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oamnEurs n n n
xmouti hssbbti sin or n im u m n
iqb th» n a
1 9 2 4.
To the Directors
Herewith we present statements covering the Yariou* fa&otioiaa
of the bank for tbs past year* with o o m a i t added to give a better
Idea of ear operations and the reasons for variations la ooaparison wit!
otter years < fhe tables shown corer Minneapolis operations &loo*s u&let
>
otherwise stated 0 A separate report is offered by Helena Branoh Andltoi
As far as possible we hare followed the Functional plan la
aaklng ooHpnrisona of ▼
oluooe and costs aad in future all coaparIsons *41
be Bade under this plan* ffhe oan.ses for marfcsd changes will be more in
eTidenoe and we nay more readily cooper* ©or xmit costs with those in
other bankso
While sons progress haft been aade during the year, there are
a noaber of functions performs* by the bank which should be mere ef
ficiently and less expensively conducted0 After be casing settled in
the new buildings and with more freedoo t r m other dirties on the part
of sons of the officers wcrth while results should be Stained.
The closing aonth of the year fooad onr affairs in a satisfactory condition *ad tbe usual m a t hi y aadits disclosed nothing except
of minor importance 0
Ttespaetfully submitted.
Controller*
January 1 0 1925.
£12 £2
Accounting
Coonentc................................. . c6£M>5
Fractional cogte............................ O0.64
Member Bank Balances............. ......... ... .66
Tre&earer’ General Acoarcnt................. ...67
i
franefera of Panda* ........ ................ 068^=70
Auditing Departacnt
C0BBB8Z£t8 ................................... 40,41
Coat of Auditing Function..................... .41
Bank Premises
Cocanenta................... ................. 30
lew Boilding ooets, etc...................... ..31
Helena Branch Building......................... 32
Budget of Bxpanees................................. o35
Cafeteria........................................... 29
Collateral Division.............. .......... ........ 60
Collections
Yon~Casb Collection Cnsinnts.................... 76
9unotional costs and volwe of work............ 77
Statlatice................................o77#78
Qovernaent Coupons*....................... . .58,59
Caefe*Colleetione............................ 79-88
Closed Banka
Coaenta...........................
....45-47
Coat of function......................... .
.47
Bxpense charged to varioua %anks............ 48-52
Gonaittee on Soaaonor and Efficiency............... 33,34
Coupon QUlt
Cantata.... .................................58
Functional coat and volume of work............59
Yoafesr and amount paid......... .......... ... .59
Currency and Coin
Cawanta........ ....................... ..53,54
Taxational costs and v*lm m of work,........ 54,55
M i i r of shipnents................ ..... ..55
Stataoent of raoaipta and ehipoenta to
BMfeer
BOB^iHftar
,56
Receipts and shipavnte to other ?• B. Banka..... 57
(Sea alao federal Beeerve Votaa)
Deficient Beeerve Penaltiee................ .... ..... 66
Diaoouafte
Canaante................................... ...42
Functional oosta and voluae of work........ .42e43
Statement of Operatlona........................ 44
fiataa......................................... 10
Dlvldenda paid nines Organization. — ................. 5
Earnings
Comparative Statement................. ....... c9
Monthly Average....... ....................... 10
Bata par cant of B»t Sarninga on Bald
Capital 8took0. ..10
Average rata on Earning Aaaata................. 10
Ccnnentao.................. ....... .
*11*12
Eooncsjy and iff iciency
a33034
Expenses
........ ............. ..13
Cooperative Statement °
Analysis.............. ........... ......... 14-19
functional Expense CaBMSltt................ .20 23
Comparative Costs of Tarlous functions*....... .34
Administration Costs*
General Overhead^Controllable*........----- a25
General Overhead-Ion-Centrollab la„......... .26
General Service functions.................. 73 74
Budget....................... ............ .... 36
Closed Banks............................... 48-62
Belaburs*ble Bxpendituree*............. . . . . . . . . 6 6
(functional Bxpensee for various departments
will be found under department headings such
as Discounts0 Currency0 Transit0 etCo)
felled Banks
(Sec Closed Banks)
federal Be serve Agent'o functions
OoammntSc........................ ........ o89-91
Administration and Vote Issues............. .. .89
Bank Halations*............................ . 89
Bank XsaaiaetiQnS'............... ............... 90
Statistical and Analytical*.................... 91
Monthly Letter................ ............... ,91
Library*.......................... ......... . „91
federal Beserte Club - Appropriations .... ........... S7
federal Beserve Botes
Co— snts ......... .......... ....... ....... o96e9?
Statistics ........... ..... ............... . o98«100
(See also Currency)
Fiscal Agency functions
Coonente.................................
101
faBOtieaaX Coets........................ 0.101*102
Statist ice................... ........... ol02°108
Franchise Taxes Bald sinoe Organisation.......... . .. 0
4
functional Beports
Conments on functional Bzpenses.... .... .„ o30^30
Comparative costs of various functions°..... .. .84
Administration costst
(General Overhead-Controllalile ............... 0B5
General Overhead-Ioa-Oontrollable 0,..........25
General Service Function. .................. * 73074
federal Beeerve Agent9a Office.......... 0aa.8909X
fiscal Agency,............................101CX02
(Functional reports will also fee found under
department headings, eueh as Discounts0
Currencyc Transite etce)
ftzrniture and Equipment
Cements..............................o.,oo026027
Amount expended for Furniture and Zqulpmentoooo o„27
Insurance on Furniture and Bquipoent.......... ,27
Bepeirs................................ .
»74
General Service functions*.......
.... ....... O
73074
Gold Holdings.. ^ ..............
, 61
OOHMtftc ........ ..... ............. ....... *28,29
lank ?reaises°..................... ........»32
Xnrestaants....................... -............ .... 60
XsMraraaoa
0a tomltara •&& Iquipaanto................... <>27
Awrant paid for proteotiaa dorlas 1924„.........15
Utitd Hire
Cm m b Ii .............. ..... .............. 071#78
$slagraas sant~rocai*ad»............... ....... 71
Cost of Lsaaad fire.............. *............ 72
Liabilities » Comparative Statasftnt i934-19B30......... 2
M b a r Banks
Baaarvo Balances**........... ............... 66
Qhanftes la lUobarsbip....................... 93^95
lav Building
Cements oo................................... M
Statement of costs, ato«.................... .**21
Psrsoonel
ConM&ts.............. ..................... 36*37
Monthly basis of salaries0............. ...... .38
velfare.................. ........... ........39
Cafofcsria........ ..... .................. .. .39
Profit and Lost
Stataaant......... „........................... 3
SWHNTjr stateoeat for 1924...................... 4
Chargs-offs and reserves since organisation......5
Analysis ...................................... 6**8
protection Coats................................... .43
FVfllaii&E and Stock Boo— ............................ 73
Belnfeweable Sjcpendltores............................ 66
Rapaira to Parnitore and B g o i p m t .......... ......... *M
Hosotffoas6 Cooperative Statasant 1906*1923............. X
Salaries
Monthly basis by departasnts.................. *33
Bey-roll.................................... . *14
Securities
Oollataral Division........................... *60
Classification of U, So Securities liald.........61
Stenographic Department............................. 109
Sorpltte
Detail stateannt sinoa orpulsation............ .4
Telegraph
Laasad lira,....................... ........ 71,73
Transfers of Fonda ................................ 68-70
Transit functions
Consente*................. ................. 79-81
functional oost and votaras of vork............. 81
Statistics................................... 82-88
Treasurer of the Baited States.................... .
sal faro....... ......... ........... ............ .
67
*29
» — Ml. — M l
" « «
1B34 ■
1023
B»a 31. 1«8*
P«a 81. 1938
$
$
907,856 46
M d l i d « p t l « T u A I. I« M i
78 ,538 ,196.00
floU with To lo l i n t
M d N U 1I M 8 I t a d
19 ,568 ,783.94
3 d009 ,875 oC0
M d Bullion sad Cola
Bold O i r l i f i n l n
3 ,858,000 >00
ic607 lw * o o
Otter Lftwfal lonij
5 ,464L09
Onrtnfti
r«B*Bftak lotos (Boaorsd \ j U„ 8 « Baals)
12B000-00
M i n i I m m Voftii on B u d
3 ,696 ,835.00
MUftlid
H, V o M i V o n u d a d for Bodoaptioft
378 ,800,00
Bfctionftl M k letti sad lotii of othor l , B < J i d a
l eS 88 g000 o00
V r m l t Zt«u
13 ,008 v661.85
Ctedks and otter Gasb l t « i
3 3 0 ,75 1 77
309„378 .85
f c a h u i i for G l o a r i ^ l o u t
Jills Disooutttod
4 ,008 ,831,61
M t r a u k s 9 G o l lt t i n l lotos
442.860 50
8 377 83
Bills Boo^bt 1b Opofi Harkst
13 ,145 ,100.00
V r t M o r / lotos
333 ,861,00
Otter U-. So loads
3 ,786 (.500.00
Oortifioatos of Xfcdobtodasos
8 ,533 ,850»00
Litert? loads
i M i f i Loans oft O d d
316 ,000.00
Xatorost d o o r a d on Uo 8 « Soewl t i o s
54 ,640.10
1 ,065 ,167,69
m jm m o m m t
6,138.70
M t i r U
Profit sad Loss
riooal u n t - l i U k r a k l i f t p u d i t u N
1,690.16
Vto i i w e s Corporatism « B s M n r s o b l o Vxpoaditvros
1 ,646 ,
.80
48J38c98
N n l l v t n l BfitpMt
M t o r o d tlhftyjM
18 .431.36
Dtoidsads A s a m d
B08,837c96
Bsrtlng f e u N 1m 1« & 1b | lagd
3.3U,778,78
Bxpoadituros * Postals
■
303 96
OitftrSBOO AOOOfOBt
866 59
Gl^tes Booarorablo
3 ,403,613 *78
lgpSBSo - Otter teal l i U t e
18 ,460 c00
H o t e l s and ooats
HJXLS. .
TOTAL HMOOHCW
$
108,060,-071.61
3 ,053 (,410,93
54 ,551 ,590:00
83 ,546,141 »59
3 ,780,440 00
6 r048 ;000 uOO
964,436 00
40,140 75
78 ,900.00
3 C604,906*00
610 ,800 n00
1 ,074 ,100,00
13 ,751 -109,98
873 ,749,58
196.407 17
14 ,839 ^196,98
3,817 438 ,66
632 L501 ,13
,
3 b746.700 00
115 .561,00
165,000*00
7 .009 ,160.00
-
97,499.15
1 ,068 ,187.86
4,954.80
8eT71.81
4,81948
6,613 c66 .
33,889,78
18c890o41
818,788 ,.66
8.845 186c77
177,18
941.41
3 ,365 ,177.73
17 ,638,93
$ 146 r087 700 44
1
FEDERAL R53ERVB BASK CY MINNEAPOLIS ASP H-.LhiNj, BHANCrl.
1924-1923.
Pec. SI, 1S24.
Federal Reserve Rotes Outstanding
U. S. Treasurer's General Acocunt
Members - Reserve Account
Foreign 3anks
Non-Members - Clearing Account
Cashier's Cheoks - Expense Checks
Federal Reserve Drafts
Government Transit Items
All ':ther Transit, Items
Capital, Daid in sy Members
Capita] Stock Susoer.se Account.
Surplus Fund
Profit a j i loss
rr
Discount Earned
Interest Earned
Penalties on Deficient Reserves
Interest on Delayed Wire Transfers
Miscellaneous
Discount and Premium on U S. Bonds
Unearned Disoour.t
Reserve for Sundry Expense
Reserve for Depreciation - Hew Building
Reserve for Taxes other than Franchise Tax
Special Reserve
Depreciation Reserve on U. S» Bonds
Beserve for Depreciation Fixed Machinery &
Equipment - Helena
Suspense Acoount - General
TOTAL LIABILITIES
1 74,835,695.00
1,522,656.41
55,966,929.30
66,496.26
71,152,55
154,079 l96
>
50,017.25
147,674.74
11,535,896.10
3,269,950.00
90C.0C
7,484,218,79
26.586.70
662,715.47
646 101 48
40,175,08
773 25
57,305 08
35,119.57
40, ^ 67 ■t
*>
;
4,694.85
Sec, 51, 1523.
$ 69,167,590.00
2,314,829.28
46,903,570.69
55,377.22
92,060.01
264,67G.69
7,642.87
149,447.86
13,423,102.19
3,496,350.00
350 .:;o
7,472,946.54
.00
1.120,312.97
522,736.02
91,943.18
3,213.79
11,047.50
45,975.62
166,372.85
9,153.61
00
100,000.00
70C-,OCC.CC
500,000.00
146,913.20
93,057.30
3,152.63
1,541,73
72,915.13
6,164.38
#158,030,571.61
32,402.04
.00
$146,027,700.44
FSJifflAL W5SBRVE BANK OP MIN?:JSAP0LIS
STATEMENT OF PROFIT AMD LOSS ACCOUMT FOB 1924
Dlsoount earned on bills discounted - Minneapolis
Disoount earned on bills discounted - Helena
Dlsoount earned on bills purchased
Interest earned on United States Securities
Interest earned on epeoial investments United States Seeurities
Interest earned on Municipal Warrants
Deficient reserve penalties - Minneapolis
Defioient reserve penalties - Helena
Interest earned on past-due paper of closed banks
Interest earned on foreign loans on gold
Interest earned on delayed wire transfers
Profit on current purchases and sales of TTnited States Scourities
Our pro rata share of profits on investments account foreign banks
iSxohange received - Minneapolis
£xchange reoeived - Helena
Clearing house fines
Rent reoeived - Helena
Sxpense current - Minneapolis
$ 940,906*62
Expense current - Helena
124,261*07
Furniture and Equipment - Minneapolis
47,243*90
Furniture and Equipment - Helena
1*694.08
Reserve for depredation on fixed machinery and equipnentMlnneapolis
12,814*75
Reserve for depreciation on fixed nachinery and eqpipswntHelena
1,610*90
Charge-off on building at Minneapolis
219*316*89.
Reserve for depreciation on building at Helena
3,126*80
Expense - Other Real Estate (Taxes on new building site)
18,460*00
Aocrued Taxes on new building
64,390*00
Maintenance of new building
19,603*73
Cafeteri^ (net expense)
6,132*70
K
0«iiecal"differences - Minneapolis
69*92
Tellers and Coupon differences • Minneapolis
337*99
Clearings differences • Minneapolis
29*22
Collection differences
*06
Transit and Return Item differences - Helena
12.62
Collection differences - Helena
15*34
Tellers and Coupon differences - Helena
Adjustment of depredation reserve on U. S. Securities
proceeds from sale of old furniture and equipment
Prooeeds from sale of two Ford ears
Recovery of expense in connection with dosed banks
Profit on sales of V. 5. Securities
Refund on premium on Workmen's Compensation Insurance 1921-19221923 - Helena
Dividend on employees group life insurance (8 months 1923)
Miscellaneous Items
Dividends Paid
202,827.98
Transferred to Surplus fund - JL0"£ of balance of net
earninge
12,627.39
903 of balance of net earnings credited to Treasurer's
General Account a/o Government Franohise Tax
113,646.68
$1,779,127.31
490,641*95
87,804.63
84,268.91
363,049*07
496,021*22
31*19
27,683.15
12,491.95
19,629*77
532*50
773*25
33,809*05
2,118*60
*6.01
14.25
376.00
900.00
•99
143,469.20
2*403.76
4*6.00
,
6 601*68
14*054*46
176.62
2,229*67
196*78
-*1,779,127.31
SUMMARY REPORT OF HARNIN3S, EXPENSES, DIVIDENDS
AND I^ANCJIISE TAX PAYMrtfTS POR 1924
Gross Earnings
Current Expenses
Current Net Earnings
$ 1,609,070.36
1,065,167.59
Additions to Current Net Earnings:
Adjustment of reserve for depreciation on U.S.Securities
Ali other
$ 643,902•77
143,469.20
27,101.24
i Ito/BTCTTT
Deductions from Current Het Earnings:
Charge-off on New Building to reduce book value to es
timated replacement cost
$ 219,316.89
Depreciation allowanoe - ZJL on Helena Branch Building
3,126.60
Charge-off on fixed maohinery and equipment
14,425.65
Maintenance New Building
19,605.73
Acorued Taxes
72,860.00
Furniture and Equipment
48,937.98
All other
7,111.23
n B O f o r
Het deductions from Current Net Earnings
$ 214,800.82
Net Earnings available for Dividends, Surplus and Franchise Tax
Dividends Paid
Transferred to 8urplus
Credited Treasurer^ General Aeoount as Franchise Tax
$ 329,101.96
$ 202,827.98
12,627.39
113,646.58 $ 329,101.96
DETAIL STATEMENT OF SURPLP8 ACCOUNT SINCE 0RQAMI2ATI0N
January 4, 1918, Tran ferred to Surplus from Profit and Loss
■
■
N
Deoember 31, 1918,
March 4, 1918
from Reserve for Franchise Tax
June 30, 1919
to Surplus from Profit and Loaa
■
Deoember 31, 1919,
m
h
•
June 30, 1920,
■
N
■
December 31, 1920
n
■
N
June 30, 1921,
■
N
m
Deoember 31, 1921,
m
■
■
December 31, 1922,
a
■
m
December 31, 1923,
■
N
■
December 31, 1924,
I 37,500.00
688,871r 82
688,871.82
904,367.40
l,249,399c04
1,609,241.66
1,801,706c
323,121.96
166,407.67
66,892.10
11,272.26
12,627.39
1
Less Amount to adjust error of Federal Reserve Board in Figuring
Franchise Taxes 1920 and 1921
Total December 31, 1924
62,425^.36
6 7,4^6,^111
STATEMENT OF TOTAL FRANCHISE TAXES PAID SINCE ORGANIZATION
Deceniber
Deoember
June 30,
December
Deoember
31, 1918,
31, 1920,
1921,
31, 1921
31, 1922,
Deoember 81, 1922,
December 51 1925,
December 31; 1924,
Transfer from Profit and Loaa
«
■
■
■
■
■
a
a
«
Transferred on aocount of underpayment
years 1920 and 1921
Transfer from Profit and Loss
s
e
e
■
H
R
$
57,500u00
624,233.68
1,284,497.62
1,166,468.98
52,423.36
612,028.98
101,450.26
113,646.68
i
STATKLiiSNT OF CHAKGJS OFFS OTH^R THAN CURRBNT ^CPJSNSiSS, AND HBS.-SKVES
JgT UP THROUGH PROFIT A N D LQ33 ACCOUNTSIKCilJ Q KGA N I 2A T f 6'N
Reserve for depreciation on U. 3. Securities (Net)
Reserve for possible losses
Reserve for depreciation on fixed machinery and equipment Helena Branch
Reserve for depreciation on fixed machinery and equipment Minneapolis
Reserve for depreciation on bank building - Minneapolis
Reserve for depreciation on bank building - Helena Branch
Charge-off on new building to reduce book value to replacement cost
Charge-off on new building site (Authori*ed by F.R.Board Dec<>31,19l9)
Charge-off on Minneapolis vault - New York Life Bldgo
Charge-off on Helena vault
Maintenance hot ; building
Taxes new building
Other real estate - new building site - Expense
$60,406.73
Income
35,800,02
Furniture and Equipment (Net)
Abrasion on ^old Coin
Paid F.R.Bank of Chicago to adjust book value $229,400® Capital Gtock
52 Wisconsin banks
Cafeteria - Net expense
Differences
TOTAL .
$
3,444.00
700,000.00
4,832.70
12,814.73
30,189.31
9,856.35
319,316.89
100,000.00
40,000.00
77,737.64
21,706.66
74,360<,00
24,606.71
321,341.94
16,707.13
2,127.22
11,086.90
3,383.10
$1,772,500.28
DIVIDENDS PAID SINCiS ORGANIZATION - BY YiAKS
1916
1917
1918
1919
1920
1921
1922
1923
1924
•>
'
j
57,719.87
363,876.06
167,945.47
179,499.03
195,267.75
211,657.03
213,774.01
212,732.66
20?., 827.93
.$1,805,-299.88
5
fBOHT m
wsz
The followlag ooaannt and explanation it offered covering the
disposition of earnii^s for the year 1934 and s o w of the changed condi
tions which will ho brought ah oat through oar oocapation of oar now
building o
Total current earnings for the year amounted to $1»609,070«36
to which was added $26,586o?60 repretoatiag amounts placed ia profit and
Loss account dorla* 19340 covering sales of machinery aad other equipment
purchased prior to 1924; profit m ttalted States securities sold aad
recovery from various banka of expense which wo had been put to 1f colt
looting their paper 0 A further orodlt to Profit aad Lose arose from the
appreciation la our holdings of Halted States securitieso The federal
Reserve Board advlted that ao depreoiatloa reserve oa United States tocorlties should bo maintained except for the 3 per coat Conversion Booda
of 1946-47o At wo have $114e800o of these feoadt, the preseat reserve
carried at 3 per oeat of par is $St444»00° The halaaoe of oar depredation
reserve $143,469*30 was credited to profit aad Lotto The graad total of
credit amocmtt was $1,779,640,80 aad wat disposed of at follows*
o m m
m m m
♦ Loesois?^
Thlt M t B t covert the ordinary operatlag costs with the exooptloa of foraiture aad Equipment costs* Cafeteria expease aad stw hnlldlz^
maintenance^ All maintenance ooett aad taxes will appear la Current Ex~
pease la 1925* laatead of being separate charges la Profit aad Lots at at
preteato The Items making up Ourreat Sspenee are discussed elsewhere la
this report*
mmxran
aid w a m m
i K S S S S T m P w o W
Helena Branch
1*694.08
Approximately $350000 more wat expanded oa Furniture aad Iqulpm a t la 1934 thaa during 1983<> Foraiture requiredfor the Bxecutive
officet 1a the a*w building wat paid for la Beeeatbere as wall at other
seeded equipment o forttoor particulars of pturdhases aad other dttallt are
famished ia tht repcrt oa foraltw* sad Equipment.
6
»2~
1XHBTSB OTHP» MBA?, "ff AT*
$18, 460 00
Tbe taiti on our ground at 5th Street and Marquette Avenoe for
1934 are represented by the above amount*
We have charged this account
the monthly portion and set aside for payasat during 1925. Tbs valuation
placed on the ground was $6270900 and 40 per cent of this amount at a rate
of 73o50 dills is the assessment.
unm.m.m wnwim x m
$64,39o0 o
o
Valuation set on our new building for 1924 taxes was raised to
$10850,000
Bach sionth the
sub
of $4,432»50 was charged to Mew Building
Account and credited to "aeserve for fasces other Than franchise" * At the
d ose of the year the total amount was withdrawn from Hew Building Account
and placed in frofit and Loss Account o
uiFWM&suLm m u m
$i9t603o73
This amount charged out of lew Building account represents the
heating expense for the past ysara plus engineers' salaries and the light
ing and power costs other than that used by the nen working for the con
tractors* This item will appear In the regular operating expense from the
first of the year*
stmmUBBsam
* m»oTo
This expanse has increased approximately $1200o00 during 1994, due
to a acre general us* of the facilities and a larger stock of supplies
carried. With tbe enlarged quarters in tbs new building* it is quite evident
*nr expense for 1986 will show an increase over 1934.
a
report on the Cafe-
t t r U Is M i l iltmtom*
4S7.18
at.re *
M n » m u h
Total charge-offs for differences is lass than ona-half the aaount
written off for 1983* Tellers* shortages aaks up $337«,99 of this aaountc
Thsse shortages nre for wall aaounte and tbe total is by no aeane ex
cessive 0 based on the volume of aeney handled*
Selena Branch
^
1251TO
On December 26 we were advised by the Federal Reserve Board that
irrespsotlve of earnings, all legitimate charges should be made and that ae
M
-3* matter of S/s torn policy e only true values should be reflected in the
balance sfceetc With that thought in mind* instead of authorising the
regular 2 per cent depreciation charge-off and the additional $100,000
reserve requestede they authorised a reduction of $219,316*89 in oar
Building Account*
We bars also raduced Boilding Account the $100e000
set aside under Federal Beeerve Board authority on December S09 1920»
This reduces Building Account as of leveaoiber 30 0 1924 to the estimated
replacement ooet of $1,810,14? <,00, The regular allowance of 2 per cent
wae made in oonneotion with Helena building and leaves the opportunity
to make a subatantial reduction in this account at tbs end of 19260
m m t* m m m o m j g u i , m & M m m r
ABB BftUIMHT
Minneapolia
Helena Branch
$129814073
l0610o90
This amount represents 10 per cent of the cost of our beating
equipment a we had aafeed for a reeerve of $47 B435 c81 to be eet up 0 but
this was not allowed on the ground that only the heating equipment had
been made use of during the past yearc
At Helena the same reeerve ae last year0 10 per cent of total
oost0 was allowed o
D i m a a p g PAID
« 202*827c98
The amount paid for 1924 is approximately $100000 lower than the
1923 dividendo Stock held by maaibers wae $3*2690950 on December 310 1924
in comparison with $3„498e350 held at the eloee of 1923« Total dividenda
paid since organisation $le805,299<>88»
m r m . m
m m m
m
After making all the charges ennmarated^ the balance remaining
in frofit and Lose accouat waa $136,8?9o97.
This was disposed of hy
adding 10 per cent, $1206B?o39» to ear surplus and crediting 90 per cent
$113?646,58 to the Treasurer of the United States ae Franchise Tax*
Total Surplus from Kernings since organisation
Total Franchise Taxee paid eince organisation
$ 704960846«18
3 0792c249o35
8
COMPARATIVE STATOT/ff OF GROSS TBARNINQS
DTO3RAL mtS7!RYIj! BANK OF MINNEAPOLIS AND HSLBNA BRANCH
■
’
innearolis
Helena Branch
1Q2U
1Q2U
Discounted Bills
$ U90 .On.93 $
Purchased Bills
811,268,91
sUg,070„29
United States Securities
Municipal Warrants
31.19
Deficient Reserve Penalties
27.6S3.15
25.OI
Exchange received on collections
•Interest on Bill of Lading Drafts
Interest on delayed wire transfers
773.25
Interest on La at due paper of
clfcsed banka
19.529 77
Profit and loss on current -purchases
33.809-05
and sales of TL S* Securities
Participation in transactions with
2 ,118.50
foreign banks
Rent received
376.00
Clearing House Fines
Interest on Loans on Gold
TOiSO
871 ,052.93
3 1 .U13.58
520,723.79
65.78
U6 ,611.23
92.84
1 .9U 6.U5
3 .213.79
• ar
r
133:
87 ,80)*,63
$ 217.8U 6.U6
12.U91.93
lU 25
$
Combined
U5 .331.95
12,90
t
578.UU6.56
8U.268.91
8U8 ,070.29
31.19
uo,175.08
39.26
1ST
773 25
19.529.77
7 ,073.69
$ 1,068,899.39
31.Ul3.58
520.72?.79
fe.78
91 .9U3.18
105.7U
1 .9U 6.U5
3 .213.79
7.
073.69
33.809.05
2 ,968.07
$1,507,859.55 $ i, u s , if e i5
900.00
900,00
.
$ 101,210,81
* 26U„09i< 3i
•Since January 1, 192U, ‘
bill of lading drafts have been Included with discounted bills..
2 118.50
900.00
376.00
.. . . J O
2 2
2 .968.07
900.00
1 1.609.070,36 $ 1,7*9.253.116
GROSS EARNINGS
FEDERAL RESERVE BANK OF MINNEAPOLIS AND HELENA BRANCH.
1924
578,446.56
84,268.91
31.19
848,070.29
773.25
40.175.08
57.505.08
145,771.12
90,178.11
55,593.01
17,727.72
566.37
3,333.79
16.09
Average Monthly:
Gross Earnings for year
Current expenses for year
Operating IVofits for year
Dividends paid for year
$ 1,749,253.46
134,089.20
88,763.97
45,325.23
16,902,33
TOTAL
1923
$ 1,088,899*39
31,413*58
65.78
620,723.79
3,213.79
91,943,18
12,993.95
$ 1,609,070.36
Earnings from:
Discounted Bills
Purchased Bills
Municipal Warrants
United States Securities
Interest on delayod wire transfers
Deficient Reserve Penalties
Miscellaneous
17,00
Cost of F. Ro Nates for year
Rate per cent of Net Earnings
on paid Capital Stock for year
AVERAGE RATE OF EARNINGS ON EARNING ASSETS.
1924
1923
1922
1921
1920
1919
4,458
4,502
5,119
6,479
6,223
4,381
Bills
Purchased
U. S.
Securities
5,720
4,125
Bills
Disoounted
3,899
4,250
3,427
2,055
2,016
2,460
6,087
5,259
4,267
Disoount
Disoount
Disoount
Disoount
rat#
rate
rate
rate
Municipal
Warrants
4,374
4,600
4,752
5,807
effeetiv* January 1, 1922
lowered January 11, 1922 to
lowered August 15, 1922 to
lowered October 14, 1924 to
Total
4,084
4,411
4,640
6,091
5,755
4,114
«I /
n
10
EARNINGS
Earned at Minneapolis $1,507,859.55*
#1,609,070.36
Earned at Helena $101,210.81.
In comparison with the previous year, earnings at Minneapolis
were $22,000. higher and at Helena $163,000. loirer.
TThile the percentage of
decrease in rediscounts was much greater at Helena than at Head Offioe, we
were required to carry an average of over $25,000,000. in United States se
curities the latter half of the year and approximately $16,000,000. the
first six months to enable us to cover expenses.
The Branch earnings are
oonfined to the return from discounts and reserve deficiency penalties,
the only means of profit lying entirely in the hands of the member banks.
Our earnings from purchased bills amounted to $84,268.91. and
were $53*000. greater than income from this source in 1923*
For the first
part of the year we were allotted a considerable volume of acceptances and
at fair rates.
Our average daily holdings of acceptances for Deoember were
only $113,694. and at a rate which netted us 2*281 per oent*
Over fifty-six per cent of our total income for the year was
obtained from holdings of United States securities.
In addition to the
#848;070.29. collected in interest, we made current purchases and sales of
securities which added.^33,809.05 to profits. A still further oredit of
$14*654.46 was made direct to Profit and Loss account from the sale of se
curities which had been
purchased prior to 1924*
Improved oondition of member banks together with the closing of
additional banks who were continually short*in required reserve, lowered the
amount collected from penalties to $40,175*08*
#91,943.18 in 1923.
From this source we obtained
The flat penalty rate was 8g^ up to October 14 and
&JL for balance of year*
The amount collected on past due notes o f closed banks amounted
to only $19,529.77 and an estimate of the amount due us at the close of
1924 would be close to $250,000.
-2~
Interest on delayed wire transfers purchased is now a very small
item in our earnings, whereas9 some years ago it was an important addition#
The larger oity banks have had ample reserves and were not dependent on
prompt transfers from correspondents*
Our share of the profit from commissions paid the New York bank
by Foreign banks for handling aooeptanoes and United States securities sold
them under repurchase agreement amounted to $2,118*50*
We have also a new
earning item of #532*50 representing the interest from December 2 to close
of year on $216,0000 at 3 per cent interest*
This is our participation in
a loan of $6,000,000 of gold to the Banovni of Prague for three months at
3 per cent.
Clearing House fines of $376o were collected from various Twin
City banks covering infractions of rules laid down for the operation of
the Clearing House maintained on our premises*
house are assumed by us*
The expenses of this clearing
Item of $900. shown in Helena report as "rental”
is a charge of $75* monthly we make the War Finance Corporation for space oc
cupied in Helena office*
The close of 1924 shows a falling off from the last day of
December 1923 of $10,800*000. in rediscounts and $3,375,000* in collateral
loans»
From these figures however, should be deducted $1,300,000 represent
ing paper transferred to aooount "Claims Aocount
- Closed or Suspended Banks"o
On December 31, 1924 we were carrying $4*452,000o of discounted paper and only
$8,000o of acceptances*
At the same time there was an increase of $15,752,000*
in United States Securities carried, the total being $25,788,000*
Average earning rates were lower in 1924 for all classes of
assetso
The rate of 4»458 on discounted bills was but slightly under the
average rate for 1923 but the return from United States securities averaged
3*899 per cent in comparison with 4*250 per oent earned in the previous yearo
The average rate earned on all classes of assets combined was 4 o084 per cento
This rate for 1923 was 4o411 per cento
IE
OOMPAHATCT S » m H M »
cnwaCT ixpessss Qg T m wptou. wtSKwn aunt or wrc isapolis as-) bsmma bhmioh
KlaaM'Mdls
Convblnad
USE*
Salaries
Bank Off ioera
Clertoal Staff
Special Officers and Yatchmen
All Other
Governors1 Conferences
Federal Reserve Agents Conferences
Federal Advisory Council
Directors Meetings
♦Traveling HSxpenses
Assessments for federal Reserve Board Bxoenses
Legal Tees
Insurance (Other than on currency and security shipments)
Insurance on currency and security shipments
faxes on Banking House
Ligit, Heat and Power
Repairs and alterations-banking house
All Other
Rent
Offloe and other sunolies
Printing and stationary
Telephone
Telegraph
Postage
Kxpressags
♦♦Security Shipments
•♦Currency and coin shipments
federal Reserve Currency:
Original cost including shipping charges
Cost of redemption including shioping charges
Taxes on Tederal Reserve Bank Vote Circulation
All other expanses
_
Helena
Brandi
_ia ^ _
U U 2L -
105.855.35
381 .31U . ®
ao.179.66
62.n 9.Uo
15.U95.00
U .178.21
8
5.395.W
U.32S.92
566.31
2U .7S
5
5.5QU.00
50,9«5.10
21.S66.99
17,538.32
25.M9.13
ifc.573-10
1*1,556.2?
18.668 82
35.2ft.ft
6. 2U .5S
1
121.350.33
U .U92.S9
29
25=575.50
67.lUS.32
3.^J7.3U
1.W9.23
5.925.00
3.970.76
3. 6a .95
1.580.05
1.U67.B
125.60
*
1,81*2 72
2 ,221.9U
2 .798.86
.
1,068.27
7 539.29
113 .235-98
U ,127.89
60
2U.0U
1.30
35.755.81
606.09
89.68
566.31
2U 5.78
1,087 20
1 ,087-20
1322
ja a
9.0513U
52»U9*.33
21,866.99
23.U63.32
29,599.89
16,175.05
1,580.05
1.U67.5J
U $..6o
2
U ,398.99
3
20.890.76
38,06350
7 .309.55
>
7.66
1.195.30
9.506.52
32.0*8.63
23.TO3.®
1U.1U
9.06
30.U7U.21
U.U08.98
1.592.63
1,836. U
2
2U,9UU.83
U.592.09
25.791.73
1,577
U . 698.77
6
23.860.U5
36. 756.88
UU,037.S7
21,953.*?
U . 51U.ft
2
7. 090.10
•“ .697,33
1
79.18U,'-8
8 7 tC
3Us .r
017 .U
22.991 '•’*
,
6 988.28
10,092.88
1,73«.3U
6,,796.H2
1,73*.3U
U .005.U6
0
10, 621.97
*980,905:52
Jgl.20
j6.6Us.66
,261.07$1,065,167.59
6,796. U 2
16,U»*5.7«
1*67.13
*67..’7
1,140.00
11,1>07.13
21,U70.07
1.666.3S
25.757.22
90.305.UO
7.95U.86
9.089.0
833.65
22,281.21
195.70
10
16.U58.37
65.593.Ul
9.259.23
107,5770^
U63.390.03
11.‘*0
53.333 78
^^SU.-jo
lU,260.35
„. Hft.gjrg, »
♦ .082.137.35 $1 .0e»*,9U .U9
1
2
•Other than those connected with governors1 and agents' conferences and meetings of directors and advisory council.
♦•Since January 1 9 1923 oost of security shipments and oost of currency and ooin shipments haa heen distributed to
postage* expressags, insurance on currency and security shipments, ate*
lanais
The operating expenses of ths teak show a reduction of ap~
proximately $170000 from the total for 1923 aad this reduction it entire
ly represented la Bftlena figures,. However,, had the expense of making
collections at Montana closed banks been added to Palana total, there
would have been an increased cost of approximately $125,000 with Ilka re
ductions in Minneapolis total. The Branch however, hat aada material
redactions In many items aa noted elsevtiere.
Information bearing on the
causes for sauted changes la the various expanse items is offered balovs
MlMft
$643,667*04
There was a net increase in salaries for the year of $10,406»06
At Helena a reduction of $7,517o79 was made while Minneapolis total waa
$17,923o86 greater than for 1923.
Increases aad decreases accounted for
as followsi
$8,114,35 increase in officers1 salaries
1,534.20 increase in salaries of special officers a watchmen
31.392«51 increase in salaries of special representatives at
olosed banks aad all other employees not otherwise
specified.
$ 41,041,06 Total increase
30.635g00 decrease in olerleal salaries
$ 100406o06 net increase
At Minneapolis the rarfbar paid by the bank was reduced 45 persona between
Dsoember 31. 1983 aad Dooaabe* 31* 198$ but the sasber of exper leased
people required on closed bask work aad the consequent higher salaries
offwet a large part of the savings which would etharwiee have beaa evident,
The end of the year comparisons show a monthly increase of salaries la
Closed Bank Department of in excess of $2500o However, the Deoember pay~
roll at Minneapolis is $3,620.33 lower than in the first month of the
year and $50624038 below the high mask of the year, which was la April 0
Increases to the amount of $23,680 yearly were added to salary figures
in Januarye 1923 o
Beginning la January the salaries of 33 new building employees
amounting to $3„060c per month will be added to payrollo
2
TRAYBLIBQ W t m M
$62,454:23
Apart froia a snailX amounte this total was created by our re,
j
yresentativee at olosed banks and covers travel as vail as maintenance
bnt doos not 1 nclude amounts expended to protact our interest^. The above
Item is $20,000 in exoess of the expenditure for similar purposes In 1923
and will again be a heavy item for 1925. Daring 1924 recoveries to the
auoxrat of $6*501 =>68 vara obtained on expenditures we had node prior to
in the collection of closed bank paper.
AsssgsjCMT 3CT r m s m bbsbbti board i x b b b m
The sxua of $21, 866 99 was paid far the year 1924 covering er=
peases of the federal Reserve Board,
On the basis of the assessment for
first half of 1925 wa will be required to pay $24e500„ or an increase of
approximately $2U700 ovor 1931
LEGAL FZBS
$23,463,32
This is anothsr itea which is inflated due to the closed bank
situation.. Tha increase of $9,000 over 1923 la nade through aa inoraass
of $1*500 In office allovanoe to Judge Us land* an offloe allowance now
mode Counsel Weir at Bslena of $2,400 and additional fees for work taking
Counsel out of tha office, principally on olosad bank natters <
>
IBBPRA1CB
$29,599o89
Cost of this itssi is lower by approximately $900 than in 1923
and we were reimbursed premiums of $1,450 in 1923 by Fiscal Aganoy« Vo
recoveries from Fiscal Agency were obtained in 1924
Principal amounts
making up the expense are Employees droop Life $5,714<,16”Bankers Blanket
Bond and assess $200000; Casualty and General Liability $894 n99, Fire
$732.70° Blanket Automobile policy $529952; Vow Building Miscellaneous
$571o70o Ae soon as wo are in our new
quarters
the uuffcter of curtailment
of insurenae will be gone into-
15
$ 1,560 05
TAXK3 OH BASKIBQ HOUSE CHZI^IAl
Tho assesiisd valuation remains the sane as formerly vis 0 build
in^ $75*000, lot s>5s4Q0.
assessed value
Ta.vab'U-i valuation ia thirty i*r oent of the
County taaces were $15«08 lass than last y»«ra the levy
being 42 9 mills against 42 L cilia last year
:
than last year
$7 00.
City taxes are $2950 nors
Ths co»i of strocl lighting boing raised from $5 00 to
Sprinkling costs oi $& vC are also included in ths city taxes
1IQHT ■SEAT - P o m
$ 1:
,467,53
Tliis it6:: refers to Helena bank building and is a reduction
i
of $270; from sisilar costs In 1333
(In Minneapolis war1 at Annex in Helena* both rented
quarters* thess item are included with "Rent")
HgHT
REPAIRS
ALTERATIONS
$43,398099
Included with rent of office quarters at Minneapolis, is light
and power used in the Annex and rental of garage and parking spaoe for
oar automobile
Rant of qu&rttfrs is the saas as previous year $370382«,88
Repairs and alterations c.m x ayroxiiaately $650.. The total rental expense
'
at Hslsna was $lD842e72» Oi r *o fcl3100 represented rent of Annas to
.
Deoember le 1924; $600 for light aod poser aad $142<,72 for repairs and alter*
tions
The total of all these Itonis is $3,300, lower than for 1923;
Total
monthly rental for 1924 was $3, 210 24 and we are entering 1925 with a
redact ion of $669 58 per month through the giving op of spaee not under
leasev
We are liable for rent until July 1 of Transit Annas at a monthly
rate of $l,083n330 bat have already subsist the upper floor at $250. per
month g m a smut,
a a n » m ttnmaa
w > 0**)o?s
*80o»cJo
flhila material reduction had baaa made sinos July ia ooqparitoA
with like psriod of 1923r it seemed good Jsdgasnt to inoreass our stock
of supplies at this time rather than carry these expenditures over into
1925
Approximately $6C000 was expended whioh might h m been dsfsrred
1G
-4-
wlth tbs result that a corresponding reduction should bo evident 1& our
expenditures for tbs fir it quarter of 1925„
Some tiring hat boon effected throtfch recoame Nation* nade by
a Counit too appointed by tbo federal Reserve Board to look into tbo aatt*r
of collective buying by tbe federal Reserve Banksn
While a comparison o:
;‘
tbe prices we pay with tboee of other Jtederal Reserve Beaks may not ba
altogether favorable0 the differenoe is largely accounted for in qualities
and transportation costs,
HoweverB we have learned that savings nay be
brought about by lowering the quality of eone of oar supplies without
reducing effie Isnay or service a Oar Parchasing Agent hae been instructed
to keep in touch with tbe Agents at tbe other banks in order that we
nay take advantage of every opportunity to reduoe costs>
$ 70309 85
This expense is about $300o greater than in 1923 and apart
from our rentals is largely tbe result of long distance calls reimbursed
to repreeentatives at closed banks 0 formerly this expense of representa >
tires was carried in "Miscellaneous” HO have reduced tbe nnniber of
0
pboaee which bad been inetalled and it is probable oar telephone expense
will sbov * material reduction in 1925o
ZBLBOBAPH
$33,997.16
■
Theee oosts nre approximately $10800 lower than in previous year
tbe eavii^ effeoted at Helena due to ourtailasnt in transit and Transfer
Dopartaints was $3,600* Under ine truetions fros the federal Beeerve
Board tbe private wire service to anribsrs was curtailed due to ooi^eetion
of tbe wiree > 1 sore favorable baeis was also nade tbe Treasury Departraea'
for their share of wire expenseo
The net result hae bsen that we now pey
more for our share of wire costs tbna we did formerly with a heavier volume
The service has been improved however., through tbs lessened congestion
17
;
K
:
P09T1Q3
$74 a683 010
A reduction ie cuad* ia this item of $13,000 at Minssapolis and
$2,700 at Helenan
During 1934 there were 652 lettars lass despatchsd
daily by the Transit Department than ia 1928 and a nuch closer superyieioa was also maintained over the supply of stamped return envelopes
furnished the banka of our district, The reduction in postage cost was
approximately 17 par cent and at the earns time the reduction in country
checks sent oat was 8 per cent . Tor the past two years the postage on
ourrenoy rad security shipsmnts has bean charged to this account * The
amount expended on these items for 1924 was $140273.89 in comparison with
$7c495£94 in 1923c Allowing for tbs increase in 1924 for currency and
security shipments there was a saving of $22,600 during the year on tbs
other postags items..
fEHBRAL BJ3KBBVZ OPBHBgCT
$ 6*796,42
Original oost and shipping charges
Of the above amount but $lp560 was spent for printing of notes
during tbs year0 the remainder repreeenting shipping costs from Washington
to Minneapolis and Helenao
Zn former years our note costs have averaged
between $40*000 and $60f000 yearly and tbs asoessary replacements daring
1926 will oaaee a mnoh greater expense than during tbs past year.
m e m
$1 ,738,34
Bedeoptlan Costs
The charge under this heading for 1924 covers only the shipping
expense en unfit notes sent the Treasury Department n Bilena shipemnts are
charged against Hiansapoliso At tbs end of tbs Treasury fiscal year we
were assessed $2s649n33 for the redemption of our aoteso Ibis ssisunt was
paid out of the fond wo had aecumnlated prior to 1994 through monthly
ohargs-offs.
m have still romaiaing in this reeerve nooouat $40471o01 which
should bo Mjple to pay redemption expense to the closo of tbs next fisoal
year June 30c 1925.
•*£
jMm&mtm vxmm
$36**46,66
ffba total of mi»09lliui®{m» it*sss is grtater by $4D000 than in
1923 &ua principally to the additional azaenmts paid for axaminfir** re
port* and for axpaase ifcemsred at closed bai&«c
The amount of $12t88£024
paid th*> Comptroller of the Curraaey for copies of reports of axamina-*
tlons is $40700 gr*aterc brought about by a charge of $10<,00 a report
i&staad of 15 coat a a sheetc which asxnmtad to about $4o50 to $5o00 a
report <
>
Special ajpaase at closed banks increased from $5D577,45 in 192?
to $90735c26 for 1924 0 tfhis item is ttdt up of lagal costs other than
payments to our ectmsel;; faxes and insurance on. surrendered property; feed
lag and haatiLlaa#. of stock and rentals paid by representativeso
Other or-
peases crXaafcad'ap *)H«0*llaBe<ras* are aa follows $ Repairs and maintenance
of fturaitore and H n l p s u l $1^28.06; Oatsida protectionG time serviceD
atOo $657»50» laundry $171»45? lfcmtca and pernits $163 <>95; Car fare
$523o73; fax! hire $468o50, Newspaperae books0 clipping service0 atcc
$l0980o96; oollactio>& ofcarges and protest faat $lc299017j Clearing Hoase
fines $79cCX); eaployaes* edtication $le80?o50j Medical examinations, etcc
$587 «50; Ifelfare and recreation $lc288o90, entertainment of bankers $620o94,
other dinners aad entertainments $758 76° Cradit services $748<>00; Membership in tax payers association $328036; Dws* Ansricaa Bankers* Association
$515 0 5 Oar pro rata share of Fsnsioa Oosmlttee Expenses $304 02°
OO
0,
Cfcristaas donations to Janitors and elevator operators $100o00
19
yPHCf IQSAL ESTEPS*
In order that tbs Direct o n may have a better idea of the ex
pense of the various functions, a comparison it offered in the following
tables of costs for 1924 with those of 1923 » Elsewhere in this Report
is given the total cost of different expense items hat these figures are
of little vain* in determining the oost of any given function or of
of
knowing the numbex/ persons required to handle that particular function,,
Under the procedure laid down by the federal Reserve Board in its Manual
the expense items to he charged against each function are described., Tor
some time there was considerable misinterpretation put on Board instruct
ions by the different hanks, but
uniformity
has gradually been brougit
about and we now have the msan* of making oost and volume comparisons with
the other eleven banks*
In distributing expenses against the different functions we
charge each function with supplies usedj cost of telegrams; sendee of
the Stenographic unit; traveling expenses and other items which are
created by that particular function*,
le have briefly outlined the different Tunotions end the work
that is classified under each function* Son* of our comparisons ef oosts
and volume made elsewhere in the Report are tram the Tonet ion figures
and on all future reports comparisons will be made under fuaotlons rather
than by Departments.
QEHEBAL OVERHEAD Q O m ™
- This includes the salaries of ths Chairman
of ths Board0 the Governor, their private eeoretaries and any other exeoutlve
offioers whose salaries or part of salaries should he charged to the general
administration of th§ bank.
It also includes the expense of Directors*
mss tings, Offioers1 Diaaers and Conferences, Mtberthlp dues in various
organinations and laoidental expenses oonneoted with the general administra
tion of the bank.
20
^2 '
'"
miiEEBAL QVgmigAP jingwsoifHDLLiBMS - Covert all item* of expense incurred
as a result of established policies and not directly controlled by tbs
operating officers of the bank0 such as orlginAl cost And cost of redemption
of ItdsrAl Reserve notec, stepping charges on currency to and from tosraber
And
non-assibsr bankse expenses of tbs Governors1
And
federal Reserve Agents*
Conferenceso assessment for ysderal Reserve Board expenses end shipping
charges on seourit ieso
PR0VI8I0I Of 8PA0V ~ This function includes rent* lights repAirs And altera
tions, and all otbsr expenses pAid in oonneotion with the operntions of
rented quarters*
Voir that the building is being occupied by the bank0 it
will also include, fuel* taxes£ insurance, janitors and service supplies,,
saI
Aries of officers, building superintendent, janitors0 engineers And
elevetor operators*
w o n s i a r or w a s o i r o - ineiwu* the salaries of officers sad employees
Assigned to the hiring of employees and employees* records, asking up of pay~
roll0 amounts expended for the education and training of employees0 tbs
expenses of the welfare division and Also Amounts expended for the main
tenance of the cafeteria*
" m t l l m M - * * • function covers divisions of the bank expenses con*
nected with purohaaingp smlntenanoa of telephones, which includes both
outside end house systens6 oost of coding end decoding messages, cost of
assembling outgoing Mail, excluding postage* oost of handling registered
anil And expense of maintenance of files and m r j ^ s g old recorde, expense
of addressographs, woltigraph and othsr duplicating operations, oost of
protecting and safeguarding tbs property of the bank, including salaries
of special policeman and guards, tbs cost of aalntaining a force of office
boys And pegee and the cost of maintaining automobiles used in the service
of tbs bank* naintsnanos of vault and vault iqulpatnt and repairs on
furniture and equipment owned by the bAnko All tbs costs of toll nsssages*
telegratts including all Private wire sxpems And Stenographic services
Are redistributed to th» function w i n g t>#m,
21
<^53
=5«»
« fbie include* the coet of all outgoing ordinary aail0 Vat does
not include tbe postage on return envelope* and po*toard* cr po*tage oa
monthly taiimit oonditioa* or pottage oa sbljaaats of currency* cola
aad *ecuritie*.
j^ nyAOTE - Cost of all olassos of iasaranca with tbe exception of fire
iasaranoo oa bulldl^e and insurance on registered asdic
TAILED
- Tbie includee all tba expense iaoidoat to aad la ooaaaotioa
with tbe llqoidatloa of failed banks«
LOA18. m iaoam s IMP AOCOTAIOW - fake* in all tbe expeneee of -attain
ing oor loaa and Aieoooat fraction, laoladfc* tbo gathering aad aalatoaaaoo
of orodlt information ae wall at tbo records pertaining to disoooats aad
rsdisooaato«
ncmigiifl n p o n m - fbla foaotioa laaittss tbo ooat of all c f m U m la
securities® iaolodlag purchase aad tala traasactloas fcr t v o*a accoaat,
other Jederal reserve banks or aasfee* banka o It aleo include* tbe ooat of
bandliag all eecoritios0 laolxidiag tbair m a l t cu*tody0 with tbo ezoeptloa
of the handling aad custody of securities bald for tbo fiscal Agency
foaotloao
( S S m C T A M D oonr - fbla includee tbo ooat of all operatlona la ooaaootloa
witb tbo receiving and sorting of curreaoy, paying oat curreaoy ovar tba
o ooator aad shipping to aeaibcr and non friber baakao
It aleo include*
tbo eoat of shlppiag aafit curreaoy to WaeMngton for rodoaptloa« fba
ooato of rodenptioa aad tbo pootagse oxproee aad lasuraace on laooalag aad
outgoing currency and cola ships*nt* are obargod aot to currency aad ooia
foaotioa bat to General Overhead Ion-Controllable „
CEtSCK ft3LU0fI P S - Includes all expenses la ooaaootloa witb bandliag tba
eolleotloo of oaab ltsas»
It laoludss ooat of bandliag oloarlsge0 Government
ebooks, oatgoing country check*, remittances la payment of country checks D
rotura items© *tc<.
22
'A
BOT-CA8H QQTTgnw|»iQ|is rpgCTIOH ~ This includes all costa of handling non
,f
eash city and country collections.*
It also includss the costs of handling
Government ooupone.
AOOOIBTIIP FCTCTIOH - This function includes all izpeaus incident to tha
naintananca of tha raoords of ths hank, snob aa tha gsaaral ledger, member
bank accountsc Tadaral reserve baak aooouatsD capital stock, traasfars of
fuwli and ths paying of bills o It also includes tha azpansa of all work
incident to tha preparing and standardisation of accounting forms and ths
distribution of prooadura and opsrating ins true tions*
FISCAL AflBTOT - Covers all expenses inourrad in oonneotlon vith handling
our Tisoal Agsncy duties, suoh as ths handling of Government issuas of
seourities9 redaction of Government securities, exchanges and conversions
of Government securities*
It also includaa ths oost ef maintalng tha
accounting system for tha Fiscal Agsnoy and tha custody of securities ha Id
for them- Ops rat ions of tha War Finance Corporation were also charged
to this function*?
USGAL FUHCfIOB ■This includes all expenses in connaotioa with legal work
*
of ths bank with tha exception of legal faas incurred in oannaotion with
failed banka which are charged to Failed janks function*
It includes
feesD traveling expanses and retainer faas paid to oar legal counsel, oourt
costs0 etco in connaotioa with legal worko
AUDITIBtt IUHOTIOI - Salaries of officers and employees and all other expenses
incident to tha audit of heed office, including Fisoal Agsncy operations
The above four fractions inolude all expenses of tha Agent’ office
s
in ooaaeotloa with ths promoting ef bank relational including public re
lations 0 the lssaaaoe of Federal reserve aotas to ths baakc examination of
member and nan m ember banks aad tha oost of maintaining a statistical and
analytical bureau with ths cost of maintaining a library for ths use of baak
officials and employees
23
QQMPABATIVB 0Q8T Of TABIQP3 fBBQEXOBS
(MiaasapoXls Only)
Boater of BWkbor of Avorags anatosr Atertfi aaafeor
Official* Official* of Boployoos
of BapXoyoos
1984_______ 1983_______ 1934_____________ 1983
Geaeral Overload - OontrolXabXo
Prorltloa of Space
Provision of Personnel
OoaoraX Servics
Xasuraaoe
Bailed Banks
Loans oBsdiseounts 41 Aooeptsaoes
Custody of Securities
Currency and Coin
Cfcsok CoXXectioas
BoaHteSfc Collections
Accounting
fiscal Agency
Auditlag
Sank BoXatloaa
federal Beserte Agsnt
Bea** ixaaiaat ioa
StatistioaX and Analytical
3c5X
*10
,48
o87
.17
2 84
o73
o23
J36
o&
6
«35
1.32
o63
o
50
.67
44
0
71
65
3 >9
<3
olO
066
0
99
X0
69
99
oo33
o36
.66
o38
Xo08
1.31
o60
o78
068
«09
n a ;s i
3o45
loSO
6o77
79o8X
43 48
X4.39
3,41
32cX8
88.49
33 76
330
39
30o
77
10o63
o69
lo60
4o50
5 »
i m t
1924________________
OoaoraX Overhead « ControXXable
OoaoraX Overhead « Ban-Controllable
ProrisUft of ipaeo
f m i i i o i of U r t c n i l
Osaoral Service
Postage
X*s*raaoe
Balled Baaks
Leans 0 Bediscormts A Acosptaaoes
Oastody of Sooarities
Currency aad Cola
Check Collootioaa
Non-Cash OolXootioas
Accounting
fiscal Agency
Legal
Auditing
Baak BoXatioas
federal Boaorvo Agent
pf«v BxsasiaatloB
Statistical aad Analytical
309
Amount
1923
$ 619319o37
980899o33
63o896o74
X904O3o37
80*053e44
8X0774o87
38,000.83
84.X17.73
48*337.10
4*888.08
41*403.61
178*045.58
33*837o36
54*363o09
196*844o55
7*807.67
34*018 o51
80914o76
9*336.38
3X*979oX4
X3f008o89
l
$ 63,587c9?
63*333 „43
6X0348o04
X7*960<>68
78p166*86
41*314.60
86*370*47
178,167*74
36,126,82
7,934o95
43*478o85
146*489»13
31*843.38
55*099.38
66*035.71
9*760.37
33,611o38
7.X60.94
60889o73
39p908c31
14.360oOl
$ 996„386o33
Aaoaat
1934
Total Oarroat Bxponso (to agroa with Tor* 96)
$ 940*154.53
fetal roiabarsablo ospeadltaroi (to agroo with Per* 97a) 420896,84
Oafotorla - not oxpoaso (to agroo with Worn 34
60X33c70
Protost fooa (if paid to o a p U f » M la llou of salaries)
0 C773O99
Stock of sagppXlos (aot debit or orodit)
676.38
3 62
XO
oO
60
36
89o36
o07
19*08
17.37
lo77
33o70
108 o30
94.36
85.09
81.77
llo29
.33
3oX4
4.00
3.87
$
996,386 33
Aaouat
1933
$ 940»635a96
X640XO4o80
4,954*30
0 t694o3X
31033.04
$ 10117,433036
24
AJXUiriSfBmOF QOSfa - Minneapolis
fhe federal B e s o m 3o&*d in its llsawsal of Expense calls attention to the necessity of
distributing tbs expenses of all banks on the sane fundanental principleso fhey state
that "A comparison of the so-called overhead expense is as isportaat as a comparison of
asQr other expense." With this ia mind we are giving detailed analysis of our General ’
Overhead Expense on functional linesc
Comparison with general Overhead Oonttollable Expense of other federal Reserve Baals
does aot indioate that we are out of lias
lh# percentage of this class of expense to total expenses in the system is 5o9 whioh is
the percentage of General Overhead - Controllable Expease at Ximespolis to oar total ex
panse.
m a m
v r m m ftmoiiMiffli - m a m r n m
1924
8o51
Averege M b a r of Offioers
3.39
8alanes Offioers
# 44*282o84
# 40«869o85
Average B a ber of Bqplqyeea
2o45
3.83
5.005.63
7,360.73
Salaries teployeee
5.504.00
Directors Meet lags
5 v244o65
2 ,083o51
Traveling Expense
968.15
•
588.44
Officers a Other Dinners
Office Supplies a Stationery
968o81
682.19
telephone a Telegraph
907.02
656.06
400.00
Membership Does
800.00
8tenognaphio
1*245*04
1,165.17
769ol5
Moving to lew Building
Publications
724.86
988*88
8uppliee furnished member baifcs
807.19
1>234.63
2 «2fia«69 1
All other
# 62,587o97
TOIAL ........
$ 61,819.87
* Oharged elssvhere ia 1929
M Indudes {1309.62 paid for onr share of Cost tension Ooamittee Aotivitiesc
SB8BMfli^3DBD8BIJLjLJBHEdK8BKB64S8yLzLlBSBfiSBSJLAd
She following stoasary of eag>ense under the functional Distribution is self~explanatary<
1% shows the expenses over ihioh the officers of the bank have no direct control« as
are the result of established polioieso
ooa* or i
1924
| 6*796.42
total 1928
# 40*005o46
1*788.84
10*337.97
21,618.00
5*086.68
220o92
17 ,187 o95
5,591o29
87 .35
566.31
246o78
1,087.20
21,866o99
4*006.23
Original Oast federal Reserve Votes (inolading
•hipping chargee),
Cost of Bedaoptian - federal Beaenra lotes
Shipping dharges oa euireaqy to aad frm Unbar
aad itoHMfcar tados
Shippiag oharges on ooia to aad froa banks
Cost of shipneafcs Bead Office to Brsaoh
606 *09
89.68
1495.80
23,708.66
2 f098o21
JUkJBBBL
Ooveraors9 Confereaoea
Agents Confereaoes
federal Advisory Coafereaoe
federal Beserve Board Sxpeases
Shippiag diarges on Securities
*********•
II
fUHMnngg
asp
naummr
Since organisation, this Institution lias expended approximatej
ly $525„ 000 on furniture and equipment other than fixtures,
Tbs purchases
during 1S23 were below $25,000 and would not have reached this amount in
1924 bat for the heavy expenditures in December covering machinery and
furniture needed in the Hew Baildiog,
Xt wee considered good policy to
handle this expence out of 1924 earnings rather than allow it to ran over
into 1926 end be added to the heavy oosts which operation of ths new
premises will entailo
Purchases made in December cover currency and coin trades far use
in vault end by the tellers; ladders and steel shelving for book and
storage vaults; furnishings for Board room aad executive offlees 2 equip
ment for cafeteria; machine and supplies for making car own photostat
copies., electric endorsing imchines; new stands for hand driven adding
machines and two bndrtd additional steel transfer oases„ The total of
these parohaees was approximately $25,0003
Oaring the year ths Under Secretary of the Treasury requested
that we make an offer for such Treasury Department equipment as we desired
to keep and dispose of ths remainder by open sale
that we were
In view of the fact
use of a good deal of this equipment aad would have
to expend a considerable amount to aake replacements0 we purchased practioal3
ly all of the furniture ae well ae the adding machisms and typewriters
The machinery was taken at the turn-in price fixed by the manufacturers
aad the furniture at sligitly less than 20 per oent of cost
The total
ooet to us was $4f689o05.,
t
Very few adding machinee were pm*chased during the yaar as it ia
our intention to wear out this type of machine~
obtained from our employment of our own mschaaic
Good results are being
3he Improved and choapsy
service hae warranted oar oessation of maintenance agreements with adding
machine companies*
The replacement of typewriters after three years
service still appears desirable although we may chaise our views in this
connections Total repair bill for the year was $lc628.^06-. Thia sac* class
of expense ia 1988 was $4»843026t
26
XI U the intention to sales two of all present equipment la
our new bulldingo the only changes being la furnishing rooms for Executive
Officer* end the Directore« Desks now used by the other officers will be
retained for same purpose after tbe acre*
Valuation figores for furniture and equipment were inoreaeed
from $94*227o77 on Dsoenfeer 31e 1933 to $11£90OOo86 at the close of 1924c
We did not write down the mine* on recent purchaees but reduced the
valuation 80 per cent on equipment Obtained earlier in the year®
The sun
of $29828075 wae received end credited Profit and Loss account during the
year for equipment sold which haft been purchased prior to 19240
Vo change has been nede in the total volume of our insurance
carried except that we carry *0 per cent Co^lnsurance on equipment at the
oain office and 80£ Co-insurance at the Annex,
In our new quarters we
should be able to ellaiaate the insurance m furniture and equipment o The
Annex will not be used at Helena any further and this insurance will be
sawedo
Hxpenditures for equipment since organisation and values placed
at Minneapolis and Helena are given below;
Aacunt expended for furniture and equipnent
to end of y*** 1J&3
$2760018<,83
Pnrchaaed daring ^di^HUnxkaapolis $4?9243o90
Purchased during 1934-Balena
1.694 08 48.937o98
"$334c956 o8'
Valuation as of January lc 1924
Minneapolis
Belana
$1000l21o47
$116c800c
Insurance carried on Pomlture ead Xqulpment
At Mlnneepolii Main Building 90jf Co«Xne0
•
Jkamx
»
«
■
Xvanston Bldgo*# » *
" Helena Mala Office
"
* Annex
$ 40c000o00
400000o00
iD000000
6c000o00
15 000,00
$l050000oCO
HLH BAC
EiSA RNH
No examination of the Branch by Head Office Auditor was made
during 1924, the last examination being as of September 28, 1923.
It was
felt that the Examination mad© by the Federal Reserve Board examiners
would suffice8
Their report of May 24, 1924 indicated the Branch operations
were being performed efficiently.
On November 8 under authority from
Minneapolis, Mr. Zim^ermann, Branch Auditor, made an examination similar to
that of the Head Office Auditor covering all functions,,
His report dis
closes no irregularities except those of minor importance.
By eliminating the examination made by Head Office, a saving of
approximately $700. was effected0
In addition the expense of sending
Mr* Dunlop to Helena to make a verification of the Agent1a holdings at
M r 9 Mitchell’ inception was avoided by making use of }!r > Ziemer who had
s
«
to go to Montana on other business.
A substantial reduction in current expense at Helena was mad©
for the year, the figures being $124,261,07 in comparison with a total
expense of $141,501.39 in 1923©
The Branch showed approximately the same
reduction in 1923 when compared with 1922 with no allowance made for the
collection of paper at olosed Montana banks*
Had this expense for 1924
been assessed against the Branch, the total expenses would have been double
the amount shown#
As disclosed elsewhere in this report, the total of un
recovered expense at Montana closed banks, including overhead, at Minneapolis,
amounts to $190,448*69 and $121,630,32 of this expense has been placed on
our records during the year 1924*
Irrespective of closed bank expense, the ordinary expenses of the
Branch exceeded income by $23,050o26»
The same condition would also have
been evident to almost as great an extent at Minneapolis had our income
been restricted to profits from discounted paper and reserve penalties as
is that of the Branch<
>
The Helena employees not on War Finance pay roll have been re
duced from 55 to 40 during the year and the monthly pay roll lowered
from $6,209o94 at the first of the year to $5,422*70 in December*
A
further reduction in the cost of Printing and Stationery and Supplies of
$2,000 has been made in comparison with the previous yeare
By wiring the
daily settlement figures direct to the Board rather than through Minneapolis
a monthly saving in wire expense of $125* has been brought about0
Through
.28
-2*
the giving up of the Annex, which housed the Branch Transit Department
a further reduction of $176, monthly has been made.
This change was made
in December, will enable closer supervision and should result in increased
efficiency.
Seduction in maintenance charges on equipment and lowered
insurance rates will also be possible through this change*
Volume of transactions at the Branch shows large decreases in
most functions#
Less banks were served by Discount Department and
total number of notes discounted were reduced 60 per oent to 4,847
pieces*
The amount in money was $7,473,000, a fallinfjjof"#10,000,000 from
the previous year.
No collateral loans and but #13,698*34 of livestock
paper m a u n d e r discount on December 31, 1924, total rediscounts were $32l087 6o81o
Transit operations show a net reduction of 196,000 items handled,
the total volume for the year being 1,970,000 items.
Increases were shown
in number of items and of amounts for checks on other Federal Reserve
districts, post-office money orders paid and warrants drawn on the Treasurer
of the United States*
The handling of currency and coin was in greater volume than during
the previous year.
A total of 121,271,000 was received from member and
non-member banks in comparison with $15,760,000 for 1923o
Shipments to
banks totalled $26,774,000 and exceeded 1923 shipments by $2,776,000o
Number of shipments dispatched were 3,462 as against 3,276 during 1923*
The
volume of our own and the notes of other Federal Reserve Banks handled in
1924 was slightly lower than in 1923.
Wire transfers purchased were 25 per oent less than in 1923 and
a
there was also a reduction of 33 per cent in the wire transfers sold*
The
total amounts involved in transfers of this nature fell from $119,600,000
in 1923 to $104,000,000 for 1924*
Collection functions were made greater use of during 1924, volume
of both city and country items increasing,,
It will be noticed upon
referring to the Branch tables that only 10 per oent of country items were
returned unpaid in comparison with 14 per cent the previous year 0
As re
gards city items only 138 were returned unpaid during the year out of a
total of 2,730 received*
A separate report has been made by the Branch Auditor and is
offered for your consideration,,
29
HEW
BUILD IKO
The full occupancy of our building is non but a few days away and by
February
1st. all functions should be operating under the came roof#
In
October all records not in current uae were gotten in shape and then trans
ferred to ths fils vaults of the new building.
Locker equipment was placed
in the locker rooms during November and December.
All furniture and equip
ment not in regular use & & £ placed in the assigned places or stored*
The
furniture inoluded articles purohaaed by us from the Treasury Department
formerly stored in the Post Office building*
This equipment will be used
in the basement and guard roomso
During Decomber, the Transit Annex vr&a given up and the employees
housed there ore now in the new quarters.
ferred and placed in ordero
All supplies have been trans
The General Files, Welfare Department and
Cafeteria are now giving service at the new premises*
the Stenographic Department was moved with the
On January 3rd,,
exception of a few girls
left to do any work that required quick aotiono
Practically all the work remaining to be done at the new building
is on the main banking floor®
The cage work and the bronze screen separat
ing the Oages from the public lobby are not completed#
hand, however, and rapidly being placed in position
The material is on
With this work
oonpiftbedj the balance of our organization will be moved without delayo
The heating plant, burning oil* has been in full operation since
November 1 with satisfactory results.
than the estimated cost of ooalo
Riel oost to date has been no greater
Elevators, electric service and janitor
•ervioe are established©
New equipment for protection of the bank and valuables include gas
|UAAf gas billies, gas grenades, sawed off double shot guns and Thompson
Autanatio gunso
The shooting gallery has a thoroughly modern nquipment for pistol
and small oalibre rifle praotioso
Guards and eoployees will be given thorough
training in marksmanship and the handling of guns*
Until the move from our present looation i* completed axtra guards
are required owing to the neoessity of guarding both buildings and property
in transit*
Ifhen the new building is occupied, the number of guards required
will be materially reduced and probably below the number formerly required.
30
BSf
HSf BUILDIHO
TO XgCIMBgB 31, 1934 AID
M B P CQg? TO COMPLETE HEW BUHJPIHG
GOSf
Total
To-Dat«
OPREATIOHS
Estimated Cost
to complete
Buildlag Site
lo Original oost of l&nds Including
buildings, if aay
$ 6000000<00
2» Incidental expeaditnr@t connected with
purchase
2*468 66
3c Cost of wrecking old Imll&isg
#
4. Total (1,3 A 3 )
$ 602C468 6S
6 . Lets proceeds frem sale of salvaged Material
In 948 c00
6 * Cost of building site
$ 600f530o66
t
agjri^mw
7o Preliminary expend!timia
10 Cost of construction^
(a) Building exclmst?* of vaults
A fixed aaehinnry and equipment
(b) fault eoasimaeii<mc igcluding
,
any additional strootur# ox1
fmiatlos sad# z&cessary by fault
(9) Vault •q, lfm t» is^indiig doer#,
u
lifting m all i & $ H w equlpmit
id
(A) fixed m v h im z y and e f a i p a m t
• o MiieuUaaoue g lid in g eonstruetIon »*-
$
3 0000.48
1*635,157,47
£86,304»6Q
0
4 & 3,&4?t.6 l
peatas iaawftd by federal Reserve Baak
p
10o faes A Expense*; (a) Architects
239*101.68
(b) Engineers
I0e600 01
T*s*a
?4o350e0O
Maintenance
.j a j g i M
11 o Cost of Hew Building
$ 3a77iL$£7cSl
12 c Cost of building end building site (6 & 11}$ 3 0373&488 17
13 o Charge offs to current net earning®;
(a) Depreciation allowances
4490506 30
(b) faxes
74,350 00
(o) Maintenance
8Xf7Q5,66
t
(A) Total
S 645. 561 86
14, Book rmlxm of property (12-13d)
$ 308260926,31
$
1730093o01
M S B & A 8I&
15c Reserves against depreciation (fixed Machinery
A Equipment) (as shown on fora 34)i
Charged to current net earnings
$
120814 73
16 floor space;
Occupied by federal Ressrve Bank
620370 Sq* ft
Hone Sq« ft
Banted
Unoccupied
62,369 Sqo ft
124,739 Sqc ft
Total floor area in new building
TOTAL
TO DATS
HtMOPgLP? BUZLD2K0 OIKBATZOVB
lo Original oott of land aad building
2 . Incidental expenditures connected
with purchase
Zc
Total(l 4 2)
4« Coat of remodeling!
( a ) Building, exclusive of vaults
and fixed — nhlnery and equips*nt
(b) Vault construction*, including
any additional structure or
foundation aade necessary by vault
(o) Vault equipment* tncludisg doore#
lining, and all Interior equipaiant
(d) fixed machinery and equipnant
So Miscellaneous building remodel log expense
incurred by J 0 R 0 Bank
6 o Teees (a) Architects
(b) Contractor*« eoooieeion
7.
Total oo«t (3 to 6)
8 « Leaa proceeds from sale of salvaged
material
x
9 0 Ooat of building and building site
10 c depreciation allowanoe charged offs
(a) -Charged to current net earnings
(b) Charged to enper^urplua
(o) Total
llo Bock ’
value of property(9 - 10c)
$ 15e000o00
t
$ ISflOOOoOO
$ 570642o93
92266000
660580o53
16p108099
i
0
8#433<>S7
7*442g13
1T?0474<,14
75o00
$ 177^399o14
$ 85c983o09
IflCM H lD
OA A
12 o Hseervee against
6 Bquijnent (as
(a) Charged to
(b) Charged to
<e) *«tal
4700
0
p
4700
8q«
8q<
Sq.
9q,
o o o o
space?
Occupied by ?, Bo Bank
Rented
Unoccupied
Total floor area in raaodeled building
4 0763o63
c c c c
13o floor
(a)
(b)
(c)
(d)
depreciation fixed Machinery
ahown on font 34)«
current net earnings
$
super-surplua
>
COOfilTTBJ» BOONQMT AND gTFICIBICY.
This 'jommit.teo organized in 1921 continued r,o function during 1S24.
No
group aidotings of representatives of the various Federal Reserve Banks were held
during the year-
The committee, however, kept in close touch by oorresoondenoe
with local conxiitieee ax Chicago* Kansas City and St. Louis as well as with the
Federal Reserve Board Commintes through L. R. Rounds, its Secretary*
Most of the offorts of r,hc Committee were devoted to a study of the
Comparative Functional Expense Report, or.d its application to our bank.
Confer
ences with the officers and departnsr . heads relative to costs, allocation of
expense and eoonomy in use of supplier, etc* were held frequently by the indi
vidual members 3
There have been considerable differences in opinion as to the inter
pretation of the Federal Reserve Board's Manual of Expense Distribution and a
number of oases were referred to the Board's Committee.
cal committee was sustained in its interpretations.
In every case the lo-
It is felt that at the
present time the distribution of exp»,* .ses is oeing nade substantially in ac
cord with the Board's instruct .ions rjvJ that all Federal Reserve 3anks are on
a comparable basis*
January 1, 1924, the payment of all bills was placed with expenditures
division.
All nurohases are r.ade on rigned requisitions approved by the officer
in Ihar^e of Purchasing and the Controller on request of & department head and
’
the approval of his suc ;'*<>r officer.
The Purchasing Agent then obtains bids
on the artiole requested and purchases on signed order.
Deliveries of goods
purchased must be aooompanied by a bill bearing the purchase order number.
The goods are checked oy the stoolonar. as to quantities, O K ’ as to crioe by the
d
Purchasing Agent and the bill with the original request for the goods is sent
to the expenditures division.
Here the extensions are checked and the prioe
at whioh billed is compared with the purohase order and the quantity delivered
with the quantity ordered.
All being in order the bill is vouched for payment
and assembled with other approved bills until the end of the month.
When
monthly statements are reoeived, they are oheoked against the vouohed bills
and if OK are paide
A study of our present organisation was made during 1924 and general
plans for u reorganisation of the entire bank were drafted.
lay in completing t.he now building, *.ho details have not
Owin.; to the de
worked out but
will be in f short, tint**
.
It is believed that several denartiieuts oan bt reor
ganized to function with less enployses.
Others oan b. reorganised to get
greater efficiency and lower oosts
It was reooaasended by the Planning Oomaittee f~.d approved by the Sxecutftve Committee that It would prove inadvisable to release generally older
employees or those who have been trained in several departments* To retain
these older employees, however, some will have to be placed on posts iftioh are
normally held by others drawing a lower salary?
A year ago plans were i-ade for a "Float Force," nen Who would be
trained to fill various positions In the bank*
Little progress on this plan
was Bade during 1924, but it is expected that such a force will be organised
as soon as we are in our n«w i viildirt^
During July, the activities of the personnel departTfc.it were cur
tailed. The Junior Council, comocsed of the Department Heads %nd Senior
Bnployees reoommended the discontinuance of rating employees monthly ay the
department head and officer in cvar > • At the same tice several reports ineluding "Salaries Involved ir: A~**7.oesn were disoontinuod.
The remaining per
sonnel reeords were placed with ch. y n caster thus elininati-." one employeeo
The Cocsiitteo was divided *s to the wisaos ci el ini* at in* the per
sonnel records, part feeling t'na; t’ oj'fioienoy and ratin;. sister, had not
v?
had a fair trial. It is felt t*»at if *10 Federal Reservo 3oard is to con
.’
tinue placing stress on eoonosy
ciency in the various oanks should
ef
elenoy, every :vj&r.s t;* fxther effi
*.ried» As soon as mt are settled in
our new quarters & definite oonol^slcn ‘ be reached as to r-.easuring the
.ill
efficiency o€ ^rployees*
34
Wffff M U M 8 L M B I W M
Iba S*d*rAl Baeerv* Board's Qonalttee o- .rijcfcw :.JL :-:oonomy
.i
bare cad* raecanaauatlona baaed upon tbeir ato£7 of 0*007 an? efflc^affp in
the rar lew TWterml B*t*rr? Bauirt-
II
V M foiatf tbat fifty per oeat of the c*ponror oJ tba 7edoral Re
eervo 37atan rep^seated tbe o u t of dotiee or fonoUozw iapoeed upon tbe
3tterra Banka by law; twentrtfiro per oeat the ext
ft:n»of of work performed for
t
the Qoveraaeat at ?leoal Ajpat, or aa dapoeitary; *u*5 thn b&inaL*e repretantoa
rolnatary eerris*A perfovatd for <aak»r banka,
A aindy n » aade of the principal fanetlone ot tba banka sad a
•wrvqr of tbe preteat trend la expeaeee aad eemiaga Attention eat called
to tbe fact tbat tbe aoa-raaaaaretire aoik of tba Reaevr* Banka bad gradually
inoreaeed aad tbat tbe utaoat oare jan be exereiaed to knap ^ « w » t froai
at
wn*ng bibber
Aa Coaadttee fait tbat while tba reepcaelbUlty for proper,
eoQBoadoalc efficient aad oaf* operation of tbe federal Keeerro Banka retted
priaerily with tba reepoctire Boarda of Direotors ntA tl« operating officials
of tba beaka« jet vder tb* federal BttOrve Act a duty wna lapoeed upon the
Btdaral Baaerte Board with refer* dee to sash expenoos- Inquiry la noa being
m
ade lato tba coet of operatleae of tba officet of tba 7&deral Reserro Agent
aad AnAitlac Depertannte.
Ae mala reeotawadatica of ttt Baderal Reeerro Board*a Coanlttee
aaa that each Moral Rooarte 3aak laatall a budget aystea,, it aat tinted that
real eooaany of operation coald aat be effected unleee tie offleoro aad da*
partannt hoadt, tfc ere dlrootly la oberga of work, arc qdequataly lepreeeod
o
with tbe aooeeeltgr of looping tbe expeneeo of tbeir departaante aa low &a it
tpetlatest eitb effioieat operation*
A M j p t iyttiW S i k H it aOjtaaary for tb* o.Vloera aad dop&rt»nt
M U to « n M l dlooolf g f W y i^MI of O f ltt w i an! to plaa la edranee to
p r t i f l i n t t m m r u g m w t n f f M pontM * The budget ayetea alto oraatet
ft baaltly aplrit if PlfBlVF* fritooea lopartm t bead# aad offloora In tl* t a w
t a k naA t t f I M t M n » It roiwoo qwrntlag o»pon*et
fba 0«H<OOa la a M op ■nmpnAm» r a n a r e t tbat aao federal
a a a in t r
Si
BiiBPVO Botk prstood lanadlatoly to ittdiiUk n M p i t eyttea, aad tbat it be
ppopnpot fop n porlot of its nanthe pntbap than oat paar, aa tba experieaoe
p M In tba apopntlift of tbo budget daring tbo flrat period of ala noathe
voald to of antorlnl aatlataaao in aaro oloaoly controlling oxpanaoa In felM a | parlode*
fhV oleo oall atteatlea to tba faot tbat eoaplate rollaaoe Should
not be placed qpon t budget alone far aonlPtfL if a^aaaee* 9ba budget aboeld
be ooneldared aa a ttqpplonent to* rather*than aa a substitute for otber aatbode
of ooatrolo Zt wee laoaaninllafl tbat tone oae officer be aada prlaarily reeponalblo for the aapanaoa of tbo bank aad It aboald bo hie datp to paaa tvoa
nil expeadltrnraa with tba paaar of itto.
Ibo aaaontlaa offioere at MlBaaapolla bare approred tba laatallatloa of n bnAgot tftan aa ava eettled la tba Baa Bnlldlag* all enponaaa vlll
ba badgatad« laolndlag Oafatorln aad BiMvaftkli Fltoal igantp aapaaaaa*
Badgata vlll be prepared by departm
ent kaafta oad a*altt«d vltb offloera
reooiBMdatUna to tba Bnflgat M t t i a far tnvior* too till bava tba paver
to laareaae, daaraaaa and aadlf^r tbo badgrt* BMt officer and departaent bead
will ba faraiebedc nt loaat «aartarljr# altb a c«pp if tbeir bvl/rtt fcr tba
period aad tbeir oorrotpoadlag ospaaaoa*
F s a s a m i fubctios
(Minneapolis Only)
This function cover* tbs expense of hiring employe esf maintaining
l
employee record*, making prouotion* and maintaining record* in connection with
Croup life insurance and bond*.
It also include* the expense* of education
and training of enployee*G welfare and Medical service* and Cafeteria expense=
On January 1D 1934 we had 436 officer* and employee*,, 32 of these
being olerls and collector* attached to our closed bank departments
1 of thl* year tie totcl bad been reduced to 371
On January
included in this number
were 33 new building employee*» The actual reduction would tha* be 97 person*
During the year the far Finance employers were withdrawn from our supervision
and placed with their other Agency employee*D Some employee* on war Finance
and other Fiscal Agenoy work were brought back on bank posts, having been
placed temporarily with the Fiscal Agencyo
The net reduction during the year
on bank work at Minneapolis was 40 people.
Bart of the tlms of on* officer wad the time of 8 employees are
aow paid by the Treasury.
There ha* been a reduction of 25 person* on Fiscal
Agency pay-roll beside* the ellalaatlon of War Finance Corporation employees.
Other elimination* could be made from different departments and
it will be necessary to replaoe son* of the temporary repreeentatives at closed
banks with members of our own foroe. A saving in expense may thus be effected
and the services of our trained men retained.
Total personnel oosts in 1934 were $17t960e68
$19,402.37 in 1923
as
compared with
Administration costs in 1934 were $1,665.04 and in 1923
$2,261o16o The decrease wa* in officer*1 salariesQ Hiring Employee* and
Maintenance of Bnployees* Records ooit* were $4,428*32 i» 1924 and $4,275056
in 1923. Ktnber of employee* in 1934 2 61 and ealarle* $30862,27 a* compared
with 2.34 employee* and salaries of $3,588.59 in 1923.
Amount* expended for Xduoatlon aad Training of Btaployee* in 1924
$2,967.83 including contribution* to M o r a l Reserve Club of $1,654-.33 and
to ths Anricen Institute of Soaking of $?34.710 Total coat* in 1923 were
$3,838e10 including contributions to ffcdoral Reserve Club of $2,537 84 end
to the Auarioan Institute of Banking of $1,188<41^
*2
Contributions to tha American Institute of 9s&klng iaclude re ■
funds of tuition costs to enploy*es# completing educational duress
la
1934 we paid $490 to support tho educational program of thi> African Inj
stitute of Banking;
There
boen ~,oae question as to just how far tho bans might
go in &b Burning erpenue for the welfare of employees end just what actiritieu
tbs contribution night cover,
The Federal Reserve Board recently advised
us that the right of each federal Reserve Bazik to speed money for the
welfare of employees was recognised but that a budget be prepared and forwarded for approval to the federal Reserve Boardc Such a budget haB been
prepared by the various Committee® of the Federal Reserve Club aad tha
total amount required is S39420.; Of this amount $800 will be collected in
dues from Club vac-robera
The appropriation asked for includes
Girl** Athletic Committee estimated needs
Welfare Comnittee
1
1
”
Educational Committee
n
”
House Committee
n
N
(Including Annual Banquet and Picnic)
Glee Club Committee estimated needs
Bulletin Publicity Committee estimated needs
Dancing Con<tee
"
N
Man's Athletic Committee
■
"
Spaed Contest Coamdttee
N
"
Skating Committee
$ 210c00
200 00
565«00
1.,300.00
150<00
SO<,00
SSOoOO
600*00
45,00
100,00
I 3,420100
,
KONT’ BASIS OF SALARIES PAID BY BANK
-IIY
'
BY DEPARTMENTS
(KINKSAPOLia ONLY)
Dec* 31, 1924
Niunber
Officersj
Bank
Agent1s
Ar-ount
9.12 #5,825*44
3,191.80
5
Dec* 81* 1928
Number
Amount
Nunber
Amount
9
5
#5*267.02
8,066*60
6*50
6
#4,483*36
3,025*02
1*50
1
12
6*50
16*50
8
279*18
90*
1,906*66
820*86
2,048*20
548*61
Departments
Accounting
3*75
3
541*60
666*80
90,
Addressograph
90*
1
1
12
1,948*42
1,725*20
Agent1!
10
11
I,730o20
f
Audit and Control
11
1,741*84
Bookkeeping and Reserves
1,395*20
11
13.28 1,616*06
8C60
611*70
697,50
Central Files
8
Closed Banksi
Clerks and collectors on
13*90 2,590*99
permanent payroll
20*09 3,330.53
4d207c68
2,615o64
Collectors-Sxtra Help
25o30 2,745*48
27
3„119*10
Cash and Custody
1s543o54
17*50 1,711*90
Collection
16
461*70
193*40
Credit
4
2
1,333.30
11
Disoount
9*24 1,162.64
Government Deposits
191*66
2
1,761.50
1,588*51
15
17
Guards
Multigraph
100*
90*
1
1
345*32
.7*08
Pages
6*70
817*42
255o10
2
250*10
Personnel
2
275*
1.25
2
Private Wire
183*40
301.70
418*70
8
Purchasing
2
246*70
256u70
Registered Mall
2
2
Stenographic
14*88 1,655*10
20*67 2,038*21
Switchboard
216*70
225»14
2
2
8,710*16 127*20 10,581*08
Transit
94*14
422 o84
Welfare and Cafeteria
885o18
6
4
Wire Transfers
673„70
568*70
5
5
Fisoal Agency
1,378*54
11
13*80 1,509*05
1,640,10
991*70
9
7
All Other
91025
Extra Help
210*87
Total paid by Bank
304.05 146*401*48 849o80 #46,189*27
New Building employees:
88
3f060.00
l
(Salaries to Dec. 31, 1924,
obarged to New Building Account)
Reimbursable Sal&rloe
Certifloates of Indebtedness i
Officers
Employees
Collateral
Treasury Savings System
War Savings Redemptions. 1918
Officers
Employees
War Savings Redemptions, 1919
War Finance Corporation.’
Officers
Employees
Total Reimbursable
088
6
# 291*66
608.40
Dec? 31* 1922
5
27*50
17*60
6
12
8
14
1
6
2*50
2
2
2
19*50
2
126
8
4
21
8
335
946*67
1,067*50
8,065*88
1,808*08
668*86
1,417*04
858*86
1,488*86
80*
280*84
829*18
275*
283*84
246*68
1,968*82
216*68
10,952*64
280*
466*68
2,290*02
429*18
488*85
#42,499*02
12*60
8
2*50
#1,611.70
421*68
798*84
1
9.10
1_______ 116.70
6*88 11*016.76
8.60 #1.121*72
1*40
*175.
2.50
796*28
14
*60
200*
1,484*88
90*
891*76
1
588*40
46
4«516*75
69*50 $8*174.91
X
500.
50*50
8*288*10
84
#10,282.66
In oonneetion with above figures please note that in order to show the exact number
of persons under reimbursable payroll, we have eliminated the following from the departmenti
of the bank:
1924
1923
1922
8
#416*70
Auditors on Fiscal Agency work
6
#801*68
100*
1
# 100*
Guards on Fisoal Agency work 1
1*50
154*17
Stenographers on Fiscal Agency
628*40
work
1
133*40
6*50
4
425.
#?33.40
10*50 #1*145*10
11*50 #1,380*85
2
38
frgCJABS (vedloal Service)
The service* performed for enployeeB during 1934 war* smaller
la murfber than during 1933 If we except the 33C vaccinations performed
on oar premises*
Outside oalli vers fewer than in the previous ysar,
being 110 at against 116.
Oar quarters la the new building will be nodi
more convenient thaa la the building we ere leaving
The arrangement
of having the Welfare Secretary and her Assistant supervise the Cefeterla
does not admit of the highest degree of efficiency in either service
and it will be suggested that the Cafeteria be placed under separate
snperrlsloBo
Welfare and medical service ooct $2,176 79 and was $l,151c7f
lower thaa la 1928. Part of the salaries charged la 1928 were placed
agalast Cafeteria la 1934.
In the Cafeteria three employees are required in addition to
oosta of supervision.
Food is sold at cost, the bask famishing free
coffee and milk and paying the overhead.
Average Bunfeer of cffloere
and employees of the beak soiled in 1934 was 876o28 aad net cost ef
Cafeteria was $6,l82o70» Averege naAsr ef cffloere aad sapleyees sew ed
la 1923i 437o 98 and net coal $6,096,97.
la our aew Cafeteria provision has been mede to serve fifty
pereeas at a slttlago
Xa addition a separate roon has beea provided
for the Directors aad Officers. m e equipment necessary to provide
a broader service has beea lastalled aad charged out of 1934 earning*
The detail coets of cur Welfare aad Cafeteria Units follows
Wo. feployees
Salaries
Medical Services
All Other
ft. lqployees
salaries
Wo. ef Waltreseee
Salaries
Service Supplies
Cost cf feed
All Other
fetal
.66
1,088.21
2,16
l,770o97
1,181.11
8,530 38
Less Beeelpts
Bat «»•«
2.02
l,476o66
940.72
7 v637o86
S.gTBcM
$ « l132„70
$ B,098,97
39
AUDITING DEPARTMENT
(MIMM£*FOLIS)
Personnel of the Auditing Department in December 1924 was one woman
and nine men as compared with 13 employees as of Decoiaber 1323 , a neb reduc
tion of three people*
This reduction was made possible by the decrease of
volume of work throughout the bank*
During the year several employees were
assigned for brief periods to the Auditing Department for training and were
later placed on other worko
The Vault Custodian also operates under the supervision of the Con
troller and is relieved during noon hours and vacation periods by members of
the Auditing Department i During 1924 two members of the Auditing Department
were assigned part time to assist in the work of the Economy and Efficiency
CouBnitteeo
The time of one employee is required to deoode wires transferring
ftands to and from the Federal Reserve Bank*, checking entries on transfers and
the procuring of signed confirmations of telephone and telegraph requests for
transfer of funds, shipments of ourrency, etc*
All requests for shipments of fluids and securities are checked in
the Audit Department and signed reoeipts obtained for suah shipments a In
coming shipments of currency and bonds are advised direct to the Auditing
Department and such advices are followed up to see that proper credit is
given to the shipping bank for currency reoeived or securities shipped with
instructions to sello
All other securities are followed through until
placed in the vault or proper disposition made of same in accordance
with instructions = This requires the time of one eaployooo
>
A daily check is made of earnings and expenses o Differences are
watched daily and all unadjusted within a reasonable time are investigated)
Daily examination is made for technicalities and irregularities of dis
counts accepted c Every two months the additional collateral held is also
examined for technicalities o
All accounts on the General Ledger are aheoked and proved monthly •
Departments are examined and holdings verified with the General Ledger at
least six times a year
Twice during 1924 verifioations of member bank
liabilities and securities held for them were made direct with the banksD
All Twin City banks are requested to verify their deposits of securities
with us monthlyo
At the same time the Vault Custodian's cards are checked
with the Collateral Department records and discrepancies traced and adjusted*
All examiners' and auditors1 requests for reconcilements and verifi
cation of holdings are handled by the Auditing Department.
This work fluctu
ates greatly requiring usually only part time of one employee but at times two
must be assigned to this work®
Daily check of the Helena Branch account is made.
A monthly recon
cilement of the member bank and other Federal Reserve Bank accounts is made.
The records of the Closed Bank Department were verified twioe during
1924 with the receivers and Closed Bank representatives.
The advisability of
verifying direot with the makers of notes held by reoeivers and representa
tives has been considered*
abandoned.
Cb account of the expense this plan was previously
However, at the last audit the addresses of the makers of all paper
were secured from the field men and verification of the individual liabilities
may be attended during 1925.
Written reports on all audits are made to the Controller, who transmite one copy to the offloer in charge of the department« Report is made di
reot to the Exeoutive Committee of discrepancies or any matter requiring exec
utive action,*
Under date of December 24, we were forwarded a copy of the recommenda
tions mad by a committee appointed by the Federal Reserve Board to study audit
ing methods in the various Federal Reserve Banks*
These recommendations have
been gone over and oopiet are being submitted to our Board of Directors as re
quested together with our comments o
C08TS AND HUMBER OF EMPL0IEB8 AUDITING FUNCTION 1924 AND 1925;
1924
Average number of officers
Average number of employees
Salaries officers
Salaries employees
All other expense
(Stenographio services, office
supplies, postage, traveling
expense, etOo)
Total Expense
3933
c50
11 a29
ofit
t 3,250o00
19,110.80
1*260,58
o56
10o62
$ 3 2 5 0 o00
19,949o44
1,317*07
|24'5l6c5i
Quarter by quarter the auditing expense shows a continuous deorease
for 1924.
On the basis of fourth quarter of 1924, the auditing expenses for
1926 should not exceed %ZZ9600 a
DISCOUNT FUNCTION
In number of items handled, there was a falling off of
approximately 8,000 during the year* 27,413 pieces being discounted*
Total amount discounted slightly exceeded $100,000,000. i . comparison
r
with $290,000,000* during 1923• While amount discounted in 1923 had
exoeeded the volume of 1922 by $97,000,000., this was due entirely to
the short term notes of larger amounts disoounted by Twin City Banks.
Otherwise, there has been a steady falling off in volume and in number
of items from all sections of the District during the past three years;
the volume of 1924 being Just one-fourth of the volume handled in 1921.
The larger portion of the saving made during 1924 in expense
of this Pbnotion is due to the fact that part of the time of the officer
in charge has been given to tother duties.
also reduced $3,000. during the year?
Payments to employees were
The number of persons required on
disoount work will not admit of further material reductions even though
a considerable increase in volume oould be handled with the same force.
Average units handled per employee per day in the Discount and
Reoord Unit:
During seoond quarter 1924 was 14 oonpared with 12 for the
system.
Figures for the third quarter of 1924 are 10 for Minneapolis and
11 for the system.
Average oost per unit for system seoond quarter,
61.7 oents and for third quarter 55.9 oentsc
Costs for Minneapolis 41.6
oents and 51o oents respectively.
The following tables will give an idea of the volume handled
and oosts for 1924 and previous years*
COMPARATIVE 8TATEME1XT SHOWING VOUJME 07 WORK*
BJMBBR OF NMPL0ZEE8, SALARIES AND EXPENSES OF LOANS, REDISCOUNTS
AND ACCEPTANCES JUNCTIONS, INCLUDING MAINTAINING CREDIT INFORMATION.
(Minneapolis)
No. of
No. of Col- No. of
notes redis- lateral notes notes reocounted.
discounted.
eivad as collateral to
Bills Payable*
First Quarter' 1324 §
582
85!
§
29
Seoond "
1924 8,504
256
559
Third
1
1
1924 4,498
199
265
frurth "
1924 5,076
122
181
Total
1924 21,710
Monthly Average
1,809
No. of
No. of
notes reonotes
eivad as col- rebated,
lateral to
general line*
1,662
1,680
1,807
1,166
2,840
646
2,521
No. of
pieoes of
paper
purchased.
238
250
91
970
1,402
5,073
10,367
1,450
81
117
423
864
119
‘
Ho. of ColNo. of
No, of
No, of
Ho# of
lateral notes notes recnotes reonotes
pieces off
discounted.
eiired as col- eived as col- rebated,
paper
lateral to
lateral to
purchased*
Bills Payable, general line*
3,799
258
158
1,154
M10
l u
“
6,948
300
444
1,506
930
$
5,663
414
382
1,303
1,589
#
8,259_________ 374___________690____________1,746________ 2,765________ £ ____
24,669
1,346
1,674
5,709
6,794
314
Ho. of
notes redisoountedo
first Quarter
Seoond *
Third
M
fourth "
Total
1923
1925
1923
1923
1923
Monthly Average
2,056
Ho.
first Quarter 1924
Seoond "
1924
Third
*
1924
fourth M
1924
Total “
1924
112
140
476
566
26
of
Officers
Ho. of
ruployees
Other
Total
Offioers
Salaries
Employees
salaries.Expenses. Expenses
195
f 2,972*52
15.12
$ 5,597.05
i 1,899.96 $10,469;53
o85
2,773.33
16,67
6,350.51
2,054.87 11,178.71
*62
1,826.65
14ol8
5,238.74
1,072.44
8,137083
o52
1,213.35
11.17
3,974.52
1,152.88
6 a340o7S
t 8,785.85
#21,160.82
$ 6,180.15 436,126.82
Monthly Average
*
732.16
No. of
Officers
First Quarter 1923 ToOO
Seoond *
1923 1.00
Third
*
1925 loOO
Ptourth 1
1
1925
<>95
Officers
Salaries
$ 3,750.00
3,760.00
3,760o00
3,227.92
Monthly Average
# 1,763.40
# 1,206 .49
No. of
Employees
18753
16.78
15.85
15 56
#
515,01 | 3,010.57
Employees
Other
Total
Salaries
Rxpenses.
Expenses
*‘
7,045.17 $ 1, Sll.0 8 “
Jl2,306„26
6,148.90
953*50
10,852*40
5,849.67
l,411o91
11,011*58
6,058.95
1.840.77
11.107064
Total t k j ----------- fiCiTTaz---------------- p s i o s o s —
# 2,090.22
|
476 44
PHOTACTION C03TS
(Minneapolis only)
An average of 16.25 guards have been assigned to this
function for the year 1324, the total costs amounting to $23,311021.
Of this amount *21,493086 was for salaries] $492o66 for office and
other supplies which includes cost of ammunition used for target
practice and &904o75 was spent for new uniforms.
Tho cost of our
outside protective service from American District Telegraph Coifipajiy
was $303*00„
There were miscellaneous expenses of $j.16c96.,
| 3,773,15
Tfl
Tf*
DISCOUNT Q PM LTI QS S
MINKMAPOLIS AND H E L M A BRAUCH
Month
Janoary
February
March
April
May
June
July
August
Kfumber of Banks
Served
192k
emmmm
mmme
m
, .JOS. .... M S g
29S
217
207
236
26s
25
197
September
October
Havember
95
December
J flS
L L
HOo different
Banks
476
274
174
209
242
292
314
Ifomber of Items
Received
192.2
12SL ______» 2 3
500
4,074
3SO
TOO
412
415
1,870
372
2,005
2,816
3.93*»
3.W5
2.935
1,759
9*7
328
294
215
2W
£6l
559
33^
288
2.635
1.333
i,9fe
2.795
4.003
4.076
3.567
2.589
5.172
299Uo
9280
.558
.291
,964
3.766
2e
825
2,662
9®
2,0**1
3.**8
1.2*»
JL&fi.
4,082
4,o64
JkS22.
27=413
35.392
47,933
31**
0
1,160
706
3.35S
Amount Rediscounted in M 8s
1924
18 .382.M
11,686.
11,872.
13,414.
15, 294,
6,492,
6.799=
3.720.
2, 605,
2,400.
1221
$ io,96o.m
9, 669.
18,011.
21, 696.
m
$ 25.324.M
17 , 667.
14,580.
1^ .729.
20 890
21,288.
, .
, .
12 120
, .
26,483.
29,241.
32.91^.
22,858.
11 689
14,336.
12.535-
$290.052.M
$193,Oil.H
2 .325 ”
.safe...,
$100,354-
.
25. 775.
22S2.
24.
11, 862.
T o u n a of m-Discoosre
Minnesota
Forth
South
-a g e
B £ .t .
Pieces
Rediscounted
192**
1923
1922
1921
1920
1919
8. 92S
10,20**
5 ,5<*
10 ! ^
*
36, 26s
10,139
1K &5
Minnesota
Total Amount
Rediscounted
192H
1923
1922
1921
1920
1919
191®
1917
$64, ,222.03
093
232, 202,377-63
97.456,500.79
47^.338,3*
10.56
735,151.853-&
570,359.*u4.15
5,9*2
6.633
8,51*6
1,828
$12,029,840.01
19,591,9*H.19
20,768,013.06
67,058, 283.53
50,331.395.w
18,664,910.41
17 518 176.00
3 ,060. 613.00
. .
JMaL-7,**50
8,518
11,011
*
M 38
9»501
14#K 3
*>
2^,395
19.718
13,032
2.578
12.9;
3,
Dakota ..
v—
>
♦1335 0 ,287.56
14, 272,082.70
27.885,394.41
91.83s.597.01
87.875. 616.47
45.860, 050.36
31 .766, 675.00
2.357.925.00
Montana
* 7 *472 .950.36
17.997.317.38
28,370,089.12
65 ,498 ,977 .1|
53.592.37^-96
14,170,110.95
11 .7?*».3I5-00
2.815.:
,187.00
601
977
1.750
3.717
2,108
Sih
92
210
478
815
382
333
27.413
35.392
5l.933
104,234
73.275
18,737
Michigan
♦ 2,079.395.33 T 1.228,878.58
10,352,811.38
20,397.189.10
19*516,346.19
2,407,
577.24
8 ,181,334.45
11 . 53, , $ 6.70
0
6.9^ . 176.23
1 , 204,175.00
3,659.108.00
481,822.00
3 . 580, 630.40
ram,
$100,354,573-87
290*051.926,56
193.014,143.39
730 .66t.03 i.05
.391.763.10
, >1,520.378.37
4 3 3 .W ,800.00
80,154,715.00
QlflCTD BAIK8
Da December 310 1983 there m n i 75 tnapaadad outer banka owing
aa $303650344«36o Daring 1934 07 aeober teaks suspended, having aa aggre
gate indebtedness $7t916«943o45c
Daring 19B4a 6 banka reopened aad 27 paid ia foil. Thia left 99
banka at ill owing aa $3*332,756 <,64 aa of December 3l 0 1934 0 Aggregate
colleotiona from all sources daring the year were $4e594,186e81 0 fban a
bank suspends an aaalyaie of the papar bald tgr us ia a*de by oar representa
tive aad tba papar olaaaifiad aa to eecurity and collectibility* Owing
to tba excellent orop ia tba fall ooUeotiaaa made ware beyond expectations
Oollaotiona made ware on paper olaaaifiad aa followa?
Oood
Fair
Doubtful
Worthlees
$ 20943»683o70
923,481«28
300,061„39
65,407.80
Tba direct coet of the Oloaed Bank Departeaent for 1934 waa
$178,167074o
Coats for 1933 $84,117,730 Bank cloeed bank ie charged witb
tba salary of oar representative and all other expenses incurred in collect
ing oar claiBo
Attention ia drawn to the fact that at tba and of 1923 an estinate of $135,000 waa oada for tba total closed bank expenee daring 19340
It waa not known at that tine that we would attempt to collect any of the
overhead expenseQ
3arly in 1934 it waa decided to charge op the overhead expenee
including salaries of officera and employees at head office.
Tba Expend!*
torea Unit gatherad the monthly direct office expenee for cloeed bank work
prior to 1934 aa£ tbs total waa pro rated to the cloeed banks in the
ratio of their liability to tba total liabilitiea of all cloeed banka.
This expense did not include any part of the Agent* a or Governor1s salary;
rental of equipment, poetage on cutgoing letters* a to., and no part of
coats of the necessary nodlting
verification work.
The Closed Back
45
operations also aflM il pnotioall^ * m j othor d ipirtaiB t of tho M k
bat
attempt is aaia to »
m
prooodura lo
or obarji fo r thio work.
mwi
*ha oaaa
followed aoathljr. The total of tMo overhead Oipw i
boo
•o of Deooafcar 81, 1994 m
$90,541.87.
fetal Oloood Book expeaae froa 1981 (laoladlaff overhead) to
Dooo^or 31c 1994
mm i n S t M O ^ o
Dviaf the | wr reoevorloo of espoaoe
were $110768<>99 of whleh $868.94 w i oa aoooaat of V o H M t i r Baalra aad
fraasit olaiao aad $llp409o76 froa M o r M i divided, $5,861*81 I*oorerod
oa
oapoaoo lamarred la U B 4 «ad |ltB01«8l iaaarrod &m prior | n
n
.
D v U k 1983 reoorerioe ttdo vara $3,
411.39 f r « Barter Into oad $118,78
I M I M M v M o *
Bbt —
I wtinwiril oapoaoo ao of
1994 $809,887.
48.
Oloood bank was* oa taaaolt itaae io a aaterlal port of tbi
work of thio departoeato The oaoiart dno oa traaait itoao ao of Baaj£|j|
31p 1988 wee $303,
491*47 of *htth $181,894.08 aaa dno froa anataaabor m A
$152,197*44 tram
M
o
lo
o
a o
o
o
d
a a
a
a
o
a
a
a
o
o
a
a
t
o
a
a
e
l
a
b
7
d
t r a
r e
a
o
lt
r s
b
o
h
a
t
o
d
2 . 9 9 4
c
a a
o
a o
o
a
a
U
o
ld
a a
wmtmr
f c o
o
ia
$
a
m
D
$ 1
f f
$ 9
r
i a
8 ,
a
basks*
o
a
r
S
9 8
d
e o —
b
B
o
U
M
M
4 8 8 , 8
8 6 . 6
r e
9
M
8 1 ,
r
5 0 , 8 6 3 . 9 6
1 0 7 . 8 6
t r io
c
d
iv
o
r
1 9 9 4
e
b
d
i a
a
a
a
d
b
o
a a k a
iw
i
i
ld
v
f
s a
9 1 8
a a d
r e o
$ 4
a a o
trm
a a d
e
8 7
t
p
e
n
e
d
a
Q
o
8 4 , 7 4 3 . 6 6
r o o o
-
n
t b
a
a
e
f r o
a
r e
c
e
iv
a
b
r
b
a
a
a
a
a
o
o
a
a a k
t
A
e
a
e
a
$ 3 8 4 1 1 9 0 . 6 8 «
i
d
a
s *
g
a
a
ia
a
k
a
d
a
t
d
e
ln
o
a a
t
f r o
t k
g
a
io
t b
a
,
It will ba aotod ia tho jfeotoetat oopgr ooverlag wolaao aad as*
paaao of oloood baak wort; furnished by tho Oloood Bask Sopartaeat, that
67 porooaa wora espleyed dtriag 199fo Hooevor, tho oeoeribor avereji of
t
47.91 poroono (excepting officers1) lo tba greateet a a b w of olorka aad
roprooeatativoe wo h m bad oaglogod oa tbio work dtori^ aajr oaa asath*
9.94 ooapared with
1994 - $17,809«01 aa
Average raafcer of offiooro oa oloood baak work
1469
ia
1993.
Offloara1 oalariaa aloood book work
ooaparod with $9 ,086.89 ia
1998.
Othor aaia itaaa of ooot aoroi fraveliag
1994 » $44,981.19$ 1983
$7 ,886o94 ; 1993 - $9 ,786 .80 ) tatafi
aad aaiataaaaoo expeaae Oloood Batik Ropreoontativo
$91,679.41 ’Oateide legal fbes
X994 • $1 ,168.00
froa
1993
»
1994 $471.61 o (Thio
dooo not laolndo pootago oa lottoro
hoad offioo but oaly that paroliaood bar oar roproooatatiwoo.)
?S
-3~
During
the number of latter written by Uie Clos il 2&nk Os-*
f
partmeni was 31,178, of which 8,857 war* on transit olaI»s.
Claire filed
on transit items to date 211 of which 166 were during 1924«
Elsewhere in tho report Is mentioned tho fact that under cur
functional expense system the total, nests of the oentral stenographic
unit are distributed to other functions in proportion to n Total costs of stenographic unit for 1924 were #29,095
# U ,307*3? was charged to oloied banks*
**3 r * n : W * d ,
4 ? ' *hieh ai80i;r.t
?'
During 1.923 oo*t,- of stenographic
usit were $33,9$0<.86 of whioh #4,367.29 was redistributed r * hhe b4&io
of
srvioes rendered to the Closed Bank Unit*
Comparative Functional costs of dosed bank expense for le?,4
and 1923 are shown below, and expenses due froa eaoh bank ae of Deoewfcer 31,
1924, are shown or attached sheet?.
m
m
m
jm
a m
198* - 1983
M b e r of
Hnt
Salaries
ftpfee* ef
JUtism --flKfaBW— — Ifflf
<*WMr*»r 1894
2.33 $ 3 ,033 .8 ? 41.83
SMOad •
Alird »
Iwrth •
1984
1904
193*
M U
1934
First Quarter 1983
Seoead Qo*rterl923
Third Quarter 1983
Fewth quarter 192£
fetal
1983
3.09
5.219.9*
3.08
4 ,900.1*
2.96
4.098.84
43.86
41.89
JA4B—
$ 17,303.01
1*67 1 2,280*00
lo78
8,378«00
1*67
8,800.00
1?
$8
*
I
9,086.39
Maries
Ppp?*—"■
All
total
Ottw
Hiwm
I 19,978.30 $ 14,717.86 $ 37,739.38
81,886.40 20,338.35 47,449.89
18,889.21 20,868,64 48,447,89
sunr.y*
h m
«.m
I 88,011.65 f 78,854.08 $178,187.74
14.80
18,06
17.88
38.18
•, 184.74 #
8.
448.88
8.986.88
18.899.78
7 ,871.83
7,671.84
8,MS, S3
11. 4S
408o
$
18, M 6 iC?
18,393*12
30,178*36
37.899,,66
I 89,386.88 $ 35,794.88 8 84,117.73
47
CO
^+f
C L O S B P
BATIK
____________ ADDRESS____________________ SALARIES
B AH I
1 X P H
TRAYSLIHG &
HAimggAgSS
S 1
8
OTHSB
LEGAL
gXPgHSfl
OVERHEAD
JfiJlFSHSB
TOTAL
wiscoHsnr
First Bafcioiial T&rQz
Alisa, Sis-.
65c22
108*76
69*93
^3o5H
296.3**
588.62
1S1 . 0S
MIHHBSOTA
First National Bank
First Satioxsal Bank
Farmer* National Bank
First Rationed Bank
First Bational Bank
Balaton, Mina.
Braver Greek, Kfizm
Badge Center, Virni.
$rev B&gie* vims,
Lancaster, Mlim*
120*71
2^9.9**
13H0^-6
4^.88
First National Back
Citizen* State Bank
Farmers State Bank
First Bational Bank
First State Bank
First Hatloztal Bank
First Hational Bank
"fell* Hational Baifc
Citizens National Bank
Minnesota Lake, Mian,
St. Peter, Minn*
Spring Talley, Minn
Ulen, MlxOo
'Jslirat drove, MIb&o
Warroad, Minn
Well*, Mian.
lells, Mimio
Worthington* Mlim
71,01
35»90
205*98
219-07
75<>3o
Total Minnesota
105*70
211»22
feo62
151°51
38 .3s
23. 7s
30eS2
56026
157°31
277. 6s
S90S3
126.15
960.65
572-79
515^9
220,92
3*1 c57
U, 06lcl^
3,220*93
i,os6.so
1,233 o 65
359,65
7.72
155.26
13.70
2o00
2UC,*k
107 M
0
11s.5s
V*6. 8l
12.3^
1660os
92.00
353*35
1,179.75
139*61
35.90
663. 2*
*
58S.75
95*12
127.92
1,992.76
1 ,063.35
260.11
127.92
i*»908. 0i
1 ,657.62
**,565,0*
*
12 ,175.35
663^
272069
1.195.05
663.2H
05
'3*
GLOSS
B A
S K
S A
A D D H B S S
BASE
THAVELIHO &
KAnreatAsoB
L A
I U
S S
E XP!|SH
OTHBH
CVJHffiSAD
isouo._______ zxpmsz_______ m asi!
to m
BBCOraSIBS
HOSTH OAXOTA
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first Rational Bank:
first Rational Bank
first Rational Bank
first Rational Bank
f l m t Rational Bank
first Rational Bank
first Rational Bank
first Rational Bank
Merchants Rati anal Bank
Merchants Rational Bank
first Rational Bank
l
g
g
d
o
r w
V
c
2
,
8
,
G
H
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801o51
101.1?
101.00
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2
2
3
, 2
6
1
. 3
7
1*00
2 2 , 4 0
8
1
l0178ol5
1,280.31
1,163
162.80
14 694,92
3,085.35
B S
1 .079.05
109.57
797.99
146.83
1 . 736.05
203.19
179.83
0
95-P5
117=33
6?.«7
0
6 „ 7 4
6
84J6J7
1 7 4 = 4 3
6 9 7 . ®
20^.10
298„5s
202.65
249.20
57.26
> 3 .7
♦1 8
1*5.27
858.10
0
1 0 8 * 3 9
1
3*203.1?
6
5 3 1 . 2 *
,
Total Horth Dakota
.
d
O 0 6 9
4 s
4
0 0
8
9 5
1 1 9 . 5 1
a 9 2
c 2 0 0 ®
160
0
5
8
8 9
,
R
. D
8
4
2
N
R
6
t 4
o
*
« D
7
2
0
2
Man&an, R«D<*
Medina,
Sentinel Butte*
Tolley,
Tower City,
Towner,
Turtle Lake, HcD
Walhalla# N D
Willow City, R 0
D„
Willow City, HoD
Wimbledon, $ sDc
Woodworth, N,D,
H
o o , 0
i
.D
R e D
4
4 6 . 1 6
,
N
d
2 6 0 . 2 7
o O S
7 6 . 3 7
R o D *
r d
9
5 9 - 5 $
N » D *
n
3
7 5 7 * 2 5
o D
w
s t o
i r
I h
R
i n
C
r ,
c D o
N
s o
k
f
e
N
e
J a m
n
a
n
s b
i c
k
a
c h
r o
D
a n
a n
a
C
k
B
B
x
a
8
„ 2
2
1 1
3 5
2 4 9
2 1
8 9 , 5 0
2,511.12
767,90
2 ,5x0.83
350.35
1*537.9**
253.lU
2.85^.57
, 139.55
U 0193.i6
139.56
3.<81.5G
446.88
3 *123.22
271.71
12.rjs.5s
1 . 606.55
1.715.36
714.56
1 .033.72
71U.56
342,17
630,27
342.17
251 58
251.58
52, 616.13
3 .869.22
630.27
w .73
1.927-81
1 .800.51
821.96
8C
^2.97
4,281.go
9,948.88
1 .537. 9>
»
253. 1*
1
CLOSET1
BANK
ADDRESS
BANK
SALARIES
TOAmiHG &
MA.i«smscis
n
PBHS1
5
OTKSS
W
ommuD
gXPSNSN
TOTAL
Hacomemss
SOTOH DAKOTA
first National Bank
first national Bank
Bank of Brookings
first National Bank
first National Bazik:
first National Bank
first National Bank
first National Bank
Howard National Bank
first National Bank
first National Bank
first National Bank
first National Bank
Western National Bank
first National Bank
first national Bank
Citizens S k & Trust Co.
Corn Belt National Bank
Sissc falls National
Citlsetts National Bank
first Rational Bank
Stockbrokers State Bank
first Rational Bank
first National Bank
first National Bank
Alexandria, S.D,
Bridgewatero S.D*
Brookings# S*D.
Brookings, S.D,
Carthage, S.D.
Castlewood, S.D.
Boreka, S.D.
Ore gory, S.D.
Howard, S.D.
Huron, S.D.
Lake Preston, Sc Do
McIntosh, S*Ds
Mitchell, S.D.
Mitchell, S.D.
Morristown, S.D.
Onida, S.D.
Rapid City, SoD.
Scotland, S.Do
Sioroc falls, S. D.
Sisseton, S.D.
Springfield, S.D.
Timber Lake, S.D.
Webster, S.D.
ffessington Springs, S.D.
Winner, S.D.
Total South Dakota
•*55.00
46.39
1 , 156.70
1 , 156.69
255.67
510.4*0
773.49
2,676.54
819.10
128.00
2,068.33
921.84
1 .076.16
S00.00
536.67
10766.50
473*34
315.38
1 , 920.20
526.04
72.00
1 ,,675.00
529.91
70. ?**
1,000.28
842.61
311.60
5U8.52
265.19
866.40
2,195.25
1*31.91
386.99
790.32
913.73
5.00
137.55
114.01
1.526.94
612.50
479.69
107.75
28.82
826.47
137.74
20,237.29
16.333.00
8.70
17.45
38.22
36.25
83-87
3.00
.90
333.77
2c
4o4.82
248.41
2l*1.59
1 .097.47
46.58
«.96
1 .831.76
2. 269.37
377.22
675.91
l.664.4o
851.U2
4 , 292. 89
296.79
715.21
665.56
33.72
368.45
1.899.38
655.S6
2.00
57.87
260.63
36.56
438.44
1 , 623.59
1 .000.23
531.29
501.02
687.67
572.4?
277.68
1.00
337.60
709.0*
95.**l
3.769.22
1.396.21
22.713.63
.82
*,9*«.2fc
30e.es
1,358.36
126.09
4,022.46
4.452.80
9W*.4?
1,857.5*
1 .809. 5s
3 ,332.51
851.42
9.813.53
1.547.80
823.87
4,566.11
2 838.80
2, 323.16
1.63U.79
1 , 260.10
7 ,019.00
12 b, OJ?
1 ,809.58
.
721.75
1.129.40
3 . 987.77
2,155.21
137.25
6 608.29
21*6.31*
1 ,260.10
721.75
1 ,129.1*0
,
65.62«.37
5,01*6.92
IT
S
b a h
BAKK
ADDRESS
SALARIES
n
TRAVELING it
VAWmmGE
p n
3 i
1MAL
ormsxD
(m m
1SKFWSE
xxpm s e
i
TOTAL
BBCormm
MOBTABA
Stillwater Valley National
First national Bask
Ballantine State Baak
State Bank of Belt
Fanners national Bask
First national Bank
Americaa national Bank
first National Bank
Stockmen* State Bank
First national Bank
First national Bank
First national Bank
First State Baak
Citizens State Bank
First national Bank
Benton State Bank
First national Bank
First national Bank
American national Bank
Basok of Conoeree
First national Bank
Stockmens national Bazik
First national Bank
Commercial national Bank
Bardin State Bank
First national Bank
Havre national Bazik
First national Bask
Hlnjfomn State Bank
First national Bank
Inverness State Bank
First national Bank
First national Bank
Absarokee, Mont
Baker, Monte
Ballantine, MontBelt, Mont
Big Sandy, Mont*
Big Sandy, Mont.
Billings, Monts
Broadview, Monte
Brownings Mont
Carter, Mont.
Chario, Mont
Chester, Mont,
Clyde Park, Mont
Culbertson Monte
Cut Bank, Most
Denton, Mont ,
Dodson* Moat.
Fairview, Most
Forsyth. Moat.
Forsyth, Mont.
Forsyth, Monte
Fort Benton, Mont*
Fresno, Kant
Great Falls, Mont
Hardine Mont
Harlowton, Mont
Havres Mont*
BigNroo&» Mont
Hln#ttun„ Monte
Ingooar, Moat ,
Inverness p Mont
Joplin, Mont.
Lambert« Mont,
**7*36
283*10
373.27
670*63
262.01
1 .819.98
1 , 180*16
2,2*9*68
190.30
390*79
2,271=79
7**92
2, 911. 7*
53*.*8
5*1.13
5*3=15
18,78
211 95
255 92
li>179 39
173.19
3 871.IS
1 ,369, 2*
651,17
3S
129*30
10
*15.35
3=097=32
3.51*= 21
66,03
X62.56
336,33
IO5.3O
809.10
350.03
336.26
W 7.O6
317.«
1,302.90
1 ,0*9.68
886.26
256.61
1
332<*0
£ 3
176.31
29«0*
95*n
3*6-77
118.18
5*.*2
68.20
95.75
116*05
30.65
29.30
.80
6.75
281.63
1,321.89
23**68
l,*60.l6
675.77
3.502.85
1.293.11
*.929.50
3 065.99
7*.:
1
.90
210**1
3*29*.71
:
6olIo
3.60
6lS,*6
17.86
&
3*7.12
309.3*
17**0
7**0
695.08
39.70
i.099.«7
55**39
785.00
100.00
3*0.65
*21.32
30.00
**0.58
387,19
1 .^ 5 5
1 .626.27
*0.39
* ® l
1,2*?.S1
52P.02
I
I90.tl
106.35
773-21
*02.12
2,162.72
lft. 63
87.*7
1,058.91
**.02
2„6©.63
210.09
269.82
139.9*
108.1*
361.88
1 ;8**'.06
385,22
*,1*3.28
1.231.89
673. 7*
2.505.23
x.on .*2
2,09*.17
80*.*0
1.86
u
**0.58
1,7*8.95
658.38
1,083.61
1,9*7-96
653,3s
850.66
3,891.10
2.'
^*665.96
8U .16
*,009.76
21.*6
218.79
6C * 6.92
2
1.3**.16
1 ,571.06
1,<**.73
*7.82
531.30
906,18
5 ,0*0 . *2
*32.79
16,22**59
6, 2* 1.95
2 .0*1.11
U.,282*13
* , 0*0 . »
11»711.*5
*»333.S*
699.05
*78.31
855.%
21**6
218,79
*7,82
531.30
Cvj
in
G L G n a z
jmmss
BAM
s a u _ J12L.Z-JLILJLI
_
fHAmxsa &
SAMHI^S
OTEHHSiD
rom*
C H1R
KSJ^jSljSB
ISGUU.
TOTAL
w oum sB
M O H T A S A (CQSTimi55>)
C
i t i z
e
n
s
R
a
t i o
Ftret Bat
o
H
a
i r
C
o
a
e
r g
r n
F
n
F
r t h
s
v
t
e
s t e
B
s r j e
&
r c
t i o
l a
l
f
l a
n
t
l
a
n
a
l
B
i o
B
t i o
k
C
o
n
a n
n
a n
s
u
l
a
u
r e
t y
L
a
w
i a
a
r k
L
i v
i n
L
a
L
n
o d
g
e
C
r a
M
i l e
s
C
i t y
,
M
i s s o
,
M
u
B
k
a
Bank
l
American Bank
Piret Bational Bank
First Bational Bank
Firet Bational
Pint
State
Flentywood
&
T
r u
s t
C o
l
K
e
t o
i m
s
t o
n
t
n
g
u
l a
t
K
2
o
M
,
s s
a t ?
o n t *
,
M
M
B
a
t i o
n
n
k
l
a
a
B
a n
k
F
l e
P
k
P
B
e
a
k
o
f
i r e
t
n
a
t i o
n
a
l
B
a
F
i r
t
n
a
t i o
n
a
S
t o
F
i r
P
s
c k m
s
C
F
i r
t
i t i z
s
n
e
t
e n
n
s
B
a
t i o
s
S
n
a
Boondap
t i o
B
a
R
o
k
W
B
a
n
B
a n
B
a
k
t i o
l
n
a
t y
i s o
k
l
a
n
o
o
a
l
l e
o
s i f e
n
t e
n
B
a
n
k
p
l a
w
o
w
n
o
n
a n
y
t o
a
6
, 3
&
*
6
5
9
9
, 1 0
0
, 1
9
0
t
M
1
1 *
8
&
, 0
0
3
9
9
o n t e
0 l 6
*
«
3
1
. 7
. 5
9
. 2
8
1
R
M
o n t e
1
. 0
5
2
. 4
9
a
t i o
n
a
l
B
a
n
k
Roy,
t i o
n
a
l
B
a
n
k
H
First Bational Bank
Tellovstone Valley B
¥ Co
American Bational Bank
First Bational Bank
Willow Creek State Bask
First Bational Bank
First Bational Bank
Security State Bank
9 s
a
l y
M
a
o n t .
r d
*
: 0
h
Bazik
9
. 2
>»«oo
5
2
2
, 8
3
3
5
4
3
0
, 8
6
*
?
0
. 4
3
. 5
0
. 5
0
9
- 2
0
9
. 6
0
5
5
- 9
0
4
7
1
. 5
0
5
4
, 0
. 0
0
- 8
5
0
8
7
. 7
8
. 7
0
9
3
0
1
8
. 6
7
1
. 8
4
3
. 5
. 0
. 9
3
2
6
*
0
T
0
3
I O
. 2
. 0
7
7
8
. 5
0
3 9
- 9
*
2
2
. 8
8
5
0
. 3
5
9
1
. 5
1
4
2
. 5
9
6
5
. O
O
2
6
6
5 . O
O
5
7 2
8
0
. 7
3 . 4
, 5
9
0
. 8
1
239.30
23.28
2,513-74
808.64
1)41,76
181.07
220.84
693.91
316.18
469.15
812.64
896.59
181.47
1,455.40
2.57.71
m-23
5
8
4
5
8
8
2
4
- 3
8
7
0
. 0
4
7
J . 4
0
7
1 0
9
. 9
3
7
W
9
1
0
7 - 5
. 4
9
° 7 ^
, 3
0
7
. 0
4
1
, 1
4
7
. 8
2
4
6
9
3 9
l 6
1
1
5
, 3
2
9
5
4
6
236.53
8
7
. 5
3
6
9
Wilsallo Mont
Winnette Moat*,
Wolf Point c Mont ,
Bzpense
5
2
4
r o ®
0
1
„
1
i «
t 4
*
3 1
l .
3
2
2
1
6
4 9
7 4
2 3
1 *
5
- 6
7
1 0
1 8
5
16.78
5.00
* S 6
371-77
89.10
38.77
62. 235.l 6
53.796.95
7.063 .ft
87. 0* 9.34
i 6.iA.og
7.492. *
10,755-66
994-29
608.45
6,ao.o*
2,632.10
2,871.9
1.606.75
1.288.22
3.620.51
452.02
1.663.03
4 c4o6.36**
5.541-76
1,463.31
5,000.88
•».Ugo.g
2,896.0*
106.15
1,910.35
182.34
3.2>»9.55
12.381.9*
56.17
2,991.95
196,0s
408.89
149.18
16, 752.41
Or IM s anonst $1500.00
pali.
762.4*
176.60
70.07
176.60
70.07
53.**. 60 190.448.59
1.830.57
90.54l.37 320.5n.ao
11.409.95
v«r md abeeited ttit expense.
for (3.000.00 - £.500.00
T h is is n o t recoverab le ae « •
of ^Lcfe bes pwrl wljr
12.6cfe.24
106.15
20
3,t8.9^
397.67
2 .553.79
35.13
31.30
100,910.0$
Total Montana
Gtraad Total Closed
3 =
8
Forks, Monto
Willoe Creeke Mont*
T
8
5
Mont
Sidney, Mont,
Sidney, Mont
Three Fortes, Moat
5
6
5
a
l,g05»09
0
6
6
7 2
4
B
8
7
2- § S
, 3
B
, 5
„ 3
836*66
1
t
4
5
0
7
. 5
t , 7
o n t ®
t
1
i ! 5
1
0
2
«
0
*
M
s
0
7 4
. 0
8
7 5
o n t ,
l
S
^
3
8
3
^
0
. 2
2
1
o n t
o n t .
e T
«
2
8
o n t
d
l
Roondnp,
s
W
- 1
1
i r
0
5 9
1
i r
3
3
2
. 7
F
0
2
9 2
3
9
o o n d ix p ,
5
9
8
. 4 *
n
4
- 3
3
1
v
. 1
5
1 „ 3 S
o n t
p
5
7
6
M
m
0
7
3
Bank
l
, 9
0
*
3 9
o n t e
M
M
3
5 *
M
M
r *
5
2
lt9jKk2
2
i ,
M
r 4,
l a
o
o
,
p
F
o n t
t
t y
P
B
a
n
n
P
l
t i o
a
t a
n
h e l &
, 7 0
3 Z
o a t
B
p
1
o n t
Hoere, Hoot,
Mont
Oswego9 Mont.
O
1
9 9
, 2 6 3 *
CURRENCY FUNCTION
During tho year 1924 we reoeived and counted, at Hoad Office, 29,304,000
bills amounting to $151,275,000, as compared to 29,884,000 bills amounting to
$160,127,000 reoeived and counted during 1928o
Due to conditions that have existed in the Northwest during the past
year, the demand for currency was unusually heavy*
The amount delivered and
shipped to member and non-meoiber banks by Head Office daring 1924 was $147,257,000
and "the total for Minneapolis and Helena Branch combined was $172,550,000 as
compared to #140,620,000 paid out during 1928, an increase of #51,380,000*
Shipments were particularly heavy during the months of February, May and Octobero
Total number of piecss of coin reoeived and counted during the year
was 8,189,000 amounting to $2,248,000 as compared with 8,628,000 pieoes amounting
to $1,766,000 received and oounted during 1928o
»
Demand for silver and minor coin was heavy especially during the
latter part of the year and ws were required to bring in considerable amounts
from the mint to supply our member banks» IXiring December we had shipped in
from the mint $480,000 in coin, and $400,000 of this was in Standards o
Cost per unit for rsoeiving and sorting currency during 1924 was
89 oents per thousand bills and the average units handled per employee per
day 6981® Comparative figures for 1928 are not available as they were not
compiled in accordance with the Federal Reserve Board Manual of Expense
Distributiono
Cost of handling coin for 1924 'was 88 cents per thousand pieoes and
the average units handled per day per employee 28,859o
The following suanary is based on the Board's Comparative Functional
Expense Report for the seoond and third quarters of 1924«
The fourth quarter
figures are not available at this timeo
Currency Reoeiving and Sorting
8eoond Qiarter Third Quarter
Average number of units handled
per employee per day
System
5820
6071
Average number of units handled
per employee per day
Minneapolis
5895
5758
Cost per thousand bills
8ystsm
»79
o76
Cost per thousand bills
Minneapolis
<>96
93
Compared with all other Federal Reserve B a g H K s ranked ninth in units
handled per enployee per day during the seoond quarter and eleventh during the
third quarter.
In costs per thousand bills we ranked eleventh, Cleveland being 'Ph
—
2-only bank with higher costs in both quarters*
During the first quarter of 1924 we handled 6451 unite per day per
employee.
During the second and third quarters we often did not have enougjh
bills to keep our sorters busy*
This accounts in part for our low rank in bills
handled per employee per day* With a sufficient quantity of bills to be sorted,
Minneapolis will rank among the
leading low oost banks*
The following tables show volume of work handled and oost of
operation during 1924-1925:
COMPARATIVE STATEMENT OF CURRENCY AND COIN DEPARTMENT
SHOWING} NUMBER OF PIECES HANDLED, NUMBER OF EMPLOYEES, SALARIES AND EXPENSES
(MINNEAPOLIS ONLY)
1924-1928
CURRENCY
No* Billa
Received
f Counted
t
First Quarter 1924
Second Quarter 1924
Third Quarter 1924
Fourth quarter 1924
Total 1924
Monthly Average
First Quarter 1924
Saoond Qiarter 1924
third Quarter 1924
Fourth Quarter 1924
Total 1924
Monthly Avar aga
first Quarter 1928
Saoond Quarter 192$
Third Qiarter 1928
Fourth Quarter 1928
Total 1928
Monthly Average
Aaount
Offioars'
Salaries
7,766,410
6,688,450
7,264,260
7,680,676
SS'TRKTMB
| 87,927,000*
87,601,400*
86,556,450*
59,990*000*
1X 61,91,085'.
H 7 T O I.W
2,442,067
I 12,606,287
t 118.97
Number of
Employees
ISaployees1
Salariea
zi.o s
«
20*56
21*27
#
Noo Bills
Reeaivad
& Counted
T,W,I3ff
6,572,008
7,598,264
7,818,208
29,^54, ^ 6
6,6^2.65
7,929*46
8,484*14
6,227*68
21o20
Monthly Average
First Quarter 1925
Saoond Quarter 1928
Third Quarter 1928
Fourth Quarter 1928
Total 1928
Number
of
Offioars
2,722*00
*26
*26
*26
.26
# 881*26
897*92
881*24
881*26
Total
Expanse*
Other
Expanaaa
V 1,2^6.47
1,176*87
1,408o82
1,460»?6
9 S,2W *#2
ITOIJTSS.87
I
# 8,279.46
9,604.24
10,169.20
10,009.64
441o49
Nbaber
of
Offioars
'Ttt
o?8
*#
oZZ
Aaount
# ^acsra*
86,964,097
44,849,480
49,467,276
I
I M"
Offioars*
Salaries
f
24$,88
848.88
558.84
2S7.11
f"T,TS£?rr
2,490,866
• 18,848,977
Nuaibar of
Employees
zLM
24*70
Employees'
Salaries
rr;wr<-®r
8,460*86
8,260ol7
6,266*46
f
Other
Expanaaa
f l,m.2V
1,174,54
1,246o04
1,414.21
| bs0tb'i6
Total
Expanses
• “nrrw
O
10,008.06
9,849.16
9,969.70
9 36,675.84
# 2,700*66
1
4 8,222.82
22o72
20*20
#
419.08
108.28
54
COMPARATIVE STATEMENT OF CURRENCY AMD COIN DEPARTMENT
SHOWING NUMBER OF PIECES HANDLED, NUMBER OF EMPLOYEES, SALARIES AND EXPENSES
(MINNEAPOLIS ONLY)
1924-1923
(Continued)
COIN
No* Coin
Reoeived
k Counted
Amount
3,104,680
1,816,200
1,611,830
1,606,460
s tnirw o
Monthly Average
#
678,266
First Quarter 1924
Seoond Quarter 1924
Third Quarter 1924
Fourth Quarter 1924
Total 1924
#
Employees1
Salaries
Sunbor of
5$l2Z22.s
562,851c
374,106*
666*114*
766j090*
IZTSSCHT.
|
462*46
443*79
610.80
493.22
# 1.M6.S7 '
1.05
lo08
lo27
1*21
168.86
187,847.
Other Bxpenses
r
First Quarter 1924
Seoond Qiarter 1924
Third Quarter 1924
Fourth Quarter 1924
Total 1924
368*10
290.20
384*43
f c n ia n
Total Bxpma es
' r w g. a n
801.89
801.00
877.6B
1 1 3 18. W
Monthly Arerage
# 101.89
•
No* Oolst
Rsosived
f Counted
t
g,w r ;n g
1,707,088
2,610,820
2.374,060
ft'UBTTU
First Quarter 1923
Seoond Quarter 1923
Third Quarter 1923
Fourth Qiarter 1923
Total 1923
Amount
I TW JXZ.
283,361
616,136
489,021
« 177557127
718,693
Monthly Average
|
Total
aRDloysss'
. . Salaries
.
ITZEB*-926.02
880.46
488.88
♦lTinr.gy
1*12
146,319
CUHREHOT SHXMBKTS 10 AID ISQM i m m
-------j 1BST
1.00
1.00
I
i i 7.ea
Total
T
604.(6
814.84
814.66
v,m : n
# 109.66
Monthly Ar.r»g«
January
February
Maroh
April
May
June
July
August
September
October
November
December
Amber of
Ba|lo^eoe
Other Bxpens es
T 1 #
279.24
484*38
381.31
fi,WBrar
First Quarter 1923
Seoond Quarter 1923
Third Quarter 1923
Fourth Quarter 1923
Total 1923
260*26
|
jri aw.
tin
227.48
SAHIB
896
646
766
838
878
936
996
987
903
968
879
1,122
10,818
11,728
186
89
10,999
11,367
CQ
ITD-
«UMW4E3SSS»
O O M
B T in B n
CCTBRB TCT K8C8IPTS FROM AMD SHCTMBWS TO MBflm AID lOB-KHMCTg Kimrs bt M M w m
TEDgRAX BBSBRTB BAHI Off IfflragiPCBJS A H m a t muwnp.
HBCMW3
Trm
Member Banka
12.775.99?.
8,97g,&».
10,199.902.
11,909,153.
lU,^t9,767.
l* ,087.56*.
12,5*
19,206.
13,012,650.
13.573.532.
15.799.5^
13,791,681.
q.520.283.
$ 1 , 260.
7U2.
1 . 232.
1922
Total
1921
Total
1920
Total
Vo
Member Banks
To
lo frM h tr Boaka
19 ^
1923
TOTAL SHIPMSHTS
_
192*
$ l l . 0A .59i .
19,082,035.
11,605,0 8 .
10.U37.603.
19.829.*5510,927.600.
12,061,603.
12.712.590.
15,171.200.
20,636,357.
1*.110.5Q5.
1*.<»U.$06.
1923
65*667*
*3 ,* 67.
*1,731.
22, 981»
I6 33 J .
19,l*o
6, 162,
20.931*
$ 117.836.
123.135.
38,7*
18.
27.700.
39.900.
21,500.
50.500.
M ,500.
O
231.850.
33*.900.
187.000.
$i50,to5.955.
$2^ 655.
$171 ,166, 73**.
♦1,383,269.
$1*7,591,375.
$132, 610,
$137,867.8*0.
$2,753,003.
$1*7.723.985.
$1*0 , 620,8*3 .
$113, 325,000.
$i3i , 000o
$105,117, 000.
$2 .0>7 .000.
I
$113.*56,000.
$107,101,000.
$132 .789,000-
$2^9, 000.
$ 89,296,000.
$1 ,020, 000.
$133,038,000.
$ 90,316,000.
$
$528, 000.
$ 78, 616,000.
$ 380,000.
$ 6 *.860,000.
1
$ 78, 996.000.
1923
Total
frm
B<m-Uenber Banks
TOTAL BB0MPT8
♦ 10,9*6,755.
18.958.900.
11,566.310.
10,509.903.
19.789.555.
10,906,100.
12,011,103.
12.672.090.
l* .939.350=
20,301,457.
13.923,505.
14.7*1.706.
jfttBUHTJ $
Je'bruary
March
April
Ifiay
Jons
Jttir
Aogoat
September
October
November
December
192^
Total
SHIPMBBTS
332,000o
♦ 12.777.859.
8.977.3*6.
10.201,13*.
u.917.508.
1*.315.*3*.
l* ,131.03l.
12.590,937.
13.035.631.
13.5*9.965.
15.0 8 ,708.
i 3.797.8H
3.
$ 12,980.592.
8,772.72a.
10.667.0to.
11,996.058.
lH.067.869.
13.081.550.
12,207.788.
12.503.17*°
i 3.526. l 62.
12,483,093.
12,227,879.
13.210.0**.
$l5o.6jg *6io.
»,
♦
8.191.930.
8,120,896.
10,2 3 .575.
9.5W.273.
10,481.395Il.>ia7,109.
11,161,929.
11.893.985.
lU.842.888.
i 3.to9.895.
13.866,607.
HJfflfclfil.
$172,550,003.
^im
L'i
O T P g n C T SKIPPED 70 OTHER TOiClAL BgSEKTB BAKES
F2D2 RA L R3SKR7S BABX
Feb.
Jan.
m
22,800..
64,600,
20,900c
73.600.
11 ,500.
14 ,900.
758.200*
27,000.
90,200,
31 ,500*
Bcatoa
Hew T ot*
39,00o.
Phi lad.
29akOQ.
86,400^
?lar«d.
12,900*
Hicbnood
Atlanta
19,200
1,134,900.
Chicago
3t„L<roia
33.500.
107,600.
O w . City
Dallas
7rlaco«
1
, 2
1
2
0
4
. 3
0
0
0
9
.
0
M
. 5 0
c
1* ,60c,
1
57 .000.
21,2100.
58.600:
3.GK-,
12 .60a
761.600.
<?5.?00
95 .30c.
8
.
,
, 1 0
0
1
. 2
5
5
.
6
0
0
.
1
2
. 0
0
0
3
3
. 3 0
0
, 3
0
0
.
172.800.
,
2
,
6
0
.
1
. 2
9
7 .
7 0
0
1
.
>Tana
26,200.
57 .goo.
21 .300.
71.700.
12 .4x.
12 ,600862,500.
26,700.
100,500.
9.50C.
X&jiqQ,
22.300.
55.60^
21.200.
56.900.
10.100.
11 .200.
812,800.
28,100.
96.400,
.
1
1
JS93
L
Aur.
a r .
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9
6
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:
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Im i
Boaton
Hair York
3 5
Chicago
St•L o u is
.
0 0
1 8 4
,
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1*329. 000.
Kaa. City
Ja il as
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82.^00.
2
$
4
,
2 0 0
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a
jl.&X).
?
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4
,
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33.500.
1
2
14,500
30.500.
12.500.,
,
6
1
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r . .
2 1
21, 700.
C -
30, 000*
116, 000.
19,000
Fhilad.
R
Cl«r>d.
Hlchoflad
Atlanta
?«v
i i ily[an. i
|<
A v
,
5 0 0
.
3
, 2
4 0 0
0
0
0
1
.
1
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2
?
, 0
1
.
7
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3
9
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0
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7 0
0
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:
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3
5
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0
8
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5
0
,
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,
1 9 9
0
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3
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.
7 0 0
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1,468,800
9
0
.
7
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.
1
2
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0
0
.
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,
5 0 0
0
.
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6
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0
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0
.
1
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6
5
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3te.gc
60,500
792,3C
21,300
;os Ik
69.700
5 0 .>«
10 ,00c
i'^.UC
188 OC
13.^00
571 .0c. ? 069 9(
'A.9CL385 2<
107 .ro:. I 411 7t
11,
27 .700.
53 .100,
22.900,
73*800,
10 ,300 ,
l 1,600.
634.500,
27.000.
129.000.
y.TOO.
184.200
iXQiSBb
L
0
?
TOVAL
Horr.
33.4oo.
72,400.
26,500.
9^,300.
11 .900,
15 .000.
717.700,
33.30C.
139,000
c
0
0
0
0
u
1,189,600, 1
,
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a
8
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9
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■ - *%.*■«
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,
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4
3
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6
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! ,rl £
1
,
0
1
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.
0
Not
Cot-
...
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.
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5 7 . 3 0 0
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51 .000.
81,700.
uo.ooo.
108,100,
lU.300.
22.100.
927,400
45,800..
29,300.
67,800.
27 ,300.
91 .300:
:
13,800.
17,500,
80b,600.
39.100
143 ,600.
l,4l?,400.
.
3
1
.
1 4 7 . 5 0 0
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.
5 0 0
0 0 0
221*382..
1
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2. 767. 000. 1 , 325. 100.
0
3 8 . 5 0 0
815.0CXV
60.700..
179,U00:
30. 500.
8
5
Oct.
rnov 0Tv;-:n rarerui. HKs-’ . s.\!ors io?U
iwr?1
. " s y
■
t
1
.533.6oo
oi’
a^sCT
Received from
FEffSRAL aSSTHTS BA
!7K
?8 ,600.
54,3 00.
27,600.
85.800.
13 ,100.
19,200.
811,700.
34,400
113,500 ,
ZPLUKr
i
.
5
S.T?t.
iSfe
JoJj
23,200.
£4,500.
28,300.
S0,200„
1U.5OO,.
17.70C.
S59.00C.
38 ,90c.
117 .300,
1924
i ^
1
,
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.
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aU„259.«
COUPON UNIT
(Minneapolis only)
This unit is a part of the Cash and Custody Department.
The vcluae varies greatly froa month to month necessitating shifting of
enployees from othor units daring rush periods - which are March to May
and October to December inclusive of each year
Colons handled in 1924 were 1,228,058 valued at
$10,477,787.34 as coopered with 1,746,776 valued at $11,373,994.91 in 1923.
The comparative statement of Coupons Handled which follows, shows a steady
decrease in number without corresponding decrease in value.
In contrast
with abore figures we handled during 1919, 5,192,950 Colons valued at
$14j356,128>76
These figures indicate clearly the movement of Liberty
Loan bonds from the hands of the original purchasers to permanent and stronger
hands with the retirement of the small denominations and the issuance of
larger through exchange transactions,
COMPARATIVE STATEMENT COOPOHS
HANDLED BT I M S
Number of
Coupons
1924
1923
1922
1921
1920
1919
1918
1917
.
.
.
.
.
.
.
.
.
.
.
.
. , 1,228,058
- . 1,746,776
. . 2,425,302
.
■. 3,588,452
. 5,089,141
. , . 5,192,950
* . 1,669,587
. ,
45,089
Amount
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
$10,477,787..34
11,373,994.91
11,296,258.24
14,346,797.18
16.418,820.21
14,356,128.76
4,320,943.38
. .
136,615,27
Coupon handling costs Yary widely with various Federal
Reserve Beaks.
The average cost for the second quarter of 1924 for the
system was 24 .8 cents per thousand eeqpoas and for the third quarter 52.2
cents per thousandn costs for Minneapolis in the seooad quarter were 30,5
cents per thousand, our raak being ninth In the System for low cost,
in
the third quarter our cost wns 50.6 eeats placing us in fifth placec
Units handled per oqployee per day in the eecond quarter
were 1488 end in the third quarter 907 as compared with 2054 and 957 for
the system.
P8
Cor?**''»,!?•
nrjab«.r
thawing C&‘ *&&
4
1 */ qp&r'isr*.
9jk>*o;**s • '1 rests follows, eoopiled in accord with our functional
■
cos*
?:.C »IHG Niyw-R
COMPARATIVE STATENESS
c f coifrflis"KMmKcn, fliraa
of
yjgLOIEES.
^r.tf>rrg iwn flfffps P^p^MSES
1924 - 1923
Minneapolis only)
::o coupons
Handled
first qi-i'ter
Second ■
Third
■
fourth •
Total
3
3
2
2
$ 1,128 49
1,132.42
869.27
968.76
$ 4,098.94
$
302.02 $
39.56
341.58
|
135,323
$ 1,786.60
1,428.74
824.05
897.86
$ 4,937.i5
*
346.79 $
1BR0UGB
liir n w UTiBiiPnt.Ti 4WP
64.65
411.44
VKOQBAL BXSXBTI
TBAECB
r’
aeber o i Couoons
January
febrvuuy
M»roh
April
May
Joao
JToJjr
Almost
S^pisAir
October
jnnrtsT
Deesribsr
Total
Total
B&ense
$ 1,685. 80 $ 100.80
1,087 17
341 57
636 65
187.40
146 06
751*SO
t 4,l£l.42 $ 775 83
5 83
4 47
2 39
2.63
UVITED STA9BCOIFOIB PAID
1924
Other
Excesses
$ 1,011 49 $ 11700
124.74
997 68
761.50
107-77
115.25
853.51
$ 3,624 18 $ 474 76
36
23
46
8C
94,468
first quarter 1923 424,071
Sseoad quarterl923 537,419
Third ■
1923 208,983
fourth «
•
1923 453.399
Total 1923 1,&3,872
Monthly Average
aggtloyees1
Salaries
$
1924 231,031
1924 370,961
1924 171.805
1924 359.618
1924 1,133,615
Monthly Average
5rab*r of
Employees
1924 * 1923
MinreaDolis
Helena Branch
Total
93,133
30,988
106,880
151,558
129,504
89,899
*,18?
3,619
5,779
11,167
11,655
7,078
4,980
53,932
27,385
90,488
143,377
2,234
4,976
12,881
12,478
9.462
111,579
_104.868
i,133,615
94,443
1924
101,350
34,607
112,659
162.725
141.159
$6,977
56,912
29,619
95,464
156,208
124,054
114.324
1,828,058
Total
192!
270,082
• 52,492
133,000
183,426
206,568
187,524
67.914
48,225
109,671
198,763
160,440
128.731
1,746,778
Aaotat ef C o m m a paid
Ja&oaqr
fabrnsiqr
March
April
iur
lu m
$ 298,805;62
77,634.23
1,843.261,58
1,098,073.48
725,848.89
1,008,880.50
808,189.87
Mar
Angmst
69,574.55
8sptwhsr 1,718.967.94
totetar
1.180,541.96
MnmdMr
884,121.48
864,028.68
Deomber
Total $3785d 76§7T0?
$
27,996.84
10,246.88
48,883,98
72,197*58
77,955.54
48,240.11
19,907.18
11,624.63
42,578.00
84,818.80
86,682.68
61.989.08
44^7 ,ido.25
$ 886,802.46
87,880.56
1,898,185.48
1,170,870.98
808,197.98
1,064»880.61
288,047.00
81,199.18
1,781,545.94
1,285,360..46
920,804*10
925.992.68
|10,477, $87.84
$1,078,274*30
184,808.10
1*549,949.85
1,179,866.82
1,008,188.56
1,091,854.68
247,682.85
185,524 04
1,744,728.67
1,248,382.80
827,099.68
1.148.468.31
*ll 3$3 994 f t
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OLASSIflCATIQH 0* P, 8c SECURITIES HELD BT
H O T U L HBSBRTB BABE Of MlBBAfOLIS DICTBflgB 31, 1934
Maturity
Hate
Held la Intestaent Account*
first Liberty Loan 414 Boada
Second Liberty Lean 4fjl Bonds
Third Liberty L o u 4$ Boats
fourth Liberty L o u 4$jt Bonds
U« So Treasury Bonds
U. So 3j( Conversion Bonds
U, So 2% Conversion Beads
U> So fanaaa Beads
U. So Fsaaaa Bonds
U* So Treasury Betea Series 0-1938
U. So Treasury Votes Series B~1937
Bild
£.
Uo
Uo
la
S.
So
So
Juna 15 1983*1947
lovo 15 1937-1943
1938
Sapt .15
15 1983-1988
Oote
1044*54
1948
1847
1961
1938-1938
J obs 15
1935
Mar. 15
1937
Interest
J fe t e
Aaount
far vaiua
$ 7 88 *200 o00
30146,750o00
310100,00
304589800o00
3189400 o00
3,300*00
111,600c00
800.00
380,00
500 oOO
100 oOO
4m
4+jt
4*0
4%
3*
3K
4f£
4f%
Special Investas at Account:
Bonds
Oertifieatos of Indebtedness
Treasury Iotas
1.113,500c00
3,786,500.00
13.144.500.00
Total far Value
$ 35»788,410„00
KM? HfflPIBH °> — itw A D n m m
M
tami i t
t
zx.xni as ooH»*-n
m w
OMM dr winBM
___________________________ _______________jg g f if ia
o m a m
>
Htfn
Oold Coin
Sold OorUfloatM
Oold 8*ttl*a»t Toad
Oold BodMptlm Toad
««"V
| 3,009,378.
2,858,000.
19,668,788.
907.866.
$ 2,780,440,
8,048,000.
83,645,143.
2.063.411,,
Total Oold Btld by Bank | 36,343,914.
t 34,436,993'
««»>
*
jjaalijg2
$ 8,000,000.
10,063,000.
89,000,000.
978.195.
$ 3,000,000.
10,088,000.
40,000,000.
1.499,690,
Total Oold with 7'B»Af*at$ 73,838,196.
% 64,861,590.
Oold Oola
Oold OortlflMtM
Oold with f.IJmrd
Oold
taA
CMlblMd Oold lold&Bfl
im
I 99,873,109.
| 88,978,683,
f;
1
ACCOUNTING FUNCTION
(Minneapolis)
This function includes the General Ledger, Member Bank Books,
Federal Reserve Bank Books^ Expenditures Unit, Transfers of Funds and
the activities of the Planning Committee, composed of Messrs. Moorep
barren and the Controller, as Chairman*
The activities of the Planning
Committee and the Transfers of Funds Unit are covered elsewhere in this
report#
Total expense of the Accounting Function for 1924 was #65^099•28
as compared with $54s262*69 in 1923 » an increase of #836*69*
Average
number of officers and employes in 1924, 24o71 as compared with 26«66 in
1923 o
Administration costs of the Accounting Function for 1924*
$80714«31, as compared with #70031o68 in 19230 These costs inelud*
salaries of officers and employees and all other expenses incurred in the
administration of accounting*
Changes in costs were General Ledger <> an increase in 1924 of
=
|533<>30; Member Bank books
a decrease of #1,293*36; Federal Reserve
Books - an increase of $947068; Transfer of Funds « a decrease of $1,202*2
Expenditures - an increase of #9*27*
Activities of the Planning oonnittff
cost $814*65 in 1924 and #664091 in 1923*
Under the General Books Unit is included the costs of maii*»
taining the General Ledger and its subsidiary records, including the
issuance of Expense and Cashier9s checks^ the preparing of the daily
statement
of condition, the wiring of balanee sheets to the Federal Resei
Board and figures to the Treasury Department, the preparing of the weekly
press statement and the daily transcript of the United States Treasurer’
s
account*
Costs of maintaining the capital stock records, including the
work done in the Agent's Department in connection with capital stock, is
included in the expense of maintaining the General books a Maintaining th»
Branch account, including the checking of the Branch transcript and all
reports and statistics required by the Federal Reserve Board or officers
of the Federal Reserve Bank in connection with the records kept on the
General Ledger, are included in the General Bookse
62
Under Member Bank Accounts 1b included the expense of
maintaining reserve accounts of member banks, uncollected funds ledgers,
member bank reserve statements and the preparation of schedules covering
entries to member bank accounts* including advices in connection with
direct sendings of our member banks to other districts-
The actual work
of sending these advises Is performed in the Transit Department but the
cost is charged to the Member Bank bookso
Paying signatures and the
examination of endorsements on drafts drawn on the Federal Reserve Bank*
including the making of entries in connection with Federal exchange and
transfer drafts are part of the work of this unit 0 All work in connection
with obtaining reports of net deposits, computing reserve requirement*
and assessing penalties for deficient reserves, is also included In this
unite
Federal Reserve Bank Accounts includes all expenses in con"
neotion with maintaining accounts with other Federal reserve banks, include
ing the checking and pay-off of statements received from other Federal Re«
serve bankso
Further work which is charged to this unit includes the pre^
paring of supplemental schedules in connection with cash letters* transfers
of funds, collections and advices of cash letters received from other
Federal Reserve banks and their member banks e
The schedules are prepared
in the Transit Department and other departments, but the expense is
charged to this unite
The Expenditures Unit Includes all work and expense connected
with the putting up of the payroll* paying salaries, examination and ver^
ifioation of bills for payment* paying of bills and the maintaining of Ex«
pense ledgers*
It also includes the work of maintaining our ctost ae»
counting system and the preparation of claims and securing reimbursement
in connection with Fisoal Agency expenses 0 This unit maintains the record
of the oost of commercial messages and private wire costs for the purposes
of distributing the charges to the expense ufelt affectedo
Costs of pre«
paring reports and statistics on earnings, expenses and dividends, leased
wire report and any other reports concerning the work mentioned above ^
are charged to this unite
63
The following tabid shows the average rmstber of employees and
comparative costs of the various unit* in the Accounting Function .for
1924-238
Administration
General Books
No. Officers
Expense
Wo, Employees Expense
1924
and E m p l o y e e s _____
|2,787o76
loSO * 2,110006
5.32
First Quarter
3,07So66
Second
*
lu40
6*73
2,221o03
2,065o02
3,069*56
2 013
Third
"
6,64
2*210 20
2488«o80
4 93
Fourth
*
2.05
t 8,714e31
Total
193*
First Quarter
Seoond
”
Third
"
Fourth
*
1,46
2,19
2o10
1.37
6,66 I 2,929.04
6 e12
5,02
6*25
$ 7*031*68
Total
7©88
8o27
8 e51
7«10
2, 717«79
2,901.39
2,724,25
|2,894082
3,119,66
2£856092
2.446«32
i 11,316,72
t 11,806.77
( 1,971.00
1,967.97
1,765.83
1*326.88
Member Bank Accounts
No# Employes Expense
8*84
10.33
9®31
8*14
# 11*272,47
# 3*108 081
3#384062
3,086o40
3 ,>031,26
# 12,610.08
Expenditures
Planning
Fedc» Rea0 Bank Accts.
Expense
No. Employees Expense
No- Employees Expense No, , Employees
# 218,69
2p05 | 1*397*78
,21
4.15 | 2*049y77
First Quarter
2,00
2,168*33
1^417,31
228.31
Second w
,32
4oSi
250.06
,30
l,660o6l
2*67
Third
*
2„336o62
4«43
ol8
117o49
2o80
lf 573o26
i
Fourth *
lp939.62 '
So41
# 6v,948o96
Total
| 814«55
# 8,494<>24
1924
1923
first Quarter
Seoond *
Third
*
Fourth *
Total
3,00
5*31
3 34
4 15
# l0713,71
#
1,893,69
1*921 28
t,018«08
7,648.66
3^00 # 1,369098
2o 36
2t36
2.17
Changes in accounting methods were few during 1924.
| 36,13
,00
,00
a26
•48
1 ,636*83
,
lp680u85
1*352,03
$ 6,939,69
88.96
2001,66
328 $ 654.91
Most of
these are covered elsewhere in the report under the activities of the
planning Coimnittee or Committee on Efficiency & Economy,
One employee
m s eliminated from the Member Bank books and one from the Federal books
in Ootober, 1924, and the work of the employees in the Accounting Function
redistributed*
In January, 1024 the proeedu* governing the penalties for
deficient reserves was modified by the Executive Cosoittee.
The Pro
gressive Penalty rate was abolished and the maximum rate fixed at 2% above
the 90-day discount rateo
Where a bank has sufficient reserve for several periods and
falls short for one period, no penalty is assessed; but a letter is
written oalling their attention to the deficit and suggestion is wad*
that they carry sufficient excess reserve for the succeeding period so
64
that the average for tho two periods will be abov© the minimum required
and eliminate the necessity of & penaltyo
All penaltlot amounting to less than $5«00 are waived unless the
hank le a aontinml offender*
mnOORSABU
mjbbiitobbs
Aeoount Fiscal A«eaoy Operations
1934
H iaa aa so lls
Salaries|
Combined
M1nneapolIt
and .BriJML
Branch
$ 2,000*00 $ 2«958»36
4,778*67 33,678*64
3,883*86
116*66
178*68
88*39
88c00
8,700*00
900*00
688.09
98*80
106*69
4,017*69
688.36
66*90
876*00
71*33
1,878.13
1,336*18
47*00
30.86
80.86
466*68
814*61 ____ U k M
f 1,968.36
Officers
88,799*87
Olerioal Staff
3,406*60
All Otter
172,68
Traveling Xxpensee
laswanoe oa currency sad Security shlpnentt
*39
1,800*00
Rent
494*79
Offloe tod other S^Xies
Printing and stationary
8,9*1.10
Telephone
468*46
Telegraph
804*67
fetUft
Bsprassafe
Misoellaneoos
Total IxpeaUtnras
Amount rtirtnrsable Ja»ary 1# 189*
Total
-JSLt&jM
$63,879«,96
Belaiburseiaents received siaoe Jan* Xf 1984
61.681*40
Total dlsbarsenvate for which reladmrsemt
hat act yet been received
$ 8,198*66
$8,338*77 $61,830o61
$48,698*84
„
-IIi M
m
m
a
$9,103*69 $62,683 .,66
- h S O M
.SSMIM
$1,037.10 $ 8,886*66
65
D
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A V E R A G E
H S K B T S R
B A N
v C O O
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S
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1
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1923
J a
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Wisconsin
? 5
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1
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1922
9
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30,521
# 2 0 0
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3.703
3
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7
3
Uls3?
’
4.273
a . 89-
t a
T
3
JL22L-
3,1X0 V
35,091
t a
B
B E R
9 ^ 5
d
192b
i n
3
, 2
9
3
, 8
2
5 * 9 5 * *
6
g.JJ&..
' - M
R E S E R V
E
P
E N
A
5 g
: ^r"7
■ 1
-1
$46,303
o
I ? 3 J T
2
.
1 9
m
0
5
$
1 9 2 U
r
.
e
N
n
M
5
N
M
Michigan
6
4
n
S E
0
2 U
6
n
B E R
, 6
7 . 5
r?
C L O
v
'46
47,203
e r
9
fi
'. 'E M
7
2
&
A T
, 2 s
, 0
1 9
>1
0
3
n
n
5
Ug.goi
'49.527
49,055
1 6,869
*
47 ,19s
'46 ^ o U
r y
a y
4
e p t e m
, s
1
r y
a
a r c h
A
1+ 6
l y
a
r u
, 6 ^ 9
9
1* 5 * 6 5 8
u
O
t i o
„ 7 6
L T I E S
i.:lmiflaT)Oll« fM2U^ Hal«n^-1Q2H
Total Penalties for 1921* $27,686.88
12,338.09
FoToaCg? $31 ,
18
So. of hanks Penalised
252
333 81
“
*39
lojS
Highest Penalty Rate
6|£
6J£
Hipest Point Member
Bank Rattrrai (12/lS)$55.596,779-9* (12/l8)$6,531
*.82J.a(12/l9)$62l001,33^-39 $53,^0,220.76
l
Lowest Point Mezrher
C
S
a n
k
B
*
a
*
r r a
i
( 7
/ 3
)
$
3
7
, 2
6
0
, 0
0
1 . 0
2
( 2 /
1
1
)
f
3
, 7
7
9
. 2
7
6
. 6
o m
2
( 7
b i n e d
/ 3
) $
4
1
. 9
2
6
, 6
1
7
. 1
8
, 6
0
2
*
7 0
0
. 0
66
0
t / m m wph
E O T B A I HB 8 TOV 1 BANK 0 7 m H A T O X i l S AJTO
fRAWCH OOMBnBCP
1934
Withdrawals
Janaary
February
March
April
Mey
JVBO
July
Angast
Soptesfeer
Ootofcer
Vovsriber
Beoonfcor
$ 19,300,099o30
12,020,462o49
84,1710727,17
12,2809846.71
17»949,949,83
26,904,110<>10
18,406,407,78
11,690^721o62
26,602o174.70
20,664,879*49
17,887,119.28
Dapoalt*
Balance Bad of Month
$ 18,899.806,61
U , 4 M , 834.09
34,778,780.14
U,M8,ae3oM
17,391,817,68
37,687,977.71
U,W,IN.7I
11,006,883.96
38,890.008,99
19,381,880.83
17<778,7S0.M
I
$ 1,760,486 *84
1,164,807.44
1,768,410.41
2e150,846084
1,492,210„16
2,226,082.77
1,808,874.78
1,119,207,11
2,807,041.80
1,444,012,18
1,886,128,16
1.686.802,99
JL^B dSys.
$ 360,078,675.01
mommt
$ 249,298,698.47
wm mmtmm w t« maffi m w
u n P A L s m t i t i n 0> m n t f f l L M Q « *
Withdrawal*
Deposits
JMroory
Mntih
April
»gr
A M
July
Angaot
SipMbir
OeUbir
VoTMtor
ONoAir
$ 16.501eB04»98
9,648,422,20
31,644,086,70
10,046,724o63
10,881,600.18
M l69S0207oll
ll»4190220o60
9,828,810,87
34,178,897,22
17,260,888a10
14,968,I86053
gin941.76301B
$ 14,800,833.99
90089,200 088
82c23l0718e04
10,924,841.47
15,171,211,14
2fi,015,619ol9
11,002,8OO0II
9,131,150,32
20,840,027008
10,908,872.16
14,7l4,322o06
$ 2190010,311,77
Jasoary
Balance Bad of Moath
$ 218,091o7O2o24
m m m
$ 1,842,949o09
1,083,788 o07
1,671,414 o41
2,049,081.20
1,839^192.21
2,109,404.29
l,743,O03o8O
1,040,678o70
2,707,804,11
1,890,088.17
1,101,228.69
1,420,810.80
w r w r a n qy m
Oopoolto hy tbs froaovror of tba tfcitod States with tb» M o r a l
Rooerve Bank of Minneapolis aad Milena BraaOh daring 1924 were $249,298,698,47
ao aoqjared with $360,170,387.69 daring 1928, a dooroaoo of $110,000,000c
Deposits with Helens Branoh howeverc were $2,0000000 la oaeeeo of 1923a
The lergett aonth for dopooito was Deoeober, 1924 with $37,890,305,88
ao ooatraetod with tho Jenaary, 1923 whoa dopooito aggregated $106,708,552c84,
TRANSFER UHIT (MINNEAPOLIS)
This unit handles All transfers of funds and the ooding and de
coding of all wires sent or received for the entire bankc
In July due
to decrease in volume, the duties of capital stock registrar were added,
and later the writing of the daily transcript of the United States Trea
surer* s General Account,
The personnel has remained the same for the past two years with
the exception of the page who delivers the wires.
The efficiency is con
sequently high due to the lack of waste motion through familiarity of all
employees with tbe work.
Cooperation from all departments in cutting down unnecessary wire
expense has been good.
The restrictions placed on private wire service
by the Federal Reserve Board have required tact and good judgment in pre
venting misuse of free wire service, yet keeping the friendship of the mem
ber banks*
Total wire transfers handled in 1924 were 26,604 compared with
24*729 in 1925*
Outgoing transfers were naturally affected by the regula
tion* restricting the use of the leased wire for transfers of funds to
bank balances in even hundreds of dollars.
Outgoing wire transfers during
the last half of 1924 number 5,765 as against 6,190 for the first half of the
year, a decrease of 7%,
Normally wire transfers show an increase during
the last half of the year as compared with the first half.
Outgoing transfers totalled #700,676,000*, the largest amount in
the history of the bank.
Incoming transfers while about the same in number
increased in amount from #1,079,866,000. in 1925 to #1*344,656, 060. in 1924.
WIRE TRANSFERS HANDLED
OUTGOIKQ
Number
1920
1921
1922
1925
1924
8687
9249
9860
10062
11945
INCOMES
Amount
# 550,429,000.
398,876,000.
650,056,000.
546,135,000.
700,676,000®
Number
Amount
7643
10396
13166
14667
14661
# 813,869,000.
861,455,000o
1,002,858,000.
1,079,866,000.
1 544,636,000o
BELOW IS GIVEN A SUMMARY SHOWING VOLUME OF WORK AND COSTS FOR 1924 AND 1923 BY
_________
QUARTERS.
CODING UNIT
Noo of
Employees
First Quarter
Seoond
"
Third
"
Fourth
"
Total
1924
>1924
1924
1924
1924...<
2,22
Employees'
Salaries
#
2.31
2.46
1.91
Other
Expense
858.47
907.04
942.92
731.22
Total
Expense
1
858.47
907.04
942.92
731,22
286.64
First Quarter
Second
"
Third
*
Fourth
H
Total
1923
1923
1923
1923
1923---
2.00
537.46
494.96
399.96
529.06
1.67
loOO
1.08
15.89
0
68.09
1.07
WJ5S
7.09
553.35
494.96
468.05
530.13
*£,046.49
170.54
COMPARATIVE STATEMENT SHOWING NUMBER AND AMOUNT OF TRANSFERS MADE, NUMBER OF
_______________________EMPLOYEES, SALARIES AND OTHER EXPENSES •
___________ ______
MINNEAPOLIS ONLY-
First Quarter
Seoond
H
Third
"
Fourth
"
Total
1924
1924
1924
1924
1924..
First Quarter
Seoond
*
Third
"
Fourth
"
Total
1923
1923
1923
1923
1923..
No. of Transfers
made other than
for 5% Fund of
National Banks
(Wire and Mail)
Amount
# 6^0,491,697.
is;o7r~
9,959
557,618,098.
572,097,191.
9,344
609,050,887.
. 9,602
f2,2S9,2W;C7T;
188,271,506.
9,067
9,664
9,872
11,157
#
530,326,948.
476,958,772.
469,253,124.
554,761,780.
169,274,219.
I&sployees ’
Salaries
Noo of
Employees
1924
1924
1924
1924
1924..
2.31
2<>41
2.63
2.85
First Quarter 1923
1923
Seoond
*
Third
"
1923
1923
Fourth
*
1923..
Total
Monthly Average
3.00
3.54
4 0S9
3o66
First Quarter
Second
”
Third
"
Fourth
"
Total
#
No* of Transfers
for b% Fund of
National
Banka
Amount
5,003
# 4,086,331.
4,778
3,947,137.
4,691
3,789,710.
4,341
3,560,893.
l'S'/Sl'S
116,384,071.
1,568
1,282,006.
5,817
2,954
4,412
5,532
T&pm
1,560
5,025,729.
2,542,580.
4,204,468.
4,963,021.
1,377,983.
Total
Expenses.
Other
Expenses
851.91
870.26
931.21
953.67
P,60T;05
300.59
11,230.25
1,305.90
885.73
975.80
WJWVS*
366.47
#2,082.16
2,176.16
1,816.94
1,929.47
.75
667.06
#1,075.02
1,167.75
1,323.34
1,212o60
u;m.T[
398.23
*1,132,44
990.71
l,137o64
1,167»60
*2,207.46
2,158.46
2,460«98
2,380.20
369.03
767.26
#
8
, 0
0
4
69
VOLUME OF WIRE TRANSFERS HANDLED
WIRE TRANSFERS INCOMING AND OUTGOING
MINNEAPOLIS AND HELENA BRANCH
OUTGOING
INCOMING
Number
Month
January
February
March
April
May
June
July
August
September
October
November
Deoember
Amount
Number
96,464,634*63
94,686,882.12
106,737,641*78
103,177,627.76
102,412,366.89
119,812,907.49
108,636,863.84
100,090,678.67
129,662,186.26
182,031,646.62
146,833,807.00
141,418,104*61
1 ,£30,464,246*46
1164
1088
1208
1126
1128
1209
1106
894
1046
1149
1048
1038
$
1692
1614
1623
1667
1628
1416
1367
1366
1606
1647
1381
1438
1791$
Amount
$
64,773,808.02
42,431,418*66
67,697,118.11
47,042,000.73
48,299,212.01
72,219,686.86
62,028,221.92
46,644,496.66
68,499,617.78
86,314,861.42
68,437,649.98
76,243,224.91
yi8,63Ml6o96
T3T5I
WIRE TRANSFERS INCOMING AND OUTGOING
MINNEAPOLIS ONLY
INCOMING
Month
Number
January
February
March
April
May
June
July
August
September
October
November
Deceniber
1277
1214
1274
1314
1339
1134
1128
1134
1178
1300
1079
1190
ilEeT
OUTGOING
Number
Amount
$ 89,707,372*66
86,076,106.68
100,344,086.77
97,602,884.00
96,046,633.00
113,398,308.33
102,641,319.34
96,601,627.27
122,421,646.11
172,462,034.27
136,486,666.86
133,049,264.43
1,844,636, M i . <16
1031
966
1078
1012
1017
1086
1012
816
964
1068
966
949
lTOi?
Amount
$
63,186,289.00
40,766,881.00
66,206,007.00
46,686,239.00
46,726,744.00
70,347,629.00
60,499,199.00
44,426,603.00
67,229,966.00
86,110,000.00
66,931,393.00
73,462,976*00
?6o
Transfers of funds and coding of wires oost $11,444.58 for 1924*
or an average of $963.70 per month.
This inolude# wire charges of $3,210.09 and
salaries and supplies furnished the unit for their worko
In 1923, the cost was $11,253*59 or an average of $937*80 per
month*
Wire oosts were $3,316.76,
Time of the employees used on the transcript of the Treasurer*e
General Account and in handling Capital Stock is charged to the accounting functions
70
OPERATIONS OF LEASED WIRE
The number of message 8 handled over the leased wire were 46*069
a decrease of 7*258 from 1923*
The decrease was in the last six month*•
Messages sent and received January to June inclusive were 26*856 in 1924
and 25*171 in 1923.
The decrease was due to changes put into effect July 15 by the fe
deral Reserve Board restricting the use of the leased wire for transfers
of funds*
These changes were found necessary by the overcrowded condi
tion of the leased wire system«
The principal changes were (l) transfers of funds over the leased
wires free of charge to member banks were limited to bank balances and to
multiples of #100.
"Bank Balances" was construed to mean an accumulation
of funds comprising an established account maintained by a member bank with
its Federal Reserve Bank or with another member bank.
(2)
Transfers for
the use of nonmember banks* individuals* firms and corporations were barred
from the leased wires.
Such transfers were to be accepted from and paid to
member banks only* as before* but were to be made over the oomnercial wires
and the cost charged tj the member bank*
Descriptive data in telegrams transferring bank balances was limited
to the amount* name of member bank to reoeive credit* and the name of the
member bank with which the request originatedo
Transfers of prooeeds of individual collection items were at the
same time barred from the leased wires*
The table below shows the operations of the Leased Wire for the
past four years.
OPERATIONS Of LEASED WIRE
-----n a r r ror------Sent
Month
1924
2620
January
February 1856
March
2177
April
2059
May
2201
June
2175
July
1747
1261
August
September 1435
October
1538
November 1421
December 1590
2‘
508ff
Total
Tel.gr—
Reoelred
1923
1922
1921
1924
1923
1922
2228
1766
2008
1806
1962
2014
1981
2085
2191
2668
2318
2348
2l>5§
3>
2752
1987
2273
1913
2092
2198
1948
2128
2032
2278
2097
2325
2207
1759
1947
1784
1776
2172
2263
2373
2290
2431
2509
2896
2f i W
2679
2088
2400
2190
2379
2141
1889
1597
1607
1792
1509
1838
24568
2296
1851
2372
2266
2209
2413
2305
2224
2236
2672
2473
2675
2798?
2446
1842
2146
1871
2096
2293
2131
2373
2176
2642
2292
2362
1921
2109
1732
2033
1819
1867
2167
2353
2646
2499
2722
2787
2973
2Wfffi
71
(2)
Our proportion of leaned wire costs for
pared with
$11,052,72 in 1923, an increase of $1,478.72'
not include printing
These costs
do
and stationery, office supplies or salaries of mthun
gers assigned to the leased wire.
stationed
1924 was $12,531.44 as com
They
do inolude salaries of operators
at Minneapolis.
The tabulation below shows number of words sent over leased wire by
months, for the Bank, excluding Board and Treasury Department messages, the
per oent of words sent by Minneapolis to total words handled by System, cost
by months and word oosts.
CO O LFASED V.'IRE
ST F
FEDERAL RESERVE B N O MINNEAPOLIS
AK F
1924
Number of Tiords
Sent (Bank Busi
ness only)
January
February
March
April
M
ay
June
July
August
September
Ootober
November
Deoember
Per Cent to Total
for SystMi
61,634
69,461
44,830
63,469
61,269
66,822
60,629
44,393
36,763
41,926
42,101
38,316
4.92
6.30
4.29
4.60
4.48
4.76
4.42
4.66
4.89
6.32
4.97
6.11
Cost
$1,123.97
1,087.60
867.76
968.31
970.20
1,031.26
969.08
1,147.96
1,117.41
1,168.79
1,066.23
1,066.99
Cost per
1.887
1.666
1.918
1.789
1.898
1.847
1.894
2.686
3.039
2.764
2.606
2.788
It w ill be noted that from August on, when the fu ll effect of th«
Board's instructions to curtail wire service was fe lt, our monthly costs and
word costs were considerably higher than for the firs t half of the year when
a great m more messages had been handled.
any
As an instance, w handled
e
69,451 words in February at a oost of $1,087.60, while September oosts were
$1 ,117.41 for handling 36,783 words*
This bank did not benefit from the
standpoint of expense by the change, but the System as a whole has gained in
creased efficiency.
7Jg
GENERAL SKKV CE JUNCTION
The followir.r sti:ter.ent f,ives tho comparative costs of the various expense units
in General Service friction for 1924 ar.d 1923.. These costs include salaries* office
supplies, printir.£ « r.d stationery.
As stateu elsewhere the entire costs of tho Stenographic and Telegraph units ere
distributed or. the basis of services rendered to the various functions.
GENERAL SERVICE
1924
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Total
1924
First Quarter
Seoond Quarter
Third Quarter
Fourth Quarter
Total
Purchasing & .Stock :ioom
Adrr.ini str ation
No- Officers
& 3r.ployea
Expor.se
1.05 | 1,005.46
.85
802.49
1.22
1,241.00
1.17
1,190.02
$ 4,238.97
No. Employes
Expense
4 1,412.52
3.21
3.16
1,440.08
3.-07
1,485.48
2.07
953.28
$ 5,291.36
Telegraph
No. Employes Expense
2.55 $ 5,613.46
2.71
4,951.46
2.28
4,722.12
1.67
4,765.03
$20,052.07
Mail
No. Employes
11.85
$
10.17
8.90
9.76
4
Expense
2,588.82
2,146.07
1,879.22
2*039.41
8,653.52
Telephone
No.Employes
Expense
$ 3,013.83
2.06
2,343.96
2.00
2,047.56
2.28
2,006.51
2.00
$ 9,411.66 *
Registered Mail & Express
No. Employes Expense
$
855.79
2.00
874c99
2.00
1.92
827.11
858.67
2.11
$ 3,416.56
1924
Files & Old Records ___________ Stenographic
11
______________ ___ No-. T r.ployea
.
Expense
________No. Employes________Expense _
First Quarter
5.30
$ 2,287.49
26.46
$ 8,941.62
Second Quarter
T3.22
2*165.29
21.49
7,432.79
Third Quarter
7.76
2,216.55
20.89
7,055.64
Fourth Quarter
7.97
2,208.07
16.37
5,765.59
Total
i 8,877.20
$29,095.64
_______ ______________ - - -
1925
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Total
______ n_____
_
______________________ ____
- -
-
-
Administrati on
No. Officers
No.
& '.'.raployes
Expense
.50
$
529.78
1.296.20
1.14
1,329.12
1.32
1.012.20
1.00
f 4,167,30
_
---------- --
,--------- ---------------— ------ -—
Purchasing & Stock Koom
, , n
i
■---- —
Telephone
Employos
Expense
No. Employes Expense
872.13
2767 12/396.71"
3.00
i
4.33
2.17
2,102.63
1,082.70
3.50
1/208.18
2.33
2*175.23
2.00
2,297.71 _
2.90
1^267.52
4 8,972.28 '**
"5 4; 430,53
1925______________________Telegraph________________ Mall_____________ Registered Mail & Express
___________________ No. Employes Expense
No. Employes Expense
No. Employes Expense___
First Quarter
3.00
$ 4,698.03
16.90
$ 2,545.95 2.60 $ 1,079.07
Seoond Quarter
3.00
4,380.02
21.15
2,796.13 2.63 983.58
Third Quarter
3.00
4,595.95
12.76
2,207.75 2,34 969.44
Fourth Quarter
2.81______ 5,450.92
12.32
2 a325.06______ 2.00_798.92
Total
$19,124.90
) 97874.89 1^,831.03
1925
First Quarter
Seoond Quarter
Third Quarter
Fourth Quarter
Total
*
**
Files & Old Records
No. Snployea Expense
No.
12^214.71
7.50
2,039.59
8.28
2,232.52
8 .66
2^356.64
9.12
$8*843.26
Stenographio
Expense
Employes
i 9,121746
27.60
8,604c57
27.20
7,717.16
25.74
8,507.67
26.35
$33,950.86
Toll charges distributed to various expense units
Toll Charges distributed to various expense units
$2,945.11
$2,178*61
k O
S
t3
GENERAL SERVICE FUNCTION (Continued)
1924___________________ Duplicating______________ Protection________ Office Boya & Pages
No.» Employes Expense No. Employes Exper.Ee
No . Employea Expense
17.00 } 5,728.55
$
942.24
6.68
t
958.24
3.04
First Quarter
954.28
5,549.70
868.22
16.35
3.16
6.42
Second Quarter
16.09
5,602.59
979.51
866.34
6.61
Third Quarter
3.02
6,430.39
15.57
3ol7
1,036.27
6.42
968.55
Fourth Quarter
$ 3,713.07
423*311.21
Total
1 5,860.58
1924
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Total
1925
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Total
1925
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Automobile
Equipment Repairs
Vault Maintenance
No. Employes
Expense
No,. Employes Expense No. Employes Expense
5.00
$
926.29
1.50
1.00
742.22
1.78
839.56
1.00
779.62
5.51
789.17
1.74
1.00
727.80
12.75
\
*
946.81
1.75
985.56
1.00
157.70
13,255.20
$ 3,501.85
160.96
%
Duplicating
Protection
No« Employes Expense
No. Employes
t 1,170.89
16.00
4.50
3.73
16.75
1,049.97
1,004.75
3.42
17.00
16.50
3.33
901.72
4 4,127.31
Office Boya k Pages
Expense
No. Employes Expense
798.22
$5,859.27
5.67
9
5.94
905.66
7,015.06
952*89
6,009.04
6.27
5,859.99
5.54
812.18
*24,721.36
f 5,466.95
Automobile
Equipment Repairs
Vault Maintenance
No. Employes Expense
No. Employee Expense
No. Employes Expense
% 2*151.64
*
i
9
*
0
%i
T
1,147.07
568.84
2.00
4
1.00
1,207.76
851.95
2.00
4
1.50
666.34
1.00
1,080.07
. 0
.
...
S
Total
$
2,665.36
| 4*788.31
aopiamr b b p a t m
(Minneapolis Only)
The total corfb for 1924 for equlpswnt ware $2,235.20, of which $2,400
is salary of the Mechanic» Tools bought wore $42092 aad other supplies including
repair parts far the machines oost $229o80.
Costs of $562 »48 were incurred for repair work dons by outs id* firms,
a large portion of thie work being on furniture which cor own osofcanic could net
do owing to the fact that he had no suitable place to work aad also lacked the
necessary tools.
It haa been thought beet to have thie class of work done outeide
thus leaving the mechanic tin to keep the adding Machines, typewriters and other
■aohlaea in proper worklig order so that there m be no delay In handling the
ay
routineo
Veoessmry room has been assisted to our Mechanic la the new building
fhieh will turtle hta Ic work to * tetter advantage.
During: 1924 the full time of t*o persons and part time for on© ether
person was required on this work* zith the service® of a messenger to deliver
supplies to tha various departments-
The cost of maintenance was hig&er than
in 1523 because part of the yaer another Han was attached to this unit learn
ing the work
In addition to doing all the purchasing for the hank and keeping tfrs
stock* this unit maintain* card record* on each piece of furniture and equip
ment lodged on our premises.,
ill transfers of equipment from one part of
the building to another are recorded and all other information that would he
neoeasary should we he called upon to establish & fire loss*
For the past year our purchase* of equipment and supplie* amounted
to $105,000 with many other miscellaneous purchase* for the new building*
Our system of handling purchases and the check placed on prices and delivery
is described elsowhero*
$25,000°
Value of stock of supplies on hand is approximately
Supplies used are charged against the various departments as with
drawn and these withdrawal orders are checked monthly in the Accounting De
partment *
Bids are required before any order of size is placed and we go out
of town when necessary to gat satisfactory prices*
Dor Purchasing Agent
confers with the officer in charge of purchasing and the Controller daily
and also keeps in touch with the purchasing agents of other Federal Reserve
banks relative to the ordering of supplies from other points when it is
known some other Federal Beserve Bank is able to obtain similar supplies at
a better figure.
fhe report of the committee appointed during the past year by the
Federal Beserve Board to study costa of s$$pllese indicates that the prices
paid by us are not out of line with thost paid by the other banks#
pooling orders for some supplies, lower prices may
join with the other banks when opportunity offers.
obtained and we will
NON-CASH collection function
(Minneapolis Only)
The number of items handled increased 20*672 over 1925 and 34,224 as
compared with 1922.
City collections decreased 2*018 and Country collections
increased 22*890 in 1924* whereas in 1925 Country collections fell off 20,000
and City collections increased 33^000 as ocoipared with 1922.
There has been a steady increase in the efficiency of the department
year by year* We handled 337*799 items in 1924 with an average of 17.09 em
ployees and an average pay-roll monthly of #1,667*66 as compared with 303*676
items handled in 1922 with an average of 19»5 employees and a monthly average
pay-roll of $1*999*86•
This is an average of 3000 items more per month handled
by two less employees and an average monthly reduction in salary of $332o00.
Items returned unpaid were 10*513 and collected 527*286,
The amount
received was $148,300*718e49 of which $145,765,670*86 was collected.
In 1923
items returned unpaid were 10*921. The amount reoeived was $135,858* 677 o and
the amount oolleoted $131,6ll,977«00g
Compared with other Federal Reserve Banks* Minneapolis handles more
City collections than any other Federal Reserve Bank except New York.
In units
handled per employee per day we ranked first and New York eighth during the
first quarter of 1924.
The average direct cost of handling City collections
fcr New York was 15o4 cents per item for the second quarter and 20.9 oents for
the third quarter.
Our direot oosts were 7C9 oents for the seoond quarter and
506 oents for the third quarter.
The average for the system is between 18 and
20 oents per item0 The nearest bank in low direot oost to ourselves is New York
where the oost is more than double ours per item.
Chicago's oosts run from 38
to 42 oents per item0
In handling Country collections our comparison as to number of items
handled per employee is not so favorable0 taring the seoond quarter Minneapolis
handled 30 items per day per employee as compared with 37 for the Federal Reserve
8ystemo
In the third quarter Minneapolis handled 41 items per employee per day
as compared with 56 for the System.
In oost of handling per item we ranked
eighth during the seoond quarter and third during the third quartero
Our oosts
were 15 and 10o9 oents respectively against 1407 and 1404 oents per item for
the System^
The following statement should prove of interest as showing the oosts
of operating this division of the bank"
COMPARATIVE snftmm n SHOWING HUMBBft OF qniptfM'TfMiB HAwnT.HT)
IPJICBBR OP BMPLOTSBS. SAUkBIBS AND OTHER BCPCTSM
(Minneapolis Only)
No. of City
Mlaae-BsBatil
First Quarter
Second Quarter
Third Quarter
Fourth quarter
192^
192&
I92U
192*1
Total 192t
Monthly Average
No. Country
Number
Qftlwn
Offlaar*
JuyucbuL
.25
$ 200.01
37.395
32.799
W s805
7M 92
33 0206
31c1 *
**1
1,282
3.936
197.891
139.908
* 799.99
l&.^l
11.659
$ 66.67
Number
Suroloyeea
.25
.25
.25
las>loyees
Salaries
X9J.99
199.99
200.00
Other
Expenses
Total
Kroonses
» 5,796-81
5 e ^.71
sS
5,070.11
5 ,069.97
* 1 ,150.28
*
1,391.72
1 ,196.1
a
t 7 .JA7.10
l.loU.UU
6.37^.»X
Total 192U
$ 210801.60
$ 5.1>*2.85
4 27 . 7iA.iA
Monthly Average
$ 1 ,816.80
$
$ 2 ,312. 0>
»
First Quarter
Seoond Quarter
Third Quarter
Fourth Quarter
192k
I 92H
I 92U
I 92H
20.56
21,51
19.25
21.80
No. of City
Colins. Handled
1923
1923
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
1923
1923
Total 19?3
Monthly Average
No. of Country
Collna. Handled
kS S
Uas.57
Offioers
Number
Offioers _
S
.20
22,218
23.350
a
la
r ia
a
$ 3 a . 67
20b.99
17**.99
175.03
1*7.238
11 , 2lU
*
>*7,327
ft,l30
29,842
Ul,608
199.909
117,018
• 87$.68
16.659
9,751
$ 73.06
Num
ber
SfflDlaJMS
.23
•25
.25
Other
Sznenses
BnplojraM
Salari«» .....
fetal
» 5.65>*.71
$ 1 , 099.20
$ 7.075.58
Total 1923
$ 23,053.85
$ * . 969. 1*
8
$ 28.900.01
Monthly Average
$ 1,921.15
$
$ 2,1*08.33
First Quarter
Seoond Quarter
Third Quartar
Fourth Quarter
1933
19?3
1923
1923
20.85
20.37
20.87
20.57
1 , 087.85
1 , 209.53
1 , 572.90
5.712.76
6,088.52
5,597.86
U1U.12
7.005-60
7.‘*73.0»*
7.3**5«79
O0LLBCTION OPERATIONS
192U . I923
Iterne received for
collections
Items returned unpaid
Items oolleeted
Amount collected
t'lnnaapollm
Mlnneapol.a
Country
ran
aasL
3371799
27.953
365,752
3U1.317
13.500
13,990
10,513
2.9*7
327=286
2U,9fi6
352,252
327.3%
»,052,8r
$ lH5.755.570. *11,735.788. n57,U91,359.nl
Taltw of Item
City
Total
H«l»n»
R
>
«
t lT
«
d
~
M
2 > »
Selena
1 99.576.958.
$ 1 300 265.
‘ .723,760.
*
8
10 ,035,269.
i lUS.30C 718,
* 11 335 53**.
total
$ 100,877,223
58,759.029-
$ 159.636,252.
lift * i m -1988
flITT OQLLlOfIOM
1888
1888
1884
1888
1888
1884
1988
1888
18c085
18.691
160888
140688
180718
18o970
18„068
140776
800
488
880808
810110
17.818
90698
80807
8.089
10.888
7.888
6.818
7.808
M H
t m
flm
v*>n*
9.1tr
8.988
18.808
14.848
18.488
11.887
8.478
11,181
10.018
88.888
88,888
86.080
18.008
84,487
810«V8
81.888
11.099
18,070
14.848
14.081
8.148
81.049
18,786
80,780
18.884
81.874
88,188
81,088
84,888
81,898
L97.891 199,909 166.88*' 188.908 117.018
187,840
1884
Junarjr
ItoVroiry
Itoroh
April
iv
12.009
18,988
180464
9,668
10.967
18.170
is.soo
Mj
18,880
N p M i r 88.880
M t i r n 0m
imrtir 86„070
899Mtor 80p980
VOTAL
80868
90976
10,818
9C069
18.189
190888
88.018
80e888
880884
10.904
U 0419
10e784
1Q.870
10.878
18.816
8.M l
9.884
14.888
18.811
14.067
11*888
18,817
11*I n
88.878
80,886
81,848
88,848
84.816
81.887
88.406
48.860
41.881
84.987
89.800
88,778
MftSff
80.481
89.111
86,888
81,878
88.888
86,818
88.808
887.799 816.987 808,878
PICT OQLLlOfiaB
1884
Junur
Yrtroarjr
March
April
la?
Mr
Anfiurt
8« y M » y
OalAir
iQTrtr
Doowtor
VOCAL
1988
1888
1984
1888
1988
1884
1988
1888
810
889
813
807
188
817
883
884
198
867
884
871
880
189
8888
8888
8008
8980
1980
1109
1887
1876
1478
1879
1808
1888
1888
8778
868
8188
8008
1888
1768
1884
1791
1900
1041
1900
8861
8010
8440
8888
188
800
881
118
89
118
187
108
108
171
188
106
188
880
809
8730
2373
1848
2,5223
8,8117
100
188
140
889
109
110
1888
1478
1876
1818
1840
1986
1349
1408
8888
8680
8784
8708
8806
8088
1188
1888
1718
1880
1484
8078
1877
1408
8900
3281
8884
802069
2,7953
2,4390
8,3911
8*1
8887
8171
1970
1809
8008
8188
1760
8148
8888
1407
1607
1881
1408
1880
8180
1408
1818
8718
8888
TRASSIX SUHCTIOH - (Minneapolis only)
As mi^xt be expected with tha discontinuance of the par
campaign, the amber of item handled by the Transit function deere&sed
during 1934 as compared with 1923.
Total ef items handled during 1924
was 24^285.626 as compared with 25,325(568 during 1923
Items forwarded to member and aon-member banks in our
district fell from 20,147,219 in 1923 to 18,508,554 in 1924,
Direct
sendings to member hanks in Other federal Re serve District s dropped
ftom 62,054 in 1923 to 57,628 in 1924.
Clearings items increased
from 3.371 149 to 3,772,369 and items seat to the Treasurer of the
United States from 661,268 to 818,962
The monthly average number ef clearing items was 314,864
in 1924 and 280,929 in 1923
in 1924 and 1,678,938 la 1983.
Member and aoa-member items 1,842,879
Average monthly items from Treasurer
of the United States was 68,247 in 1924 aad 55,106 in 1923,
The dally average somber of transit letters received
during 1924 increased from 2433 in 1923 to 1616 in 1924, while tha
daily arerage somber of transit letters dispatched decreased from 3089
in 1923 to 2487 in 1924.
The dally arerage ef return items handled in
1923 waa 1633 ooqpamd with 1889 In 1924.
The dally arerage itoss seat for ooHeat ion during 1984
was 810163 compared with 83,382 in 1983.
Including return items, the
dally averse Items handled was 83v022 in 1924, 84,915 in 1923 and
75,322 in 1922, The table below shows the results of improved methods,
and eaqperieneed e^loyees In the Transit Department from 1921 to 1924
inclusive <
Tear
1921
1922
1923
1924
Average Items per
Handled Dally
536
674
736
858
Average somber
of ttpleyeee
158
125
123
109
The a*ir^e Basher of eeployees in January 1924 was 180
which fell to 91 in septemibsr aad iaereased to 100 In December. The
arerage items handled per esyiloyee la December 1923 waa 788 per day.
as compared with 1044 in December 1924.
SOremibor 1924 was the high
average month uhea 1121 items were handled per day per employee
79
Conparison with other Federal Beserve
apolis ranking
second
the t h i r d quarter,
City
in number of
second quarter o f
units handled per
C h e c k Unit, i.e., clearings.
seeond quarter
1,851
was
during the
vas 1,187 per
p e r person.
1239
She
Banks
shows
1S244
and t h i r d d u r i n g
day per
anployee i n the
M inu s -
a verage for the System d u r i n g t h e
e mployee p e r d a y w i t h M i n n e apolis h a n d l i n g
D u r i n g the t h i r d quarter the anrerege for the S y s t e m
items p e r day p e r eoployee w h i l e M inneapolis h a n d l e d
1,866
In eosts per unit for handling clearing items, Minneapolis
ranks as lowest for tha system in the second quarter and second in lev
coat for the third quarter, Cost per iteai for the eystsm was 4.38 mills
during the third quarter and 2»33 mills for Minneapolis
Our costs for handling f o
l rera—nt checks and warrants are
conparatlTely
high as com
pared with other Federal Beserve Banks
This is
accounted for in part ly the fact that our volume is small. In the division
handling checks going to hanks outside the Twin Cities, w ranked fourth
e
during the second quarter and third during tha third quarter In num
ber of
Itena handled per m
q>loyee per day. Som
ber of items handled per em
ployee
per day in the second quarter vas 948 and in the third quarter 989 com
pared
with an average for the system of 839 and 795.
In low oost of handling
we ranked fifth in loth quarters- Our eeate were 4.63 mills per item
against 5 .10 mills for tha system,
Tha Betura Item division ranked fifth a ong federal Beserre
m
Banks in num of items handled per day per em
ber
ployee for the seoond and
third quartere, A, better record was made during the eeeond quarter than
durlag the third, however. During tha eeeond quarter an average of 898
items por person was handled as compared with 272 la the third quarter.
Minneapolis ranked seoond in low coot of handling par ltesu The oost of
handling all sudi items throughout the aystem was on a basis of 2.484 per
item, whereas Mlnneapolle items were handled for 1.8 cento per item daring
the second quarter and 1.677 ce&te por item during the third quarter.
Che decrease In ospenaes of the Transit Department operations
of 1024 oror 1923 li to to the feet that tha fdroe retained during 1924
m
wm m e offiolart.
Ife transit labor turnover was low.
a
A large item of expanse that was avoided the latter part of the year was the
elimination of return stamped envelopes in all remittance lettere to member and
non-member banks in the district outside of the Twin Cities
At present these
envelopes are sent only \g>on request <
»
Below is given a comparative statement showing in detail the
Transit Operations and costs for the years 1923 aad 1924*
These figures ere
shown by quarters and under the Functional plan of accounting which classifies
enployees handling mail, addressogrsph operators and meesengers in other functions.
COMPARATIVE STATEMENT SHOWING VOLUME 07 WQRX.
HUMBER OF EMPLOYEES AHD OTHER EXPENSES.
CHECK COLLECTIOW DEPARTMENT
(Minneapolis only)
No. of Govern
ment Checks
Paid
No. of City
Checks Handled
So. of Country
Checks Received
lo. ef Return
Item Cheeks
First quarter 1924 911,257
Second N
1924 914,605
Third
"
1924 886,661
Fourth N
1924 987,114
Total 1924 3.699,637
180,453
212,036
209,803
216.670
818,962
4,819,654
4,798,018
4,605,765
5.470.858
19,694,295
150,717
134,380
131,071
146.346
562,414
308,303
68,247
1,641,191
46,868
First Quarter 1923 839,011
1923 859,661
Second
M
Third
»
1923 800,376
Fourth
” 1923 876.114
Total 1923 3,375,162
125,336
183,881
158,922
193.124
661,263
5,076,449
5,444,631
5,094,945
5.677.131
21,293,156
80,168
89,017
121,718
173.483
464.386
55,105
1,774,430
38,699
Monthly Average
Monthly Average
281,864
O f f i c e r s ' stasber of
r a t a r ef
Dttlam__ — . W l f
First quarter 1924
Second ■
1924
Third
■
1924
1924
Fourth N
Total 1924
.65
65
.65
.65
Monthly Average
First quarter 1923
1923
Ssooad »
Third
N
1923
Fourth "
1923
Total 1323
Monthly Average
t 520.02
519.97
519.99
520.01
$2,079.99
100.81
98.48
86.37
74.29
$ 463.75
558.48
454.98
455»07
$1,926»28
$
160.52
Other
fftfrl.W__ lflOTMW__
Total
$ 27,793.47 $13,537.70 $41,851.19
86,524.18 11,719.91 38,764.06
24,697.28 9,799.84 35,017.11
21.852.56 8.424.19 30.796.76
$100,867.49 $43,481.64 $146,429.12
$ 8,405.62 $ 3,623.47 $ 12,202*42
$ 173.33
.35
.70
.65
.65
Xsplojrees'
109.73
107.08
111.62
104.76
$ 31,628.60
30,883.43
31,114.26
28,438.87
$122,065<>16
$11,471.45 $ 43,563.80
12,087.92 43,833.83
15,382.48 46,951.78
15.112.89 44.006.83
$54,054.14 $178,045.56
$ 10,172,10 $ 4,504.51 $ 14,837.13
T2IH CITY CLRARIH08
m o m
ygSERAL B38SRV3 BASK
FOR TTAR 1«3<
It'HTis oa
Minnee-pollg Bwnkp
St
Items on
PlMiI Banks
**braary
March
129,629 945 r>i
122,156,832 13
143.497t566 72
132,481,768.09
134.065 776.,13
136 361 474 2.1
141,138-823,25
132#757„427.33
167,968,349 03
216,579^429,90
191,897,894.96
189 086,962 36
$ 72,5620 6060 98
67,090,793.10
82,617.871.05
77,639,087,40
70c297,907„64
73,3000415o45
73,449,940.46
69,470,764,58
79,378,890,13
93,311,347*44
90,804,248.40
96.196.891.71
$ 1,838.121,254.97
January
$ 945.020,764„34
$
April
May
Juns
July
i a
f i a
a
t
September
October
November
December
RBPORT OF TRANSIT DEPARTMENT
J&..X M
v m v t 8ITOIS05 TO 0TH8H B U T O W BAHK3 BT 008
1934-1923
Sate
January
February
March
April
May
June
July
August
September
October
ffcwensber
Decjrfter
1984
£££?,
189,505
112,314
186,889
128,268
125,997
127,672
134,990
123,215
130,251
144,838
130,082
152.604
124 „193
97,961
114,221
114,762
120,631
115,570
118c559
118,476
112,535
131,826
123,612
133,663
1,566,619
1:
425,898
U K
$16,607,687,87
13,769,108,84
16,982,079o64
14,713,418o85
17,4930192.56
14,968,842,41
16,653,603,36
16,090,835,62
170192,1620S9
21,427,551,83
16,827.511c88
18,657,557 18
i m
$16,894,874.80
13,036,608,74
17,863,885.34
16,497,359<41
18,935,061,34
16,107,480.96
16,364,067o21
15,637,647,17
15,878,664.58
19,564,580,96
17,439,953.47
16r.593.201<>75
$ 201,383,285 92 $ 199,636.504ol3
82
TWIS CITY O L B A R M M THBOOQH 1BDBRA1 HESBRVK B A M
Of MITOiAPOLIH. MI— iaOTA,. 1923 a&i 1934.
1934
January
202 c191f563o83
i
189c347p635o33
326P015c437o77
210 o120^855,49
304» 263c682o77
310c161c889068
213 e688D768o71
208B228c191o91
347 o 347p239ol6
ao9e*90,777o84
282, 703e143636
M L aSJBtJF.
241 311D073o03
176 302,719o60
332 6920316o67
218 0401c801o69
231 c431c696o79
233 c930c343o33
216 08i60631„Sl
311 c218c063o35
218 04160446c78
364 e605c067c49
337 0476,317.51
332 .948.836,64
$ 2L783,142,019 31
| 3&715- 590c890o98
Tabruary
Haroh
April
Hay
Jb m
July
August
8a p taster
Ootobar
Vorwfear
Dacaabar
Total*
A v arago b y
t
236«49^340»tt
I
3670697o
44
388D800oS4
486p334o93
3780119<>87
384c430o37
4310331o33
472o09Oo54
336D613o
76
343o806e89
3870
360,94
436c858o87
4360505o84
S4IHLAISA2?.5iSAEflBa
1934
$
Jaaoary
Mtnarjr
Marofe
April
mj
taa
M y
jMjMt
O^pfaribar
Oetotor
IMbar
SMMbar
404,33So76
MT,ota.a7
IS.TTMl
S»,rMoS8
8tt*TM.01
3M.1U.M
SM.S40.S8
M3,0M.n
U8.881.8a
813,407.87
Avarata by
MmMm
ari.itt.W-----A v i n i i Z t « M par Faraoa
Eaadlad daily
Jan®
M .
Apr*
■V
Jmm
Joly
info
3ipt«
Octo
VOTo
DM*
XSearlr,
Anrm _
1934
658
739
769
776
760
883
841
794
887
1041
1131
1044
_
Av a r a f a t a f e i r a f
la p loyaas °
1938
679
683
734
706
748
770
780
689
736
7OT
74$
783
104
106
103
91
90
99
100
137
139
137
130
113
180
118
113
131
133
138
136
736
109
1S T
134
133
133
111
CLBARIHG STATISTICS
1IXHN3APQLIS AND HSLKKA BRANCH
Ifamber and Amcnmt of Xtema Handled Daring I92U
Othor Diotrioto
Within District
amber
Clearinfp
Member & Non-Member
Paid for T- S Oort,
J.
TOTAL
» © <
*
ftanber
AlSUL
■081.650
1,
19.923.x2s
939.261
$ 2 ,103,192,981020
l,102.iA3,635»U6
103.967.7W.56
federal i M e m Banka
1 0262P317
Sent Direct by Merabor Eka0ls56696l9
$ 3*l866op0ttMS
20io3?3„2»5o92
2*.9V».Q39
♦ 3.309.56^381 22
2u*2g0936
♦ 5s* 3 ^ 3 o37^o10
D a l l y A v e r a g e n u m b e r of lt«ma handled:
I92U
»
87*521,
T w i n C i t y C l e a r i n g s h a n d l e d through federal Hecarve B a n k in
Hi g i e a t s o m b e r of lteme b a n d i e d
In
o n e days
Highest arerage nonber of items per person*
December
1923
-
192*ls
15* 192^
-
Wowember 12 y 192U -
9^325$
1922
«
83,280;
$2,783^1^2,01^31
128,38b
)
1*516 \
Minneapolis only,.
19a - 77,956
CLEARING STATISTICS
FEDERAL RESERVE BANK OF MINNEAPOLIS AND KEL-.NA BRANCH
NUMBER AND AMOUNT OF ITEM!: HANDLED
___________DURING 1924______________
WITHIN THE DISTRICT
Number
4,081,660
19,923,128
939,261
24,944,03?
Clearings
Member and Non-member
Paid for U. S. Government
Amount
$ 2,103,162,981.20
1,102,443,655046
103*967,764o56
| 3,309, 664, 381 o 2 j£
OTHER DISTRICTS
Federal Reserve Banks
Sent Direct by member banks
1,262,317
1,666,619
2,8^8,§36
$
341,660,088®18
201,385j286o92
543,043,374ol6
Daily average number of items handled, exclusive of duplications oh account of itesu
handled by both parent bank and branch:
1921
77,956
1922
83,280
1923
90,325
1924
87,521
Twin City Clearings handled through Federal Reserve Bank in 1924;
$2,783,142,01£o3]
CLEARING STATISTICS
Minneapolis only
NUMBER AND AMOUNT OF ITEMS HANDLED DURING 1924 WITHIN THE DISTRICT
Twin City BankB
Member and Non-member
Paid for U. S. Government
Helena Branch
3,772,369
18,608,664
818,962
11,982
23,111,367
$ 1,929,794,6910 39
1£001,905,728.56
88,374,200e75
1,670,266c94
$ 3,02l^742,d86.4i
OTHER DISTRICTS
Federal Reserve Banka
Sent direct by member banks
1,173,769
1,566,619
$
irwb.m
500,586,846085
201,585.286092
" YOT,fibfryg.i
rg
Daily average number of items handled:
1921 • « c o « * » o . o 70,832
1922
73,311
1923
83,382
1924
81,163
Twin City Clearings handled through Federal Reserve Bank in 1924: $ 2,783,142,019o51
CUSARINQ STATISTICS - Helena Branch
NUMBER AND AMOUNT OF ITEMS HANDLED DURING 1924
Clearings
w
rtftfr ate Disntidf
309,281
| 173,368,289.81
1,414,674
120,299
Member and Non-member
Paid for U. S. Government
100,639,907010
15,695,663.81
OTHER DISTRICTS
Federal Reserve Banks
88,558
Daily Average Number of items handled in 1924 ...........
41,273,241035
6-358
RDIHAX. BBSXSVZ B O K OT HmDUkPOLXS
aiPOBf or * *«
T
iBam
SESSSfigi
192U
Jan
Kb.
Uar.
Apr.
Ho.______ Aacrat
301.933 121 ,050,965.83
296.273 116,571, 213.69
319 ,U25 lu2 .765. 736.il
311.233 Iu6.g26.271.29
Uay 31*1,820 lU6.597.3W.Ul
Juno 31S.OTO lU8.895.012.60
July 323.053 151.fe9.571.07
5
.to*. 277.980 1U .982.H7U.30
.188,366,958.52
225.73U.387.6l
Nov, 305 ,69^ 196,389.135.66
.135-66
oo..io
Dec. TiU.66o lqg.qiq.6
S
o
j j t .
O
c L .
3
0
3 1 + 6
8
, 9
, 8
0
5
3»772,3
8
go,_________ Aatnmt
.5Ul.:218
.426.1
79.553.815.83
875 68,618,036.99
. 559.582 82. 505.UlU .91
® ,UU8 8O..,3^ .., 5s2.55
g 77 136 582.82
, 483
78 145 285.69
.U66.821 80.620.167.79
•3fe .732 75 .171 .560.62
.U98.596 q , 95s,812.5c
. 75U.775 10U,883.380.10
. 593.658 93. 798. 797-58
799.906
q5.1s7.2qo.q2
niPARnmt m a m
OTHEH HgM w y m « r y
J & _______ teaai__
101.313
19.521.09.39
88.69J
20,135,63U.ll
82.916
99. 2*»
88,31*1
91.356
93*768
81. 9^3
82.357
S S
112.186
17. 5U2. 230.96
20,627,315.07
19.988,265.65
i9 .O57 .952.93
19.952.556.fe
i7 .579 .760.U3
20.ai8.303.3s
g , 290,659.75
21. 620.7w.iw
22.6l6.USO.57
iq *
vnaat to b u d at
10 BKLXKA BRANCH TRIMBB (V
mnmro s t a t u
OTHEt 8BBB1 PI81S.
BT P8
»o.
jmrm.%
J & _____
J&
5.511 U,808,U70.U0
4,902 U.526. 7U5. 0?
U
5.U«5 5. 3S6.J 09. 7
5.002 5, 482, 1120 U
. 5
4.757 U,980,U08.97
U.587 U,52o,90h .»
U.822 U.192. 696.W
U.687 U.573. 277.61
U.929. 3U5-58
5.U39. 388.66
5 ::
U.019 4. 727. 990.16
U.S72 U.887.ITS .21
i8;508;55u
1,116,131
57?®
* 1.931.751^09
1.929.79U,691.39
1 ,001,903.728.36
Monthly
At * Fo „
T
Itoms
31U.36U
m m * w -M a n m
tomstt
1.5U2.379
93.011
963
l.f f ij
l.aUo
1.058
1.042
89,108.0*
148. 972.U0
8&L 100.CNS.65
7©
876
997
55,6U° 6.3U5.C9-W
7.350.558.62
6.729.1
290 ,s s,i
|:35 6 6
7.U l7. 6l 6.21
SS:&8
6.US1.S17.08
15S.73U.5&
15U.292.79
93.992.65
150 316.22
,
173. 18U.85
889 169, 962. 0s
1*235. i* n .* U . 7S
5 9 .*9
7 9 .*5
U.802
998
6. ,256.26
862
7.551 .u » .u «
2U*l°2 8 .5 L .167.70
8 .676
3
63,265
3uk
8I8.9'
11.982
1.670.265.9U
. U
58.U55. 095 7
6,U fe.76s.U l
8 .6UU.1U3 .1U
9 jm .v n .1 0
8S,37U,2oo.75
68,2f 7
c
Monthly
At * . Amounts
i6o.8i 6.22U.28
83.U91.977.36
20,160,979.26
U,871.257.98
139,188.83
7.36U.516-73
OPTOATIQHS Of CHECK CUARI10 AID CQ
frfrMTflfls t**EABTIOM
T
stalle d ClaaslfloatiOB of tenter aad Amount of Ita n Han&lad by Koatha, during 19A
with Totals for 1921, 1922, 1923 aad 192*.
vnmposLXS aid hklsva bbasch combisxd
Items handled In actual master* - Amounts la thoosanda of dollars
TOTALS (a)
II—
fclnwrn m
Located in ?. B Bank
o
aad Br. Cities
1S &
In
Located outside of F, B
<
Bank aad Br0 Cities
SL
S-
&-
AsL°
86.91U
328.627
1.653 .'•05
135.91s
*
1,520,327
7**.597
3 a .**23
127,982
1.663.606
88,671
15^.907
350,839
86,234
1,632,22s
April
158,029
336.435
84,086
,
340.707
158.393
thQT
161,388
85.576
1.604.159
336.931
88.792
1.592.503
346.857
165.523
*o y
1,485,421
Aagost
82,877
299,805
158.3T9
Sspteaiter 334.287
1,624,101
95.726
204,102
117,^62
October
3t6,oil
1.892.77**
376.363
215,l4«
330,«9
1.72M37
,037
105.02?
Do neater iZ fi
106.484
Ju221 .769
LU &
2,103,15219.923.128 1,102,442
Totals U ,081 *
Nbnsij
Vsrsh
1 598,800
2
Ifc .
,A a o
r^
63.3*W.
8,673
8,744
8.095
7.916
8.761
7,52**
7.480
8.095
69.038
71.946
S3.569
53.692
72,118
69.138
88,496
88,201
96,782
73.959
za*
939.2
8.609
9,870
9,825
10.177
103.969
Items forwarded
to other T. R.
Banks and their
Branches
Jo.
113.395
93.747
100,981
110,696
99,924
102,862
107.91)5
96,264
93.856
111,507
105.175
.125.965
1,262,317
1923
1922
1921
(a)
3 xe l u » l * » of du p l i c a t i o n s on ac c o u n t of ltsna handled
T$ 3T
Aai26,912
24,155
27.963
28,390
27,454
26.17!*
27,084
25.318
9»587
34.5**9
31,060
3 8
#
O
f • O O O • 9 • • O
j
• O
• e o e ; : o o o e r > o e e o c ( ;
1924
Items Drawn on
Treasurer of
United States
nililiil
a&b.
1923
H&.
Arat.
258,413 2,264,900 268.953
2 ,158,768
235.U78 1,872,148 21'*.576
2.004.535
279.636 2,401,670 289.93**
2.187.372
2,162.726
280.569 2.303.096 274,715
278.694 2.330.351 284,413
2.123.123
*
280.662 2.387.349 290.315
2.116.070
2,n6,44j
288,1
2,220.235 276.556
274.1
1,969,986
2.193.091 268,384
2,l4o,445
2.155.094 283.595
2.477.426
407.892 2.5W.345 335.754
2.233.800
361,056 2. 296,621 299.940
*
.2*as.6fe___ m61*21 ^ 4 £ U 2 Z 6 .ja .o g
26,206.356 3.651. 225 27.422,279 3412.13*
338.1
26,206,356 3 ,651,225
1X
'bj 'both
S&.
0. .
p a r a n t l a n k and b r a n oh
27 ,422,279 3412,138
25.067.271 29U
2.577
23, 620.876 2940,6®
WBQHM m
sr mmu
ni^t. W
April
* *
J IM
Jfcly
iOlgttSt
OrtAv
M iw rtiy
Deee^bey
kmrnm
la K h i
W
n u u e u i our
8AIUT A188A98
n o n orsu n zf
a
zh txbs n w m p
Jan u y
M rw sry
.
DAJLT AHRAB8
r a m or v b u b iv
u fm
tar
»
«
M S
IflM
1478
1490
1480
1887
1948
187X
1861
1889
1888
1801
1678
8877
8868
8498
8488
8487
8889
8868
8886
8608
8889
8867
OAZLT AfBUfl
ALL 01888 R 8 8
08!
1986
8806
8170
8187
8186
6168
8186
8186
8097
8069
8000
8980
8809
1984
8174
8108
1761
1789
1748
1618
1690
1691
1887
1866
1998
8004
8487
1418
U tt
1489
1488
1441
I486
1894
1888
1419
1888
1478
____ t i n —
BUST A188A08
8181688 09 881UB8
XfSMS EABDESD
80i9
iita -
1888
W W
4768
4898
4890
4466
4446
4746
4888
4689
4888
6160
6896
iVM
M y
16866%^
68J^468(b0JP
MHNr
Inirtif
860Nk67
88,088
79,818
61,846
76,614
79.606
78,680
71,804
79,466
85,664
94,666
90,976
4690
4960
8160
4646
6107
8186
4668
6809
8864
6916
6869
fiST *-
I H H
g . M -----
1094
1040
1111
1074
1868
2488
1478
1911
8014
8836
8688
1888
BAXLX A188A91
R8M6 888 DXHBOf
«0 88LB8A 81 008
8 M M 84888
fiULT 1188m
V8AB8XV m m
888V DUBOV 81
008 U M B B BA888
■ HH
78,666
86,448
66,179
88,741
84,906
61,796
74,887
88,644
67,687
66,079
90,618
m
i m
i m
fltf-------m s
Jm— ay
itolravy
tort*
Jprll
BUMT A W M 1
08888186 m 8
8680088
Iwvy
Mnuy
ftfA
April
»y
M8
M y
888664
lly>68w
Oettftor
Booister
t W W | l t7
■ wUa
wat
41
89
86
40
69
41
41
86
86
86
86
41
61
88
64
81
11
88
88
88
80
17
48
*8
it
m
AHBA08
XffMB
H18888II
H P
64
69
64
48
67
61
44
40
89
81
86
40
46
89
81
88
86
80
88
87
46
41
HT~
BAXLT AflRASB
oor or ton
17388 MI8888V
sp
40
89
86
88
88
89
86
60
89
40
40
JUK
61
86
66
87
86
86
68
46
48
88
87
48
HAXLT AV8BA0B
MX88089 8816888
8B0VX0M
66
76
89
86
88
81
64
79
90
886
186
176
jy»
87
61
87
67
67
68
71
88
64
66
68
66
4k . „ ass ____; 60
***CKt :* gfe atfrCud.
.'JUKt** CttttCC
fb» ukitw et vork, MLor4i>if x otin Tuaotloefcl lUnii*! of
#
of tl* igw t'l
office art I n k ‘
SxttJufttisM! IMirtl Sit« rv* tfoto !i »vh 4| BtrJe ::»latios» and 8ttilttle«l
M d AmiytUftl.
1| 1981 the Adad'Aiuirafeiir* tfni* « « tboU.i1
^.
rtl.iMaillr^tivt coata >f ih* < i ^ ( a ofific« axoaot salaries
Shit unit M V t w ;
4«$nr.£» hit
mwi
*
I v y m l tin Atcant’ t r m U W o«|*tii«#
a
Ooapartaon with expanse :f A c m M i office In ithwr INwftl j?enarva UMbi. alnh
Ml— napolli to m w r y
lad lo* . u coat*
l
ftdoral fteaerva iota (aauaa m ipanaa
mi$r$*p of offlMri and a^ployaaa*
1914 m i #1068*3? of
tike *>o?;8 in IMS#
(UlUft m
vlth a*l*ry ooata of
♦iffifMft
tba follo*in* table «how» ooft by^uarfcars • £ igoot'o tfll» units:
;
ABaWSTBATfcU AIS) FtfDBkAt ^ iUKVK HOTS liMZZ
Hinfcer of
lit Quarter
Ini Qnnrter
6rd Quartnr
4th Quarter
Mai
1984
1984
1984
1984
1984
lot Quarter
8nd Qnartar
3rd Qnartar
4th Qnartar
fetal
Offioers
"3RT
19W
1988
1986
1988
1983
Officers'
3&lariee
rrccM
1,08*.04
803*00
180.00
g t ; »
w
Suaber
of
loyeos
.60
8*49
,68
.71
$ 941;C?
851.89
806*86
814*88
; W «
Snployoea*
Salirin
' i w CTr
<it
1*085*78
880*78
* 8T1.66
961*19
OT.80
lit
£
Ot’
»er
£cp*n*«
Total
&QMM.
r % T 8 6 . f*VT».88
30&.00
ii>.&8
*1.8*
«v 98(9.8?
882.67
MS. IT
S26<01
T5TISOI
«T6.ai
6T6.80
2,1S8.S6
2,0T8,9*
*881
a "federal Beserrs Kote Issues" - Officers’salarlaa substituted for Ad*lniatratlonradaral Besenre Agent.
B A H SSLAT10U8
lat Qnartar
8n* Qnnrtar
8rd Quarter
4th Qnartar
feta
1984
1984
1984
1984
1984
lit Qnartar
8nA Quarter
3rd Qnartar
4th Qnnrtar
fetal
1988
1988
1988
1988
1988
M t r of Offioers1
Offioora Salaries
1X^553*
•£U
937*68
•66
*60
706*86
1.081*87
•70
•67
•78
•88
•88
♦1,083.36
1,169*46
1,818*61
fluaber of Employees*
Saplo^aea Salarlaa
m o r
707.66
l!l9
800*89
•46
98*06
vznftst
1.00
1*89
•88
.dft
6 866.00
338.78
846*66
Ijfeg
ii,iur.Tf
Other
488.48
iai.ii
Tot*l
S,l».«ft
l,o er.ee
i r s n r
m
188.56 81^|69l;98
T76.M
8,878*79
1.M6.U
8,808*48
SS3.60
\7
i
Prinoioal. ittoi of oost for /’
Sndc Stlationi1 j
1
Qffioara* Salaries $3*883*73 (this it ona^third of t#e tiuo of eaoh Assistant Federal
Beeerve A^ent); Clerical Salaries $1,177*68; Tranr4l and Uintminoii ;*xpeTise ti,l7#*»lt';
Sntertalnir.g Viaitit'g bunkers $113*77.
89
B A M EXAMINATION UK IT
During 1924 ©very borrowing State member bank was visited*
the expense none of the State Member Banks in Michigan were examined.
Ga account of
They do no
borrowing from us.
Total number of Credit Invest 5 gat ions and examinations made during the year
.
were 97.
In addition fifteen special visits were made to member banks requiring 76
days of one man's time*
Closed banks visited numbered eight requiring 65 days* time*
Reports reoeived from National and State Bank examiners numbered 1634.
All
these were analyzed and summary reports made for the oredit files.
All criticisable paper was listed and copies furnished to the Discount De
partment.
Where an examiner *s report showed weakness or failure to correct condi
tions criticised at previous examinations, a special report was made to the Execu
tive Committeeo
Approximately 5400 reports of earnings and dividends and reports of condi
tion were received* checked and recorded.
ftrer ten per cent of these were incorreot
and had to be returned0
About fifty per cent of Mr. Bailey’ time was devoted to Closed Bank Worko
s
In addition several of the examiners were assigned to help during the year for short
periodsa
Total expense of the Examination Unit for 1924 was $29,908.31 as compared
with $21,979.14 in 1923.
During the year 29£ cf an assistant Federal Reserve Agent1s
time was charged to Administration Examination Unit.
Total Administrative costs in
1924 were #3,862.49 as compared with $2,779,14 in 19230
National and State Bank Examiners’reports in 1924 cost $11,981.41 and
traveling expenses of our examiners were $3 s398.27o
Costs in 1923 were $7,602oQ2 and $2*109.76 respectively.
Comparative costs
by quarters for 1924 and 1923 follows
BANK EXAMINATIONS.
1 st Quarter 1924
t
i
2nd
1924
i
t
3rd
1924
H
1924
4th
Total 1924.
Number of
Qffioers
.60
o73
o70
o70
• *• *
1 st Quarter 1923
i
i
2nd
1923
M
1923
3rd
H
1923
4th
Total 1923 c 60o o o
=67
16O
.
„58
»62
Officers 1 Humber of
Salaries
Employees
# &56cZ$
4o4l
1,006.22
4o06
949.98
4o74
960.01
4o77
fSJSSOS
624o99
654c17
781o26
818072
4.87
3,59
3o91
3.82
Employeesf Other
Salaries
Expenses
9 2,604.50 9 2a466o6'S
2 5542o20
2,469.60
4,320*73
2,909.86
2,930.01
6,063 o35
$16,786,56 $15,259o26
Total
Expenses
I fcp$66.36
5,818.02
8,180.56
9,943.3?
$^,Wo3i
2,860o00
l £865o70
2,350.26
1.828*10
f 8S864.06
6,038 o14
5 s249o70
5 j877o61
4 ,813c79
?SL,979oi4
2,663.15
2,739083
2,746o00
2,166o97
Jl0,3l6o^6
80
STATISTICAL AND ANALYTICAL
This function is comprised of the following units:
Adrainietr at ion, Statistical, l&nthly Lsttar and Library. Its operations
includo all work incident to gatharir.* information, preparation and
tabulation of questionnaires, charts, graphs, and other dat«^ for use of ^
Federal Reserve Board and Bank,, preparation of Monthly Report of gonSti$!Conse
A reference library is maintained
Tr.o expense of this iunction aeoor&ing to the comparative
table given below increased £?r& i'lS.C)S*89 in 1933 to $14.,2€0*01 in 1924,
an increase af $1,253.12*
The cost of printing «:>d falling out the Monthly Import of
Business Conditions during 1934 w&& 03,343.18 as oonparad with $2,912*45
for 1928. The costs of maintaining the library during 1924 were $1,724.36
as compared with $2,321.44 for 1923 - a reduction of $597.00. In 1923
$1,155*68 was spent for news service, subscriptions to periodicals and
books, while the same items cost §1,063*06 in 1924*
On the basis of the last half of 1924 the cost of the statistical
and analytical unit during 1924 will be in the neighborhood of $15,000*
The costs b y .quarters for 1924 and 1923 are as follows;
STATISTICAL
(Including Administration)*
Ho* Officers Salaries Ho*
Officers Employees
# W e M
3*35
1st Quarter 1924
396*00
2nd tt
*33
1924
3.25
*80
1,087*47
3*49
1924
3rd . n
i
t
3.52
1924
*75
4th
963.75
f 2,843*22
Total 1924
*33
*33
*33
*33
1st Quarter 1923
H
2nd
1923
it
1923
3rd
t»
1923
4th
total 192*
400 o02
400.02
400,02
396,00
« 1,596*06
All Other
Salaries
Employees Expenses
♦ T 7 W O T rniaBr
149*91
1,351*59
254*70
1,417*52
227*60
1*424*38
# 6,586.73 I 763.53
1,116.00
412.08
1,290.15
169.65
1,581.70
298*23
1,346.84
143.29
« 5,135.69 #1,043.25
2,33
3*21
3 «SO
3*09
Total
Expenses
IXllff.^6
1,897*50
2,759c69
2.615*73
| 9,192.48
$
1,927*10
1,879.82
2,079*95
1*886*13
7,773.60
MONTHLY LETTER
1st Quarter 1924
!»
1924
2nd
N
1924
3rd
It
1924
4th
Postage
... f U z S ’
M
125*00
125*00
225*00
$
1st
2nd
3rd
4th
tt
It
tt
tt
1923
1923
1923
1923
& 6 .M
727*21
630.69
610.35
576o00
I27M O F
119o20
125*00
125*00
’W . 8 T
T
Ho© of
Employees
1st Quarter 1924 ■ s r
i
t
1924
•74
2nd
N
.34
3rd
1924
ol6
4th tt
1924
Total 1924
\oOd
1st Quarter 1923
.85
1923
2nd «
•46
1923
3rd N
4th
1923
♦37
Total 1923
Printing and Stationery
Total
ft 830.57
# 705*87
647*91
772*91
605*56
730-56
784*14
1,009.14
157535". Ts
P , 743*18
727*21
749.89
735o35
700r.00
\T3$
LIBRARY
Salaries
riro.28
198,68
82 >05
59.00
T W o ' s r
M§ .&
295*74
159*08
124< 31
# 9^9.11
Hews Service
Subsoriptiofis
121*14
141 *37
236o58
« 723*63
230*38
229*15
100*31
210.40
# m.2i
Other Total
fwrrr c & E m
129*84
68*50
518.17
88.23
311.65
43.48
339.64
9559.45 9140.67 91*724.35
105 665
70*77
786.78
153*85
74,47
753.21
111r19
19.19
389.77
14.75
72*22
421.68
$385 44 $236.65 t ^ m « 4 4
BOOKS
91
low m u m w >»>•
Total soakar of a M k a r baaka la tho district JtmtMtj 1, i m
H v M tlM ftl
10
Snr satiesal M i ^
omemviIm
total Miter of
taito admitted during 1IM
State banks aad trust ooapasios odaittod
Bational batiks absorbed by acn — ter state institutions
Stats pabor tasks absorbed by national teaks
MloaAl banks aboorbod by other natiosal tasks
Bational banks aiboorbod Joistly by aaotbar national batik
and sos asabor stato inetitutles
1st tonal basks succeeded by otbor national batiks
Batloaal batik sooooodod by a sos — alter stato batik
Stats asabor basks succeeded by son saatsr stato batiks
o
Bational basks liquidated
Stato aeaber botiks liquidated
Stato aoribor book withdrawals
Total Boater of assfcor botiks at tho osd of tho yoor
Stato MsKbor
Batiks
mBSSSBb >
Miohigan
Misaooota
Mostaaa
Vorth Dakota
South Dakota
ffisoossia
3
Total
"t b I
4
1
5
1
3
1
1
06
10
.Q
“ io F
IBSVEffft
Batiko.
m u
39
834
98
170
119
-JflL
908
10
80
37
4
14
9
104
49
864
180
174
188
Ao Membership
At tho oloso at tho ysar, thoro wore 906 ssrtw banks im this
distriot ao caapared with 979 member batiks at tho bogisaiaf tf tho ysar. Thoro
sas a sot loss of fifty^&iso satiosal batiks aad fourteen stato batikse fha
total membership at tbs eloso of 1934 was dividod into 808 aatioaal banks aad
104 stato batikOo Tho sow ambers are?
Baas of Bank
son
Columbia Stato Batikc
Bational Bank of Gray Bogls*
Bibbing Bational BatikD
Seourity Bational Bank of
Vest Minneapolisc
Bational Bank of mdona.
Toon
MICBIQAB
wsmsssA
Columbia Heights„
Oroy Eagle 0
Bibbing
18
15
78
Hopkins,
VOdeaa
36
40
■st? rf ifr r u lit e ff t t t *
IIP* of W
ffiK
■ Bitt
IiIIobiI Jiak of Aaaooate. Aaaoonda
firot iatioaal Bonk la BJrohaa, Myshaa,
Botioaal Batik of Lewiotowa Lewietovnc
Virot Botioaal Baak ia Miles
Miles Oily.
City
Sooarity lotioaol Boakc
lb>lt Batioaal Bonk ia
AloaoadriSg
first SHIo Bonk,
first lotioaol Bonk0
Virot Matioaal Baakc
Bndli/ Boakp
Yirot lotioaol B t k ,
ai,
SI
17
10S
ISO
lOMBABPfA
faylor,
Alexaadria0
Buffalo,
St. Leereaoo*
86
IS
84
17
Sbei
46
Mtani!
IS
Siaoo ths «gsii«li« of this bttk« U 4 otato books tan
acquired ■Mfcerohip bp eoateroioa, oad 166 have takon aaA retailed ortlir
ship ao stats boako, waking a total of BSO otato iaatitatiass thiok hawe
eaterod tba systsou
Dato
'St Botioaal Batik»
Brady0 Moataaa
(Aboorbod by Mnaro Stats M k )
8-5*4
rirot Btitioaal Baak,
Pine Blver, Miaaooota,
(Abeorfced by Itenore Stats Boak)
rirot Votioaal Barico
Boloto^ Miaaooota,
9-Sdi
(Abeorbed by rirot State Beak)
10-81^84 first Batioaal leak,
Wiaaett, Moatoaa,
(Absorbed by firot State Buik)
1-22-24
IffATI IBM ™ *****
18
IS
80
fT WATIQfAT-
6-5-84
Osatral Metropolitan Bank, Bto ftoale Miaaooota.
(Aboorbod by Batioaal Baohaago Baak)
8SS
4-17-84
Miloo Qtty iatioaal Bank, Miloo 01tyo Moataaa,
(Absorbed by Oooanroial Batioaal Bank)
Booboeter Batioaal Baak,
Boohester, Miaaooota,
(Aboorbod by firot Batioaal Batik)
Capital Batioaal Betik,
St. foal, Miaaooota,
(Aboorbod by Morohoate Votioaal Baak)
Borthora iatioaal BaaVr,
l)orgot Berth Dokota,
(Aboorbod by Sosarity Botioaal Baak)
Peoples iatioaal Beak,
Proetor« Haaooota,
(Aboorbod by Pirot Batioaal Batik)
75
7^16=84
H3H34
£ 4 8 -84
1CHKHB4
IS
780
76
17
J S U M U W II
8-8S~24 firot Batioaal Boak,
Tattle, Berth Dokota.
(Absorbed by firot Batioaal Baxte of 8teele0 B« Poke,
oad ftittls State Boak)
IS
- 8-
By*
1 3 hM
MIHN
HI*H
M i f j u k
fcffitlm
nnt H U w d M .
B S T l l in H e t a ,
( N M M i i A tv felliMl i n k of l ^ M i )
ftg. ft
iM«U UlMi M t
Aaanonla, M « » »
(SoooaaAoi hy M M
Saak of AaaooaAa)
first Batlaaal I n k of
MUao Ofttf,
Mllaa Oltjr, Maataaa,,
{Sussssdod hy firat Batloaal Baak la Kilaa 01tj)
first BAtloaal Bade,
Brass, flsooasla,
(SaoooodoA hf I m r s A MorAhaata Baak)
81
115
IB
i ttfsn y K
Bapira a Stata Saak,
Imlattn, Maataaa,
(SoaoooAod Ip Osatral Baak A Trait Ooapaqr)
1-88-84
MNHM
HHN
H4«
HHH
M44I
H H 4
W04I
M H M
a_aa*aA
a_aa_aa
P^P^P*
M M l
s-aMi
P^a^^P*
4-t-*
4-UMN
Hl-M
4-M-M
4HNHN
HHH
frt-M
MHM
M H I
H H t
H H t
H H t
*a*ju
p^a^^^a
P*PT^^W
P^Til
N 4 I
HHN
*4-84
H4(
HHN
T^NN
7-16-84
T41«M
7-4**4
H N 4
9 4 044
TO-Bl-M
106
Oartar, Bootaaa,
firat Batloaal Baak.
«
a
h
foplar, Moataaa,
■
a
a
VooAjrirth, Borth Dakota,
«
■
i
Qrajr Ba*lo, Klaaoaota,
■
a
«
Talrrloa, Maataaa,
■
a
a
SprlafflalA0 Booth Dakota,
■
a
N
folllfb Borth Dakota,
lion llalla Batloaal B H L Slav Balia. Sooth Batata,
Dakota Rational Baak,
DlakftaBOBd laptt Dakota.
firat Batloaal Bank.
lanfHk, — tiw,
H
■
a
■IUIm U , S«fek Sriort*.
«
«
a
Sooth Dakota.
■
a
I
I
MoXatssK Soath Dakota,
MartitaAts Batloaal Baak, Manias, Borth Dakota,
Tlrat Batloaal Baak.
Bears, Mostasa,
OsMarolal BMloasl Baak. Vilas 01* • Bsolsiii,
DoSaoa. Maataaa..
first Batloaal Baak.
a
a
a
Boosa, Moataaa,
N
a
a
nrroaA, MUaaoota,
«
a
a
Mitar, Sooth Dakota,
R
•
a
Baaofc, Barth Dakota,
N
a
a
BoysaiA, liaooasli,
N
■
■
Sataa, Birth Dakota.
I
I
a
a
Oaatlavooi, So«Ah Dakota,
N
n
a
sails* Mtaaaaota,
N
«
a
Lata fmtOKti So Dsk.,
•
a
a
fsrtls M s , Barth Dakota,
Bteekaaaa Batloaal B*ak, fort Baatsm, Boalaaa,
Laaoford, Vo Dako,
Tlrat Batloaal Baak.
«
■
a
SlAaaj, Maataaa,
Morohaate Xatloaal Saak* OroskstMo Miaaaaota,
Laaoastar, Biaaaaota,
Tlrat Batloaal Baako
ftatara Batloaal Baako
U t M l , So Dako,
Soatiaal Batts, Vo Dakec
Tlrat Batloaal Baak0
N
a
■
Oarthsfa, 8o Dak»c
Oltiaaaa Batloaal Baako Grostgr, B« Dskof
t
first Batloaal Baako
Vorristssac So Dako,
Oalata, Maataaa,
first Batloaal Barikc
Oltiaaaa Batloaal Baak, Bortbiaftsa, Miaaaaota,
N
■
«
Baaklaaoa, B« Dako,
lasiort, Montana,
firat BAtloaal Bank,
N
N
n
Alaaoadar0 Bo Dike*
N
n
Boroa, S-. Dakc
City
IT
IB
BO
IS
BO
IS
It
IBB
45
SO
75
a*
BB
55
80
888
IT
18
IB
sr
85
55
U
54
54
51
IB
840
IB
SO
TT
18
90
84
84
84
18
18
87
84
IS
IS
41
10-31-84
10-81-84
oo^ai^M
11HHN
11«1SHN
11-15-84
U-15-84
11*18-84
Ur08-84
11-18-84
18-18-84
Vint » U M l M t o
a
■
IVOfto 80 Dak.,
n
PM fvnAo Mart— 0
(areas dfalCr
Mila Battsaa1 M k ,
first M i m l Iukp
18-17*84
iMTiMS UtlMll Baric,
first Utioul Baak«
OniUir Oouaty Sr%1« Bk»
first Bfctlooal !■>,
1-82^34
first Batloaal Bank.
1H344
9-80-84
«
«
«
88
Q v U 0 lortui,
MiHRq
Brldfssstar, 8 « M c op
M i l , HUMiOtAo
It
MO
80
SO
89
15
17
1?
80
84
81
fllsall* Mita*,
BoAjar*, Mitnio
f t m |Mii M n t t
M i « o Moataoa,
Laafiooc forth Dakota*
Bsotw Qrsako XlniioU .
80
IT
LodLgi OrasB» Moa*aaaD
T»Ift^K
10"*l**4
u-aft-ftft
i****4
8TAT1 MMBCT 1018 M Q g l M M B O TBE 90 IlBOLmCT
Cltlsans Stats Baakp
fioaafap; Mnatana0
;
Saaurlty Stats Baak*
Wolf ?ointc Moatanae
Ssonrlty Saviats Basko
Bapid Clt70 S* Dak09
Cowrelal A Sari*gs Baakp81sax M.ls 0 80 BskoC
Stsdkgrsssrs Stats Baakp Tiatoor I*kae 80 P * c
Baak of Brsoklacs,
BrsslrlnOo So DakeC
fhllipshri Stats Baako Mllpslnrtp MflttWaa,
tatl<qr0 Boataaa,
Bwtlogr Stats Baak.
villas Crook Stats Baak<> Vlllav e m k o Montana,
Oltlsaas Stats Barir,
SnttsrtsSBo Montaaa,
fsrsjrtko Mft siio
l
B M k Sf 0— Ml,
Aasrloon M k A tr* 0so lOssoolac — i sis.
t
B m n Stats Baak,
Spring falls]r0 ttnssota,
8-U-84
10-81-84
Ossrad f*« A
Ssosrltf Stats Bn *.
10-18-84
rat Batloaal Baak,
SylsrTlo DskoC
(JbsavML tp Sssvrltj Batloaal Bank)
first Bttiooal l a * sf
Mrrtan, Wsatwa,
(S m ossdsd tp first Batloaal Bsak in Vihss)
8- M H H
3«H4
S-SHM
S-9HM
3-25-34
5-28-84
4HM4
__________
SO
18
40
188
18
180
as
81
87
81
45
76
19
Bslsaao Msataaa,
SHlSAfi
L o ca t io n
JKSLiI
Sto hslD Kiaasaota,
5-18-84
Wrtash Batloaal Baako
10-85-04 Dakota Bttlsnsl Bank,
Wsbatsr0 South Dskota<>
1 :
QMMBD MSMBBB BABZ8 THAI HA1B BOV AS T 0 8 n r- '1 <i THBXB 81001 2B 9BB FOTBAL
" 8«7»84r *
M
5-8-84
S^ISHM
S-UKM
8-86-34
10-18-84
10-87-84
11-85-84
18-8-84
18~15~84
l»-88-84
10 31-23
IA442
18 84 23
SB
first Batloaal Batik,
Cltlssns Batloaal Bank,
first Batloaal Bsako
N
M
R
Bortfcssstsrn Vatic Bank,
first Batloaal Baako
»
t
f
•
first Stats Baako
i m s n Batloml Baak0
Gitlisas Stats Baako
Fsoploa Batloaal Btfkc
Dsaton Stats Baak^
Stats Bade sf
first Batloaal Baakc
i S« Dak„0
,
Jaaastova, VoDakcB
Alasandrla, SoDsk.,
Lldjamood0 BoDako,
Valhalla, BJfcko,
MIb b s o U Laka,Mlaao
Ufi^stoK, Moato
Olsao ataa.
Alaa0 Visa,
u l m t Oro?s0 Uaio
Dodfs Qnkir, Mis&o
8to fstsr, l i » 0
1st Springs, SoBakoo
Dsatoao Moat.
PlsatywssAe Moatu
Blsbss0 Vo Bak.
ygnaiL
hb s b r v e m b s
The expansion la our circulation for tho poor 1924 « u $5p668»105
roiling tho amount outstanding on Deooabor 31 to $74,835,6950 Daring 1923
tho insroaoe in circulation m
$60535.000 and in 1922 $2,200,000o fcrior
to that tho years since 1918 hod shown deoreaeeoo Tho aaount outetanding
on Doeoalbor 31 dots not reprooent tho hi£h nark for circulation during tho
year, tho groatost totnl outstanding boing $76,936,000 on Deceaber 340 Dai
to v n m 1 oondltione thoro hod boon a sudden inoroaoo in doannd for notoo
tho middle of February ond again tho firot port of Hay, hut aftor this
lator doaond had triboidod tho incroaoo oat gradual until the oloo lag aoath
of tho year» Tho contraction during tho last week in Dooeahor of $3,100,000
brought about a not decreaee of $140,000 in Doooribor0
Daring tho aoath Jut pasted tho Agent ieeued $4,395,000 and of
thio aaount npproociantoly $500,000 oae in need notooo In tho oorroepoad9
ing aoath of 1923 tho total ioauod was $7,540,000Q Total iaonod notoo for
tho year 1984 wore $53,015,000 exceeding tho total ioouo of 1933 bgr approtitttoly $13,000,000« Alaoot double tho aaount of fit-farmoo notoo ioouod in 1933 were placed in circulation during 1934. ThU woe node poooible
ttr o # tho groat iaoroaoo in fit notoo rotnraod to tho Agont darii* tho
yoaro It should bo notod however, that a largo port of thio oo-oallod
fit-for-uee aonoy «ao really now, haring boon ioonod in onargeneiee ond re
turned to xm wmood. then ioonod to tho batik tho oooond tiao oar proooduro
required tho olaooifioatioa of used notesc At tho oloeo of 1933 the Agent
had on head $890,000 of ueed noteoo On tho Slot of Dooaobor, 1934 tho mount
of oatih notoo on hand hod boon inoreaoed to $6,323,500 and tho total of
notoo now and ueed eao appresdaetely $16e000,000«
Votoo destroyed daring tho jear totaled $38,173(395 an meant
looer than had boon anticipated* Tho greater woluao of notoo outotanding
daring tho pant throe yeare ohoald have brought about a higher percentage
of destroyed billOo
During 1983 the greater quantity of ear note* returned by the
other Moral Reserve Banka to the Tremor? DopartMtat tbaa were oblppod
la by us ladlooted o look of oeafldaaoe la «w Dlotrlot* Dorlag 1981
the croateet
toIw o
of aotee returned o fs frae oar ova Diatrlet ftoioh
a e
nay bo interpreted ao lndlaatlng the oteago ia aentlaont.
Of the total leone during tba joar, approxlantely 39 par ooat
oeaeletod of |e bills. Thie wee a 6 par ooat Uovaaao orov tba ratio of
1983 and an aotnal laoroaoe la a m t of $4,900,000# Otter d—
ehoaad laoroaaad amnia but tbo ratio of 10*o aad 80*a «ao I M
laatl— a
tbaa la
1983. Of tbe daaantnatlaae 60»• aad higher $6,186,000 «8vo UoaoA9 an
oaomt $3,666,000 la oxoeoo of tbo leoie of 111* doapalnatleao *mi8i 19M.
fbo laoroaoe la wall blllo doaotod tbo taor e i mlil Ul af 6ar aotea
while tba laaraaoa It tba higher daaeoinftUono «aa brantfrt ebont la tba
aarly part of tbo jaar by tbo daolro 6f M a i to aid to their r o o e m atook
of oarreaoy owiag to oendltlone la tba MitrUt< Tba najor portion of tbo
larger Aonoalnatlono oana baok to 10 later la tba |oar.
ia baa beoa tbo oaao for eeaa |oaro tbo aaoaat of 80'e la oirow
latloa lo tfreatei tbaa tbat af aay otter deanalaotloao Tbe p o m 8 a | i af
80'a wae 66*8 an Deoeafcor 61 while 10fo end 6'e were 2T.6 par aoat aad 86.1
par ooat reepeetlrely.
Printlag aad tvaaoportatlaa oooto for the year eaauntefl to
$6,T96«48 In nsaporloon with oa enpeaoo of $40,006.46 la 1968• ThU waa
la aooerdaaoe witb tba Moral Baoerve Boord'e plan to loear the enpply
of notoa on band to one year'e reqalmMata* M r ooote for 1926 will ao
doobt bo natorlally greater< Tbe prlatlag oooto were redwed approaimtely
>
$8«00 per 1000 obeoto on M y 1, 1623 aad If thoee ooets are allowed to
ataad daring 1986 oar oxpoaeo will be ooaeilerably loaoaaod abonld no
greater rolvas of note* be printed tbaa la 1623.
nmKRAT.
b m to T M BS
B
EBOIITO AID HSIBD IT AflMT DCBDKI 1924a
aw A X a m
pi H i m a
TUX&vn
fil
fires
3,590,000
4,000,000
•90,000
1 330,000
410,000
aac.ooo
fifties
floadreds
fife Buadreds
Theosaads
sh l
$ 800,000
380.000
800.000
> 3,oao,ooo
Terns
Tmtiti
}&a-
W Q M M B gy,
140-000
$11,385;000
$ 880,000
BPffffP ffflW
TOTAL O 0 c o c
•,0*0,000
1,800,000
3.400.000
100,300
1.300.000
$ 38,580,000
TOTAL „ . .
BfcMO
$ 16,985,000
13,775,800
14,340,000
8,199,080
4.800.000
1.340.000
1-918.000
$18,188^500
$ 04,748,000
990.000
1 ,8 0 0 ,O N
540,500
—
1S8BP B?
IU S
g g .a w .r n .
> 13,880,000
9.300.000
10,800,000
1.470.000
3.030.000
885,000
$ 39,175,000
a2B£
16.075.000
14.080.000
$ 236950000
4.890.000
4 440,000
285.000
360.000
35,000
800000
TOTAL
SBLfifift
$12,375,000
I 8,335,000
5.818.000
8.300.000
m
fires
Teas
Twenties
fifties
Hoadrede
fire Hoadrede
_____
U l M . m
I 13„7e00000
8,180,000
Treaties
fifties
laadreds
fire Hoadrede
Thousaads
2.870.000
4.200.000
870,000
1.880.000
410,080
m o B M m w
m
fire*
Tens
\ 2,220,000
10.210.000
1,888,000
2,890,000
730,000
i
wi
$ 13,855 000
$ 02,030,000
W ffupg py A W T j a e m m 31, tfai
m
ID
m
515,000
JKMLOQO
-
$ 8C
7700000
TOTAL
2.830.000
2.580.000
3.200.000
1.380.000
2.840.000
1,020,800
M B 8 L
JLiTgJBL
6,223,500
1.200.000
_
an*
730.000
1.075.000
1-060,000
755.000
1.440.000
505,500
1.900.000
1.480.000
3.340.000
600,000
Tires
Teas
Tweatiee
fifties
Hoadrede
five Hoadrede
Thcms&ads
m
$ 14,993,500
RATIO OF ISilM BY DENOMINATIONS 1919-1924
Fives
Tens
Twenties
Fifties
Hundreds
Five
■v;(d
. V *is
T" nus&r.G:J
V.
v
1924
31 o9#
27,1
29 o3
3,3
b.b
1 *
11b
0%
11)23
28,9'
-a
3 1 <9
;
32oS
1922
34. 2g
33.2
29.4
2,1
1.0
3.2
3
8
i‘ -y'
.r-
1.7
.1
,4
100B(#
1921
3D. 3?!
31.->4
Jr
?»,2
1.3
2.4
.4
1.0
1920
27.
33.2
33.8
1.4
2.4
1919
36.2*
29.5
29.7
.7
.2
1.8
100,0^
.5
2.4
100.0#
1.0
V' w
.
cr.>
KtfB IM M P AM MUT^OIM) SI1CB 0M1SIZATKBI
D
l&k
Znaid la 1915
Zasvd la 191b
Zsnwd la 1917
Z
i
la
$
IS8Q0P TO l i n
2ft),000.
^•T^cooo,
9,980.000c
U2 .?500000»
iauL
500,000
2d150»000.
Jaan&ry
ftVroargr
Itardi
April
2„9450 O o
OO
20000»000.
Ao.ooo.
1,*00,000.
4 0OOO.OOOc
M r
Jagast
MM
$ 800. 000.
1.350.000.
2,310,000.
2.>i50,000.
3 . 800,000.
2 900 000
1 .480. 000.
, . .
Septesfear
U07*5<>ooo.
16.1H .000,
0
Boramber
Deoamber
jLLt
n&sy&*
2.050.000.
8 , 080, 000.
5,050.000.
3 . 570. 000.
■fi.,K9.0Wf
$
57»lto»000«
$39, 990,000.
Destroyed la 1916 $
Destroyed la 1917
895. 955-
October
Total for jear
January
Tebruary
March
April
Itay
Jana
July
August
Saptember
October
Vorember
December
8 ,720.000.
2clfc>0000.
1920
♦ 1 . 3607000.
3,2U0,000.
3.360.000.
2(875,000,
1.600.000.
1.200.000.
3,130.000.
3,1*20,000.
8.135.000.
4 *35, 000.
*
2. 595. 000,
4 - 100. 00Q.
♦39.U50.000.
1921
♦ 1,320,000.
1.925.000.
1 .375 . 000.
2.755.000.
2.165.000.
1022
♦ 1,540^000.
lqsn
♦ 2.150,000.
2.370.000,
2.625.000,
2.647.500.,
1,570 000.
3.967.500.
3 . 880. 000,
3.340.000.
2 . 595. 000.
3.310.000.
4 . 210. 000.
1924
♦ 1,790(000.
3.230.000.
4 .320. 000.
5.TO.000.
5,(70,000.
2.670.000.
4 . 020.000.
2.090.000.
3.505.000.
2.706.000.
2.845,000
3.125.000.
3.49.000.
3 .140.000.
5.645.000.
6.420.000.
2,777,500c
6.102. TO)
♦39, 2^ , 000.
♦43.360,000.
$40, 205,000 .
♦$Xr^$gQ60r.
♦ 4.950.350.
4,144,050.
3,251,000
3.236.000.
2.905.400.
1 ,939. 800.
1.62c,700.
1 ,724t l 00.
1.993.600,
2cocn.TOOo
2.606.000.
2 -^28. 620.
♦ 3.169,800,.
2.402.500.
2.170.000,
2 , 208(200
3.503,000
1.872.800.
1.803.500.
1.937.600,
1,612.200,
2,356,400.
2. 122. 330.
2.162.000.
2 #*3 ,UO
O
1,808,500
1.906,300.
2, 240,200
3 , 083.300.
2 .3 Q . 000,
2,60e,800.
2,121,600,
2 , 742, 700.
2 106 600
2,120.695.
♦32, 784,320.
♦27.320.330,
♦28, 173.395,
. . .
2 580 000
t , s4o . ooq.
7.250.000.
2.270.000.
2.030.000.
10.910,000. ,4.5^
3.115.000.
2,265,0004.680.000.
7.025.000.
j.gio.ooo-.uta*
DSSTROTB? U WASHHOfCM
8,988,095.
471,410.
950.025
597.1
882,330.
817. 480..
815.760
999.995553.600.
245. 950.
1 . 0^ 7 . 280.
i ^ 76.a « ,
9„42i,54o,
♦ 1,894,160.
2.110,765.
2 . ^ 9 . 155.
2 ,448, 740.
3 . 109. 835’
3 „5* , 510.
2,838,81
,815,
4,050 .060.
3 . 19>*,590.
3 . 870. 295.
3.723.150.
♦ *.617.395=
3.297.800.
3.517.300.
2,416,000.
3.310,350.
3 ,011,100.
4 , n 4.<)00
♦ 4 . 186,900.
3,268.250.
3 . 839. 300.
4,556,820.
4.332.100.
4,729.950.
4,050,610.
4.353.300.
4 . 195. 100.
4 ,387.» 50.
»
4 . 010. 100.
T.g^s.qoo.
♦36.771.805.
♦*•0.766,785,
♦49, 748, 580.
3.l
»81.335<
3.263.1
3.030.1 _
3 ,U22, 2(.
3,20».555-
, , .
I38U1. BBIS8PI ASP B8STHPCTI0H OF FEDERAL HB8BRVI B O W 1 S I M PEBBIEO OF B i g
8
as of pnomra si. 1924
Bseeived from
Controller
titm
flu
Twenties
Fifties
Scttmud tar Busk
___ tliBBtt—
.
13,0*7,000
94.080.000
28.838.000
104.460.000
104.010.000
95,600,000
,
,
1,800,000
jattL
HT,88?,000
U8.9VO.OOO
118,888,008
6 000,000
10 000,000
1,888,000
3,M O , 000
aaoo.ooo
688,800
13,880,000
3,488,808
g.ow.ooo
UMS
Total ■ o o 334.*700,000
67,846,000
392,540,000
Buadreds
Five Buadreds
Thousands
T,888,000
xs?miajw
la
Fivos
Teas
Twenties
Fifties
Buaflaeda
Five Buadreds
Thousands
Total
108,880,000
108,860,000
98,880,000
8,400,000
8,800,000
1,388,000
l.MBiOOO
12,367,000
23.f00.OOO
22,160C
OOO
1,060,000
1,810,000
1*410*000
114,027,000
120 ,010,000
110 .020.000
0,460.000
10,310,000
1,435,000
3$$0 000
318,880,000
61 ,622,000
377,652,000
100.000
SBfEOUD AS W M K X M M I
Hetaraed V
ftituraed bgr
other Federal
3,702,040
4,227,030
2,364,480
173.000
360,100
12,500
29 000
■ muflli
36,688,000
33,048C
OOO
83,080.000
1,804.000
1,789,000
143.000
346.000
MtgmJsflft fiUL
38*401,380 03,066,225
40,088,440 80,806,450
36.336.000 63,700.420
1,820.000
2.027,000
1365Tc700
3,736,800
115,500
271,000
207.000
062.000
10.780,000
97,606,000
1180020,920 234,070,805
btant
jflL-APii
Fires
Teas
Treaties
Fifties
Five Buadreds
Thousand*
Totaln
yetel
n t A E - M
btund V
Jftywror,.
4,960.000
2,046,000
1,080,000
25:000
30,000
7 t880:000
Batio
Destroyed to
Issued - Bee
Za heads of
Agent
Secwfcer 31, 1934
Fives
Teas
Treaties
Fifties
Baadreds
Five Buadreds
Thousands
Total
Za elreulatioa
Deeesfeer 31, 1924
2c630,000
2,035,000
3,300,000
1,366,000
29640-000
1,020,500
1 483,000
18,773 I'm
20,588,540
28,599;580
2,007.100
3,623,200
6080500
785n
000
80,98
78c 88
68*23
48 66
42o46
21o09
*.6t„
14 993,500
74,835.695
n 34
100
yiSCAL AQT5SCT FUHCTIOE
(Minneapolis Only)
Total cost of Fiscal Agency Function 1934 w&t $66,035.71 and
$196#615065 in 19230 Deducting reimbursable expenditures of $42c896.84
in 1933
in 1924 end $1640104c80/the net oost to us was $23#138c87 for 1924 and
$326510c80 for 1923, a decrease of $9a271c9B.
Chan««t in costs for expense units of Fiscal Agency Function
are shown in the following table?
1934
1923
No,
Average Vo.
Officers S
t
Officers A
_________________ Employes___________ Cost________ Baplarees_______ Cost
Average
lc34
Administration
Government Issues other
than Treasury Savins
Securities
15.00
$ 6,789o23
lo72
$ 12e000o54
30 e795D84
25 c75
50,227o13
2<>46
9,04
1.20
4,057c85
15#308c51
2B283c71
4.60
39.04
3.31
7,495.74
76,858*29
4,936.48
-94
2C009.24
5o30
35,737.04
1-42
4,791 33
3,36
9.960.43
Total Expense
Average itamfcsr of
Officers A Employees 31s30
Vuabor of Officers and
Bnployees Reimbursable
Pay-roll *.m Dee* *"1,1534 4,65
$ 66,035*71
Accounting
War Finance Corporation
Custody of Securities
Treasury Savings
Securities
Government Sales
Organisation
$ 196»615o65
83s08
58,00
tatiber of plecee raoelred far exchange in 1984 ware 76,888 mined
at $31,916*600 as compared with 116.988 ia 1923 valuad at $28,865,650.
This fonction issued and redeemed 97c282 pieces cf Treasury Savings
Securities ia 1924 aad 4 B347„663 in 1923*
Salas of Treasury Savings Se
curities wars discontinued as of July 10 1934 „
In 1934 7,414 pie cos were delivered on account of new issues of
Government Securities as ooaparad with 480824 in 1923. Amounts haadlad
were $43,639,300 in 1924 and $103,763,450 in 192;:. Pieces redeemed in
1924 13 c328 amounting to $3193160O6O ami in 1923 160,281 amounting to
$47e071c730c
1i) *
crMPiBiTTVg STATIUElfT 07 ftMCTIpmi- nn*ws
MSCAI JflBHCT 1884 - 1983
BT ftPAMTOg
Haulier oi
O fficer*
Saltrlet
O f floara
flrat Qoaortor 1924
Seoeni qnartar 1934
Third qnartar 1934
fourth qnnrter 1934
Baployaoa
O t her
Salariaa I m w i t i
$1,997 96
331.36
331..S4
614 66______
I
3,373 13
1 30
1.37
1,30
1 36
$ 3,063,44
85.16 $ 53,411,63 $33,603.38 $78,077.45
3,307.41
95,96
33,883 09 10,885.74 46,975.34
3,147 44
77.17
37,849,13 6,961.94 36,958.50
3.081-38_______74.12
36,013 09 7.509.99 34.604.46
Total 1933
61.14
35.86
20.04
16.03
6,498,67
$33,137.88
10,575.96
7,291.50
6.163-17
$7,779.58
3 C159.81
2,508.63
3,164,86
II
46,157,51 16.603,08
Total
Btewwi
108
25
25
„63
Total 1934
Tirat q w t i r 1933
SaeonA qmrtar 1933
Third (Jnartar 1933
fourth (guartor 1933
lanbar of
B r o l oraaa
$31,915.43
14,067.03
10,131.57
9.981,69
I
66,035.71
140t155 93 47,961.05 196,615.66
mail tMBKT 8T4TI8TIC3
CPTtTICATBS Of IBBBHBMBBa
Aim m n u a n R T
w m w u m
Amount
TD2
T D
T S 2
T J
T M 2
$
280000
11,000.
i 000
4,917,500,
3 k947,000.
5,374,500.
1,918.500
2 971 500
4,927,600
5,816,300
- 1923
- 1922
- 1923
1924
- 1924
T I
I - 1924
- 1924
T D
T D £ - 1934
A - IS?A
B lsyA
Bomber of
Pieces
9
g
bl?
il
061
1199
8U
13?
-5ZA
1593
RgflSKMEI) A'h VIOTORT HOPES
A to 7 aad G to L
Amount
Victory Hot*#
$ 451,800 -
Hanbr of Pieces
5159
BgSEgMED IH BXOBAHGB PQR 436 TREASUET
B0HP3 - 1944-54
Amount
Til 1935
A .1925
L '.boi f / ho«.
;
*.
659f50C
081-000
458,200
luMber of Pieces
543
192
521
1 0 2
AMOUNT OF SECURITIES FLSDG'.:: A;i COLLAT/IL^AL TO (K3VT!K.NMlNT
DEPOSITS ON THE LAST P
.AY O? fAOH MONTH
i m
January
February
1923
$ 10,054 350
$ 28 447 200
9,667 700
26;719:700c
March
17,398 700
27-493. 3.V0,
April
14,520 700
23 715r600c
May
11.091 15C
23, 818£760
June
10,7*1.000
22 605 350o
July
8,608.100
20.194,760.
August
12, 772 360
18:592c260r
September
18,460f960,
21 112r160.
Oeteber
25,728,600,
15,901,100.
November
28,849,600.
10,396.400.
Deoember
21,961,000
11:820,750e
OOVEBNMEBT FUNDS IN DEPOSITARY BANKS
OB LAST DAT OF EACH MONTH
1924
1923
• *,756,840.21
I 7*644,464*92
February
2,479,563c33
4c992,463o31
Maroh
9,756,666,23
9f912,160*45
April
8,2*0,000*00
6*127,013,86
■V
2'8S2»102«46
5-899,982*00
June
4,613,026*96
8,393,032*40
July
3,610,166.86
5,497,298.79
August
3,698,157.34
4,468 799*08
8ej±ember
7,137,500*00
8,736,900.00
October
5,988^800.00
3,001,021#32
Nerenber
3^342,226*01
1*363,015*47
December
6,101,638 *91
4,464,000*00
January
103
THRIFT STAMPS. TREASURT SAYINQS AID
WAR SAYINQS s t a m p s K^DEEMED - 1 9 2 4
VAR SAVINGS STAMPS
s m n s 1919 REDKBIKD
Janary
february
March
April
May
June
July
August
September
October
November
December
K)n OF PIECES
59,231
10,308
5,091
3,635
1,780
2,076
1,178
1,236
604
704
400
99
STAMPS REMBBMBP (EXCIJTDim m u s OF 1919.
m
m
$ 296,155.00
51»540„00
25,455.00
18,175.00
8,900.00
10,380.00
5,890.00
£D180c00
3,020,00
3,520.00
2.000,00
495JX)
86,342
J BS*s
7,165
4,145
4,397
3,372
1,736
3,212
2,090
2,103
1,420
1,432
March
April
Mey
Jvm
July
Amgost
September
October
November
$
1,791, 25
1,036.25
1,084 25
843c 00
434.00
803.00
522.50
525.75
355.00
358.00
o 2 5 .75
2.074
34,389
20,356 77
18,684 11
11B578 05
llc512 72
6,100 01
12,533 21
6 790 00
7,135,12
4,670 32
4,677c34
3,996.92
1.134>14
21,725
109,168o61
TREASURY SAVINGS STAMPS REDEEMED - $1,00
HO : OF PIECES
January
February
March
April
May
June
July
August
September
Oc *.ob9r
m
m
68
11
9
41
7.00
44
4 4 .0 0
_1Q
-10.00
195
December
5 .0 0
7
November
$ 68, 00
11 00
5
8 597,25
$
$
1,658
M W *
1,303
December
1,448
862
873
803
232
431,710.00
THRIFT STAMPS REDEEMED
Jasoary
Februery
® . OPT PUCES
4„034
3,753
2; 318
2,310
1^280
2,524
Jaonary
February
March
April
May
June
July
August
September
October
November
December
$ 195 00
9 .0 0
4 1 ,0 0
COUPOV SSCUSITISS BEDE SHED
___________ TEAR 1934__________
lumber of Piece s
11 „152
Amount
$30 446,650 00
REQISTBOCD OOqPQlT EXSHAHffltfl - TEAR ENDING TMGTnpm 31 1934
A, REGISTERED B0HD8 EXCHANGED FOR COUPON BOHDS:
Nnmber of Plecee
5,531
B,
COUPON BONDS EXCHAHGED TOR REGISTERED BOHDSg
p q m W of Plecee
5,683
C
MgBSA
3s151,700o00
REGISTERED B O B S H O H A T O D TOR SWUSTKHSD BOHDS;
Number of Plecee
1,311
2,639,500.00
Amount
448,600 00
104
DBNOHIHATIONAL EXCHANGE FOK
BONDS, TRS a SOHY NOTES AND CERTIFICATES- OF Xt^EBTBDI^SS
YEAR :>;NDIMg PSC2M3SK 31, 1924
Pieces Received
Amount
Pieces Issued
58,490
#26,887,100,00
Amount
14,188
$26,887,100,00
ALLOTMENT
CERTIFICATES OF INDEBTiCDNEJo AMD TREASURY BONDS DELIViKED 1924.
Series
No* of Pieces
TM-1925
Amount
1,459
*13,634,500»00
TD2-1924
768
7,963,000,00
TS-1926
869
7,490,000,00
4*226
14,661*800,00
44^,6i9,300c0b
Treasury Bonds 1944*54
DEPOSITARY BANKS AT THE CLOSS : BUSINESS D3CJgia3iSR 31, 1924,
TF
Michigan
Minnesota
North Dakota
South Dakota
Montana
Wisoonsin
Total
62
767
228
246
89
127
TJBoff
OPERATIONS IN GOVERNMENT SECURITIES 1924
(REPORCHASBS AND RESALES FOR USMBER Ba NKS)
REPORCHASES
Month Transactions______ Amount
507
January
368
February
399
March
447
April
liay
622
379
June
322
July
273
August
September
286
October
409
November
326
December
386
Totals
4,622
♦18,158,200,
8,355,100o
11,764,400,
12,246,260*
15,469,660.
14,104,660o
12,763,260.
18,174,060.
9,334,660,
24,322,800,
7,371,200.
12*010*000*
$164,071,900,
wmat:
—
Transactions
324
288
370
367
466
330
263
220
217
368
264
333
3,760
Amount
$19,034,850,
9,174,000,
11,687,450o
10,942,950.
16,900,060.
13,140,050o
16,010,260,
18,260,060.
8,772,600,
24,660,300,
7,576,700.
11*741*400,
116^770,660,
Total
Transactions
831
666
769
804
978
709
676
493
603
767
579
718
8,382
Total
Amount
$37,193,060,
17,627,100.
23,331,860,
23,189,200.
31,369,600.
27,244,600.
27,773,600.
36,424,100.
18,107,050.
48,983,100,
14,947,900.
23*751.400,
*3^9,842,460,
105
RETURNED TO ■
bICKKTAHY OF TiLi TRJSA. > T Y
02
Jan« 1, 1924 - Deo, 31, 1924.
DEHOMIKAT I;- ' A EXCHANGE
iJL
Amount
4fe£
4j$
4$
4ji#
106,700*
696,760*
5,811,150.
6,003*350*
5,429,100.
#
First Liberty Loan
First Liberty Loan
Second Liberty Loan
Third Liberty Loan
Fourth Liberty Loan
TEMPORARY
Number of Pieces
1,294
1,760
14,381
19,*56
*1,645
- lOHANS^ *
L
i
BONDS
Amount
4 %
4rfc£
4J#
4 %
4j-^
4rfe
4J#
First Liberty Loan
Firat Liberty Loan Comr,
Firat Liberty Loan 2nd Comr,
Second Liberty Lean
Seoond Liberty Loan Gonv-:
Third Liberty Loan
Fourth Liberty Loan
$
Nunber of Piece a
5,200.
750 .
60,
606350j
10 f200.
56,950llcj600»
52
9
1
753
126
1,040
1,694
CONVERSION BONDS
Amount
4 % First Liberty Loan Perm. Conv.
4 % 3eoond Liberty Loan Conv.
Number of Pieces
% 4,900,
69,600.
59
610
DENOMINATIONAL EXCHANGE OF TREASURY NOTES
AND CERTIFICATES OF INDEBTEDNESS
Amount
Treasury Bonds - 1947-5*
Treasury Notes
A~19*4
8-19*4
A -19*5
B«I9*5
0*19*5
A-1926
B-19*6
A-1927
8*1927
0. I.*s T M-1924
T W2-1924
T J-1924
T D-1924
T D2-1924
T M-1925
T S-1925
$ 610,000.
956,800.
*;967,000.
7,0*4,500.
4,141,500.
4,805,500.
2,797,900.
6,488,500.
5^744,700.
6,511,400^
*1*66,500.
4,326,000.
4,866,500.
11,779,500.
9,611,500.
10,748,500.
6,173.000,
Number of Pieces
650
*81
9*6
912
283
7X8
507
6*7
6*4
1,025
889
7*9
785
1,100
1,914
1,0*6
887
io a
107
A.—
TEMPORARY BONDS 3UBRi53SD£*RliD FCR EXCHANGE OR/AND COKVSRSIOff, YEAR ENDING
D B O m s m 31 e 1924.
UTTMftre* CiV PIECES
$50
$100
$500
AUOUST
$1.000
&5.000
$10.000
1« ZoTLuSxsMjaga;
First 4/b surrendered for exchange for 4^> permanent bonds • • *
39
First 4j$b surrendered for exchange for 4£^ permanent bonds ..___ §
.
3.250
13
1.850
1
6
First L.L. Second Conv. Temp, surrendered for exchange for
Per. Second Comr........... ....... ................ ................ L
3econd A j surrendered for exchange for 4$ permanent bonds . *. 344
tc
50
407
5
61.400
1
6.800
70
33
surrendered for exchange for 4^» permanent bonds .. 776
270
4
Fourth 4^o surrendered for exchange for 4$)o permanent bond a .. 1159
563
17 _
Second 4 j r surrendered for exchange for 4^f> permanent bonds..
qf>
Third 4
67.800
128.750
6
11 . For Conversion:
First 4% surrendered for exchange for
Second 4c surrendered far exchange for
/
o
Totals (pieces)
permanent bonds *•
28
29
permanent bonds..
307
290
..S2.
2729.
1611
49
4.800
1
. XI__
.
.
,1 .
19
I
_J 2
_
-21.,3^0
,
366.05Q
SC
O
■i
v
ijffiaeAifi.3;? bqkds j?BLivatBD. yi:ar aiiDiKG d s c e x b s x 31. 1924.
NUMBER 0? PI2C5S
■ -0
F
Si 00
SsOQ
£1.000
££-000
310.000
JUl_^Z£Li¥A&gSLi
r'irst 4/> delivered in exchange for temporary 4j* bonds • • -
27
— S. 250
1 -650
First 4^/b delivered in exchange for temporary 4&» bonds...___ 2_
First L. L. Second Cony. 4
in exchange for temporary
4i> bond s ............................................... .
________________ 3
Second 4> delivered in exchange for temporary 4/» bonds * ■ 236
.
Secoad Csnv. 4j> delivered in exchange for temporary
4?>» bonds
JLfiL
a -400
_*Q.
— 6,800
J&.
Third 4^> delivered in exchange for temporary 4?/o bond a. •. 522
_aos_
JUL
tfoarth 4^/b delivered in exchange far temporary 4t> bonds.. 771
11•
L
Slv.7-
J5L
6 7 .8 0 0
19
128-750
Through Conversion:
Firat 4> delivered in exchange for permanent 4^> bonds.'
Second 4> delivered in exchange for permanent 4^c bonds
TOTAL (Pieces) ........................... .
-A.QQQ
29
_S£L
•-3Q1
.1245.
m
-9^360
Ji
..ggft
72
_£0
a
366-060
J&WRAL 3 B 0 K » R ^ n C BEPAHBfiE^
The CentrsuSt onogr~'a&iuo Department operated during the year 1924
on the same prlssiplss rt&Sh the department originally established, in so
far as it serred all the departments of" the b&nku
The praotioe established in the year 1925 of rotsttng the senior
stenographers at the head desk continued throughout the year 1924, which
resulted ln their becoming more familiar with the operations aad general work
of the various departments of the fcaxfc, aad which enabled them to render better
and more effioient service*
Dorii^ the year 1924 the volume of work decreased substantially on
account of the war Finance Corporation establishing its own office elsewhereo
This also brought about a deerease in the number of employees0 However, the
percentage of deerease in volume of work was less than the decrease in the
number of employees, as evidenced by the daily average number of words written
by w m h stenographer for the year 1928, which was 3646, whereas in 1924 the
individual daily average was 4268o
X& addition to ths reduction of actual operators in the Department,
the olerieal staff was rsduoed from two stenographers to one stenographer and
a typist, which typist has given considerable time to actual typing work when
the volume of work has dsswaded ito During the latter part of the year the
messenger regularly assigned to the Department was placed on the general force.
These chazges brought about a reduction in the overhead of this DepartmentThe confeiniig of the ditto axd the multigraph work with the Stenog
raphic Department, which took place in the middle of the year 1923, has con
tinued to work out advantageously both for the baxflc as a ^iole and for this
Department, aad It is believed than when the photostatio machine is ln opera
tion in the asw building, beginning approximately Februaxy 1, the Department
will be ln a position to render better servloe than has been done he ret ofore o
10S
@FedFRASER