000*000*
10*002*000*
40*000,000*
1*408^890.
*.*7 8.41 8.
8,189.930.
28,498,801.
3.422,411. £84,466,49!',
aum JB t
68,978,848.
3,0000)00.
10.082,000.
32,000.000.
u
1J»19.920^46.37 i Lv£0.
£40,t2&35r
-3 1
39
TBA3SIT OW BIM M B
(Minneapolis Office)
The past year has been an active one in the collection
of cheeks with a marked increase in the number of items handled^ Shis.
increased volume came in the face of many banks closing and still
others being removed frost our par list.
The dally average items sent
for collection during 1923 was 03,382 an increase of 10.071 over & e
daily average in 1922'
If we include the item** returned, the oaily
average of items handled was 85,027 in 1923 'and 75*322 in 1922o
This larger volumti of work was handled on a pay-roll
$2200 lower than in 1922, indicating quite an improvement in effi ciency.
The yearly average showsthat each employee handled daily 62
more items than in 1922 and 198 more than in 1921*
The average,
nuinber of enployees on transit work was 123 in 1923 and. 125 in 1922*
In this department there was a turnover of 96 employees
during the year, over 100 per cent greater than the turnover of the
previous year*
Closer supervision by loose in charge and the couse-,
quent elimination of many inferior workers ran our vumover high
Although heavy turnover of help is usually expensive, there are often
good results
Hew employees must reach our standards in a reasonable
time and continue to i: prove or they are let go
Items mis-sent to out of town banks show an increase
during the past year but an improvement in the number mis-aent during
the past two months is noted.
Mishandling of items withiu the Depart
ment shows improvement and should continue to do so.
An average of
Over 1500 items per day ar* returned for various reasons and during
November and December the daily average was over 2400 c
This work re
quires careful Handling and usually delays the closing of the books*
Forsaking the increase in return items we installed 5111 s Adding
typewriters on this work and are handling the increased vulune with
no additions to the force
40
if O
~2~
The total volume of all it 9ms handled by na on oar
district wag 24*191,099 which waa nearly 3,000,000 moro than
handled daring 1922.
On other districts we handled approximately
300,000 more items than in 1922, the total being 2,560,000.
The
amount of the cheoks handled on our district was $ 2 *7 3 5 , 0 0 0 , 0 0 0 and
the increase over 1922 was $323,000,000.
Items on other districts
were in total §486,000,000 and the increase over 1922 §72,000,000.
Reference to the t&fclee of one year ago shows an in
crease in the zaimber of all classes of items handled.
This holds
true of amount a also with the exception of Treasury Warrants.
We
handled 116,000 more warrants but the total amount was #2 1 , 0 0 0 , 0 0 0
less than in 1922.
Oar branch at Helena handled 800,000 less items on the
banks in the State of Montana for the reason that all the other
Federal Reserve Districts, with the exception of San Francisoo, send
their items on points outside of Helena to us.
Comparative Statement Showing Number Of
Items Handled hy Transit Department and
Itey Roll ty Months. Minneapolis onlyo
Htunber of items
handled - daily
average_____
1922
1923
January
79733
79,911
February
86,589
March
86,409
April
83,963
May
Jans
86,278
July
82,497
August
76,325
September 84,647
October
89,729
90,843
Novenbsr
Deosnflber 98.418
Monthly
Average
85,027
64,691
64,885
69,746
71,251
71,583
76,041
72,286
66,719
76,364
84,265
94,244
91.817
75,322
Htunber of
employees
1923
127
129
127
120
118
118
118
121
123
125
126
1472
125
1922
Salaries
1923
*,922
♦11,393*77
11,341o50
11,540*12
11,318.51
ll,197o74
11,287.62
11,852.74
11,888.08
10,702.44
10,891.24
11,095.20
f 10.888.58
|1S49*90«46
$11,768.30
11,733.30
11,528.54
11,559*56
11,590.72
11,890.07
11,384o43
11,244.04
11,024.58
10,958.21
11,169.44
11.167o64
#136,518o 83
115 | U,190o87
# ll,374o90
126
127
126
127
127
124
124
128
120
122
127
1501
41
''n B O B ic & a & .iS Q s
fwSwral
Mfftffcinn
ib n w L w m m
ai m
K R XBtt 1949
Itetoi on
rt«ab» on
SftSi
Jfea«
9 82?« 8.m .9o
55,409.788.04
87,988,587..80
78,100,010.81
79,001,727 TO
32,1*8.733.78
76,398.388*58
76,110;894.06
78,382,582.74
91,933.864,90
»5,420,812.31
$ 138*052,881, T2
■w*
Apr*
« *
Asa*
m y
*Ug*
3*9t*
•OoU
110*892,961.56
144*?38«?26»67
140*351*691*08
153,419*976.09
151^7,508.48
140,421,242*79
135*10?,169*29
143.033*893*04
172,671 192*59
152,065*705*20
D«0*.
VXL
82.319.190.43
$963,888,612.7S
5l,7C8,70a,«».28
or s&ssas u s a & e a w
r a m i i ?.<»23
suae? sssn ras TO oran sssam jsuau s r oia
tSUOBRBUIB J*£3-l»»
j&t*.
3*. ttig^
ISift
4ftn»
Hit *
A*tf*
H i/
tan*
AO?
4*t«
Se^tc
Oot*
HOT*
Boo«.
3m
124.196
97,961
114*221
114,7%
120*531
110 570
113,550
118«476
112r53?
131.32*
123,812
A22L22a
99*540
82,290
102,757
97,684
103.720
104,516
:?\7fc
UV43D
l£7*6tt
11*. 401
105,212
18425.8^
1 255.9*?
JSS2
$16.294;874 3Q
15 026 802w74
17 2*3*885,34
13*4£?,23« 41
18. 925 061 24
16.167*485,9*
18,564,007.21
15.627 647 1?
19*664:580*96
174C9.965.47
f 199v*?6tSft4 n
3m
#15.515,419.^1
13.297,374.36
16,747*066.82
14,147«,170*57
15,726*597.1?
15 957,2SSf6*>
ir».90*,003 78
1^*951,904 *4
15 no e4?,*?
1*,427.951 -7
V9 0^Cf«71,C€
JLj j a u s L Z .
5 189,122,74^ 6^
42
CLEARING STATISTICS
MIHTHBAPOLIS AKD HELEKA BRAHCH
Kttmber and Amount of Items Handled During 1923
Within District
Other Districts
Ktnnber
Clearings ..............
Member & Non-Member
Paid for U. S. Gotto
Total •
Amount
Fomber
► 3,689,394
.21,746,566
769,472
£l,729,322,732o70
1,230,226,956o68
93,684,e08o26
• • • 26,205,432
i,053,234,497 66
Daily Average number of items handled*
Federal Reserve Banks »
Sent Direct by Member •
Banks
Amount
1,216,647
1,425,696
§328,929*631o37
199,636,504o13
2,642,745
£526,566,135»50
1923 - 90,825. » * . c 1922 •» 63,280 . . e .1921 - 77,956 • • • 1920 - 71,015
Twin City Clearings handled througi Federal Reserve Bank in 1923s
Highest number of items handled in one day 11/13 - 143,493
Highest average number of Items per person
11/13*
1,157
)
)
}
$2,715,590,690Q98
Minneapolis only
CLEARING STATISTICS
FEDERAL RESERVE BARK OF MINNEAPOLIS AND HELENA BRANCH
HUMBER AND AMOUNT OF ITEMS HANDLED DURING 1928
Clearings
Member and Non«member
Paid for Uo S. Government
*****
WITHIN THE DISTRICT
Number
8 j&SB "^554
21,746,566
769,472
OTHER DISTRICTS
.........
1,216,847
1,425,898
Amount
t lT7S9,tt8,788.70
1,880,886,966.88
98.684.808.t8
t * 7 5 B 8 ,K 4 ;« f .W
888,989,681cS7
199,686,804.18
• W 8 f.Bg8,lg.T?g
Daily average number of items handled, exclusive of duplications on account of
items handled by both parent bank and branch?
1920 o 9 © » • « « • 71,015
Federal Reserve Banks
Sent Direct by member banks
1921
$
o 77*956
1922
85,280
1928 • o • • * • • . 90p526
Tirin City Clearing! handled through Federal Reserve Bank in 1928 ^ # 2 ,7 1 5 « 5 9 0 ,8 9 0 998
*****
CLEARING STATISTICS
lfl^apoI^ s e » a y ,
HUMBER AID AHOWWTFIfflffi IQIbLED DDHH8 19S8
-------------------w lf UHT T H f O T B B W ff
Twin City Bank* ---Member and Hon-osober -Paid for Ui 3. thnromnmt'
Helen* Braneh «---
"-----------------
8,871,149
20,147,819
661,868
11,468
g .ia ifrw
t 1,588,747,098.94
1,118,694,891.00
79,491,877.18
1,199,888.01
OTHER DISTRICTS
Federal Reserve Banks--1,154,469
|
286a521,408.55
Sent direct by member banks
1,425,898
x s g P Tgg?
199,658,504.15
Daily average number of items handled:
1920 . o c o . , 0 . 71,015
1921 o c c « . . . , 70*852
1922 . . • . o . . o 75,511
1928 * o . o . c . • 88,882
Twin City Clearings handled through Federal Reserve Bank in 1928 - #2,716,590,890o98
*****
CLEARING STATISTICS
Helena Branch
NUMBER AID AMOWfT W T K B T u m m DORIMG 1928
* -------T O O T T O ’DlTOIgy ------Clearings
Member and Non^member
Paid for U, Ss Government
818,245
1,599,847
108.209
OTHER DISTRICTS
Federal Reserve Banks
82*878
Daily Average number of items handled, 1928 . . . c . » .
$
190*575,685e76
114,552,666c79
14,212,981,10
$
42*608,222.82
6,945
*****
44
in
m
H0HTH
1923
CLEARIHGS
SO.
MEMBER * BOM MEMBER
Amount
Amoant
Jan. 269,555 1125,266,271*29 1,678,069 $88,820,328.89
Fab. 248,141
98,652,279.17 1,374,473 69,885,471.74
Mar. 321,315
134,128, >07.83 1,753,912 95,499,031.75
Apr. 273,633
124,112,533*90 1,693,756 91,560,387.27
282,772
130,086,596*08 1,722,438 93,614,304.09
May
Jan. 303*256
133,086,650*41 1,759,497 97,650,018*84
Jal. 275,607
123,607,694.72 1,617,682 93,041,051.13
Aug. 265,941
120,409,076.06 1,612,173 89,187,733.92
Sap. £58,828
128,818,251.50 1,584,014 94,359,384.31
Oct. 299,542
151,133,823.49 1,862,829 107,799,865.04
h o t . 279,267
135,074,742.04 1,673,932 97,905,817.17
Deo. 293.292
134.373.612.45 1.814.444 96.370.896.94
3,371,149
20,147, 219
$1,538,747,098.94
$1,115,694,291.09
Monthly
Ave. No.
Items
280,929
1,678,935
m m 4 m m m ug am m
TW fgi? m & m w pqr
(MimiAyQij^ 9iq»y)
OTHER RESERVE BAUK3
HO.
93,095
73,259
86,149
87,330
76,841
85,499
91,760
86,764
83,942
106,459
98,416
102.901
1,072,415
Amoant
#18,515,347.36
13,099,234.86
17,497,689.76
16,727,233.41
18,884,487.09
18,539,377.69
18,728,087.08
19,250,060.70
19,374,092.55
21,972,408.90
20,446,702.59
190654.182.88
g DIRECT TO BASKS IE
OTHER RESERVE DI3T3
Amoant
HO.
4,971
4,293
5,623
5,109
6,750
5,299
5,462
5,449
5,134
5,448
4,624
4.892
62,054
$4,673,267.04
3,958,381.67
6,080,583.85
4,925,998.38
5,144,294.30
5,235,438.52
5,212,817.94
5,259,144.91
5,017,356.54
5,712,873.97
5,450,977.88
5 . 061.368o68
$61,732,503.68
$224,588,904.87
89,368
,192a
5,171
TO HELENA BBAECH
i— BY US
Amount
SO*
920
$96,583.77
784.
80,427.76
901 ~ 110,511.91
1065..
£2,673.31
1034.
96,063.40
86,399.92
993
847
82,523.27
845
101,289.49
873*: 135,018.50
108,744o00
1083
96,089.97
1,024
1.079 113.530.71
11,468
$1,199,856.01
966
2REASURi£R 0?
UEITED BTATE3
Amoant
no.
38,303
33,441
53,692
68,566
62,323
52,992
52,177
47,281
59,464
80,581
£8,953
53.590
661,263
$6,245,219.87
5,032,666.32
6,284,209.43
6,553,402.28
6,802,296.65
6,236,591.99
6,523,855.89
5,567,255.88
7,535,516.57
8,347,977.75
7,097,791.42
7.245.093.13
$79,471,877.18
55,105
Monthly
Ave. Amounts
$ 128,228,924.91
$92,974,524.26
$18,715,742.07
*50144,375*31
#99,988.00
46,622,656.43
CD
M X M K^ O IiIS A Fp R g u m
ftiuwnw
Detailed classif ication of somber and Ajsoont of Itesui Handled by ilonths, duriir^ 1923
7ith totals for 1921, 1922 and 1928
Items handled in aetoal numbers - A»>ant8 in thousands o f D ollars
TOTALS (a)
Items drawn on banks i n own D is t r io t
Located In F»K.Bank
Located cat side o f F .R and B r . C itie s
Bank and B r. C itie s
Amt.
$134,503
111,049
150,411
139,930
146,060
148,430
139,601
136,003
143,807
174,953
152,877
151,693
BO.
1,812,954
1,478,975
1,888,441
1,827,267
1,860,719
1,898,058
1,751,647
1,746,533
1,706,986
2,006,954
1,813,395
1,954,637
Totals
3,689,394
$1,729,317
21,746,566
Jan.
Feb.
Mar.
Apr.
*ay
jane
Jaly
Aag.
Sep.
Oct.
HOT.
Deo.
BO.
297,631
270,240
353,940
300,172
309,423
330,221
302,781
290,076
281,909
326,972
304,900
321,229
int.
$ 98,882
77,436
105,167
100,673
102,993
107,363
102,324
98,106
103,266
119,;?r«l
108,511
106,244
BO.
49,615
40,089
61,013
77,178
71,196
61,697
60,778
56,034
69,266
91,577
68,511
62,516
Amt.
$ 9,082
6,235
7,332
7,527
7,795
7,223
7,468
6,389
8,520
9,423
8,052
8,633
769,472
$1,230,219
1923
Items Drawn on
Treasorer o f
United 3tates
Items forwarded
to other ?• R.
Banks an! th e ir
Branches
£0 .
104,800
82,844
98,276
98,479
89,016
97,373
105,029
100,448
96,931
118,842
109,615
114,994
Amt.
$26,486
19,856
27,024
26,585
27,565
27,299
27,163
27,886
28,002
32,124
30,600
28,433
1,216,847
$93,679
1923
I«o.
2,264,900
1,872,146
2,401,670
2,303,096
2 ,3 3 0 ,3S4
2,387,349
2,220,235
2,193,091
2,155,094
2,544,345
2,296,621
2,453,376
Amt.
§266,953
214,576
289,934
274,715
284,413
290,315
276,556
268,384
283,595
335,754
299,940
295,003
1*0.
1,830,700
1,588,713
2,089,645
1,971,099
2t 067,573
2,192,313
2,023,453
1,998,647
2,130,878
2,458,464
2,247,593
2,468,193
Afflt•
*213,832
178,618
243,909
214,535
22?,044
238,418
23?,006
235,524
264,197
319,279
287,241
280,966
25,067,271
27,422,279
$328,923
1922
$3,382,138
27,422,279 $3,382,138
26,067,271 #
23,620,876 #2,940,624
19ZZ
1981
(ft)
Xsolaalve o f du p lica tio ns on account o f items handled by both parent back; and branch.
oanuBizm voLDKi o» rvxma wa sunn
U H - 19S*
sbpabbbk
IAPOLXS OUT
M ILT ATHRAfll
90KB3R QT BUI3IT
LHCTB3 BBOUTBD
K IL T ATHBA01
1DMB8R Of SU13XY
utm as s h i
Oqtobar
M VM N7
BMMdNHP
1812
1481
1418
1449
1489
1488
1441
1488
1884
1888
1419
1888
1472
***>
1882
1898
1882
1884
1148
1188
1108
1288
1477
I486
1889
1740
1928
8808
8170
8187
8188
8182
8128
8128
8097
8089
8000
2980
2809
1922
8001
2999
8048
8002
2998
8002
8008
8011
8018
2960
2988
8197
1988
1177
1024
1040
1111
1074
1282
1488
1478
1913,
2024
2888
2822
1922
1149
918
918
978
989
1097
1098
999
1089
1280
1898
1878
lW I|l
loatha
JaEL
JS&
m t
m s.
1SSS
dSiBb
1100
Janaary
February
laroh
April
May
JtUM
JtOy
A«|U t
Saptaahar
DAILT AfBBAfiS
ALL OBUP I 9 B
DAILT ATBtAfll
■ n o n or Bmnar
CTB
BAHT AfBBAOS
fBMBXS IfBB
am pnaor bt
skit
oob
1922
4m
8740
8880
4067
8980
4012
4188
4127
4806
4476
4874
4828
JtUM
July
AUgoat
3qpt«nbar
Ootobar
lovaafear
DM«b«r
78,888
85,442
88,179
82,741
84,908
81,788
74,887
82,844
87,827
88,078
90,812
1922
68,448
65c891
68,924
72,764
70,489
78,209
71,018
64,878
78,288
82,948
88,816
90,655
irirtfi toy
Kontha_____________
88.582
T8JB5___________ 17A&........ ....
isas
Janutfy
Fabraary
Kareh
April
80T S 9
*ar
DAILT ATKBAfll
OZSABIIO
BBtUHMO
January
Fabraary
laroh
April
fey
Jnaa
July
Angus*
Sapfcanbar
Ootobar
Voranbar
Daoaabar
Avara«a by
Month*
&»
51
82
54
81
81
'88
82
52
80
tn
45
122&
4777
4788
4898
4890
4465
4445
4746
4888
4689
4882
8180
5298
M ILT ATBBAOS
oxxabhq m m
■Z3388Y
IB *
87
21
26
27
22
28
27
84
27
24
51
54
1921
41
40
48
29
21
28
86
80
82
57
46
41
1922
82
28
80
51
181
19
16
28
21
W
86
56.
tttt
DAILT AVSBAGB
BAHT ATgRAgg
MIS80B9 B ifvnr
IfHB U B S U f
sm m m
ODf Of fOWI
1928
61
88
68
87
88
86
82
48
48
88
87
48
1922
26
28
84
2D
28
88
82
80
27
29
42
81
1928
87
61
87
87
87
62
71
82
64
68
68
86
1922
181
178
117
188
124
98
62
77
62
66
82
47
— A
M
,
...JR......
- M . ......
a
60
to
•E ra CITY CUSUilllQCi THROUGH ^EDSE&L HSLJEZiTE Iki.1T
Oi’ :iil2Xfir0iUIS, HIirMESOSA, 1922 and 1923
Hli^SAPOLIS OELY
1££2
1222
January
February
liarch
April
?.T
i*y
June
July
August
September
0 : tober
Uovfcirber
December
Totals
Average
Monthly
.
§241.311,073c02
17e 302,719 >60
232,692,313o37
218,451,801o69
231*421*696 79
233,9300242.23
216,316,631:51
211 218*063,35
218,416,445=70
264c605,057 49
237,476v317 51
£32.948,525o54
$175,170 9 376* 97
143y726,885c63
194,734,627 05
172,706,329c72
184,986,484374
200,803,714-81
195,660,423.41
200,535,039 57
218,336.245*52
248 209.900-12
227,530,420v01
237,179,069o30
$2,725,590,890.98
$ 2 V404,629 515 05
4226 .2 9 9 .2 40 92
$2 0 0 .3 6 5 ,7 9 3 ,0 7
___
£-£is.
January
February
Maroh
April
May
June
July
AUgUS t
September
October
IToveir/fcer
December
Average
Monthly
January
February
ISarch
A^ril
May
June
July
august
September
Cotob^r
November
Decanter
$ 2 5 7 ,697 c44
226,300 84
486,384c93
. 378,119.87
38 4 : 420.37
431,331 33
4 7 2,59 0 o54
3 2 6 ,612c75
24 3,806.39
387,360-54
435.650c.P7
4 2 3 ,5 0 5 o84
§20S , 621.92
178,520 13
130v256-39
138 s529 c82
137.864c86
156 113c03
105.800 39
175.079 72
209,596c08
2 3 4 ,919 c61
2 7 8,284.70
35E ; 527c53
$371,6.65^86
$2 0 4 .1 0 1 .9 2
Average number of employeea
Average items per person
handled da 1 1 r
1923
lags
M .
579
603
734
756
^43
770
750
639
735
7&7
740
732
561
566
627
651
671
749
701
650
627
756
739
781
i m
439
435
495
447
495
553
544
516
577
£79
639
557
127
129
127
120
113
120
lie
118
121
123
125
*
126
127
126
127
127
124
124
123
120
122
125
128
V IA
183
104
179
174
154
160
157
149
144
137
133
48
Hon«Cash Items
•The Increase of 13 000 in total of collection fterns handled over 1922
is <3’3© to the fact that we received 199,909 City items as compared to 166 335
In 1922, the largest number handled In any month b e i 25 206 In October 1923
Country collections fell off 20 000 from 1922 and we~e 29,000 les 3 than in 1921The cause may be traced to the direct handling of their own country items by
the ?irst Rational 3anfts St ^aul from Docember 1922 to June 1923
Since that
time the volume has grow* and 1924 should sne an increase in both City and
Country items
This Department is operating on -n average monthly reduction in pay
roll of $286.44.
7hile score items were handled ir« total than during 1922
increase came in the class of Items most easy to handleo
the
The degree of efficiency
reached on this v/orlc i 3 satisfactory*
Out of a total volume or $135^830 ;577 11 the amount returned uncollected
m s $3.£66,600
made up of 10,921 item*
In 1922 we returned unpaid 10 697 col
lections amounting to #3.,986,332
A statement giving comparison of itena handled, number of employees and
pay-roll by months is given below
G02JFABA2IVS STlTSMEifl? rHOWIUG BUMBBB 07
COLLECT IOHS IlaKDLED, XOXUB2fc OP SifrLOSSES
Ai33 rAY EQU. BY MOIEHS, HIKKEarfL IS ONLY
Number of
Collections handled
January
February
March
April
May
June
July
August
September
October
November
Deoember
Monthly
Average
ITuaber of Employees
20,900
22,775
23,973
30 421
39.121
35o352
31,$75
21,049
16,786
20,780
18 834
21;374
23,150
21,033
24,238
31 298
39s858
34 619
90fl5pft
Ififc
316;937
303,575
207|-
26,441
25 298
26,020
19-009
24,427
21,976
2 1 .6 8 8
16&
16g18
ufr
16
151
19
18J16^17
18
17 9
Salaries
m
$ 1,6 33 36
lr,660o28
1?752 82
1,799 93
1,647,52
1 P605 02
1,957,70
1 767 27
1.622 52
1 639.52
1 763 15
1>711 90
1922
$ 2 9149^50
2,073 66
1,999 66
2.025,66
2;025 68
2 C067.28
2.034 02
2'034 02
1,943.94
1*845 04
1,996 70
1.803:03
Z54i
$20;560 99
$23f998 19
19 5
1 713 41
1 999 85
20£
20
19|
20
20
21
20
20
1 Si18
19£
49
o
in
C Q U f i g l X O B
Member of
Collection Items Handled
by Minneapolis 1923
CITY
January
frbroary
March
April
Jane
July
Avgust
September
October
Hovember
December
Total
H
P
n
m
n
Htonber of
Collection Items Haaftled
by Helena Branch 1923
Masber of
Collection Items Handled
by Minneapolis and Helena Branch
OOPKTBY
m i
COUHTRY
18025
12691
16522
14532
13712
12970
12062
14776
20489
25208
21110
17812
7995
6318
7905
7444
7976
7930
10713
9197
9932
13903
14242
13463
371
235
129
155
136
140
229
109
110
188
250
221
2262
1222
1478
1376
1316
1240
1956
1349
1408
2528
3002
2985
18396
12926
16651
14687
13848
13110
12291
14885
20599
25396
21360
18038
10257
7540
9388
8820
9292
9170
12669
10546
11885
16431
17244
16448
199909
117018
2273
22117
202182
139135
Items Becetred
Items Bettiniad Unpaid
Items Collected
Amount Collected
CITY
COLLECTION OPEBATIOSS 1923-1922.
Helena
ItiaSSBflllSL
316,927
24,390
10,921
3,069
306,006
21,839
#8,440,887
#131,611,977
VAHJE OP ITEBS PBCKITKT'— (■IMKAPOLIS OUT)
1988
City . . .
Country. .
Total
#66,416,786.10
70.421.791.91
$135,838,677.
1923
1922
#69,617,486.78
69.686.885.68
$129,143,888.86
I?**
341,317
13,990
327,345
#140,052,864
TOTAL
28,658
20,466
26,034
23,507
23,140
22,280
24,960
25,431
81,984
41,827
38,604
34,481
341,317
IflfelJL%2
327,486
15,244
318,715
#132,740,328
o g g raaai m i
I928~i*22-~i98i
w m m tiu u a u i
jlSB B LSflU I&U flL
jr$ntti7
February
Sarah
April
Hi
Jtaa»
Jalj
Aflgitftt
SipMktr
Oototor
Vortatar
Dtoator
W IU .
1928
1922
1921
1928
18025
12691
16522
14652
19712
12970
12062
*4776
20469
25206
21110
17612
9692
6507
9599
8666
9976
10515
9069
15159
19226
25022
20566
22364
8559
6096
7605
6546
6066
9876
6481
10651
14622
17744
11940
11305
7995
6818
7905
7464
7976
7980
10718
9197
9982
15905
14242
15465
199909 1668® 118991
WM» M M W W B.
1925
1922
1921
12447
10270
12810
12980
11808
18816
12107
11808
10722
12125
12294
14821
26020
19009
24427
21976
21668
20900
28775
28978
80421
89111
35352
51275
21049
16786
20760
16864
21574
28150
21055
24258
81298
39658
54619
80506
21006
16566
19915
19476
19694
22692
18569
21984
24744
29867
24254
25626
145981
816927
80*76
M4Mt
1922
11857
8479
11181
10016
11898
12687
11964
11099
12070
14846
14051r
•M S
117018 187*40
lima Bpoarrro bor OOimMKg
HM.M*
<HTT OqMSffTTfllB
oooagfflr oollbm iceb
im — iaa_._,-ian
Janaaxj
Fafrraary
Harck
April
Hay
Jon*
July
logust
Septec&or
October
ftoreanrtr
Deoambcr
TOTAL
571
285
116
89
59
129
116
137
105
105
64
155
156
140
229
109
110
221
171
152
156
182
250.
259
2873
1848
138
250
W IW
66
69
91
118
7S
i9sa
i« t
2262
122’
1478
1955
1109
1857
1515
1576
1475
2340
33*6
1902
.34#3
im
1225
1252
2778
2981
mi
192a
1922
644
841
966
1457
2633
2055
1198
1955
1715
1560
1464
2075
1195
1425
1302
1699
2090
82
S8
LrS6
2625
2060
2009
ST69
M9
.'i£U7
£2069
J.5 58
Vv
2528
5002
1607
1551
1452
1380
2165
1458
1515
2716
i9M
13*7
1408
708
905
1052
1262
1516
1420
1775
2162
2955
2156
5231
2091
3206
2884
2825
24390
23911
17847
51
Outgoing wire transfers show a steady Increase in
ms&ber sinoo 1920 although the amount *r&nsferred is less than
in 1920 sad 1922 but exceeds that of 1921
Incoming transfers
inoroused from 7543 in 1920 to 14,667 in 1923 and the increase
over 1922 is 1801»
JCS&JSyjffiEB&LBlJOItt
1920
1921
1922
1923
ftatuning
flhmby
iBfiSBt
8587
9550,429,000
398,876^000
9249
550,036,000
9850
546*133;000
10062
Tna.TMlw
JM tai:
7543
10395
13166
14667
#813^859.000
851,463 000
1*002*858*000
1,0793866 000
in 1921 tills writ, m s handled by three employees being
Increased to four in 1922*
in 1923 a messenger mas added staking
fire employees at the present tine*
Early in 1923 all outgoing and inooming wires were
routed through this department* uhere the Inocmlag wires are de®
coded and outgoing wires oodedo Hail transfers are also handled
in this Department including payments to Bedeiqptlon Account by
national Basks*
The personnel of the department has remained the sans
with one exception fop two years whlehhas enabled them to handle
the increased volume without undue inorease In hours worked.
The
greater volume of work handled is perhaps the best example of inp
oreased efficiency In the barite
K b are continually emphasising the importance of outtlng
down unnecessary wire expense and while giving service free to.
member batiks, do not propose to have tills service cover matters
which could as readily be handled by mall*
Were it not for the
strained oo^dltlbns in our district, our telegraph 'vxpense would
show a material reduction.- Under the present method of handling the
oosvs
hel* as low as possible
52
vrmmpettM k y rmjtm. m am n
ODTQOIgfl
MtffPTi
January
February
March
April
*|y
Jtuat
JUly
Augast
September
October
Hovenber
Deetnfcer
TOIAL
amnrcp
im tm
MMM
J 106.19P,181^04
81.380 021.2X
110,500^888,41
86,482-058.41
91,178 090,96
95,993 142.95
90,883 .764.66
91,713^763.12
86,285,696.6C
116,899.867.64
103,847,573.45
105..830.603,60
§1;169.161?301a 90
1 479
1*157
.1,587
1,512
1*467
1,608
1586
1 501,
1,636
1,944
1*711
1*821
19,019
u m if
1*037
$ 68 836<
,4$5*64
79?:
909
39e115»320*2e
54,096 441,^
880
990
1 00$
1 051
44,886^110.67
49 171*632^92
48^498,966-7?
1.007
962
1>U0
1.118
K014
11 075
43 173,656.63
40,508,394.57
55,166,197 u39
48*140 733*36
46 735*158*24
#576,434; 467^9
38,105 *389* 40 .
yaa m a sroa w m m m m m m
(M lim eapolis O d y )
tWflonai
JBSBtiMBMk
JfitfBft
January
February
tferoh
April
Hay
JUne
July
August
Septeaiber
October
Soreoiber
I*ceniber
TOUL
AMQgffil
JKflttfll
1169
939
1228
1156
1159
1283
1245
1191
1187
1399
1300
1411
14,667
§ 98*913,094;77
76,065*6*4.00
102,995.34ia $
79,409,217,90
853174»530o87
90.208,724.46
835378j597e04
85?482,566,£6
80 283,948c-75
106?1715639;96
95:854,783,97
95 922-463,11
91 079 865 472.39
, w m - w m w m
[Helena Branch)
A'jnnz*
866
664
749
721
823
839
878
859
831
971
975
886
10*062
m
wwq
Tmcmmti
MttttBL
January
February
Ifaxofc
April
May
Jtonc
July
August
September
October
Kovembey
Deoerabe?
fOSAL
JUKBS&
310
218
359
356
308
325
34?
310
449
545
411
___ m
4 352
$ 66.397 987 00
37:P42f294o00
.51.533i169^00
35,894 692 00
42,420,391.00
46096.. 706.00
46 006 707 00
40 685 387.Q0
38 266; 701.00
52.012,076 00
45,495,248 00
43 481 300 00
$546 132 658c00
cmoQinq
AllTITUB.
MHMVe
rarumTap
JWHMI
# 7,278,086 27
5.314.357->21
7 9505^497.12
7.072.840^51
6 ;003 560*09
5,784,418 49
7 ;475 167 62
6 231 196 86
8 001 747 89
10*728,02? 58
7:992 739 43
9 9 3 8 n40 39
#89 295 VZ9 W
161
131
160
159
167
163
173
148
13?
149
“43
iso
1.813
4
Z 438 478 64
1 273 026 H8
2.563 272 82
2^,210 697.40
2 465-719,67
3^074.926 92
2 492 259 77
2 488 269.63
2 241 693 57
3 154 121 39
2,645 485 36
3 253 858 >£4
$50 301: 809 69
53
In the 1922 report th* Controller oallsd attention to
the failure of the Audit Department to rea-ch the efficiency de~
sired due to shortage of o©opetent peoplef the necessity of allow*
lag mentber8 of the department to do relief work on operating posts
an! the f&ct that .during December 1922 the entire department had
been assigned to help get out of the War Savings congestion*
During January and ?ebr»ary the same condition prevailed
the entire department being engaged in checking up and straighten^
ing out the differences arisiz^ from the redemptions of Hfer Sav
ings Stamps and Victory Notes*
5here m s no escaping this work and the bank is fortunate
In having things clean up as well as they dido
The Federal Reserve
Sueainer* as a consequenoe? found much to tato exception to In
their March examination*
As the ohief trouble caused the Auditing Department ms
in the incompetent handling of checks covering redemptions and the
registers, a study m s made of the condition which resulted in
a greatly Improved method# All Fiscal Agency Cashier9s Checks are
now written on the Ellis Adding Typewriter and on foras which allow
the writing of the check, the register and the Auditor’ s copy in
the same operation*
The adding machine arrangement accumulates
the figures so that at the close of business each day the total of
checks issued is obtained without delaye and we have an automatic
proof both as to writing and as to amount*
The checks are drawn in
such a manner that the particulars of payment may be entered on the
face and window envelopes are used for forwarding*
The foregoix^
method requires a minimum of checking and is a very material time
saver*
In December 1922 there were four men
on audit work*
four women
Three other senior men were dividi&g their time
between Accounting and Auditing®
In December 1923 eleven men and two women comprised the
Audit Department with the vault Custodian operating under the
supervision of the Controller« Three new men were added and
others were relieved of their accounting duties«
Additional duties undertaken in the department during
1923 include the decoding of all wires transferring funds to or
from the Federal Reserve Bank of Minneapolis: checking of the
entries and procuring officially signed oonfirm&tions of tele^
phone and telegraph requests for transfers of funds.
This work
takes practically the entire time of one employee.
All functions are being audited monthly with exception
of some of the larger functions such as Transit and Discount 'which
are audited once in two monthso A daily check is maintained on
incoming and outgoing shipments of currency coupons and securities
In July a daily examination of discounts m s started for technically
ties0 This has served to reduce to a minimum the technicalities
which the Federal Be serve Examiners were able to find as well as
being of service to the Discount Department®
The time of two members of the department is required
to audi# War Finance matterSo
Outstanding T/ar Finance collections
were traced twice during the year and each month the notes are
listed and verified against the Control Accounts.
Two examinations were made of the branch during 1923v in
February and Septembers
The efficiency of the Auditing Department has been
benefitted by the changes in personnel and by the closer supervision
of the work made possible thro igh relieving senior men of their ac: «•'4n1 1n£ iu 11 os t
55
The standards worked out for the Auditing Department
mentioned in the last report» have had a beneficial effect on the
moraleo
By placing the requirements for each grade in the hands
of the members of the department? each one Is acquainted with the
minimum requirements for advancement*
The constant emphasis laid on avoiding controversies
with other employees has resulted as forseen in lessened friction
with the operating departments*
Written reports are made on all audits to the Controller
After approval of the report, a oopy is given to the officer in
oharge and the original sent to the Executive Committee*
p,p t o shb, pa, & m w
,«wa w m .m m
The Federal Reserve Board appointed is. 1921. a
Comaittee on Economy and Efficiency
which c omit tee consists of
one representative from each hank and two members of the Federal
Reserve Board#
Each Federal Reserve Bank also has a local con*
mitteeo
During April* 1923; representatives of the local pro
cedure conslttees met in group conferences called by the Federal
Keserve Board*
Each group consisted of four banks and an attempt
m s made to bring together in each group the batiks having condi
tions or operations more nearly alike*
For instance: there were
several changes in the group we met with to discuss the Currency
functions from that to discuss the Accounting functions©
Mr* Moore
represented this bank at the Conference on Currency and Coint
Mr* Qeery on Loans9 Discounts and Investments, Mr* barren on Transit
and Collections and Mr Dunlop on Accounting*
These meetings discussed and compared the methods in
use in each batik of the group and a report u&s prepared by each
group chairman summarizing In comparative form the volume handled,
number of employees, cost and methods in use in the various batiks*
In Hay the group Chairman met with the Federal Reserve Board
Conmlttee for study and discussion of the results of the survey*
bitten reports and specific recommendations were made
for the elimination of certain phases of the work and changes in
procedure of handling of the various functions*
These suggestions
were specific and not general*
Certain ohanges were made in the Functional Expense
Report by elimination and simplification of the report*
In a few
instanoes certain additional figures were requested as giving a
better Idea of the volume handled in comparison with expense incurred*
In this bank as a result of the rscomnendations of the
Committee- the Reserve Division was combined with the Member Books T
resulting in a saving of one employee on the work*
Certain Transfers of Funds handled heretofore by the
Government Deposit Division are now handled by the Transfer Depart*
ment.
The Daily Transcript of the Treasurer’ s Account is now
written by the Federal Reserve Bookkeeper
These two changes rer
suited in the releasing of one employee from the Government Deposit
work without increase of employees in other departments.
In February the handling of the Expense segregation was
separated from the General Ledgero
To this was added the oamplla**
tion of the Functional Expense Report for the Federal Reserve Board*
This change enabled one man to be released for audit work and
centralised the handling of expenses in one place
At the same
time a change In handling the payment of bills was madeo
Where
formerly officers and department heads approved for payment all
bills for their departments9.now the outside requisition is attach
ed to the bill bearing the approval of the department head, officer
in charge- and the Controller*
The new method eliminated duplica
tion of work and allowed the Purchasing Agent more time for other work.
Beglnnlx^ January 1? 1924
the payment of all bills
will be taken over by the expenditures division.
This is in accord
with the prooedure in other Federal Reserve Banks and should re
sult in a saving to the bank
All deliveries must be accompanied
by bills and these bills will be checked daily as to price; ex
tentions* etCo „ which will lessen the first of the month work when
vouchers are hurried through*
Several errors found in bills after
payment during Dooember and failure to pay bills in time to secure
the cash discounts, were contributing factors to the decision to
make the change*
58
Hie Comparative Functional Expense Report of all
Federal Feserv© Banks issued monthly 1st 1922 was made a quarterly
report In 1923*
Study of our expenses in connection with those of
other Federal Beserve Banka hat proven of tone value*
Oils however*
has not been ft as great value as month to mefath comparison of costs
of departments withIn our own bask*
Knowledge that waste of supplies and failure to transfer
unnecessary help will result in a higher unit cost has had a salutary
effect on department heade*
Considerable difficulty has been ex
perienced however® in getting our people to realise the importance
of the functional expense reports*
Co-operation and conformity to
the necessary regulations to enable us to get accurate figures, has
been difficult to secure although this condition improved during
the latter part of the year
While it is easy to arrange a good comparative showing
by Changing the allocation of some expense items and by loading up
Overhead, the Chairman of our local Cosnittee has endeavored to
bring about strict adherence to the Kanualo
Vhen differences of
opinion have developed, the matter has been referred to the Secretary
of the Federal Reserve Board’ s Committee and in no single instance
has fca disagreed with the local Chairman,,
Each employee on mixed work is requested to allocate
his time on a form provided,
it the end of the month this time
sheet is approved by the department head and the officer in charge*
•Theoretically, this should give us an accurate distribution of time
spent, but in practice it has often been found that in order to
oaks a favorable showing, time has been charged to other unite*
It is hoped that during 1924 we will be able to renedy
these conditions*
Minneapolis ranks among the leaders in low
costs and efficiency generally, but there are a number of weak spots
which it is hoped to correcto
59
gHagflmam
At the close of 1923 we bad 42? persons on the baste payroll
at Minneapolis and Helena. with 72 persons working under ou supervision
but paid by the Treasury Department.
One year ago we had 11 less people
on our work and 30 more performing duties for the Treasury Department:
'flfe
have reduced the number performing Fiscal Agency work at our expense from
31 to 18 hut on other batik work we have employed 24 additional people? the
principal change caning in additions to personnel of Closed Bulk Department
The material difference in muriber employed on Treasury work was
due to sudden expansion required one year ago on Tfcr Savings Redemptions.;.
This year the amount of redemptions is negligible
tyiite a number of trans~
fers have been made between the banking departments and the Var Finance
Department 7places being found in the latter department for some employees we
might otherwise have been unable to retain
Part of our difficulty has been
a surplus of senior clerks but with the demand for mefe to be used as repre
sentatives at Closed Banks? me have been able to place these men temporarily
at leaste
Turnover of employees was heavy for the year^ 171 persons enter**
iag our service with 183 deductions*
These ohangee include the turnover of
96 persons on transit work and also the temporary help required on Fiscal
Agency redemptions*
The'turnover for 1924 should not he heavy in comparison
with former years for the reason that the spirit of unreet seems to be dying
down and He have hud a number of employees, who left to take apparently more
attractive positions,* apply to be reinstated*
This condition relates more
to the transit work and has had some bearing on the increased efficiency ia
that department >
in the report for 1922 uus included a table showing the salaries in*
volved in absences by departments for the first eleven months*
This tabula
tion by departments showed a total of $13.837&73 of which $2^270 >41 was tc.
persons on the reimbursable pay roll making the net oost to .the batik $1156?t3£
for the eleven months.
For this year we have shown in the table followings the lossee by
for the period December 1\>ZZ to HuveaEber 1323* IxksIusive
who
v,:u? tin* c/Xoata. z&i .cr :.*** u
tr-
T' -•ill bo
6 0
noted that for the twelve month, period the salaries involved in ah
senses of v q m b were $2100- In excess of those for Hen although the
« m n mate up lese than 40£ of the total employees
A report Is prepared etch year for the use of the Senior
Officers coloring All employees
worked
to ftijrs absent* times late* hours
percentage o* hours .vcv?©d to the standard - The standard
hours ure sight &acV* v»?»crtf day atM siv liour^ Saturday*
BffflfclW Ilf
Deo* 1» 1922 - Peoo 1 , 1923*
&&
Agent’ s
Barik General
Bond and 0* I*
sooMceeplng
Currency and Coin
Collateral
Collection
Controller's and Audit
Dlsoount
Credit
General Books
General Piles
Ooveraaent Deposits
Guards
Messengers
Multigraph
Private Wire
turoh&slflg
Registered Hall
Beserves
Stenographic
Switchboard
i :~usfas?
Trans*'
War finance
m fa r *
#
SBfin
109*55
319.14
463.54
*6?;46
317c83
534^87
204 68
302,1*
177,32
■ 24,52
170,12
21 46
777
319.34
144 65
4 991*33
682*61
647,43
1 800*04
26v76
280o20
108,31
197,06
261,49
229*13
54,90
81.92
91 ?2
403 94
40 15
7 17
33.95
1 .922.23
280 21
1.31825
397 83
30 36
631.29
699,80
197 14
3 6-031396
$ 8*169,12
Salary Loss
Deo* 1 1*23 - Deo. 1
1933 $ 6?031 96
$ 6.169 12
Annual Salary as of Dee. 1
3923 507 798 X
166 070 00
£«roent of Lend t*> Salary
ffluntoer 0&
fcoll DeQo 1 ■1923
? 96
24*
Afeove figures Jn&lude only those tor v^iom at*>
4.9Q
145
... -e records are kept.
..m r d IT BASIS
OF SALARIES PAID.. 5?
m M M m m is s m
BAm
)
Pecaaiber 31Q 1933
Aaoant_______ Fonbsr__________ Aawtrnt
Ifaaber
Officer**;
Bank
Agent® 8
9
5
Department*
Accounting
^ddr^aaograph
Agent’ s
Atsdit and Control
Bookkaaping and Heaerrea
Central Files
Closed Banka:
Clarks and collectors on
permanent payroll
Collectors - .Sxtra Help
Collection
Credit
Currency and Coupon
Diecoxszit
Government Depoaita
guards
Multi^rapfe
?ag®«
Personnel
:i*ri?ate Wire
Parchatsiag
Registered Hail
Stenographic
Switchboard
Transit
Welfare and Cafeteria
Wira Transfers
Flacal Agency
ill Other
3rtr& Help
Total ?aid by Bank
December 31- 1922
$ 6 ,2 6 7
02
3 o0 6 6 o 6 0
3
6 4 1 o6 0
1
9 0 o0 0
4 2
6o 50
5
$404a3o36
3o 0 2 5 o 0 2
lo 50
2 7 9 o l«
1
90o 00
12
l d9 0 6 o 6 8
12
1 9948
11
1^74 1o 8 4
6 o5 0
8 2 0 o8 6
13o 23
l ,S 1 6 o 0 6
16o 50
2 00 4 8 o 2 9
8 o50
6 1 1 c 70
8
13o 90
2 t3 9 0 o9 9
5
5 4 6
9 4 6 067
2 o6 1 5 j 6 4
17o 50
l 37 1 1 o9 0
4
461o 70
61
1 *0 6 7 *5 0
1 7 o5 0
l»8 0 3 o 0 3
*6
6 6 8 93 6
25 ^3 0
2 0745o 48
2 7 o5 0
3 90 6 5 o 8 8
11
1 *3 3 3 0 3 0
12
1 ,4 1 7 .0 4
2
1 9 1 6 6
3
3 5 8 o3 6
17
l 0761 o 6 0
14
1 04 3 8 « 3 6
1
90c 0 0
317o42
250o 1 0
2 7 5 j0 0
418o70
246*70
6 o70
Z
2
3
2
20,67
2
127o20
4
5
13o 80
23 0 o 3 4
2
2 7 5 .0 0
2
2 8 3 .3 4
8 0 .0 0
529ol8
2
2 4 6 .6 8
2 e 0 3 3 o2 1
19
21 6o 70
2
2 1 6 .6 8
126
1 0 0 9 5 2 o6 4
10 0581 o03
385ol8
4
l e5 0 9 o 0 6
21
991o70
210.37
$ 4 6 ,1 8 9 .2 7
50
1 99 6 3
3
5 6 3 D7 0
7
349c80
I
5
2,60
o
32
2 8 0 .0 0
4 6 6 .6 8
2,290.02
429.18
3
330
# 4 2 .4 9 9 .0 2
Relirtursabla 3*lari»*
Certificates of Indebtedness
Collateral
Treaanry Savings System
war Saringa Redemptions ,1918
Officers
Sqployaaa
War 3aTinga ^adeaptlona919l9
Tar Finance CoruoraUoat
Officers
Baployses
Total Haiitbursable
8.50
lo40
2o50
19121o72
12.50
1 7 6 .0 0
3
796*28
2o50
421.68
796.34
50
---
90o00
991*76
1
9©10
5 8 3 04 0
1
45
S9o 50
1 ^ 6 1 1 *7 0
4 .5 1 6 0 ? $
$ 8 f 1 7 4 o9 1
14
200o00
1 * 4 3 4 :3 3
5 0 0 o0 0
1
50o 50
64
3 «2 6 8 o l0
9 1 0 ,2 3 2 c 6 5
Is connection with aboTe figures please note that la order to show the exact
number of persons under reimbursable payrolls wa have alinlnatad the following fro--.
th$ departments of the bank:
Auditors m Fiscal Agency work
Guards on Fiseal Agency work
Stenogrsp&ers on Flacal Agancy
•?ork
m s.
3
1
$416,70
lOOoOO
_____ 6 o 5 0
6 2 8 .4 0
1 0 .5 0
n .l 4 5 o ! 0
m i
6
$801o 68
lo 5 0
1 5 4 .1 7
4
4 2 5 .0 0
1 1 5 0
# M 8 0 o f t 5
62
ST8HQGRAPHIC D3PAKPMSHH
During 1923 the Central Stenographic Department func
tioned primarily on the same principles as it had since its organi
zation The rotating of the senior stenographers as department heads,
which comnenced about the first of the year, has worked out advantage
ously both to the bank and to the Departmento
The continuation of
this practice will give the senior stenographers a broader view of
the operations within the department and its relation to the other
departments which it serves* which should ultimately bring about mors
effective serviceo
About June 1 the Hultigraph and Ditto Departments* which
had operated independently of the Stenographic Department, were con
solidated under the direct supervision of the Stenographic Department
Bead and this enabled the Stenographic Department to give better service,
in that a great deal of the work sent to the Stenographic Department
could be reassigned either to the Ditto or to the Jiultigraph Departments*
In this connection, with a view to determining which operation would be
most economical, the photostatic process of copying was employed* A coutlets
record of all forms which could have been photographed but which were
typed in the Department was kept and disclosed that we could type copies
in the Stenographic Department, provided there was sufficient tine, at
approximately 12-cents per copy0 This, however, does not hold true in
cases of large forms composed of a block of figures — there is consid
erable saving in having such forms photographed*
The Stenographic Department illustrated most effectively,
during the vacation period of 1923, the fruits of one of its primary fea
tures of organisation and that was the rotating of the stenographers on
the various kinds of work*
Three senior stenographers resigned during
the vacation period, when at least three members of the Department were
%
continuously away, and due only to the familiarity of the remaining mem
bers of the Department with all classes of work in the bank, was efficient
service rendtired3 without the necessity of employing additional help to
tide over this periods
63
Q A FSZm ik
During 1923 an average of 235 employees made U3e of our
lunch room daily
?hi3 number is more than one-half the total staff*
About 50 persons bring their osm lunohes but all employees are furnished
milk and coffee free of charge
persons may be seated at once
Facilities are not adequate as hut 35
LTo Improvement will he possible how
ever until we occupy our new building;,
The lunch arrangements meat ./Ith approval and the service
has been broadened gradually
buy our sandwiches
Eavly in the year it was our practice to
On M*y 29 we began making part of our sandwiches
and on Uoveraber 27 installed a bread cutter and now make all the sand
wiches,, approximately fifteen to eighteen dozen dally
With the arrival
of cold weather one hot dish is served or an occasional salad substituted:
Bnployeea are encouraged to mtch their weighty a scale being
provided und ?/hen below normal each person is permitted to drink milk
between meals
The Welfare Secretary advises that many excellent re
sults have been obtained*
All food for which payment is required Is furnished at practically coetmilk, coffee
Bank assumes all other costs which includes rent; service,
etc.
As Indicated by the following figures the net eap-
pense to the bank for 1923 was $5#662o20*
Of this amount $350*13 was
incurred in furnishing meals to employees on Sundays durixg the congestion
due to the tfar Savings Redemptions*
In the new building quarters ample space will be available for
seating and serving;
Salaries “ Waitresses
Paper plates* napkins* spoon89eto»
Glassware^ chtna; etc©
Bent
Cost of Food
Miscellaneous expense
Total
Receipts from employees
ITet cost of Bank
$ l c476o86
940072
176*89
706*00
9 s217.23
52*49
12,572*19
6.909*99
59662*20
64
r o w s m rn tm
The number of eervlees rendered by the Welfare Secre
tary daring 1923 were not nearly at great aa in 1922«
A reduction
of over 1000 in requeate for office attention is noted for the year*
It ia evident that the additional attention required in lunch room
matters prevents the Welfare Secretary and her Assistant from devot
ing all the tine they would like to their regular duties* Outside
calls were greater in number than during 19££•
These calls taka con
siderable tine and when possible we use the hank automobile or that
of one of the employees*
While services requiring attention at the bank decreased
we bad more cases of a serious nature requiring extended leave than
for any previous year*
2*710
116
Total number servioos at office
Total outside calls
During the past three years we lost the following em
ployees through death or permanent disability*
S*t* of
p— q*
JfeBt
Wallace* Boy
Ryan* John 8«
Nestor* Wtoul*
Gov't* Bond
Guard
Gov't* Bond
Johnson* Wallace
Transit
640.
MacKensie* Floyd
Bookkeeping
720<
Olseen* Ina M*
Currency
#1600.
leooo
1400.
1100*
August 10* 1921 o
March 21, 1922o
February 26* 1923*
(1PM)
April 10* 1919.
Insurance Paid
Account Permanent
Disability
Insurance Bald
Account Permanent
Disability
65
W - 1 M 1
During the past ysar satisfactory progress has been
made on the hew buildingc
The two upper floors will probably be
ready for oooupanoy within the next 60 to 90 days
The ground-floor
and those below are rapidly approaching completion and with the re
cent letting of the contract for the finishing of the first floor
we are justified in anticipating completion during the late Bvtmmr
or early falls
The letting of our vault contract was materially delayed
through the necessity and advisability of a very careful investiga
tion of the relative merits of the various types of wall-reinforcing
as we found little or no agreement among the experts as to the best
available methodo
Our final selection will provide a vault which
will in all respects prove more than adequate to our present needs
and we believe, give us all required protection due to the intrinsic
strength of the wall-reinforcing in conjunction with the underlying
basic principles of defense incorporated in our building design*
The accepted design for the finish of the main banking
room is one of high dignity, coupled with a simplicity of design
which will make for a most attractive roomo
The walls© lobbies,
floors and partitions to counter height, will be of Italien marble9
with a bronze screen extending the entire width of the building,
separating the Public Lobby from the ftork section?
This plan should
prove satisfactory from both the practical and artistic standpoints
for in this combination we have serviceability as well as refined
artistryc
The Reception Boom and executive offices will be finished
in ijnerican walnut with a wainscotting chair«back high, with floors
of tealcwoodo
Overhead lighting will give a most *sfclatfPactory effect
to the subdued elegance of these rooms ©
We are all anticipating with much impatience, the privilege
of performing our daily t^sks under so pleasant an environment as
will be found in the completed structureo
COST TO m u z AND ESTIMATED to completion OF BBW BUILDIBS
QUARTO ENDING PBCBKBER 31, 1923.
TOTAL
ESTIMATED 0039
_____ .m m i m _______________________________ ___________ t s la m _________
tq q c h p im s
M U & I ak Silt
1- Original cost of land, including build*
ingSy if suy . . . . . . . . « * • * • » . .sf 600,000.00
2o Incidental expenditures connected with
purchase.................... . . .............................
2,468.66
3. Cost of wrecking old buildii^s . . . . . . . . . . _________ 0
4. Total (If 2 and 3) . . . . . . . . .
60S ,468c 66
5* Less proceeds from eale of salvaged material . * .
1.948o00
6 a Cost of building site . . . . . . .
o
•
600.520^66
7.
8.
9.
10.
11.
12.
13*
14<
15*
16.
New Building
Preliminary expenditures • • • • • • • • . . • •
3,000.48
Cost of construction*
(a) Building, exclusive of vaults and
fixed machinery and equipment . . . . • 1,086,313*72
(b) Vault construction, including any
additional structure or foundation
mode necessary by vault . ................. ...
5$#099.00
(c) Vault equipment, including doors,
lining, and all interior equipment . .
0
(d) Fixed machinery and equipment
522,121i42 /
Misoelleneous building construction ex
penses lnourred by Federal Reserve Bank .
.
0
Pees and expensesi (a) Architects . . . . . . . 0 166,544027
(b) Engineers . . . . . . . . .
5,440c66
Taxes . • . . . . . . . . . . . . . . . . . . .
.
19,960o00
I'ftintenance • « . ....................... ...
__
2*101o93
Cost of New Building.............................................. l«66g.g61,4B
Cost of building aad building site (6 & 11)
2*264.102ol4
Charge-offs to Current Net Earningsi
(a) Depreciation allowances . . . . . . . . .
130,189o31
(b) Taxes . . . . . . . . . . . ............. . .
19,960o00
(o) Maintenance . . .................... ...................
2.101 o93
w Total.............................................. ... • • — .MMftff,at
Book value of property (12 & 1 3 d ) ....................... ^2*lll*ASQo90
vl*338*149o10
vm m m .
Reserves against depredation (as shown on Form 34) t
(a) Charged to current net earnings ........................................ .. vl00,000*00
(b) Charged to super^surplus .....................................................
0
(c) Total ........................................................ ...
&8£ j£ 2£ b $L
Floor spaces
(a) Oceqpied by Federal Reserve Bank . .................... ...
none
Sq0 Ft*
(b) R e n te d .................................................................................. None
"
“
(o) ttaocct£>ied .............................. ..............................................*124,739
(d) Total floor area in new b u ild in g ....................
124,739
“
* Measurements taken from wall to wall without deduction for stairways,
elevators, toilets, etc. and including basements, boiler roam, eto0
67
Th« report of the Branch Auditor covering 1923 operatlcna Is offered separatelyo
Aa no written eonment accompaniea tbit
r«portc we draw attantl on briefly to toms of the more important change*
from one year ago<>
There ha* bean a decrease of five paraona in the branch
staff during the year, four being deductions on bank pay-roll and one
from the War Finance pay-rollo
One person waa taken off audit expenae
on account of a clearer division of the auditing and aceoimtlag worko
Two parsons less wera required on transit work largely due to part of
the volume being transferred to IflnneapoliSo
The examination work
formerly done by an examiner on Belena pay-roll Is now handled through
Minneapolis,
We are showing elsewhere in this report the heavy Increase
In expense due to clcsad bank situation*
The branch personnel and pay
roll would ahow s large Increase If the employees naadad to handle our
affairs In connection with Closed liontana banks ware added to branch
employees.
Earnings of $264,091<>31 fall #167,000 below the total
earned In 1922.
Since the opening of the branch our net earnings at
Helena have amounted to $911,646o40o
Current expenses of the branch wars $141,f>01<>39 tftilch is
approximately $18,000 leas than In 1922c Better organisation and a
material reduction in expenditures for auppllea enter Into the reduced
coats.
Discount operatlone were on a much smaller acala during
1923 , 4615 leas pieces of paper being discounted and the amount waa
♦
approximately $10,000,000 lesa than in 1922.
The amount of paper held
under discount on December 31, 1923 was sllgitly over on*-half Hie aaont
carried on the same data in 1922, but llveatoek paper Increased $900,000
during the yearo
The transferring of all failed bank paper to Minneapolis
iranedlately after the dosing of a hank has operated to reduce the
braneh discounts more rapidly than fomerlyo
Wire transfers handled for member hanks Increased in
number 1081 and In amount $29,000c000»
At the same time branch
telegraph costs were #1260 lower for the yearc
Volume of currency handled totalled #48,000,000 In both
1922 and 1928o
Demand for notes In the latter part of 1928 was
materially greater than during 1922 due to the strained condition
that developed during the Fall in some of the larger banking centers.
The collection of cheeks through Helena showed a large
decrease in volume on account of Minneapolis assuming the collection
of items received from all Federal Reserve Districts except San
Francisco District,, drawn on Montana banks outside of Helena,
The
decrease was from 20456,000 checks in 1922 to 1,699,000 in 1928 >
Items drawn on Helena banka Increased about 10o000o
Kon-cash
country collections were no greater In number during 1923 * but the
amormt increased #10260,000, the 1928 total being $8,268,000.
City
collections average about 7 items per day.
Two examinations of the branch were made by Controller
during the year.
Since the examination of February 10 substantial
Improvement was shown as evidenced In the report of September 28«
luring the interval Manager Towle had been absent for several months
due to poor health and it was necessary for the Auditor, Mr. Zimmermans,
to be away for some time on account of the illness of his wife.
Al
though the turnover of the employees was high during the year, suffi
cient experienced help remained to carry on operations smoothly*
Asset holdings of the branch were in accord with the
records and liabilities to member banka were reconciled and only minor
exceptions found0
All paper held for account of the Var Finance Corporation
was verified direct with the borrowing bankso
war n m c $ m t m m m
On Deoember 31, 1923, there was still unpaid and owing the 7/ar
Finance Corporation from its loans In this district, other than the stote
of Montana, the sum of vl7,336,694*63*
There was *lso due upon the bills
payable of banks that have closed, the sum of *3,863,710*13, or a total
amount yet due and unpaid to the War Finame Corporation from its original
advances, the sum of <)21,200,404.76*
Securing the current loans, the
War Finance Corporation held in these states above mentioned, collateral
to the amount of ,>30,073,056*24; securing the amount in closed banks,
$6,947,691*51, or a total of collateral securing the unpaid balance due
the Corporation, of ^37,020,747.75;
'Phis collateral is represented by approximotely 34,000 unpaid
notes * The War Finance Department has handled during the year 1923,
approximately 9,385 payments, totnling ^13,124,450.34.
V
It hns handled ap
proximately 5,622 interest payments totaling ^1,367,824.86.
It has handled
the renewals and substitutions of outstanding collateral, approximntely
81,000 Itess, involving
the renewal and substitution of approximately
$66,212*000'. in collateral*
Its present outstanding collection items total ^7,464,920.^8>
and it holds matured paper not forwarded because of stop orders against
banks, approximately ^2,336,637.52.
Against the abots two items, it is
holding in its abeyance files, unaccepted and unrun collateral amounting
to approximately $8,992,408*03.
Its records show that it is holding
past due, unrenewed bills payable of applicant banks, as followst
Forth Dakota
South Dakota
Minnesota
$5,651,455*38
3,585,105*57
2,593,416*84
or a total of past due bills payable on which renewals have not yet been
approved by the War Finance Corporation at Washington, of $11,829,977*79*
Tho outstanding feature in the operations of the Department is
the number of closed banks which owe the War finance Department approxi
mately the following sums as -of December 31, 1923:
Present Unpaid ..M rm fg
Minnesota
South Dakota
Forth Dakota
Present
CpUsflttai
636,518*49
788,222*80
3.128.972*38
1,149,349*49
1,489,032.84
5.664.958.29
4,553,713.57
8,303,340.62
(Continued)
There have been oolleoted upon closed bank collateral the
following amounts:
Minnesota
South Dakota
Horth Dakota
^113,054.63
242,710*19
516.778.93
872,543.95
The above figures do not take into consideration closed banks
in the state of Montana*
On December 31, 1922, there was outstanding in the hands of
applicant banka for whioh renewals had not then been accepted, collateral
in the amount of $39,427,405*28, whereas on December 31, 1923, there was
outstanding only the sum of $7,464,920*38'
This wide difference is ex-
hlbited by the faot that during the year, due to unsat lsfaotoiy and delay?#
returns from country banks, the Corporation installed a non-par list and
now prevents collateral from going to banks, in excess of Zb% of their
total pledged collateral, at any one time.
Since the beginning of the War Finance Corporation, there has
been oolleoted against its total advances, the sum of $25,637,186*03 in the
above three states.
Likewise there has been oolleoted in total interest
slnoe the beginning, the sum of $2,882,029*42®
On December 31, 1922, there were in the department, 46 employees
and one officer, not inoludlng the central Stenographic Department.
On Depn*-
ber 31, 1923, there were 34 employees and one officer, and the Department
continues to use the central Stenographic Department*
Advances to the Cooperative Wheat Growers* Association in t£ls
district were discontinued during the year 1923, and are now being handled
the Intermediate Credit Bank of Saint Paulo
All prior advances made by tfce
War Finance Corporation have been liquidated with this affioe in full*
The great number of olosod banks has ertailed a large amount of
detail work, principally stenographic.
The non-par list and limited snrofli pf
outgoing collections have entailed additional work in making up the detailed
statements and reports*
However, the original accounting system installed et
the beginning of the operations of the Department, has served well*
We have
available at all times, such statistical information as is daily requested
by the Local Agricultural Loan Agency and the Corporation at Washington *
J&AILY. !
3 B Y MONTHS 192
*000 o&iited
xm
JL2 S L.
**60,287 M
40,901
49,627
49,055
46,
47,191)
46,504
45,606
46,245
47,203
48,&>2
47,624
Jsnuary
fefcrasry
1/sroh
April
Jvrne
July
September
Oofcobsr
]mramt*r
**42,234 M
42,628
43,19^
42,960
44,036
44,110
44,266
45
4i;,149
45,59?
46,786
46,508
i?ap
52,018
44,008
53,690
48,036
40,308
47,769
413,628
45,782
44,115
44,122
45,058
4C,;>40
40,774
41,745
40,178
40,706
‘10,095
40,589
42,201
Tally *versge Balanoe for 19£i;
19£2
1921
1920
«
19X9
.
.
.
.
.
.
.
<
»
.
.
•
.
.
.
.
47,613
44,451
41,535
48,u00
60,945
lii?
,m H2I&B7& BaLiiiSO*^ BY SlAu’iSS
_ a s ffAfi.^,.Q£jSLym^L
*0 0 0 onifctad
JL&S2
lUohigan
Mitmesots
Lc'itsiafl
7th Dako tas
^ >iUs. "'-fcotl
?,• a,644 M
29,200
5,392
3,703
8 ,8 ^ 6
m o
X9.SU
« 2,153 M
26,702
5,546
3,134
4,09v
J U h& L
# 43,524 i!
$ 2,424 M
3 0 ,6 a
5,954
3, 767
i> 2,663 M
26,733
4,853
3,434
3,690
v 43,571 13
Minneapolis
1923
amount of ^tensities
Mo. of Banks Penalised
K%host
Holaas
1923
Combined
1923
•#46,611.23
«,45,3* lo96
$91,943.16
503
x§§
459
analty ilato
#48,086,2X9.75
*;;S2f440,£20o7fe
Low Point;
#37,297,918.79
42,602,700*00
ink ik>serves l/y
0 ,2 1 9 ,0 6 9 .4 3
4,31g,476.64
Etlgfo st
oint Kenflter
126,067.06
01
10)5
High* st point 1 ember
ink ii *serve a i/ 2 1
1 0 /2 0
1922
ACOOUHT WITH THBASUK2R Oi S s ttia® 31*5538
■renm^ vpwgr* ffilK nr
na***'- »
Withdi*ml»
January
Jfetonuur,?
liiroh
April
M^r
M y
ingatt
Sipti^bfP
Ootobor
Bmribor
Dooo*t*r
^-BSam.BSAHOS
teyoaits
$103 #881*629©05
18,818,542o77
37*215*443.29
18,475,061o45
57*498*887*71
22*828*191ol4
1 6 ,4 5 6 ,2 4 2 ^
11*181*084c85
85,184,567*70
28*293*863 e09
16,888,152*58
88.958.488.48
$10S,70e»552cM
11,961,387.88
87.30S,988 o72
16,331,018 ,,84
86,863,569.84
88,817,19ioS6
17,242,734.86
11,179,809.29
84,409,254o04
30,479,027.21
14,146,384,78
30.849.089.24
1858*559,349*84
|S60,175,837.69
Balanoo End of
#8.627,014.97
2,269,799.78
8,363,345.81
209.302.00
1,863,974.13
952,974.35
1,739,616*67
1,787,641.11
1,022,8*7b45
8,207,481.57
1,020,828o77
2,416,279oSS
A0OOOR f l B tmmiBBt 03 XHB otissd s u m
wbwit. mwmra miac o» m m n ^v au si mt.t m m
Doppaita
Withdrawal*
Jfexnary
Pabruary
Ifcrqh
April
Haar
Jttno
Jbly
Aagast
8 »p M ir
Ootobor
lim iter
pooomtbor
f 101,041*584*61
10,864,518*58
84,598,280*84
16,468,076o89
85,608,861*88
20,732,678*74
14,346,124o87
9,249,045o52
82,787,286*17
85,851,670cl8
18,889,480*16
85.5091887*94
#102,884,086*15
9,975,294*64
84,654,969*60
14,410,279084
87,008,688ol4
80,088,918*80
15,195,644*88
9,844,815*82
28,126,296o74
87,885,686o95
11,704,502o02
#829,886,880o77
#881,465,866©57
Balance Snd of Month
#8,507,986ol2
2,118,717 088
2,160,405*99
102,608*94
1,507,985o26
814,168*88
1,661,689«88
1,656,958*98
995,969*55
8,189,986*80
945,008*16
2,343,980o38
AMOUR WITH ZBU8DBRB OF « B TO9BD S M B S
TfTij—f* n t m
_________________________ im
Withdrawal*
HritattUQT
■wan
April
■v
* 0*
illgMt
Stptoafctr
Ootobor
mrtnbor
iWNIDVV
#8^840,844o44
1,954,089*84
8,622,162<45
8,006,984o56
1,895,585o89
8,095,518*40
8,110,117c86
1,982,089oSS
8,887,881 o68
8,042c192o91
8,448.788®48
■ ......
._____________________________
Papoaita
#8,874,466*69
l,976f088o94
8,674,019ol2
1,980,788*40
1,844,871070
8,178,879 066
8,049,189o72
1,984,894c07
8,882,957*80
3,093,400 088
2,440,888*76
^^to a S S lsK
#26,709,971 <>12
Balaaoe Kndof He
#119,078*85
141,082o55
198,989088
106,698,06
56,088*87
188,808*58
77,887,39
80,688,18
86,857*90
77,565o87
75,715*61
72,359 d 5
BANS QELA3QB3 IK 1928.
Total number of banks in the district January 1, 1928... 0, « <><>« • ol 014
New national banks organised................ .
. . .4
Hwr national failles by conversion. *• ° «.•>••• ......... • o< ^oo«, 06
National bank reopened* stook previously surrendered. •. e.. «.A
Total number of national banks admitted during 1928o...»c»70.o e• . . o
11
State tanks and trust companies a d s d t t e d * < > . o o « c o
National banks absorbed by state institutionso..oo.o.,»o ooo-ft
State institutions absorbed by national bankSo...<«<~.Coo..o.2
State institutions converted into national banks0 • . • . . « o. • ol
Hational banks absorbed by other national backso.o....... oo«<>4
National banks succeeded by other national bankso0• • . * « . . * oZ
State institutions consolidated with other state bank8 oaoo«2
National banks liquidatedo................ .017
State institutions liquidated.eo*«o»«»o»«ooo.wo»ooc.»oooooo 9
£$tai*e l^&nk witodraivalsoo.oo...eooo'o<>ocoo«>«o ~ooo«oo.«>ooo.o 6
Total number of banks at the end of the year^........... .T T ... o.. . . . JWfff
***
STATS
RATIONAL
TOTAL
89
844
US
184
180
46
m
4$
§75
164
188
147
Michigan...........»..« 10
Minnesota.............. 51
Montana*■.• »o..».oo 46
forth Dalcotaooooeoo 4
Soiith Dakota o....,-> 17
Wisconsin,••oc«..o 8
m
m
&« Membership
At the close of the year, there were 979 member banks in this dis~
triot as compared with 1014 at the beginning of the year. There was a net
loss of sixteen national banks and nineteen state baito. The total member^
ship at the close of 1928 m s divided into 361 national banks and 116 state
banks. The nercr members ares
HAMS OF BAIEI
TOMB
MICHIGAN
Merchants & Miners National Sank,,».,
SHARES SgBSQEISED
Irorraood
MINNESOTA
First National Bank.*.............................. fm Harbors
3..,;%3 t National Bank. a. oo• • « ooo„ o. oo. . . oCokato
w m im
First National Bank,o• . . . . . . . . . . . . . . . . oF&plar ^Heopened^
Labor national Bank........ «.»««o• « *o • * .Three Forks
Midland Rational Bank. ........... » . ............. Billings
iftDRTH D4BPTA
First National B&nk........................ ..®cc./rake
Liberty national Bankc. . . . . . . . . . c
. . cDiokinson
First National Bank ?0• . . . . . . . . . . . . ...oo Whitman
69
S8
2<d
IS
ISO
u:
cZ
18
SOPTK DAKOTA
Farmers National Bank ......................... Fairfax
Gold & Company State Banko.................. Big Stone City
Dakota national Bank.................... «o..oWebeter
33
33
15
Since the organisation of this bank, 141 state banks have ac
quired membership by conversion and 133 have taken and retained member
ship as state banks, making a total of 274 state institutions which en
tered and remained in the System©
iM B B M m
SSVSRIliC COUHBCIIOS WIIE ZHIE «D:giAL KBSBBVB BABK EURIlffi lt>28,
EAI1CHAL BAHKS ABSOBBED BY STATE
________ --IgBTITTOXOHB___________
JM S.
SAME QP BAKK
1-5-23
First National Bank
Whitehall, Montana
(Absorbed by Whitehall state Bank}
First national Bank
weetby, Montana
(Absorbed by State Bank of Weetby)
First National Bank
Sheldon* North Dakota
(Absorbed by Farmers State Bank)
First National Bank
McCabe, Montana
(Absorbed by First State Bank of Frold, Montana)
4-23-23
10-6-23
11*19-23
LOCATION
SHARES
sm m m p
18
16
18
17
sta^s ifBggR u w s
2-23-23
4-16-23
North American Bank
Minneapolis, Minn*
(Absorbed by Northwestern National Bank of Hple.)
Bank of Fergus County
Lewietown, Montana
(Absorbed by First National Bank of Lewistown)
240
300
SEATB MKflBEK HANK CONVBBEBP ISTQ A NATIONAL BANK
6-1-23
Merchants & Miners State Bank Ironwood, Michigan
(Converted into Merchants & Miners National Bank)
m w m M m
6-7-23
7-26-23
9-12-23
w <wm
First National Bank
Bridger, Montana
(Absorbed by American National Bank of Bridger)
Minneapolis National Bank
Minneapolis» Minn«
(Absorbed by IT. 7» National Bank of Minneapolis)
First National Bank
Dodge Center, Minn.
(Absorbed by Farmers National Bank of Dodge Center)
w m m m w m
2-24-23
7-3-23
11-6-23
69
19
180
17
»am
First National Bank
Fairfax, S* Dak.
(Succeeded by Farmers National Bank of Fairfax, SoDetko)
First National Bank
Three Forks, Montana
(Succeeded by Labor National Bank of Three Forks, Monto)
Ye11owetone-Merchants National Bank, Billings, Montana
(Succeeded by Midland National dank of Billings, Monto)
35
18
270
STATE MBIBKK BANKS CONSOLIDATED WITH OTHER STATK MEMBER BANKS
6-21-23
7-11-23
Lewistown state Bank
Lewistown, Montana
(Consolidated with Empire Bank and Trust Co. of Lewistown)
Beaverhead State Bank
Dillon, Montana
(Consolidated with Security State Bank of Dillon)
75
31
m iL M h
m i
w s to r ;s oivs:a-
LOCATION
M L0JU M &
£-23-*3
3- 6-23
3-26*23
6-19-23
5-22-23
5-24-23
5-25-23
7- 3-23
7-16-23
8- 9-23
9- 4-23
10-22-23
10-22-23
10-30-23
11-10*23
11-14-23
11-17-23
Citisens National Bank
First National Bank
First National Bask
Fir*t National Bank
C/HameroUi National Bank
First National Bank
First National Bank
First National Bank
First National Bank
First National Bank
First National Bank
First National Bank
First National Bank
Howard National Bank
Roundup National Bank
First National Bank
First National Bask
3LJi:tfv&'OSK'
Laurel, Montana
«Yessington Springs, S.D.
Winner, S. D*k.
Harlowton, Montana
Great Falls, Montana
Broadview, Montana
Bottineau* N. Dak*
Gregory, S. Dak.
Koundup, Montana
Higfrwoou, Montana
Willow City* N* Dak«
Shelby* Montana
Chester, Montana
Howard, $• Dak.
Boundup* Montana
Oswego, Montana
Big Sandy* Montana
27
45
21
51
136
18
30
36
42
24
21
15
21
13
23
18
18
3M8ft^gMK5B,J4M JUQDUULTBfi HUB TO INSOLVENCY
2-27-23
6-13-23
7-11-23
7-23-23
a- 9-23
8-29-23
11-6-23
11-6-23
11-17-23
Hingham State Bank
Ballantlne State Bank
Banking Corporation of Montana
Yellowstone Valley Bank & Trust
First state Benk
State Bank of Belt
Hardin State Bank
Citi zeas Bank & Trust Company
Inverness State Bank
Hingham, Montana
Ballantine* Montana
Helena, Montana
Co., Sidney, Montana
Clyde Park* Montana
Belt* Montana
Hardin* Montana
Rapid City* So Dak.
Inverness* Montana
26
18
180
69
17
30
51
36
17
stats m ss'm sank, withdrawals
7-11-23
7-16-23
3- 6-23
3- 3-23
3-20-23
11-23-23
Iron Sxchange Bank
Brule State Bank
Sioux Falls Savings Bank
Bank of Arcadia
Clarkfield State Bank
Farmers State Bank
Has*ley, Wisconsin.
Chamberlain, S. Dak;
Sioux Falls* S« Dako
Arcadia, Wisconsin*
Clarkfield, Minnesota
Eockham* S« Dako
asffi-a banks tbat m y a c o n so lid a t e w ith ojgaBR banks. .a id haves hot as rag
u m
fm w n
About
5 -31-23
11- 1-23
11-13*23
<*3
Q u im
11-23-22
2- 8-23
9 - 1-23
9 -26-23
10- 8-23
10-13-23
10-16-23
IO-ls-23
10-22-23
10-31-23
11- 2-23
11- 2-23
11- 7-23
a
gsaia
First national Bank
G&lata, Montana
(Consolidated with the First National Bank of Shelby)
Miles City National Bank
Miles City* Montana
(Taken over by the Commercial national Bank of Miles C1
First National Bank
Brady, Montana.
(Absorbed by Farmers State Bank of Brady)
KAVB IfcT AS X3T
fjm ™
46
36
210
36
36
21
TSS15, i O T IN _THB jgWa^JBagBML^AaU-.
LOCATION
M M & .0 J M M
Huntley state Bank
Citiiena State Bank
Cavalier County National Bank
First National Bank
H
«f
N
H
H
M
(Voluntary Liquidation)
First National Bank
It
H
M
American National Bank
Deaton State Bank
(Voluntary Liquidation}
First National Sa-k
«
w
\
»»
»
«
rt
"
Iluutley* Montanao
Boundup* Montana a
Langdon, N« Dak«
Wells, Minnesotao
Grey JSagle, Minnesota
Rosebud, Montana
Mitchell, So 3)akc
Fair/tew, Montana
Three Forks, Me-ntoia
Denton* Montana
Tower City, Ih D&ko
T^rtla Lake* '<• L&-;.*
Springfield? SoXjaic*
Car terc Mc>ntm a
76
CLOSSD MEMBER BANKS THAT HAV3 NOT AS XSS SUBRBHDERBD THEIR STOCK IH TK3 FHDERAL BESERVB
BASK
_______________________________________ COHTIMJHD
__________________
Data Closed
Mm
11-14-23
11-15-23
11-19-23
11-20-23
11-21-33
11-28*23
11-30-23
12- 6-23
12- 8-23
12-10-23
12-10-23
12-10-23
12-10-23
12-13-23
12-13-23
12-14-23
12-14-23
12-17-23
12-21-23
12-22-23
12-24-23
12-29-23
FirBt National Bank
Lancaster, Mizmesota*
Citizens National Bank
Crosby, N. D&ko
Milnor national Bank
Milnor, N* Dak*
First National Bazik
Tolley, H. Dak*
Willow Creek, Montana
Willow Creek State Bank
3took Growers state Bank
Timber Lake, S* Dak«
Spring Yalley, Minnesota
Farmers State Bank
Volf Point, Montana
Security State Bank*
State Bank of Plentywood
Plentywood, Montana
First National Bank of Fergue Coo, Lewistown, Montana
First National Bazik
Moore, Montana
n
w
h
Boy, Montana
tt
n
tt
Woodworth, N* Dako
It
N
•*
Forsyth, Montana
Forsyth, Montana
Bank of Commerce
Lansford, N. D»k*
First national Bank
If
it
M
Vinnett, Montana
i»
n
n
poplar, Montana
»t
ti
n
Webster, S* Dak.
Mandan, N. Dak*
Merchants national Bank
Biabee, H* Dak*
First national Bazik
«
n
n
Dodson, Montana
of Bazik
Location
THRIFT SIAMPS, TJO&80KI U n m B MXO
WMt BATHOS 8TAM P8RW fg) 1 9 2 8*
STAMPS mnnmtm* (gr.
series or m s *
WAR 8ATCT08 STAMPS
sroiBB 19X8 KBSKEMKD
WO. OF STAMP8
January
February
Ifearoh
April
*V
#ttly
August
September
Oeiobtr
fcvwbir
Deoenber
cumiia
AMDPIT
2,795,519
146,660
79,822
61,800
88,086
20,620
18,487
7,712
7,218
5,697
6*266
6fi529
U S ,077,896.00
742.600.00
896.610.00
266.800.00
166,180°00
108,600.00
67.168.00
86.660.00
88,966.00
8,175,110
{15,865,660*00
88, 486.60
28,826.00
27.646.00
January
February
Maroh
April
-■■X
June
M ar
September
October
S6tr§Hb#r
Deoenber
January
M nw r
Wm k H
#rtl
S .
8ept«abei
October
Noranber
Deoenber
AMOtiXT
1646
1891
696
782
269
886
746
218
679
474
197
# 7,076*19
69826*66
2,721*01
8,869*81
1,816*87
8,820*87
8#416*86
1,006*64
2#661*68
2,186*01
908*88
7,667
184,946*26
TWSmtT SAVIliQS CgRTIFICATBS Pmnaamn
THRIFT STAMPS RSDBBttD
AMMTUT
10* OF STAMP8
HO. OF STAMPS
142,822
87,886
28,610
16,684
11,216
4,826
2,879
10,098
8,412
4,426
2,678
7.864
♦85,560.50
9,884*00
7,*82o60
4,1W *80
271-784
# 67,946.00
1 ,9 » .M
71f.t6
2; 6 2 *.W
668.00
1,106.86
668.26
1,96S;(SC>
90. OF CERTXFX0ATS8
January
Jebruary
¥wroh
JUn*
4ugu#t
October
pfOfmber
AMOflBT
84
10
28
4
6
7
7
228*00
78*00
149*00
28*00
68*00
62*00
128*00
28*00
102
# 749,00
11
: l*22-19ZZ-l<J21
Sent
llonta
January
February
Xarch
April
22ay
June
July
Auguet
Septeobtr
October
November
Dacembar
Total
Eeceived
2*l*i;r&ns
1923
2226
1756
2006
1806
-1962
2014
1981
2085
2191
2666
2816
2848
1922
2752
1987
2273
1913
2092
2198
1946
2128
2032
2278
2097
2325
1921
2207
1759
1947
1734
1776
2172
2263
2374
2290
2431
2509
2896
1923
2296.
1851
2372
2256
2209
2413
2305
2224
2236
2672
2473
2675
1922
2446
1342
2146
1871
2095
L293
2131
2374
2175
£542
£292
£362
1921
2109
1732
2033
1819
1867
2167
2353
2645
2499
2722
2787
2973
£5365
Z6QZ3
26400
27932
20569
27706
78
JBDOB Of ttOOUCHS PUJDOW
OOLUSOUX, TO tDYBBM m
5XP08US OH IBS U 8t SIT 07 BACH H0H5H
ISIS
tew y
$ 281,447»200_
U tt
$
5,708 400
10,270,000
U ln v y
*6,719,700
Harah
27,493,350.
5,704,450,
April
23,715,500q
2,578,750.
ny
23,818,750o
488*100
«**455#350o
5,185o100o
Jaly
t0P194f760
5,525,900
Aqgast
18, 592,250
7,874,000
8tptaA«r
* l tl » 150
4,329,950c
Ootobwr
16f0l,100o
4,070,100
SOTMB^tr
109594,400
4,427,400
Deocnter
11,8209750
8,972,400,
o o m aB B i tdbds n m p o s k a h t bakes
OS LASS BAX 0? BACH UDItH
liM
1912
flttHWvy
f 7*844,464* 91
* 5,708,424*50
Irtfiniy
4,992,453*51
10,270,191.25
Karsh
9,912,160 45
7*111*078 22
April
6,1270015 84
7,492,250 80
May
5r899o942 00
5,171^592 45
Am
8,393,032 40
5s183,042 00
July
50497,234o79
3,525,908o78
August
4,448,799 08
7 874^049 *58
8#pt«mb«r
8 735,900 00
4 329 950 00
OotoWr
3oOOlP02132
6:070,173 90
Sottntor
1 383o0!5 47
4,427,389 53
P«oaab«r
4,444:500 00
8,972,425c75
coMPjsHAfnn m t m m
m m m m n aouATsm * m p&m m ®
X B & ftad 1932
(Misma&polit only)
im
Bossd 3®1©$
?l*e** Placed in Htserva Yanlt
Pleat* fak*m Oat B.***rv* Tsg&t
Qoapoas Clipped
fsn®i Beooipts Isanod
fmet Beostptf Gaao®l£$&
1,006
36,318
34,098
39 0149
101S6
1P3X7
M M ? 81flTO C m B B C IB g
IfW l
-■WA..
iffiotmt
.JMbar
$10,890,137,68
116,107,084o44
93,473,407,66
3,703,663*43
51,785,750o39
68,904,791.39
3,341
83,877
39,681
41,143
1,906
3,874
$3,880,100.00
114,473,484.17
103,081,648-78
3,633,603.14
76,891,039.67
8 3 ,» ,7 3 S „ 4 l
122m
isaa
Aiaount
fijRiSl
1-1937
890
$l4-08O,3OOo
©1-1034
760
0,496,600,
f f e -3.933
336
4,893,000*
B-1937
10400,
fD3»1933
300o
5 333,500
SM3-1934
370
6,179,000o
fD»1934
317
3 96710600.
M»*1934
8
490
4,133*
.. 3*934.000.
$63,361,800,
*ot*l
15,414,000.
1933
Nmbar .ofJBtPoiitatt Bank*
xm
Mic&igsn
MinnOiOta
Montana
Forth Dakota
South Dakota
Wi*eon*ia
fotial
laangflhaaag
J*muu?7
*J»'i r.i
1
Umf
fy,*,
■
August
33£ti*&e?
0;.tab@r
10?
33
m
im
131
304
ass
139
ai7
$w
m
- - *>
Amount
$ 16,033,300
7,616,900
10,963,300
18,976,400
9,076,300
10,797,700
83,648,400
8,811,700
16,103,300
1403fl,300
8,977,600
$145,814,660.
49
816
143
393
333
40
786
108
3*6
394
1,313
-j u h l .
1,760*
;^L.&f..g,sr.L,
Bttalai
Ssu
130
41
60
138
160
338
316
99
168
316
309
- 366
1,880
1988
$ 11,775*100
1,4389700
3,903,100
7,313,600
7,336*300
13,734,300
18,099,000
3 313,800
8,601,300
13,903,600
6,336,900
........ffaflfiSflM Q
n 0 3 ,^ ? 750
80
EBHOMIMEIOHAL MCHilBft OF BOHDS
(Ixebanga for dlffarant denomination of mum iu o i at tam« int«r«st rat*)
Permanent 3j$ First Liberty Loan, 1932*1947
Denomination
50
100
600•
1000.
Total
Hoo of Plaooa
Rtctiv«d for
Exchange
2,156
1,442
107
#107,800*
144,200*
53,500*
3,705
|305,500*
Pexnanoat
50
100
500
1000
5000
10000
Total
Amount
Beooived
For Sxofcmgo
1,221
1,023
72
50
# 61,050*
102,300*
36,000*
50,000*
... -.. A
2,367
#259,350*
50
100
500
1000
5000
10000
Total
16,506
50
100
600
1000
5000
10000
Total
13,616
11,502
907
586
61
M
26,680
50
100
500
1000
5000
10000
Total
13,782
15,468
1,268
920
70
____ JBk
31,539
4
8
33
288
333
#
200*
800*
16*500*
286*000*
#305,500*
8,913
6,962
589
32
10
Sacond
2,957
2,836
261
45
5
.... - 4
6 ,1 ^
#
2,750*
9,100*
30,500*
167,000*
40,000*
— JSi2S8>»
#259,350*
56
91
61
167
6
1
383
t nf " 1,927-1942 ConT«rt«d
#445,650*
696,200*
294,500*
589,000*
160,000*
100.000*
# 2,285,350*
337
575
298
1,107
69
61
2,447
# 16,850*
67,500*
149,000*
1,107,000*
345,000*
_ £10*000.
#2,285,350*
#
178
741
453
1,756
116
66
3 ,il0
#
262
493
381
2,182
183
- m
3,611
#
680,800*
1,150,200*
453,500*
586,000*
255,000*
# 5,305,500*
#
689,100*
1,546,000*
634,000*
920,000*
350,000*
jasuso&s.
# 4,449,900o
T i.t n y y t t b r t g
Amount
lasuod on
Bxehango
4 ^ Firat Liberty Loan 1932*1947 Converttd
Pgrmaaant
50
100
500
1000
0000
10000
Total
HO* Fiioti
Issuad on
Bsehaago
#
#
1-nan
8,900*
74,100*
226,500*
1,756,000*
580,000*
3,305,500*
13,100*
49,300*
190,500*
2,182,000*
915,000*
#4,449,900*
1922-28
t
2,950*
11,900*
65,000*
477,000*
85,000*
3
30^000*
805
#
671,850*
147,850*
283,500*
130,500*
45,000o
25,000*
59
119
130
477
17
671,850*
iea4'. "'."ixam o* bcsub - icontinuod)
ingiTim s?A»aa ramiiHT a o m
DobobInation
* 100.
600
10J0
6000
10000
Total
So* of Pioeos
BiMivid for
Ksetengo
Amount
litcoivod
for giehmgt
16
6
212
2
7
242
90
19
63
3
20
196
1*600.
3*000.
212*000.
10,000c
70.000.
| 296*600.
|
9
2
2
Amount
issued on
Bxcfcango
**enon*ge
9
imvm
600
1000
Total
Ho* of PlfCM
loouod o:.
# 9*000.
9*600.
63*000.
16*000.
200.000.
|296*600.
m > ■■-■A"
4
9
2,000c
4"
9
2,000.
16
14
9
2
10
•
1*600.
7,000.
9*000.
10*000.
100*000.
60
9 127,600.
10
7
11
2
10
#
2.000.
2*000.
tttfiiB JKttL-.Irlttl
100
600
1000
6000
10000
100000
foul
9
600.
2,033*
16*003.
10*000.
130.000.
9 127,600.
1
2
3
1
0
fnaiur^ Sotoa - A-1926
100
too
1000
6000
10000
100000
Total
6
10
lib
139
141
-1
411
•
600.
6*000.
116*000.
695*000.
1*410*000;
100.000,
02,326*600.
— 22
62
T 1 —
100
600
1000
6000
10000
100000
Total
20
0
36
4
6
—_ J I
76
40
22
40
30
29
- J
Tfo
92,326,600.
■sJteBaL
10
f
2*0 JO.
4*003.
So*000.
20*000.
60,000.
200.000.
9 342*0JO.
u
$
29
1
20
1
76
|
260
268
343
66
62
______ 1
949
9
1,000.
7*000.
29*000.
6*033*
200*000.
100.000.
342,000.
■
l i-JMBL
IH >—
100
600
1003
6030
10300
100000
Total
1*000.
3*600.
11*003.
10,000.
100*000.
#
4*0J0o
11*000.
40*0>0.
160*000.
290*003.
- U fi& ii'
^1,396,0JO.
26*000.
129*000.
343*000.
276*000.
520*030.
100.000.
*1,396,000.
JLteSHSS100
600
1000
6000
10000
100000
Total
l
3
1
____3
A
#
600.
3*000.
6,0001
SOu.OOO.
9 308,600.
10
27
14
2
27
T o
9
1*000.
13,600.
14*000.
10*000.
270,000c
9 306,600.
. i i.i
- iCo&tir.u*t.}
Treasury lietea - B-1&26
SanoKlnatlca
Amount
Bacalved tor
Bxchfcrga
So. cf Picooa
fcacoiv«<l tor
Ksehatiga
10
1
1
22
94
2
70
190
600
1003
8000
20000
100000
Total
*
*
1,000.
600r
1,0J0.
110,000
340,000,
200.000,
682,800.
Anount
laauad on
Bxchanga
Ko« of ?i«ooa
laauad on
Sxrhanga
6
9
99
2
20
_____ A
77
t
900.
4,000*
99,000.
10,000.
200,000.
400«000c
Traaamy Motaa - 9*192?
100
800
1000
8000
10000
100300
Total
112
66
126
42
107
4
477
100
800
1000
8000
10000
100000
Total
28
18
78
9
19
9
148
•
«
11,200c
49,000c
126,000r
a o 0ooo.
1,070*000.
| 1,960,200.
2,900*
7,900*.
79,000.
46,000.
190,000.
300.000*
610,000.
792
446
484
69
36
_____ ft
1,791
# 79,200.
229,000.
494,000*
948,000.
960,000.
ttoflogoe
| 1,960,200.
909
91
144
19
82
•
90,900.
40,800.
144,000.
78,000.
920,000*
677
•
610,000.
at
t
m ,o o o .
1«
#
so.ooo.
M K M tfA w ay i
9«rl«» BP-1928
I
Toul
181, 000.
— *»«■ g> l»M
Total
t
30,000.
8 B t u at- iai
Toul
117
f
806,000.
161
fcriM
Toul
82
f
0TT.OM .
10*
$
6TT,0tt.
Total
82
$
*w ,ojo.
sn
|
766,000.
ti
#
m ,ooo.
at
#
691,000,
H ri«« M »lM t
Total
19
I
m,ooo«
B r t n tt-tfM
f il il
24
9
w i,ooo,
83
oc
vposav?
3
0
srmwraMc for sxchaeos or/ afd t o iv s m io e , txab J5DISB
DBCnsm 31. 1923.
AMOUl>
M M L f l T ,M M B
*30
First 4f so rm A iN d f***
.
110
First 4if snrrsadsrsd for ttfkngi for 4jt psmsnsnt M i l ..
23
First L. !• SseooA
"•r . Sscoafl Coirr,. •
fv
p m s a n t bonis
2100 _
*300
11,900
<5.000
*10.003
13.BOO
^anp* samalsrsd f >r m h n fi for
.............. .......... 2
SMoad 4i n m r i m l f«p « « h « f for 4f p w n w it t a d
..11W
3»oad 4jj( nm odirtl for «wl>ng» for vtntant 4JJ( kwti
114
M i ( 4jf n r r n lin t for osBfcugo for 4jjt ponurat tanii
3111
Vwrtfc 4}Jl n m n l m i for < x A u p for 4Jjt pow w i t t a li
3ffl
1918
-ttfea&L
-01
1M
L JtH .
3mtat ¥t owrmloroi for tadhaaft for 4jj{ p i i i w t M i . • . 94a
SOT
M 1.400
34
11
Flrat << n m a l m t for wdhwjo for 4tyf p o m n n t Viali
.
7 0 U U (ptOOM}> ... . .. ............................ . .......... <M1
89H
U LU L
»>
___
- » » »>
reaiAiaw mbps
m m m . a a
k»!
30
f t . .M R
MOO
>1.000
tB.OOO—
ilO.OOO
2.
First
M.BOO
dellTfwad in * 9 o t a s i f W tM pom i Ul lnHli ........ - fi
...iiTML.
First 4jjt M l t m d la tsefesngs for tM pornj 4fjf
First I . U $—mA e «f* 4jjl la s*cfcsnas far twpw u i
4jjt bcadso** •
0O• • • • •vAJ* • « '•• •• •• •• M<
8MMd 4|t a n iv in d la ssetoats fsr tM p m ii 4
0sssa« 4|jC As&imrt* la mteags fsr f u m y 4gf
4LU &.
third 4fj( A a in n 4 la w rtm p l i r Wapsrar? 4jjf toads«4|||t»
.
JL
Fearth 4jj( M I v in A la «saofcaafs for twyoiw y 4jjt toatejJflQL
M .I M
M U K
11
First 4$J( isltrsrs* la saafeaags foy |ir— 1
40
M 8 «»»a U tt»
41 .
Sssead 4)£ AsllYtrs* la a ^ w ji far niasasat 4f
TOTAL
(pUenltoo*.......................... • • • • ......... • • • 611*
im a
fviS
ata
•••
iff
JUMSL
BgflTawBMwimgca m c B tm s .
hub
samiao McmBBH 81. 1982
A. BMISSSKSD BCMS 8XCH*86HD IDB COUSOB BCSDBt
So. Pieces
First 9&»
First 4>
First Second Converted
First Liberty Loan Convo 4 ^
Second 4%
£k. ad Liberty Loan Converted 4 $
Third Liberty Loan 4$(
Fourth Liberty Loan 4j£
Victory Liberty Loan 4££
United States Treaeury Bonds
Total .
B«
Axaount
US
56
2
185
451
672
1700
2790
346
7
#
6302
#l,666,200o
CCtlPOH BOBDS B^CE&^GID H R ESOXSZEEHD 801BDB*
tio* Pieces
First 9 &
First 4 ^
First Seeond Liberty Loan conv*
Second Converted 4jj(
third Liberty Loan
Fourth Liberty Loan
United States Treasury. Bonds
Total
•
39,900*
13,550*
200.
68,950©
69,650,
334*300.
445,600.
767,200o
66,350.
22,300,
laount
#
14
69
66,900.
42,150.
1,515,700.
401,100o
1,717,750.
320.600*
$4,064,200.
426
744
660
124
2257
S2CliANG8 OF I08S1STS8B2 BQKSS FOR SBOISTSKBPs
J**mnt
30. Pieces
First 3fc<
First Converted 4jfi
Second Converted 4£j£
Third Liberty Loan
Fourth Liberty Loan
Victory Liberty Loan 4 ^
Treasury Bonds
25
7
120
277
36S
7
3
#
106,000.
1,000.
87,650o
99,550,
100,900v
l,950o
700o
802
#
391,766.
cm:mc£m or lii&sBtnssss
iji.ii'ED 3Iasks saaisuBt soses
axw
am i** 1S23
2r**«
»*
?»
*
n
"
«
"
"
Cert •Iwj*
*
*
•t "
*
"
*
«
*
&*rif_s
Date of issue
A«l$2?
A-1924
B-^24
£-'i»27
C~*V25
Tai-1924
TS2-1923
2D2-1923
1*122-1924
1923.
June a.5,1921.
seiitata^si.
U»y Is, 192i>.
j)ec. it), 1022.
afct.15, 19&*o
ilar«15, i9E3o
»5,19^*0
S^t.lfc,192^o
?>i924
TJ-1924
Jj*Colt>,i923«
Interest hat#
3&
6S
4gj»
4s£
4^
4^
4*k
4|jf
4jT
20* Pieces
3,406
5
2
8,076
902
1,616
700
562
766
394
476
17,10?
issued
Total amount each issue
$ 14,580,300.
1,200*
1,000.
15,414,000.
701,500*
8,496,500.
4 ,893,000o
5,323,500o
6,179,000*
9,571,500,
3,924,000c
$ i>i,086,600o
86
@FedFRASER