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CONTROLLER6S REPORT
m m & L RBSERTl BAUK OF M I M M P O L I S
POR SHE YEAR
19 2$,
To the Director*.
The within tables covering volume and costs of operation
together with consents on 1920 rosuits and indicatod trond for 1927,
are offered for your informatIono
In practically all of the functional tables the figures
given are for Minneapolis only0 Helena operations are covered sep
arately*
For the first time sinoe our w r k and expense have been al
located under functions, wo h&ye been able to make satisfactory com*
parisons with the prior year0 Our efficiency should increase during
1927 but so many items of expense are beyond our oomplete control
that there is some doubt of our ability to materially improve on 1926
operating oostso
Some of the reasons for expecting increased expense
in some functions and a lowering of costs in others # are touohed on
in this reporto
At the d o so of the year all our operations were being
handled in an effioient manner0 The auditing of the bank has disclosed
nothing of importance during the year and at all tines the reoords have
represented the time condition®
Respectfully submitted.
January 1, 1927©
I l l ai
Aoooaatlag
• . • « ♦
seribor of oqptagrooo end oott of unito*.................63
immAc labnoM *...... •♦♦♦♦66
'Srftnsforo daft Cod• TMt................................... 6?-60
:.aEtifci*tr*ti0a Cooto................................ ♦•♦.........♦♦.*23
kx&itiag
v W fttl.................. .......................... ♦..•♦^♦AlHfe
Cooto «a& asntor of mapXay***..............
Saak I— loot
BQil&lng.................... ........*3*
soildisg*♦*................... .
♦.J3S
T*p?ooiatio«i d w fy t fii *ad rooerroo..-............ .26
0c— at*........................................................ *37-&9
Cofotori*
COOt.............................. ................................... ^
SMMfttl............................................................. *34
Cloood Jaafe*
C— «lt»........... ......................................... ♦..♦♦♦*16
Cost of y w a & i m and sucker of &9 Xcoroo»«........... .46
Collection wtpoaoo alleoatod to merlons *a*fo».,47HS3
Collateral
Commit.......*♦♦♦............................................. ♦♦61
ColloetlOBa
Soa-Cath CoUootioaa
Oo— ntt«........................................................ *70
Cost, Horibar of taployeot and Staribt* of It—
Haadlod*...................................... ,.♦*..♦♦♦..♦♦70
ConpftratiYt Statomat, Sfeefcor of Xt— "oooi*od
Tor CoUootioa............................................. *fl
Cboofc CoUoeti— • Srcatlt Aoportaoat......♦♦,72-79
Cm o s H ............................................................*.60
Coot Of FUBtitlOfct 9 M
t)f zsgloyvoo 44Bd ?olOR*
of :*sfcBiadlad»«................
........... ,....,.6 0
Oomaor aad Cola
Co— tt»......................*............................ ♦♦,54-66
M i r of Shis— to Btooivod «al <*oat«...... . ....... *86
QrlgtaaX Cootf Coot of fiote^tion aad Sfoij$la6
Charcot............... ......................*86
Toactlooal Coatt, IMbor of
«ad vbl—
of ^oikSaaUii......................................♦•♦.#87
a— at of Comrtgr atooivod f * » aad Shippod to
iiMAa*»aad lapiiatef Buiko*•♦•«,«*•.•.•.•..♦ J8
M n t t i M i l K w M rt of * . 8 . M m ................t il
IKftoUrt h N n t .t a t t U M ........... ................ ...... ..N
DlOOOOttli
CMMltf* ......................♦♦♦♦♦«♦♦♦♦•»»♦♦♦♦♦♦♦♦♦♦43-46
Oort it f r t i MH w i i r f
m »
M a t r f l w l t — n il ..................... •«*
m i n t «f qvmm U m m . ..................................... . «
.
?iYic*n** Skid 3i&00
................*....... .♦ .3
raraia^i
CeoparatiT. StfttflnM* 1*3®-1S3*.......................... .10
S*m » r^ralMi aaA XMttdjr A m n c m .......... .. . U
Awrtfi M m « M a i n
.......................... .11
Sw am ts.......................................................,1S«3£
Cwpiralill Stator*at 1936-2&25"»19i4... . ....... <... .16
-
| r
-
r
.................................. -
•vtelaiitntiott Coiti49M i4 Oforhood..................23
0tt$>«rattoo Statoooat V >Wtl«MHSUWApolS««»».86
tta$a*alivo 9tot*umt tqr ?*nett0Mi«€o3oiio. ......
SaiafcoroOfclo ftqpttitturoo........ ................ ......9 4
H U i 4 sitft................................. •*>•••4843
?o&o*al nooonro Afosl'o ?anctiono
2CO»fltttO««*...................... ............................. »»80
ftvfeo* of ^ l c y m nnd '$*poaooo of Ttarioos
tfciti....................... ................. ....... .....SO-tX
B*ak
..................................... ...82*84
?o6otf& fi«w m goto*.................................... 6 H 3
H A lv 4 Sooorto Olti........ . .....................................37-68
T d M 2H «v » Sotoo
v8MB9V«
............................. .... .ante
totordlotrifct Ko*m&t....................... ...........•••09
(8oo «1»0
♦ ♦ ♦ ♦ ♦ ♦ ♦ • ♦ ♦ ♦ %
♦ ♦ • ♦ ♦ ♦ ♦ ♦ ♦ ♦ ♦ ♦ ♦ ♦ # ♦
♦ • ♦ ♦ ♦ ♦ ♦ ♦ 4
fioooi <mmr S M i m
COMMC&t..................................................... ♦•.*3-94
KniMbiN fas feld $iaoo Orgoaitatloa......................... 6
I m l Titiiurl>
008% of Trrttrat Vwslicii*9ilMMpolii»88
CflMMmftlio (toll of T irlm 9HootloMh’Boloso««...*99
AtafalotMitiOft 6oitA4ittiMl am M m I ................. JB’
(IM U H A I yopqgto v iU ftlOO %8 fow l tnAlt
dOpOfftMOttt llOOdiagP OttOh 00 OflPNM0T9 D i f
oonafto, ott*)
J p o o t t l o ^ o f amtago otaoo offipo&sti*
tloa*........ ........................... ......................♦ •83
Cttmods* ••••«••••• ••••♦••♦••••••••♦•••♦♦
a w t e i mirtiiw
OaMMrta..................................... .» w
SMk«r of H j l f i n and Oast «f M m M t i .... 4 t
m m m i
0 n p ^ 0 m ) ^ | | • MmfiiSi^ftMon Qoo|§«.*•••••..•••* .*8$
^|| t M l y
m n n i m w w ............. ...................m
m m M B *U tr 9u h m & y. a . A«mk.................... 4 8
OflMMMkloo Itaaoftloaol 2 kmooo Botttfft**.*..***»..»99
IWHrtitittl i,.......... .
............m u m
.
tMMMft M m ....'........................................................ M
8
I M U l U w * C f f M f Milwwrt W M M ..............
M
M
M
H I W I I M t t t i n .................... M
..........................t M
1! ?
OflflHMBjta*•••••••••••••**••••••••«•»•«••• - ii i11itff
Co«t Of y>MW»1 I W I U I ........ .......................jJ9
ChanfM It Staff M f 198$........... ................ ,«99
^alfaro til Cafotoria*• CoMNftta*•••••♦• • ...... .♦•34
tfnaiMy |Hj^l
Salari09
I’MOtlOQO** •••• •••••36
M9ftNP of X^plapooa o#A fiQpNM09 I^T W99tli6#§**««99
fiiw rt Biiiw
daft.................................. J H I
Profit M & JbOM
SU tm rt it THatl tor Toor 1986....................... 9
nmmaty Biport for | « r 199$........... ................. . 4
Aoeooat liaoi Qr|ttUa||«i........ ................. ••♦•♦ 9
Dlvta—ftit Surplus and maflfolao ***•................. $
v W K V t « « ♦♦♦♦♦♦♦♦♦♦♦#♦♦♦♦♦♦ **#•#•
#«#«#+T”
V
SsUtoraablo ttpaaditwras..*..................................... *94
a tn n t iM ltlit.................. ...................................*$4
soaoaroos* Ooraparati?a 3tat«ftei>t 1926*»1$33............ 1
Salariaa
Monthly Basis tgr Fanctioaa*..............................*89
Saoorltiaa
Collateral m x .................................................♦«!
Ittvifteli S a i d , . ............................. .66
%
Surplro
Dotail stataaoat Siaoo Orsaaisatioa* • ................. 6
9« l i | V ^ ................................................................. *69
Sraasfara of M i
COMMfttSm.................. ................................... *9?
ftaetloaal Goats* Banibar of Sfcplcysos cu£
Volins ssuAiodU* •••«#• ••»♦•••••*♦.♦•••••♦♦••♦••69,
traasit ftanotioos
OoHMAta....................................................... «*8-f»
Costs, Sttfear of asplcgrsss aai Totes Baadl*d«,«»94
statistics.....................................................7 W 9
>ai£»r*................................ • • • • • • ........................... *34
COkfPATATTO STATEMENT OP RESOURCES
P5D3RAL RESERVE BAM OF MINNEAPOLIS AND HELBtTA BRANCH
December 31. 1926
Gold
Gold
Gold
Gold
Gold
redemption fond - ?. E. n ote s-----—
----- $ 2,073,829.64
with Federal Reserve Agent - -------------60,538,890.00
settlement Hind -------------------------20,483,291»01
3,222,345.00
ooin -------------------------------------3,650,500.00
certificates------------ -- — —
— —
Legal-tender notee - - - - - - - - - - - — -- Silver certificate* ---------------------------Standard silver dollars -------------------- —
December 31. 1935
$
2,059,266.97
57,419,840.00
10,759,942.63
3,273,640.00
3,631,000o00
46S,117.00
2,316,602^00
369,761.00
765,503.00
1,159,219.00
276,011.00
national bank notee - —
—
- -------- —
—
federal Reserve ban.* notes --------- - - -------Subsidiary silver, nickels and cen ts---- -------
684,100.00
600.00
217,972 o06
994,000.00
4,200.00
146,896.55
FoRo notes of other F» R, b a n k s -------- —
—
Our Federal Reserve notes on h a n d -------------Mutilated F.Ro notes forwarded for redemption —
382,060.00
5,174,195.00
997,600.00
579,000.00
2,289,800.00
794,700.00
Bills discounted -----------------------------Member banks collateral notes - - — ---------Rills bought in open m a r k e t ------ -------------Participation in investments through foreign banks
U.S. Government securities---------------------Municipal warrants-----------------------------Federal Intermediate Credit Bank deben tur es---Foreign Loans on Gold —
— - — - — - - - -
2,242,422.09
1,795,642.00
12,614,674.84
2,602,129.61
818,483.96
18,741,259.17
17,039,211.00
120,750.00
500,000.00
19,077,711.00
55,020.67
Premium on U.So securities---------------- -----premium on Federal Int o Cr. Bank debentures — Interest accrued------------------ ------------expense c u r r e n t ---- -- - — - - ~ - —
- — Furniture and equipment —
« —
-------------Dividends accrued --- ------ —
-----------Transit items — ---- ------------------------Exchanges for clearing house ~ -----------------Checks and other cash i t e m s ---------- — —
Banking Houses;
---------------------------------- - Land
Buildings including vaults -------------- -Fixed machinery and equipment ---- -- - - - “
Overdrafts-----Coupons paid before maturity---- - - - - - - - - - deferred charges - —
--------- —
- ----Claims account closed or suspended banks ------ -property acquired under foreclosure ~ — -----Suspense account temporary investments - - - - - - Suspense account general ------ —
—
----- -—
Difference account - - - -------Fiscal Agency expenses, reimbursable -----------ar Finance Corporation expenses, reimbursable - ~
Reimbursable expenditures - postage — ---------
257,400.00
7,950.69
373.00
62,426.66
1,063,757.20
20,870.48
187,609.25
12,559,519.58
359,485.64
241,792.13
53,649.87
1,104,981.02
10,348.43
193,559.46
13,002,266.88
250,548.10
366,961.84
505,520.66
1,975,720.14
636,162.54
505,520.66
2,106,183.98
540,074.54
55.57
19,396.71
3,384,450.52
49,260.26
181,567.26
468.67
80.00
23,699.23
4,496,678.69
62,455.73
137,820.65
489.07
258.79
3,179*53
120,50
191.26
1,207.61
409.24
183.87
$156,149,438., 99
$156,570,710.20
8,308o98
1
c o w m a n m m a m or lxasxutxss
m m * * E s n m m m or u i w m ^
Federal Reserve notes outstanding
im ******
Pwwftff .3L » «
a*e«B*w ai. 1926
|
$
75,063,890.00
73,245,840.00
ember banks - Reserve account
Funds of closed banks held for receivers
and others
U.S. Treasurer - General account
Doe to foreign banks
Hon-mesiber banks - Clearing account
Officers* checks
1 ederal Reserve drafta
Other deposits
50,756,122.30
52,916,343.68
189,936.74
1,333,011.03
900,996.89
29,026.13
92,791.70
9,533.47
154,910.37
1,325,708.14
273,366.93
44,138,48
343,153.75
13,063.75
65,311.77
Oorenwent transit items
All other transit items
176,379* 55
12,681,820.94
115,491*93
13,033,251*09
81,044.90
83,133.25
3,750*00
4,996*91
20.000.00
Accrued taxes other than franchise tax unpaid
Capital stock suspense account
Sundry items payable
Suspense account general
15,738.55
5,096.33
Discount on ?;,$» securities
Unearned discount
39,506.25
67,025.84
42,447.57
53,643.10
3,444.00
700,000.00
3,444.00
700,000.00
64,428.88
12,814*73
6,374.43
38,814.40
67,818.74
4,763.53
64,692.94
1,543,570.77
2,114,796.57
715,936o15
862,789.00
16,473.13
27,135.37
672,125.80
724,824.34
17,414.50
23,976.64
76,996.94
38,601.40
3,063,750.00
7.500,985.63
3,183,050.00
7.496.846.18
$156,149,438.99
§156,570,710.20
Reserve for depreciation on
Reserve for possible losses
Reserve for depreciation on
equipment - Minneapolis
Reserve for depreciation on
equipment - Helena
Reserve for depreciation on
Reserve for depreciation on
U."* bonds
account failed barike
fixed machinery and
fixed machinery and
building - Minneapolis
suil&ing - Helena
Special credits account closed banks
Discount earned.
Interest earned
Penalties on deficient rater?ea
miscellaneous earnings
profit and loas
C apital stock paid in
Surelus
.
2
#■
*
I
1
FEDERAL RB.SEHVS BANK OF ^TlfMSAFOLIS
STa TEI-SIIT OF PROFIT Aim LOSS ACCOUNT FOR 1926.
Discount
Discount
Discount
Interest
Interest
earned
earned
earned
earned
earned
on
on
on
on
on
bills discounted - Minneapolis
bills discounted - Helena Branoh
bills purchased
United States securities
Federal Intermediate Credit Bank
Debentures
Interest earned on IJunicipal Warrants
Interest earned on Foreign Loans on Gold
Interest received on past due paper of closed banks
Interest earned on delayed wire transfers - Helena Branch
Defioient reserve penalties - Minneapolis
Deficient reserve penalties - Helena Branch
Net profit on U* S* securities sold
Participation in transactions with foreign banks
Sale of waste paper
Service charges on collection items returned - Minneapolis
Service charges on collection items returned - Helena
Monthly letters sold
Clearing house fines
Expense current - Minneapolis
Expense current - Helena Branch
Furniture and equipment - Minneapolis
Furniture and equipment - Helena Branch
Reserve for depreciation on fixed machinery and
equipment - Minneapolis building
Reserve for depreciation on fixed machinery and
equipment - Helena Branch building
Reserve for depreciation on building - Minneapolis
Reserve for depreciation on building - Helena Branch
Charge-off of Ilinnoapolis building to reduce book value to
revised estimated replacement cost
General differences - Minneapolis
Tellers and coupon differences - Hinneapolis
Clearing differences - Minneapolis
Collection differences - I'inneapolis
Transit and return item differences - Minneapolis
Transit and return itom differences - Helena Branch
Tellers and coupon differences - Helena Branch
Recovery of expenses incurred in connection with closed banks
Sales and allowances of old furniture and equipment
Recovery of protest fees on transit items account closed banks
Recovery of transit items previously charged off
Return premium on insurance policies
Difference between amount allowed and amount recovered
on unourrent coin
Protest fees incurred on transit items account closed banks
Items drawn on closed banks which could not be charged
back to our endorsers t
Settlement made with member banks for curroncy which was lost
after being delivered to us by ordinary mail
L o s3
on sale of Uo S o securities
Adjustment of dividends on capital stock account First
Hational Bank, Brookings, S0 Do (closed)
Reimbursemeirfc made J,
Gillette for loss of property
Net lose on sale of fixed machinery and equi x. n ;
(two mechanical coal stokers)
Dividends paid
Transferred to Surplus Fund - 10^1 of balance of
net earnings
Franchise tax paid to United States Government
90^ of balance of net earnings
$
2 9 5 ,0 8 1 * 8 3
15,341.80
405,511*44
7 2 3 ,3 4 7 * 4 5
16,6670 66
385®50
5*980*29
116,434012
73098
ll,8l0a64
4,662*48
24,533049
1,928*22
250*28
204*33
15096
29o09
174o00
9 6 6 ,2 5 4 o 3 7
9 7 p 5 0 2 o 8 3
2 0 , 5 6 8 04 8
3 0 1 ,0 0
7 2 ,0 0 5 ,3 5
l ,6 1 0 o 9 0
3 2 ,5 1 6 y8 6
2 ,7 0 0 o 0 0
5 7 ,4 3 8 * 6 4
lo 5 3
3 4 0 o l 5
4o57
oOl
5 1 .3 2
8 o 3 8
9 o 6 9
7 5 ,8 5 3 o 4 9
2 ,9 3 2 o 0 5
2 2 0 3 2
72oo2
8 S 0 o4 4
5 3 o 2 8
1 0 « 5 2
l £0 7 2 o l 7
62*00
9
22
7 0 o 6 5
1 3 ,0 0
1 ,5 2 9
SO
1 8 7 ,6 0 9 ,2 5
2 6 ,0 4 2 o32
2 3 4 ,3 8 0 .9 1
3
FEDERAL HESEBVEB/Jat OFJ&mAPOLIS MD HIXI.IT-A BBAJfCH
StMl&RY HEPOBT OF SABHIgOS# SgrEK8K3 AKD
rnoffiT- a ® loss acoookt .tcrh-a isgs
Earnings
Current fspensee
Cx&rmt Ret Earnings
$ 1,622,332.64
1.063.757.20
$ 558,575.44
Additions to Current Het Sarnings:
79,772.49
$ 638,347.93
Deductions from Current Het Sarningss
Charge-off of Minneapolis Building to
reduce book value to revised estimated
replacement cost
2$ depreciation on estimated replace
ment cost:
Minneapolis Building
Helena Building
10$ reserve on fixed machinery and equipment:
Minneapolis Building
Helena Building
furniture and Shipment:
Minneapolis
Helena
All Other
$
57,438.64
32,516.86
2,700.00
72,005 35
1,610.90
20,568 a 48
301.00
3.174.22
Total deductions
* 190.315.45
Het Sarnings available for dividends, surplus
and franchise tax
* 448.032.48
Dividends Paid
$ 187,609.25
Transferred to Surplus Account
Franchise fax paid United States Government
26,042.32
234.380.91
BTiiwMMT or isaraae, k p b b s s m r a o n i u s loss io coq r
fflfi* flBfltWEABMI
Earnings - - • - - - • - - - - - . • • - - - • - • • 0 24,747,0200
Current Expenses - - - - - - - - - - - - - - - - 9,023,304.
Current Hot Earnings - ADDITIONS
Withdrawn
All other
TOTAL
-
-
-
------ - -
f 15,723,716*
TO CURREHT NBT SASHH08:
from reserve for depreciation on U* S. Bonds #143,469*
- -- -- -- -- -- -- -- -- -- -289,669.
ADDITIONS------------ --------- ------- " H R P C T W T
ecrssssssss
DEDUCTIONS FROM CimSHt HBf BAKNIHflSt
Bank Premises Depreciation - - - - - - - - - - - - - f 941,876*
Furniture and Equipment (including; $40,000 for vault
in Hew York Life Building)
416,028*
Reserve for possible losses - - - - - - - - - - - 700,,0000
146, 913»
Reserve for depreciation on IT* S* B o n d s ------ — •
Other Beal Estate - New Building site:
Expense « « » » * * » • • $60,407»
Inoooe . - <> « o o o * <, 35,800c.
Ket Expense - - - - - - - - - - - - - 24',607*
All other - - - ------ - - - - - - - - ----- - - 88,582*
TOTAL DB07CTIOKS- - - ---------------------- |Q 1 ¥ , 0 0 6 >
Ket Deductions - - - ------------------- | 1,944,868*
Set Earnings - -
-
-
-
---------- ~
-
Distribution of Set Warnings:
Dividends paid - - - - - - - - - - - - - - - transferred to Surplus - - - — - - - - - - Franchise Tax oaid to Tf* S» C-.n.:-xT.‘
3nt - - - <»
$ 13,778,848*
2*3.81,934*
7,627,028©
4,063,886
PAID sms 0R(Rm/>?I0K - BY Y
1 9 1 0
-
1C'17
19X8
W19
1920
1021
1S22
1P2S
1924
19*5
ID^S
-
&?07i9*87
S0c,894*19
168,102*97
180,186’
,21
ir>5 ,870*65
211,fcS?*0S
215,774*01
212,7^*68
202,8£7*98
193,559.46
137,609>25
Tote.1-------- 4 2,187,924,30
DETAIL ST.TEM^HT OP SURPLUS ACCOUNT SINCE ORGANISATION
January 4* 1918, Transferred to Surplus from Profit and Loss
h
it
Deoember 31, 1918
Maroh 4, 1919
from Reserve for Franohise Tax
June 30, 1919
to Surplus from Profit and Loss
n
»
Deoember 31, 1919
June 30, 1920
Dsoember 31, 1920
June 30, 1921
Deoember 31, 1921
Deoeriber 31, 1922
Dsoember 31, 1925
Dsoember 31, 1924
Deoember 81, 1925
December 51, 1926
Total ------------------- —
------ -------------Lsss Amount Pndd as an Additional Franohise Tax for 1920 and 1921
Total Dooember 31, 1926
$
37,500.00
688,871*82
688,871*82
904,357*40
1,249,399*04
1,609,241*56
1,801,706*54
323,121*95
166,407*67
56,892*10
11,272*25
12,627.39
4,139.45
26,042.32
t 7,579,451.31
52,423.36
$ 7,527,027.95
STATEMENT OF TOTAL FRANCHISE TAX PAID SINCE ORGANIZATION
Dsoember
Deoember
June 30,
Deoember
Dsoember
31, 1918,
31, 1920
1921
31, 1921
51, 1922
Deeeriber
Deoember
JfcONfctr
Deoember
Dsoember
51#
31,
31#
81*
31,
Total
1922
1923
1924
1925
1926
Transfer from Profit and Loss
if
it
«
Transferred on aooount of underpayment
years 1920 and 1921
Transfer from Profit and Loss
N
II
It
>
37,600.00
524.233.58
1,284,497.62
1,166,468.98
52,423.36
512,028.98
101,450.25
113.646.58
37,255*04
234,380.91
v 4,063,885.30
6
PS05TT AltS LOSS
Our gross Income for the year 1S26 vt<~a somewhat lower than Lad
been expected when 'ta entered the Pall aontha of the ye&r0 but earnings aftar
reaching $183,000 in October, fell off for the balance of the year*
’
?otal
inoome from all sources was $1,702,105013 and $2?4#396<>37 greater than the
incoma for 1925o Larger recoveries of interest on the paper of closed banks
and also recoreries of expenses entailed in the collection of this paper
contributed to our income.
During the year $75,853o49 was obtained to re
imburse us for travel, legal and other expenses created at closed banks prior
to 1926.
In 1925 we obtained $34,66SQ51 from this source<> Our collections
of Interest on the past due paper of closed banks soaking final settlement
were $116,434.12 in comparison with $360652o70 received one year ago0 Other
settlements are pending and no credit is made in Profit and Loss until the
final adjustment is reached *
After the final closing of our books the total earnings were dis
posed of as follows}
CtmSSlCT 3XFBNSBS
Minneapolis
Helena
$966,254*37
97,502.83
$1,063,757*20
The above figures represent the ordinary operating ooets and this
year include expense of operating cafeteria which formerly was charged direct
to Profit and Losso
After making allowance for 1926 cafeteria expense, our
total operating costs were $41 s2 2 3 <>82 lower than in 1925o Of the reduction in
expense $36,308*66 was effected at Minneapolis and $4,915oX6 at Helena»
All
expense items will be commented upon elsewhere and the reasons given for any
material change from the 1925 figures o
w a a s m m i w & v m . ,
Minneapolis
Helena
$
200568*48
301,00
$20,869*48
With normal replacements only our total expenditures for equipment
would have been lower than for say previous year.
However, in December we
oharged up the cost of 8 currency counting machines which will be put in use
in January and ws believe the $12*000 expended will result in » material saving
of money handling oebf expense and increase the efficiency of our Currency De
partment.
7
2SB5B7* n m sspb2CIAtio3 oh s a s p
A3SB SQlTlPhmP
kin»eatoil#
Selena
$7t?#005>35
1.610,90
?73,SlSo25
£'.* larger amount set up 't><Is year &» resarva Tor depracis.tion at
Minneapolis is not d*ae. to an increase in the regular 10 >sx- cent allowed by the
Federal Beserve Board, "but to & re-allocation of architect's fees sad expenses0
We were advised that a portion of those faes and sxvenses night :roi. arly be
allocated to fixed machinery and equipment*
On coc? ?t3nt authority •vXv ^^v/v'j
wae decided on as a fair anount to deduct from Building Account
o
Fixed wachiaery
and equipment accomt has,accordingly, been increased to $620,053*55 and
$62,005*35 or 10£ of this total may “
oe added to depreciation reserve yearly<>
The |109000 additional reserved this year was to make proper adjustment for 19250
lo change was siade in the reserve set up yearly for Helena*
At the close of 1926 onr reserve for fixed machinery and equipment
was $136,434*23 at Minneapolis and $7,965*33 at Selena*
%S3gR?S K>B ESPESCUTlG-i OS ^ _ M I £ D l S a
Minneapolis
$32,516*86
Selena
2>700,00
Sharge-of£ onJfrnfieapolls Building to Bodnc_e Bosk
Talue to Betlmated Replacement Cost
$36,216*86
$57r438064
In refusing to grant our request for a special allowance of $200,000
on Bank: Building this year, the federal Beeerve Board stated that it would be
eorreet procedure to eliminate taxes and maintenance during construction of
building, which we had not done.
These amounted to $96,055*66. We later, under
Board approval, allocated $100,000 of architect's fees and expenses to fixed
machinery and equipment.
These redactions in Building Account brought about a
new replacement cost of $1,783,281„50.
To reduce book value to replacement
cost a charge-off of $57,438*64 was accessary*
tfader Board ruling book value
and replacement cost In the future will be the same on our ledger and an Account
"Beeerve for Bepreolation-Bulldlagf hat been opened to which the reserve allowances
will be credited yearly*
the present replacement eoet brought about an adjust*
ment la the 2 per cent allowance for 1925 and fc926* She charge of $32,516*86
will bo increased to $36,665*63 in 1927 and the $100,000 transferred to Fixed
Uaohinery and Bftolpnoat, will be reduced $10,000 yearly instead of $2,000* yearly
bad it remained in Building Account* Total amount reserved for building do-*
predation at Mlnncepolle on December 31 was $71,331o26o
8
Helena building replacement oost -vat fixed at *135,000* Amounts
#
whioh bad been written off 1foe building aooount are now placed in a reserve
account*
The reserve for depreciation cm Helena building on December 31
vat 070,518*74*
Future additions to depreciation reserve at Helena will
be based on replacement cost rather than actual cost of building*
m m sm cm xoom m (Debit)
Minneapolis
§397*36
Helena
1*31
$398*67
Of the total differences at Hinneapolis $340*15 were teller and
Coupon department differences*
flhese are sooeehat higher than usual# with.
the advent of our new money oounting machines we look for a lessened number
of errors*
PXVXMSPS PAID
$187p609*26
Pajmnta on Capital Stock were lower than for any other year sinoe
.1919* vsymmt* in 1925 were vl9S,559 o4G o Capital paid in by laetaber b&nki
was $3p063,750 on December 31, 1926 and a reduction of 0119,300 during 1926*
Since organisation we hare paid *2t187-934*30 in dividends *
SPBrXBS and FEftKOHISE M C
After provision had been mode for all of the above charges there
reisained in Profit and Loss account C‘
2603425„23*
?en por cent of this
anount or $26,042*32 tms added to Surplus Account and :-234,380«91 credited
to the Measurer of the United states os Franchise *28&0
Total Surplus from Earnings since organisation S 7p527 027o95
Total Franchise Sax payouts since organization
4,065,885oSQ
9
OOMP&BAIIVESTATEMENTOPQE06SEAEHIWQS
FEBBRAL BB8EBVE BAKE OF MHBBAPGLIS ASD HBLBHA BRAKCH.
Barning* Ft o m
Discounted Bills
ft 296*081c85
405*611*44
ParotaMd Bills
723t347c46
United States securities
16©667066
Federal Inter— diets Credit Bank Debentures
386.50
Muniolpal Warrants
8,980o29
Foreign loans on gold
11<>810o 64
Deficient reserve penalties
Inoone fros banking house
116,434012
Interest received on past due paper of olosed banks
Interest on nonourrent fond*, delayed wire transfers»eto<>,
24*533c49
let profit on Ho 80 sseurities sold
l#928o22
Participations in transactions with foreign banks
8ale of canceled ct&nps, vasts paper« Money bags,
250o28
204o33
Serrioe charges on collection itasn returned unpaid
29o09
Monthly letters sold
174000
Clearing house fines
Total Bayniag, 0 0 „
Helena Branch
1926
Minneapolis
1926
| lcS02,238o34
|
16,341o88
4 6 6 2 048
73«98
16o96
f
20e094o30
Combined
1926
1 310t423o71
406»511044
725,347o46
16*667066
386060
5*980o29
16,473012
1926
$
116,434ol2
73*98
24f>633o49
1,929 22
250o28
220o29
29o09
174o00
231«341o87
440,783093
676,S96o32
•
180074
lljllloTO
17,414060
36,862 70
182c88
19*699°16
3,605,41
218ol3
192093
24o99
536000
$ 1*622,332*64
$ l#4»8,S41o28
1924
#
678p446056
84,268091
848,070*29
»
31ol9
632050
40p176o08
900c 00
19f)529o77
773o26
$3*809006
2^118 60
39o26
376o00
I isS09*070o56
08088 BABNIHOS A?ID
AYSiJAGB RATE OF BARHIIfGS OH EARNING ASSETS
FEDERAL RBSSOTg BAK1C OP IgMKBAPOtlS AND HELENA BKARCHA
1936
Sarnines front
Discounted bills - - - - - - - - - - - - - - - - - - Purchased bills - — - - —
United States securities - - - - - ---- - - - - - Federal Intermediate Credit Bank Debentures - - - Municipal Warrants - - ------ - - .— — - — - Foreign Loans on Gold - - - - - - - — - ---- - Deficient reserve penalties - - - - - — ---- - Miscellaneous - - - - - - - - - - -- — - - JOTAL - - - ............ - .................
1925
$ 310,425*71
405,511*44
723,547*45
16,567*66
385*50
5,980*29
16,473*12
143,643*47
m
\athM
w
m
m
m
m
m
tm
m
m
m
I 231,541*87
440,785*93
676,696*32
•
180*74
11,111*70
17,414*50
60,812*22
w
m
m
im
m
m
m
m
m
m
iw
11622,332*64
11458,341*28
Monthly Are rage of Gross earnings - - - - - - - - - -$ 135,194*39
# 119,861*77
Monthly Average of Current expenses - - - - —
- - 88,646*43
92,081*76
Monthly Proportion of Operating profits - - - - - - 46,547*96
27,780*02
Monthly Proportion of Dividends paid - - — — — 15,654*10
16,129*96
Monthly proportion of Original oost of Federal Reserve
notes including shipping charges to us - - - - - - 2,799*78
2,554*57
Rate per cent of Current net Earnings on paid capital stock
17*86
10*35
/V.-V'AGE RATE OF gAimiUGS OK ?m*il!}G ASSETS
Bills
Ue 8*
Federal Into Municipal Foreign
Bills
Discounted Purchased Securities Credit Bank Iforrants Loans on
Debentures *
Golft
1926
1925
1924
1923
1922
1921
1920
1919
4*000
4*030
4*458
4*502 *
5.119
6*479
6*223
4*381
3*860
3*841
3*899
4.250
3.427
2.056
2*016
2,460
3*548
3*245
3*720
4*125
6.087
5*259
4.267
Discount
Discount
lisoount
Discount
rate
rate
rate
rate
offoctiTo
lower©J
lowered
lowered
?•*327
—
-
4*000
4.000
4.374
4.500
4.752
S.S07
«»
-
January 1, 1922
Jeruary 11, 1922 to
August 15, 1922 to
October 14, 1924 to
4*500
2*509
3.COO
m
-
Total
3*793
3*651
4.084
4.411
4*640
6<091
5.755
4*114
50
5%
4|s
4$>
11
*1,62?.,33? U
ZiaSgBQS
Earned at Minneapolis $1,602,938.. 34
?j
x u
'. at Helana
30»fe*»90
Total earnings for the year are in soreset of any other year sinoo
1923 and daring this period the
v o It o s
of some of the olasse* of earnis.*
assets has changed materially*
Warnings from dlsoomts for &«r^cv banl:« are
$80,000 greater than in 1925 and £260,000 less than In 1924.
3111c jftxchased
whleh are allotted throu^i the Investment Gonadttee In 3sw Toste ftcrr *2t -i*count earnings of $405,511*44 in 1926,
la 1935 hut rates were higier.
The volume carried averaged lesr tl^oi
Five times the v o l t M of purchased 'bills were
oarrlad in 1925 and 1926 as ware carried in 1984* tfedted States seonritirr
held hors been our chief souroe of income aa& In vacant years this ravenae
has exceeded the combined earnings fron discounts and purchased hills*
7or
1926 the interest on United states securitise «aa $723,347.45 and of this
snount $352,086.26 was derivsd from our own permanent holdings and $371,261.19
through our participation in each securities hsld In Hair Toxic by the Investment
Ooaalttee*
There has heen no change in our discount rats of 4 per cent since
October 14, 1924*
The average rate earned in 1925 was slightly hi^aer tl&n
la 1926 owing to the maturity of some 4& per oaat rsdlsoounts in 1925 that
had hoaa discounted in 1924*
The rates on all other olaasas of earnir.:
/
assets show improvement orer the 1925 rates* Beginning with 1922 air ever-
age asandng rata on all olaasaa of earning asssta had stsadlly deoreased
until sa average rate of 3*651 per cent was reached last year.
Just closed an average rate of 3*793 per cent was obtained*
For tii? year
Duria i<?26 we
had aa average amount of $38,550,000 invested and for the year 1925 cj.r
average of invested funds was $37,250, ooor.
Xn the comparison whioh follows, it will be noted that the pro
portion of oar Income, whioh originates in our ova district, increased to
87*4 par osnt of our total inoomso
1938*
Shis proportion waa but 20 per cent la
The olasslfioatlon of 1923 earnings Is-given In order to show that
four years ago 68 per oent of our total laoome originalsd in our own Dis
trict.
That our 1926 perceatage has iqpoved la largely due to the increased
amount of laterest collected on the past due paper of closed bank* making
final settlement.
12
Inoosne from district
X926
Discounts for nerabere
'currants
enaXties for Deficient Heserves
zntereet on Past 2mlaper
Interest on BeXayed* transfers
itisceXXaneous
1925
>924
; 3X0#423o7X :&>X034X*87
385.ro
XSO.f74
'17,4X4*50
X6d473cia
XX60434i.X2
36.652t.70
X82n88
78o9C
673,6$
772*05
fmzmw
1928
5?'8»4-S«<.S6
Sl«19
4C(1?3„06
19 p529,77
' 773o86
1031S,>86
■ pB^JOT
VX#090,84S«04
65<.78
9X?9£3oX8
70t)73o69
3,2X3079
Xc005a74
T1y , m gm > c g
Income from Without District
1926
Discount from rurchased Bills
Interest on tr» S* securities
Foreign Loans on Gold
Interest onFederaX totearcso&iate
Credit Bank Debentures
Profit on Purchase and &iXe of
9* S* Securities
Participation in avaaoaotions
wife Foreign Banks
1925
1924
$ 405;>6XX<;44 0 440,783*93 0
n * PZ47^45
C760696^32
5,980.29
Xlr,111*70
1923
04,268;,91 $
31,4X3*38
043p070o29520.7
532,50
16.567. 66
24,533.49
X9,599.X8
X092S .22
3,605«4X
33,009*05
2,XX8.50
2,968«07
•3ve increased volume of e&sning assets after £priX made possible
fee best shoving we have had since 1923, Boring fee first quarter of fee
year our income barely covered our current expenses and dividends
Average
income for fee first three months of 1926 was $X06,800 and £120*000 was fee
monfeXy average necessary to oorer estimated needs*
For fee balance of the
year wife fee exemption of JoXyp voXvae of Acceptances received was weXX
maintained and fee a m n t of united States securities aXXotted us varied but
XittXe until Hoveabero
Advances to meefter banks represented a larger volume
of eoXlateraX loans to oity banks* Boring fee last quarter of fee year discount
earned from a m b e r s fell off rapidly wife $I7«,35C29 onXy earned in Becesjber*
fhe Xargeet amount of diseount obtained t x m members In any one monfe was
%
♦
«
n
in August when ^ 4 S 2 « 8 7 was received from ah average of OX3f07$,000 In re
discounts and ooXXateraX Xoans«
In X925 August was also fee monfe during
whltfh fee greatest average amount of msriMr bank paper was held*
Bits
average was $8,788*000 and fee Income §£9,9X5«66* .On Beoeniber 51, J M t . j p i m
under discount for asriber banks amounted to $4,038,064o09 In cowparieon wife
13
:$,420,SlSo57 held at the close of 1925*
Kamii^s from Acceptances did not fluctuate in 1920 as they hod
done in 1925 and re bad a fair volisae of this class of earnings throu^out
the year©
Income from Acceptance* however* was ;35*000 lose tlian the similar
income of 1925 doe to the fact that heavy alloianent* were m d e in the closing
months of 1925 in order that all our requirements mi$tt he oover$d0 U5ie
average earning rate on Acceptances fluctuated "between 3032 per cent obtained
in August and 5*74 per cent in December with an average rate for the year
of St>548 per cent compared to 5 *245 per cent received in 1925*
Interest earned on TJhited states securities was ,.'46,000 in excess
of the amount earned in the previous year.* ©lere was no material change
in the volume carried except that at one time during October we were carry
ing ;~*10*500p000 for 2srin City hanks under repurchase agreements
The
average rate earned on united states securities for 1926 was 3 <,85 per cent
whioh was fractionally higher than the 3*841 rate received in 1925.>
taider the heading "Profits from sale of United States securities'*
we Show earnings of ?246535d49n
in tills amount is >7P378«71 of interest
on Ttoited States securities which we purchased on reguest of member hanks
and on whiohwe retain the income from purchase date until payment is made
to use
She $17,154o76 balance remaining under this heading is tile net
profit on transactions handled by the investment Committee at !Tew Tork©
On April 15 we purchased |6009000 of the Bow Orleans Federal In
termediate Credit Bank debentures maturing in six months on a 5 ©80 per
cent baslso
In August we procured ;45000000 in debentures of the Louisville
bank on a 8«875 per cent basis and maturing February 15»
interest earned
on these debentures daring 1926 was ?16r567<»66o
Bantings on amounts loaned to Foreign banks on gold were $50980»29c
These transactions are all handled through the Federal Reserve Banka Hew
Tork with cor entries based on advice from new York*
Ho loans have been
made since August last and the rate earned on such loans as we participated
in was 4«50 percent*
Befiolent reserve penalties of 5l6t473ol2 were approximately #l,00u
less than the penalties ef 1925a
Hfce frequent additions to our list of
closed banks has removed practically all of the banks with chronic lly
14
depleted balances and oar income from this source should be eren less
for 1927*
Of the penalties assessed $6»662«4d was eolleoted at Helena*
During 1926 we obtained fall settlement from forty elgit
olesed banks, including interest at the rate of 4 per cent m all
liabilities to us from date of closing to date of settlement*
The
total of §116»434ol2 is $800OOO in. excess of 1925 collections of interes
As our share of income for "Participation in transactions
with foreign banks* we received ^1&928«22«
The transactions consist
of selling bankers acceptances and tJbited States securities to foreign
banks*
A commission is charged the foreign bank for handling and the
oom&ission is Increased whan agreement to repurchase is given©
The
accounting is performed, by the Kew York bank and our entries are made
on advice^
Other minor earnings which do not aggregate more than $1,000
were obtained from discounting school warrants} selling waste paper|
charging on collection items returned unpaid} celling raonthly letters
and imposing clearing house fines;
From all the sources mentioned we received during 1926 on
average monthly inoooe of '135,194*39 in comparison trith f3L19,861*77
in 19^5 o
'Stcr deducting Oerrent Expenses only from Gross Earnings
we have m snoimt res3ain:tr.g equivalent to 17<>86 per cent on paid in
Capital Stock-
The percental of current net ownings on paid in
Capital Itock for 1925 waa 1C
15
COMPARATIVE STATEMENT
CTJR E~"T XFENSES OF THE FEDERAL RESERVE BAKE OF MINNEAPOLIS AND HELEKA BRANCH
Minneapolis
1926
Salaries:
Bank Off loers
1 120*666.66
Clerical Staff
320*824.84
Special Offioers and atchaen
20*668.29
All Other
76*548.76
Oovernore* oonferenoes
668.38
288.03
Federal Reserve Agents* conference!
824.34
Federal Advisory Council
6*556.44
Directors Meetings
34*766.69
♦Traveling expenses
Aaaesments for Federal Reserve Board expenses
22*696.78
Legal feee
28*876.29
Insurance (other than on currency & seourlty shpts*) 24*744.27
11* 861 o91
Insurance on currency and security shipments
81*000o00
Taxes on banking house
18*202.27
Light* heat and power
4*324.07
Repairs and alterations banking house
cm
Rent
18*747.36
Office and other supplies
22*808.66
Printing and stationery
5*027.89
Telephone
14*680.24
Telegraph
66*944.92
Postage
Sxpreesage
7*827.62
8*314.61
Cafeteria (Net expense)
Miscellaneous
23*747.87
Total exclusive of cost of ourrenoy
936*20S.¥6
Federal Reserve ourrenoy:
Original oost* including shipping charges
33*597.38
Cost of redemption*including shipping oharges
2*36lo23
$ 966*254o37
♦Other than those oonneoted with governors9 and agents1 conferences
and meetings of the directors and advisory oounoilo
Helena
Branoh
1926
Combined
1926
I 16*013.91
36*898o67
5*400o 00
3*641.67
-
I 135*680.66
367*223.51
26*968.29
80*090.48
568.38
288.03
824.34
7*288.64
35*221.58
22*695.76
30*701.29
28*246.90
14*090o66
82*713.11
19*761o76
4*640o47
-
1*732.10
455o99
-
I*826o00
3*501.68
2*238o76
1*713.11
l*659o49
216.60
•»
a.
2*747.68
&f*£02oas
*o»
I 97* 502o 83
19*726.21
25*668.08
6*816.19
23*277.28
64*372o63
8*486.68
8*314.61
26*496o40
T;621f*^9So“
Sd
126*651e54
376*1X2*43
26*568.02
93*343.68
644.57
300*02
990.66
8*256.07
45*722.62
23*006.06
29*883.75
51*793.26
14*423.78
80*050.71
19*767.46
7*931o34
7*889o06
22*890.91
22*035.00
6*769.14
21*974.93
61*597.13
9*553.45
7*152.04
32*094o 10
I*07l*2T71o68
33*597o38
2*361.23
28*254.82
3*454o62
• 1,063*767.20
$ 1*104*981.02
•
977o86
2*769o42
788.30
8*597o04
7*427.71
609ol6
"
1925
1 9 2 4
i
1
1 2 1 * 3 5 0 o 3 5
4 2 3 * 4 9 2 .8 9
2 6 * 5 7 5 * 5 0
6 7 * 1 4 8 .3 2
5 6 6 .3 1
2 4 5 .7 8
l*087o20
9 * 0 5 1 .3 4
5 2 * 4 5 4 o33
21*866.99
25*463.32
29*699.89
16*175.06
1*680.05
1*467.55
425.60
43*398.99
20*890.76
38c063o60
7*509o85
25*997.66
74o685.10
10*092o88
6*152.70
3 6 * 6 4 5 .6 6
1*062*765.55
6 * 7 9 6 .4 2
1*738.54
4
1 * 0 7 1 * 5 0 0 .2 8
KXP^SSKS
l00GS,?r>7o£0
In praotic&lly all items of expense over which ro lirid full control,
reductions have 'boon mad© in cocqperison *?ith simil&r cosio in 1&££ © yotal
expense for tho ?eox is &uite close to oar ©orly estimates although there
has "been considerable variation in tho cost of some of the Items o vlie ex
perience o i n e d during 1926 should result in a closer estimate of functional
costs for our 1927 Budget now being prepared*
Satisfactory progress has been
made in reducing the expense of building operation*
This expense is ap
proximately f35»000 yearly less than our estimate upon coming into the build
ing*
At the beginning of 1926 we estimated our expense at Ol9O0OOO more than
had «o occupied rented quarters.
Shi# building expense vas f>187o400 for
1926 and should be approximately $1880700 in 1927** If ye are successful in
bringing about lover taxes on our. property a further material saving should
result*
Oonatry hank conditions still have considerable bearing on our
operating costs cm all function* of the bank arc affected* The handling of
securities will be nodh heavier in 1927 with Increased costs 0 Oils applies
to safekeeping facilities which are now Charged for by ftrln City banks and
which wo perform for member banks without charge*
She various items of expense are discussed below and comparisonis
made with fozmer years also tho likely trend for 19270
SALARIES
$
598*952*79
Actual payments to employees in 1926 were. $20p622«88 less than the
pay-roll of 1925*
Salary adjustments of $14o300 to officers and vl4„580 to
oaployoeft at Minneapolis and Helena were made in January 1926 so that our
savings through deletions during tho year were $450232*54 after allowing for
recoveries of ^4,270o34 on acoount of salaries paid repreeentatives at olosea
bonks*
Salary increases to officers and employees effective January 1, 1927
are $27^800 and it is doubtful if this amount may be offset with reductions
in staff during 1927*
It is likely however# that recoveries of salary paid
representatives at d o s e d banks will show an increase over 1926a
Thirty*
seven loss people were in our employment on January 1, 1927 than one year
ago, tho Minneapolis staff being reduced ftpon 346 to 910 persons and that of
Helena from 38 to 36 persons* During 1925 nuriber of persons employed was
reduced from 413 to 363 so that our 1926 reductions were greater by 7 persons
and firm a smaller staff*.
TRATELIffQ X&W SBa
$ 35u221 oM
This total shows a pleating reduction in comparison with 1924
and 1925o
At least 90 per oent of the total represents the maintenance
and transportation of oar representatives in making eolleotions of paper
received, from olosed banks o Poring the year we recovered §2,307*10 of
traveling expenses created daring 1926,
Allowing for recoveries of a
similar nature in 1925 the net decrease for the year in comparison with
1925 was 90314t>23o Through the handling of the paper of several adjacent
hanks by one representative and by tam i n g paper over to receivers for
collection in other cases9 we believe this expense item will he lowered
in 192? o
ASSBS3.OT FOB FEDERAL
m m s m m 'W M m
$
22„595076
Payments to the Board were approximately $400 less than in 1925
although, the assessment for the last half of 1926 was increased* Based on
the assessment already levied for first half of 1927, oar payment to the
Board for 1927 will exceed the 1926 payment hy nearly *2,000*
LEGAL FEES
$
30,701o29
tfo change was made daring 1926 in the retainers or office expenses
allowed oar counsel at Minneapolis and Helena0 The fees paid our counsel
for special work in connection with d o s e d hank matters and also fees to
other legal representatives at closed hanks amounted to £13,908o27o For
test oases in whioh all Federal Reserve Banks participated, our proportion
of fees la 1926 was $l 0793o02a
IKSUBAffCB
(Other than on oarrenoy
and security shipments)
§ 280245o90
The ahove amount was expended for all types of protection and ind u des premium on our group life policy.
vSjSOO less then in 1925o
Total payments for the year are
An adjustment of our general liability premium^
which was made after completion of wl'.e Tniilding in 1925P raised the payment
of that yetar 1,000.
On August this year we cancelled our excess blanket
bond of 01,000,000 and increased our primary bond froci :)500p000 to $lr000,000*
*3iis Chance nade a saving of v2,5Q0 yoarly&
Shron^i the reduction in our
employees over parents on group life policy were lorrerod from *%f529 la 1925
to s5-074 in 1320., Ho changes have been made in the follov-ring policies *
18
Fire insurance ok Hnxliain^ 1,200,QCC vtOk GQ£ eolssttroned; ’
.2f,CCC Soraodoj
25k,000 poilor ana .125,000 water dosage
ursDRMOB &? car^icnr
j M l g TOCTr e ^
.? K.cso.es
Shipments of eurrenqy on ufclch t?e aesuaed the eaa^iso continued
heaty in 1926„ Kocover, daring 192$ wo aesraod none of the expense on ship
ments of safekeeping securities sent or received hy ue unless the charge was
soall*
Marine part of 1925 we had assumed this expense* vith a larger
Tolune in 1926 than in 1925 Our costs were '353o00 less.,
7AXF.S OK BABK1110 H00SE
Einneapolis
Helena
? 81r,000*00
1,713,11
Ukstil October we had heen reserving v7r000 nonthly for taxes at
Minneapolis to he paid In 19270 ffce rerision of the tax rate made it
possible to reduce our charge £lp000 monthly for ike last quarter of the
year* re were unable to have thevaluatlon of our property lowered, so
reeently had an apprdlsal raade by the Heal Estate Board and are hopeful
of receiving a material revision In our taxes..
At Helena the aoouit reserved is 067*79 nore than one year ago»
Hoag, gsAg m> vcfem
iiinneopolls
Helena
16n202o27
l0559o49
Expenditures at Minneapolis represent an increase of !v267o95 ever
1925 and a rednstion at Helena of :*265«64.< Qtere was actually less ftael
oil oonsnaed at Minneapolis in 1926 than during 1925 by 6600 gallons*
31*»
penae of power and light was approxinatoly (400 less in 1926 than in 19250
Payment for part of a oonth only in January, 1925 and a credit of §500
reoelved from oontraotor for U g i t and power weed dating construction, re
sulted in an unfavorable eonparlsono
Our new light and power contract
should bring about a reduction of approximately 10 per cent in electricity
flhargaa ahllo tk m will b* U tU * Ohaago in la d axpen**,,
repairs m i i a r m s v m
•l a n a B r i B g --------
*
4,840^?
& t afew* «nount laotatM 42,166 jald llw Otto lorator Ooogpany
jw ljr ftv tho HUitM tcqr operation of ear «U n to n «
9 m n l rttawttm
« m la jiroapaot for 19S7 ant It to not aqpootod mob insroramrt may to
A m
over tho U M aqpndltaro*. nopalra and ilta »ttm at Helen*
oootlne 300000 are lnolated In abore anoint',
19
Xn 1989 the aost imrked reduction in costs over tho previous
ysar occurred In ear eaqpenAitarts for printing sad stationery*
Shis was
due In part to our ordering in smaller lunntities in anticipation of
reduced prices*. Sooe saving was effected by loweredprioos*
Heavier
orders ?••** 1025 with setae. increase of prices raised the cost of printing
end stationery ?9#900 over 1929 expenditures., On cooing into oar now
building in 1925 we were required to spend r»re for supplies and oar oosts
wore v20000 higher thsn £n 1924* For 1926 we redwood the cost ofbuilding
and other supplies j‘
3r000» * An inventory of oar stock roaa taken Just before
the oloso of the ^oar shows printing and stationery, building, oofotoria and
other supplies on hood to a value of '17,200*
glsHMPS
5,816 <49
3 w * o 1? no ahsngo in this expense trm 1929*
oosts were .>,02?*C9 sn* of thie aaomt ’
S;600 is rentals
Vt -imeapolis the
*3ie balance
represents outside e&lls aade by ourselves sod messages ordering us to
aafes trojasfers ojud ship currency, the cost of ifeich we asswe*
Our interior
telephone system is no pert of telor&cno cost as* our own cloetricisn
supplies ail the supervision necessary,. Helena telephone expense was
0788*90.
otbcsuth
^iunsapolls
* Helena
C. 14r6£0«3&
0; S97r,C4
Costs ct liisneapolis were ;347.>90 hitter than for 1929* *?e
eliminate all unnecessary wiring but our private wire service is free to
aosfter banks under oortain restriction* snd the yearly cost may not always
be determined*
Our proportion of priva&e wire espouse for 1926 was {*0,30*«CSt.
the balance bein»t e<Kr.crcial wire aessascs Inrgoly assuaed */cr :**hors erdsr**
ing aoney ehiptwiits sr transfers* T?ol«na*s portion of private wire e^pecse
was
borne tsy
rsep;ms; of all &esf»t*;<>e betreen riraieapolls and Helena is
broach*
*u practically ail Selena wire expense is for eoratareicl
wire service** tho costs at the branch a?o relatively hithor.
wire service i* ;*>lcm would be pro^dbiiive*
has increaccd &uring 1026 is &v£
wire be&v? ^aid
the hranaih«
oost of private
3se foot that Kelenafs espouse
tfc* cost of the heavy <*aily balance shf*et
Kr«uer^ this expense 3vid > w « paid at
^atirductocif
20
POSTAGE
$64;,372*05
JU^sapoUa $66a944o92 Helena |70427,,71
*23he cost of r^ctae© used was approximately the sane in 1925 a?£
1926 after allowance it m d e for stamped envelopes and postage on hand at
the close of 1926, cr«& other credits« transit volume was lower for .1925
toot the larger x&ar&er of circulars dispatched and increase in crop reports
stalled monthly ea^aaded postage account ; The postage expense assmied on
money shipments was &£ao greater in 1926«
All coin new shipped mocaber bank
is sent by parcel post, vfelch increases our postage expense and jaaJcos a
corresponding reductl^ tn express chargeso
Helena postage costs were low®
by §689 in 1926 after m l d n g allowance for §lf,000 which was recovered on an
employee's bond and credited direct to postage account in 19250
K3CPB33SSAGS
# 80436o68
flhls expense errors cost of coin shipments received from ieabor
banks and hauling expense of supplies& etc,, The reduction from 1925 costs
of #lo100 is partly due to our now making shipments of coin to member banks
by parcel post*
OAFBS55RU
$ 8 ,314o51
Our service to employees increased In cost §1 162,47 over 1925^
•one of the increase b?i»g attributed to service equipment purchased and a
larger stock of food segplies carried.,
Ihe employment of more experienced
help contributed to the higher >expense for the year*
m s m i m s m m ammot
$33 *59?.;**
Original cost and shipping charges
Of the above anount0 printing costs were $29,780 and shipping
charges on such notes as hive been sent us daring the year $3r817«38»
Printing costs were ?4d734o50 greater than for ltfcft and $600 more was
charged for shipping expense m s year* A forecast of 1927 expense would
be 480 *000 although this depends to some extent on the volume of notes
whioh the Federal Beserve Board maintains at Washington*
iwepgpAt. i/ys^fyyy}
OoS of he&wpticri'
§ 2A361#»2S
Transportation of oar notes to the Bedemption Agency at Washington
•eat $10461#23* We also set aside $900 monthly for three months in 1926
towards ear ihare of redemption agency expense. We already had reserved
$l,932ft91 for this purpose and on learning that the Charge to us at the
close of the Government fiscal year in Jons was lower than anticipated, we
21
ceased reserving farther amounts in 1S26„ Ho further araounts rill be
reserved in 1227 until the second half of 'Use year«
MISCSLMIT’
OtTS EXTKEfSES
4 26r4S5:-40
*£here are quite a number of expense items involving considerable
amounts ishich are not regularly classified in the reports to the federal
Beserve Board.
19B5o
The total of these expenses is #5.»694o70 lower than in
is in 1925 cost of copies of reports of hank examination was the
largest item the total of $8r4H<>75 being J6e170*50 lower than for the
prior year*
other miscellaneous items of oyer $100 were as follows:
Outside protection and vault inspection 498*00j repairs and maintenance
of furniture and equipment ?590fto59 (0:6271>59 at Helena}; laundry and
other cleaning *3O4033| car fare and taxi hire $lc,30£«25j post office
box and pastas meter rental 3312<>00> newspapers, hooks, binding dipping
service, etc© $2,357o64j collection charges and fees absorbed %75<>60)
CBployees education $10259<>84j Federal Heserve Club §S0174<>88| dinners
and entertainments $175*87j commercial agency reports and services y718©00j
doss American Acceptance Council ;*300o00f miscellaneous items of expense
in connection with protecting our interests at d o s e d banks ;3r893t;57j
our pre rata share expense of exhibit at A Be A« convention $122o37j
dues national Association of Credit Ken $250e00j doss America Bankers
Association *&15*00| cost of Bank premises valuation #6?5«25$ our share
of expense of pension oomaittee §408»19
FEDERAL BESKHVB 3AM OF M B B A P O L I S ASP HBI3SSA BBA3STCH
Amounts charged out of earnings for garniture and Equipment
~~Tinciiidin^ .^460o66o6b for vault inW e w ¥ork i l t f e M p ^ j
since organisatf *
«4M M V M aM M ba«p SM N SSi
$
i
5,353o00
440464»26
59.976.4S
28,925.74
100,816.40
630369„10
£4,639.60
28,828*73
46,987.98
10,847.43
20.869.48
1914=1915
1916
191T
191$
1919
1920
1921
1922
1928
1924
1925
1926
Total
sales and allowances of old
Furniture asad Equipment
iret Cost
$416,028.18
10ftgg?g03
$40M7101
22
m s x m m i m costs- iranrauupous
( K i M ^ o U i (My)
The Federal Reserve Board in its Manual of Bxpense oalls attention
to tho necessity of distributing ths expenses of all banka on tho m u
fundaaental principles. they stato that *A oonparison of tho ao*oalled over*
hoad oxponso is aa Important as a comparison of any othsr expense." With
this in Bind vo aro giving dotallod analysis of our Oonoral Overhead Sxpense
on functional liaii«
Canpariaon with Oonsral Orsrhsad Controllable Bxpenee of othsr
Federal Reserve Banka doss not Indioats that we aro out of line*
QgHSRAL OTOSHB&J) C O W T R O L U B U - Al»ttM6tRAtlO»
Average muriber of offioora
Salaries offioora
Average muriber of employees
Salariea Baployeea
Directors Meetings
Traveling expenses
Officers and other dinners
Office supplies and atationery
telephone and telegraph
Mentorehlp duea
Stenographic
toving to new building
Pub lioations
Supplies furnished member banks
All other
1925
1926
J7BB
$47,626.03
2*34
1924
o r
837,400.01
2.29
6,038o83
5,666.44
1,547.31
174.87
896.88
667.71
700.00
268.98
$44,282.84
2*45
6,202.64
5,111*26
1,649.55
6,005*63
5,504*00
968*15
600.61
588.44
968*31
907*02
400*00
1,248*04
769*13
724*86
528.28
679.78
6OO0OO
511.69
1,724,20
116.75
127.60
1*296*39
1,810.91
053301
m
rafoBr.it
QBKERAI OVBRHBAD IKW-CQHTBOLLABLB - KHINBAP0LI8
Ths following summary of expeneea for this Amotion is so If-explanatory. It
shows tho sxponsos over vhich ths offioora of ths bank have no diroot oontrol, as they
aro tho rosolt of ostablishsd poliolos0
COST OF CPRRSMCT
Fsderal Baser** currency:
Original cost, inc. shipping charges
Cost of redemption, Inc. shipping charges
Shipping charges on currency to and from
•member and non-nrafcer banks
Shipping ohargee on coin to and frost banks
Coat of shlpmxte Bead Office to Branch
1926
——
83,697. 38
2,361.23
$
27,161o06
6,880.58
296.49
—
1926
— —
28,254*82
3,464.62
1934
‘•
$ 6,796.42
1*738.34
23,166.02
7,447,44
202.27
" T a rj a K w
21,618.00
6,066.63
220.92
*
AIL OTHSR
Governors *, Federal Reserve Agents*, and
Fsdsral Advisory Conferences
Federal Reservo Board expensea
Shipping chargea on securities
$
1,680.76
22,596.76
964.40
$
1,936.24 $
23,006.06
1,926.21
1,899.29
21,866.99
4,006.23
23
f» g g $ w g m w j w c m B W i s k b o m w m s n t si. ise*
....... 1MBMH.' IMIJMinMg'Wr HIMBtfMBBjj.’ IM ff. " *"*
sjcjk
*o i W »■
"i ■
*»—
-a
T9WI
CTilHHW 008*
wngnaf
MBIWI
warttflGan
It Bftto
oSn
.....I M H O f l T " —
- ...........
X, Original
of lalTagtadlnK
%|&X4lttg8* if wgfi
jnotdiiitftX wpm dit m t o c m w M
with jmrftinift * • • • « » • > • * • • ♦ » *
9# OOfl Of
oX& iN&ldlllff a • • • • •
4o 1MaI (X* ftlTSi
0o U n y o iitto ft«i M l« of
MtitOYtaX * ♦ « < > • • • • • • « • • ♦ •
6« Ooit «f talldlng titi • • • • • • # * • «
f> Owglrtl
$ 600,000*00
8»4M *M
8
w ^ a p r
^ H ■
g ga s a e
,gy mxmro
$
8^ flbot^of^S
(») imidlwt m h « iv « of vwlti
& ^ffTfffl BMhilllQr A
fOj T iu t o m *m wi8ip tnoiiMtpg
ftflQf
itroitw gy
fOVttfifttiOtt BBdl MOMMnr tsp
* IM lt • ♦ » « • • • » » « » • « «
(0 ) ?«ult oguijoant, iaolu&Jiit doors,
l^>4iy £ |}|
OtyttijBMNKt^
(d) I M wwhlnwry 4 m itp o t
$6tS#968o 6^
l m fiii mft dum i*off of
6 SOOlNttlOftX (Mil 8tllBI88
(Orletml O M t & , M S « M k )
fcMMO
9* a m H i B W M W M t u r M M t n r t U n *>•
m b b o In e n M o d tar Stodovftl Btooanro ft*
X0o IM « & fiqpiM t (ft) AMhttootf • » 6
W aigUMem • * o
Voodoo « • • • • • • « • • • • • • • •
Htfnttnanoo • • • • • » « # • • • • #
Uo Ooot Of 1NT Bttlldtng « • « « » < > » «
tto Ooot of tadXdiag A Id M lit fill (6 4 XI)
I 80 O n 8» c lfti to n m n l net oamlngoi
(ft) Dosrooitttlou alXovaaooo • • •
tb) S u m « • • • • • « • • • • •
X5# B080W 08 ftgftlxilt A nNyil^ m i
(io them on 9 o m H i t
OX,990,088*9r
g»,rBO*!it
148,087*f9
X5,844.00
*4,380*00
ZZZZZ
(4 ) fetftX * * 0 0 0 . 0 0 * * 0 *
X4o Book iilai of proporty (Xft ~ X84)«
1
*,000*48
887,408*48
74,880*00
£1»708*44
kSSSSCStSKSSm
1 Q2,VtffABETT
itaaaMMA
7X,88X*£6
X86^484o88
H n 4 BMhixMttJ flol
• (1 )
‘ Charged to owHwnt not oarnlngt
O^NWOO'rW
u ymiA to VVIVVV^wVOl
a B B l M R mJPftWP
lMi
KotaX « • • « • « » « » • « » « »
.' SBT . W K W "
16. Qoof «peoet
!ft) Occupied V ^doraX F.eoerre Bk«
b) Honied « • • « « * . * « « « 0 « * <
(0) IftUWOUjiOd o o 9 A c o « « < i 0 f A
(d) ?otcl fldor a m la new ouildiag
1840V53 8a.: Pto
K St. »».
^ 33. Ft.
1 M 07S9 a&« 7to
(/.} 2fet 4ft',:? dvar^jc off '7S2©40 x&leh. m o provlowly
rf fcerrci 441 aejsroQifttioa on c o d siofcarc*
•Jkclulor IOC C:0. of nrohit^st'o f09?
•?
24
IMflnd f i m w i B M f d
FOxm St* 2810-a
basic m r n s m hbport m a m
m > i m w c n m m gi» i**6<
I M m l B M tm Bank or Branch at CTBUi KOBTAHi©
Property located at Corner Park & Bdeards Streeto
♦
(Separatc m a r t should 1)0 made for each building)
H5!CDSI£3> BUILDUP QP31ATI0II5
Current
^nartor
1« Original ooot of land and building ♦ « • •
t» Inoldental expenditures connected
vitb gmrohasc
8c> TOtal ( l & 2 ) * * * * * e * * « * o « * *
4* Ooot of remodelings
(a) Baildlng, 6Zol«ilT9 of vaults
and fixed machinery and eguljment • *
( » Vault construction, including
any additional structure or
foundation bade necessary by vaalt
(c) Tanlt egnijment^ inelnding doors.,
linings and all interior equipment
(d) Fixed maohinery and equipment « o o
5# Miscellaneous building remodeling expenses
incurred by F* B. Bank • • » ' , « » « * *
6* Feesi (a) Arohltocts • o * o » o ~ « o « *
fb) Contractor's Comnissian • • * * o
7® Total cost ( 3 to 6 } • « « > < > . # c * * « » e
8* less proceeds froa sale of salvaged
material « « * « ~ * 4 o i ^
9© Cost of building and lrailding site * r » 0 * *
10* Depreciation allowances charged offs
(a) Charged to current net earnings « * » *
fb) Charged to ausar-eurplus * . . « * « * • • <
(C) TOtal • • « 4 > O 0 « * O < > » » * « * * *
U * Bookvalue of property ( 9 * lOe ) „ » • « * •
Total
to
Date
Bstiwated
ooot to
$15,000*00
m & t& r
57,442*95
9^266*00.
66f,680*55
16.106*99
*
5,459*57
7*442*12
w rfim & r
75*00
TP f jw o r
’21,290*15
:; H rm a y
156*108*99
12* Reserves against depreciation
(is shorn on Form 34)*
Building * * ♦ * • < » • • • • « > « • .
» # © o(B)
70r518© 74
Fixed maohinery & equipment * < * « » » » *
7ft985*3S
(a) Charged to current net earnings
«• o
_______ 4
fb) Charged to 8upe*»surplu8 * » < > • • ; > *
iCf Total < * « # * ♦ > # » ! » « » • {
o
* *
78p^K^v»
19 .> Floor Spaces
(a) Occupied b;* F, ?!« Bank
|h) Banted «?<>«*;• v
\
(c) t&sooeupied .
?• » <**»*>
(d) Total floor area iii remoJelou.Imlldlng «. ,• c -. (B) :rot
«. ,
"<*»•»
* ,■
>*
4700 Sq.
^
?t<>
0 3q.* Ft?.
4700 Sc.. Ft-
dodvjetlc^ $69«17 .cor repX&oeaents lit the yen* 1929.,
25
ttiwic toacbEBsa j n H t o x & n a v
iUQMMlil
■KJSwiSSlli3fcM**T!i»
Charge-off of land - 19X9
5X00,000.00
Gharg»«offa of building (including vault, but excluding
fixed — ahinwry and aqpipnant) to rofteoo book value to
aatiaatod replacement toots
Taxea on building daring ; oriod of oonatruotion
1922 o « o © « » » » ' • * • * I 5j200o00
1923 . o - - ------.. . . .
X49760o00
-- - - B4o890o00 $ 74c560o00
1924 ----- - - - *
Coat of aaintenaoa durin^ period of oonatruotion.
1925 - - - -------. - - ... ® . $ 2»10X*99
X924 *» • - ---------------- . .
X9«609*79
ZXeW M
Charge-eff of oonatruotion ooata
£100,000*00
X920 - - - -------------. . . .
X 9 2 X ---------- --------------3038Xo40
X922 -------------------- . . .
6,446o87
X923
------ * . . . . «
20p36Xo04
1984 . . . . . . . . ----------- 2X9*3X6*89
1925 . . . . -------------50p463o84
1928 - - ---------------. . . . 57fl438*64
4g7o408o66
fieaerre for depreciation on bulXdlng
X925 . . . . . * . n. . . . . . . . --------X928 ~ ------- ------------------ -------
Reserve for depreciation on
1924 - - ----- . . . . . . . . . . . . .
1925
1928 . - « - . . . . ----- . . . . . . . . (a)
599,464*94
38,8X4*40
32*5X8*86
71*391*28
X2,8X4*73
52.396,55
7X*222*95
X36,434*23
.utal depreciation on bank premiaea - Kinne&polia
§ M1J?J&*#3>
HeXena Branch
Chargo~off of building {including vauXtr but excluding
fixed oarihinery and equinaent) to reduce book value to
eatizaated replacement cost
1920 ---------------------------------------- ----------- 210290015
Reserve for
1920
1921
1922
1923
1924
1925
1926
depreciation on buiXding
. . . . . -------------- - ------- . . . .
--------------- . . . . . . ------------. . . . . -----. . . . . . ----- . . . . .
-------------------------------------1.571*05
- • ------------------------ ----------- -• • ------------ 3#125o00
--------- ---------- r, ---------------- - 2.700oC0
Heaerre for
1922
1923
192
1925
1926
depreciation 021 fixed machinery and equipment
---------------- lp610*90
----------------------- - ------------(b)
lc541*73
4
----- . - - . --------------- 1.610*90
. c. . . . -------- -------------------- -10610*90
---------------------------------- 1.6X0*90
7,985*33
Total depreciation on bank premisea - Helena
66,447*49
X0893*23
10655*57
3,125*80
70*518,74
T K w ear
(a) net after deducting 0782*40 on account of sale and
ch&rge-off of too nechsnicai coaX stokers.
(b) Set after deducting *563.,17 for replacements.,
7 9
^^
((> »& 9 0
*
U s? ^ '
26
BASKM«mT«g
Considerable progress has been node during the past year in solving
problems of building operation which existed in 1925 and others that devel
oped during 1926*
There were no major changes or additions to the building
or its mechanical equipment but there will always be a Multitude of ainor ad
justments and improvements needed to bring about the neoessary efflelenoy of
operation*
Savings have been effected id various classes of building expense*
not only from olose surveillance but through the ability of our own employees
to perform practically every job which formerly made neoessary the employing of
outside workmen*
Apart from our elevator maintenance contract with the Otis
Elevator Company, the amount expended for outside labor, materials and machine
parts during 1926 was $2,158*97 in comparison with $5,492«42 of similar expense
in 1925*
Building employees numbered 27 at the olose of 1926, there being
no change from the number carried at the end of 1925o
total payroll for De-
oember 1926 was $3,055<>10 and $163>43 higher than in December one year ago,
salary adjustments having been made in a few oases*
Our budget also provides
for $1,000 yearly to cover the cost of extra janitors on special work such as
wall and celling cleaning which requires additional help*
Attention is also
drawn to tho fact that building employees do not inolude guards or ohauffeurs*
During the year various tests have been made in connection with our
heating and power plants*
By some relatively small additions to equipment,
the heating has been improved with a saving in fuel*
In 1925 we consumed
135;,600 gallons of oil and approximately 130,000 gallons in 1926«
tober 1, 1926 oil costs were at the rate of 5o88 cents per gallon*
date our contract calls for a'price of 8*95 cents per gallon*
Until Oc
Since that
Our 1927 heat
ing expense will, no doubt, be about $500 higher unless weather conditions or
further improvements bring about the burning of less fuel*
Actual payments for
oil were $8,136©04 in 1925 and $7,626*78 in 1926*
At tho close of 1925 we wore of the opinion we could produce enough
electrical power on the promises to operate the elevators and heavy machinery
during idie eight months of the year in which steam is kept up *nd obtain only
the power necessary for lighting from tho outsideo
milo this night be done
the saving effocted would not warrant our doing so and we are accordingly re
ceiving all power from outside*
Our emergency equipment is satisfactory but
in the event of 4 breakdown of city poiver, it would be necessary for us to omit
27
operation of tho elevators in order that lighting and othor oleotrioal equip*
ment might receive
tho full
power necessary.
It is now our praotise to alternate the operation of the elevators
at the front of the building# thus saving the pay of an operator and allowing
ample tine for care of equipment*
In only one month of the year did the oost
of eleotrioal power exceed that of the corresponding month in 1925*
After
making allowance for the small amount of power paid for in January 1925 due to
curtailed operations and a payment of $500 by Pike A Cooke, Contractors, for
light and power consumed during construction of building, the total oost of
light and power was $1,450 greater than the $20,104*72 expended in 1986*
‘
Vo
hove just signed a contract with the General Electric Company in which we aro
2
given an industrial classification and a reduction of approximately 10 por cent
in rates*
Based on au- rent consumed in 1926 our saving for 1927 will be over
11,000*
The following are the more important additions end improvements made
to building and equipment during the calendar year*
1*
Emergency Sleotrio Power Plant has been oonpleted by adding syn
chronisers end automatic oirouit breakers* It is now in complete
running order* Test shows it equal to famish power and light for
emergency needs of the bonk, in case of breakdown in outside con
nections*
2*
A 10»H«F* Stean Boiler has been installed in the Boiler Boom* . This
boiler furnishes steam for starting the oil-burning fumaoes, saving
fuel formerly required to raise steam in a big boiler for that purpose*
So
Furnaces of boilers Ho* 2 and Ho* 3 have been rebuilt, with changes
in fire-brick walls and baffles which save fuel and increase heating
efficiency*
4*
Garage Ho* 1 has had trouble with freezing of steam radiators* This
has been remedied by piping hot air from above the boilers, which
furnishes ample heat at no> expense for fUel*
5o
Changes have beon made in arrangement of fresh air ducts to the bank
ing floor and basement, which improve the ventilating system and
economise electric pcwror*
6*
Trouble with frees ing of steam coils used tor preheating fresh air
has boon cured by constructing shutters and shields which oontrol
the inrush of coil air in winter*
7*
Machine Shop and Carpenter Shop have been supplied with labor saving
machinery which' re suite in prompt repair service at reduoed costs*
8*
Waterproofing of expansion joints in the tile roof began to disin
tegrate in spots*
The entire roof has been placed in good condition*
9*
Bronse deflectors havo beon installed ever radiators in wain offices
t o prevent discoloration of m i l s by deposits of s o o t ;*
10«
A steaa heated hot wator tank has beon purob-'.cod which will savo its
cost in f
in two yours*
11*
odditi
the
conpr > aed-air 4 rik has beun .-derod, y/hirv will ira;ior f the I./ «ioprs*
28
12„
Concrete floors havo been treated with adid and covered with a
special painto
Cost Of floor soaps and oops has boon out 50}*,
besides lessening labor of oleimingo
BAHK HtBMXggg
(Depreciation)
At the olose of 1926 we T*ere requested by the Federal Reserve Beard
to rearrange our Bank Premises Account so as to show separately' book value of
the land; replacement oost of building proper and actual cost of fixed machinery
and equipoant*
The normal 2 per oent depredation allowances on replacement
cost of building aro to be carried as a reserve and not applied to reduce Build*
ing Account figureso
we feel the replacement cost as determined toy the Board
nethods give# our property much too high a figure, we have beon unable to obtain approval for additional charge-offs«
The Board, however, suggested that
we night eliminate taxes and maintenance expense during construction in figuring
replacement cost and they have also consented to our allocating $100,000 of
architect* s fees to Fixed Machinery and 3quipment< As the reserve for fixed
mehinery and equipment may be established at a rate of 10 per oent yearly, there
till be a gain of 08*000 yearly in our total allowances over the next eight years*
Xn approving the $100,000 transfer to Fixed Lfoohinery and Squipment
the Board authorised increasing this year's reserve #10,000 to cover the de
preciation for 1025 on the added amount*
The total, cost of fixed naehinery
and equipjacmt. at Minneapolis vrns $620,053*55 and we now have reserves of
Q^ 13G ,434*23. j The Helena fixed machinery and equipment oost $16,108*99 and we
have almost a 50 por cent rcsorva, or $7,896o83, already set aside*
The building valuation established by the Federal Reserve Board ia
nov/ $1,786,281o 50 at Minneapolis with a reserve at the end of 1926 of $71,681*26
and at Helena tho replacement cost has been fixed at #135,000 with reserves ac
cumulated of #70,518o74«
Book ralue of our ground is .#500,820*66*
At the
olose of 1919 $100,000 was written off cost of Site and no further charges will
bo allowed unloss book value should exceed market valuo0
value is in excess of cost*
The present market
Holena site is carried at #5,000 which is its
approxin&to value*
£9
Our 19£3 pure2*a»os of v'urciittft uni squis: #&t axeaedad tha
1925 outlay for tha reason ib*% &:>*oL I ar-jcbinary for the counting of
M i l s wa» ;.rovldo& fcr out of t* Js y a / r U wslngtf
ac-jaUag to
♦
avcroxiaatslj* £l?fCOO*
*l!hi* $c*chia*rr *a» partially iastallsd to oar
Curraaoy 2apart-*nt during Saear/ber*
0-ir ^&r^3 sruroWaaa of furaitura
asd aaehinary coTaricg raplaeearts afccull sot axcaed $10,000 yearly,
^
♦
asd# na believe with t.*:a facilities we no:* 2sava for th* tt&intenanea of
ovat equipment, that tho atar^e yearly axranditura will he vader $10,000#
Ko Sranait a*dia$ a&cfc ‘
.nee war* purchased during tha yaar
and only one aa» typewriter *<•♦« re$fcir*£*
a dii, however, replace tho
#♦
worn out coiablaation adding c£,chine-typewrit*re is ',w Collection Bo*
partuaat and this aaehinery should not naed replacing for six or sstoa
yeara. Mdresslag and folding Beok:nery reached a condition that aado
repairs out of tha question and new aachlnes vara to«#t*
Xxpaaaloa o f .
tha filing and trantfar equipment oallad for an expense of #900*
to M a t tho poftal rsqulreg&enta and also iaoraasa our ffccilitlas for haaliag nail sad supplies, wo purchaeed a ssall typo Dodge
trade with spsoial oloaod body, coetlngla all $1,101*56* .fids was
a nodi asodad laprotsosat o n r tha old ford tourlag oar formerly used*
l*re equipment for oookiag and heating was addad with laprofaqsnt to
our lunch roon faollitUs*
Approxiaatsly $1500 wa* spent oa iroa sad wood working
■achlnery which nakea as practically iadependent of oatsida shops
In nost kinds of repair work as wall aa our ability to coaplete w *
pairs without daisy, foxy littls of tbis Marlas and Carpenter shop
♦
tulp—at it i n k t all «f it Si U first olaos oondltion n i m»
iktatMd at« w r AmonM* prioo.
Crodito to Profit «ad tow for
Mid w M M ia
« othor yM tM M i w O d to $9983.09 for U N . Moral looorvo
•
♦
Board iaatrastiOM Mho aoooowry tho pUeiag of all oIIowmm m «
tU iiripiirt ia Profit H i ton ooooaat rathor ttea to tho orodit
of foraitoro aai Iqrtp—at wsuaat.
Since organisation we have expended $406.471.11 on equip
ment for Minneapolis and Helena braneh*
In making up our inventory
to the elose of 1926 no charge has been made in valuations prior to
1935 as these figures are low onou^i*
Article# purchased during 1926
will be shown At 50 per cent of cost with the exception of money
counting machinery which will not ho placed in use before January 1«
There will also he no necessity for accepting the maker's valuation
on adding machines because we have demonstrated during the year that
after our mechanic has overhauled a machine we could procure at least
double the trade-in allowance value by a cash sale. At Helena machinery
cannot be given as good care and lower valuations are necessary*
-e are tX present carrying ??5,000 insurance on equipment and
iXL liss i&ich amount is axple* She premium is $100 per year. Our
furniture, machinery and supplies are also covered in water and steam
dasage policy placed on Bank premises :t a yearly premium of $156,50*
:igures at the close of 1925 with additions, allowances and
inventory up to the end of 1926 are given belows
Amount expended for furniture and equipment
(Including Vault in former building) to end of 1925
Purchased during 1926 - Minne? pclis
Purchased during 1926-Helena
£395,158*65
20,563*48
301.00 $416,026*13
less amounts received for furniture sold
- *„,or trtf * in
“
iOtal expended
____i k s s L s s
406,471*11
Inventory valuation at fcinnwij.olis
Inventory valuation at Helena
fetal Inventory
Tire insurance carried at u'inne^olis
Sire insurance carried at Helena
117,200*48
12.144.3B
129,344.83
$ 25,000.00
5.000,00
30,000*00
31
imiCrT.a
u r b ssl
At tke d o ; * of the year we hoi :!1C persona, at -isr.ea.clia
r?6
at Helena, tia* tot*l of "46 showing & reduction of Z~ ..irgoc ? Storing t H year*
The representatives
close* baris throughout ovr district are isoluried: la
Minnearolie total of ssaployees. Solution* for the year iacla> two officers,
Ur* Lengdon at Minneaolis ns>r' ur* 3ro*n, Cashier at Seles.*; 14 e-^loyees on
general work at t'la&aavolies 14 transit ssaployeee; 7 coll iotore ar.d d a r n s on
»
*
eloeed bank work &ud one employee et E»l*na.» Buildia# e&^loyaea **ere inereaaed
at lilnaeapolis from S6 to 37 perton;.
fh.ire was no change in ~lecal Agency e;e»
ployees, 9 pereone of t:-e total ef If oeing paid V
t.:e
To reference la
made to War finance Corporation sa$loyees who occupy ,*rt- of t e eeccna floor
aa ire have no jurisdiction over tb^se sar^loyeee except *e to our orfice re#ul&»
tions. Of ourown employees tfcure are 29* men and <;6 *omen including 6 janitreases. At Helena there are <0 .^en **d 6 woaen.
The monthly salary tesla ** of Peeeniber 31, 19P6, was '350,583.77 la
t
eomparieon with a heels of $82,780*03 in the ccrresr; onding ;*>nth of 1925*
Our
aat payroll redaction in 1925 over 1S3< was greater t*^n the redaction of 1936
over 1925*
fhere were 7 more persona released in 133$ than in 1925 hut the 1985
deletions cowered aore persona on a h i # e r salary scale*
*
fa tellers the efficiency of the staff generally has improved during
the past year and this is clearly indicated la ooe^arison of volume and operating
costs of many functions with similar figures of one year ago.
More employees
have teen tried on Closed haxfe work with satisfactory results*
She aore sub
stantial salary adjustment to employees filling posts of greatest responsibility
should bring about aa increased efficiency in 1927.
Approximately $23,000
was added to 1937 pay-roll in increases to employees in comparison with £14,600
in 1926 whan we had a larger staff*
The cost of Personnel Function for the year w*.«e 120,268-00 or ap
proximately $1,250 more than la 1925*
Apart from the cost of hiring smployees
end keeping records, all of this expense is for direct eervice to our employeee*
*
Iducatlon and training wilt ooet $1,600 more than in 1925 due to heavier co»»
trlbttions to the federal Heserve Club.
Cafeteria expense for salaries mas
inereaaed $1,100 bat ell other units of the function show curtailment*
All functions of the bank are oovered In thie yearly report with the
number of persons required to operate aaeh function and tho coat together with
the 1985 comparisons*
COS* OF PERSONNEL FtWCTIGJI
Administration
foaF1528----Tear 1925
Number of
Offioars
— 35—
*90
Offioora
Salaries
i jm js t
3,240.00
Number of
Em^lo^eea
Employees
Salaries
1 r,mrr
3,339*60
Hiring employee* &
ios Reoords
roar
Tear 1926
Education and
Training
B a T T O ---Toar 1926
2l57
Other
Expense
r w
9*03
Othor
~~ 1 S
380*20
Contributions Contribution# to
to F* R.Club A b u In at* Banking
T ,m M
T K M
T
310*00
1,060*34
Number of
Employees
Welfare and
Medical
JSFTWT
?*ar 1926
Employees
Salaries
TV &K M
2,043*34
1^32
Othor
Expense
m
r
919*26
Othor
TwKflf
566*60
Total
Expanse
..r r . f e
s
3,249.03
total
bpwn
" I T 9S k k
3,719*70
Total
Eb m b m
t
w
o
?
2,269*60
Total
Sxpanae
T M Q O 2
2,609*94
Numbor of
Employees
Coat of
Othor
Total
10a
Salarioa
Food
________
Expanse
7 gg , W * 7%
-- — g T7,Bi8*"46-------- fliiaftn
Receipta - - - - . 12,014*66
Hot Exponaoa - - . f I s T O T
Cafeteria
fg r n w
Toar 1925
4*96
Total Personnel
Function
YeaTTO-------Toar 1925
4,563*25
Number of
OtfiOBTB
— I3*r~
*90
11,391*69
1,861*37
17,806*31
Receipts • • • • - 10,654*27
Hot Expense • * . mmr S m j ss
Number
of Emgloyei
Employees
Expense
8*85
19,020*31
CHANGES IK STAFF DDRIU0 1920
January 1, 1927
Minneapolis Offioora
Minneapolis Bank General
14
141
January 1, 1926
15
(4 ex*help)
Minneapolis Closed Bank Dept*
(Collectors and Clerks)
29
Minneapolis Transit Dept*
8<5#45
156
36
267.45
98
304
Eolena Branch (not including
represents tives at closed banka)
oC
38
Building employees
27
26
Fiscal At.enoys
fcild by bank
■Reimbursable;
Officers
TSaployees
15
16
War Finance Corporation
Kolxbursable
*56
346
533
33
ISUBIffijiLjjilDBDBilt
(liinneapoUs Only)
Wall*re itrrieii rendered employees in the offiee daring 1926 total
ed 2132 at compared with 2803 in 1925o One /ear ago vaccinations of the whole
staff Materially increased servioes*
in 1926 and 109 in 1925*
Calls made at hones or hospitals wars 53
1ft addition to having fewer esployees, sickness has
‘
been mooli reduced during the past year0
Comparative expenses for 1926 and 1925 ware as follows!
Maries
Medical SqppUes
Office Supplies
▲11 Other
1926
$2,066.73
99*86
90*02
1928
$2,043.34
91*40
272.68
$2,402.58
$2,609.96
n,
A Circulating Library was installed late in 1925 through the co
operation of the Minneapolis Public Library*
5his service has bean taken ad
vantage of Iqr the employees and 5034 books were issued during 1926.
Supervision of the Cafeteria lay the Welfare Unit took about 32$ of
the time of both welfare secretaries*
fhe bank continued to furnish free milk
and coffee to all employees and assumed all labor oosts and other supplies*
rood was served at actual cost of material.
1926
£1,033.27
M a n * * Vaxmg$n
Salariei Cooks-Valtresaaa
4,616.67
Serrio# Supplies
1,883.78
01m s , China, furnishing*
146.44
Oat - Tael
108.78
Co*t of Tood
12,543.46
UlMMllMMOas
46.85
* 80,389,09
1926
$1,021.68
3,531.63
1,623.46
213.13
11,391.69
28.73
$ 17,806.31
Bscelpts from sale of food were $12,014.58 in 1926 and $10,654o27 in
1925 leaving net cost to bank for 1926 $8,314*51 as compared with 17,152.04 for
1925.
During 1926 most of the cooked food was prepared on the premises, where
as. in 1925 most of it was purchased from outside places*
Increased net expense
to bank was in salaries of waitresses, an average of 5*1B employees being re
quired ae compared with 3*44 in 1925*
Toed costs for 1926 increased $1,151*77
and receipts fro * sale of food Increased $1,360*31 over 1925*
We are now carry
ing larger stoc- s of food so that 192S cornerison with 1925 expense assumed is
somewhat higher *>an should be*
We hoi-s to keep 1927 total cost below 18,DOC.
34
BASIS OP SALARIES PAD) BT B A R
.......................................................................
(Xtaneapolls Only)
Deewftor 31, 1926
Officers
50o
SO*
inwint
Fanotions
General QitiTlmiiKI i
OonlrolUtti
2*15 0 5a968*86
Ganaral 9arrle#
*90
1*00
•10
txummtm
*-ilad Banka
2*00
Xoana* TWIt»nonn1»
* Aeoaptanoaa
386*09
*»•
2,640*52
8*90
782*85
<.90
330*Q6 99*99
6,408.72
1*00
£70*00
99*94
«10
1^629*10 29*46
5,124*74
~
ri Inouat
2*15 #9,116*70
22*26
I m i a i a n of 8 | a M
Proriaion of H r *
jflfUffl
2*21 $
Deoaabar 31, 1999
OfflSSSFa
2*91 $
981*89
29*77
2trss.«9
9*40
680.S6
930*07 68*40
r ,m .e $
270*00
33o33
2*00 le458o45 95*89
6,114.66
<>99
594*60
9«15
762*57 ,
t35
363*35
6*94
699M
*50
989*20
4,99
808*92
*90
423*39
4*06
618,0#
.60
279*04 20*33
2*764*34
loOO
381*71 21*54
2,986-.98
•65
195*00 67*69
6v955.44
•65
195u00 75*75
7,832.86
*25
75*00
19*£5
1,733*46
»?£>
7S*00 20.30
1,82? .CS
Aoeouatint:
i.CC
750.00
19*34-
P CA.f> ♦*.?•#»
1**0
cutV70 2G.SC
2,661,06
Fiscal Agetsoy
1*00
£35*40
Ko30
1,«54*4£
l*rq
38Cc75 12*49
1,626<,07
jnSiti&c
1*0C
541*70
V. 37
l,n3S*00
1*00
m
Bank Sc*lat&*»ii
<*<»**"
385*02
*5C
77*57
Sadaral a»aarffr >vte
Iaso**
*20
100*00
1.12
•65
310*46
Currency wid SwU*
StaMtaah O&leot&oiia
Back
*
♦
-70
8*85
1,538.60
c75
585,02
.70
W.8&
1S?*94
*£i
100,,00
..92
147.12
3.S9
70**42
*6S
209,61
375*42
*05
X4o00 |1008i>2o2U
t
3.3?
s??*k
S59.18
375*42 3.92
.©e
1£»*UC <3,39£o20 SHf.'ST?8T 4flsrn»
291*70
;:10P000o50
5nt*
7X1*15
690.80
291*70
6,57
.M
14.i£ v^iXOQoSU 9 1 3 * % ^97|166<>88
♦
Statistic^ &
tioal
£aaa Baf»*t&*%lt.
Salarlfca ,
Salaviaa Said.
*^a-
15.
*8C
r w
686.74
35
sso’nsa
COypAHATIVB ITOCTIOHil SIATJHDfT
m u a cs car a rrja c R s , wjubtcs of suplotsk, asd iX rE s s w
1936 - 1934
__________________ (urampoLis obit )_________________________ _
Sui*ar ot Off io«r«
1936
193C
1934
So 16
2.15
«90
.90
1.00
1.00
2„00
2o00
.68
066
066
.35
o69
026
1.00
1.04
1.00
«>75
c25
.65
.85
14.21
olO
o35
o90
loOO
o25
loOO
lo20
loOO
.75
.25
,65
_ *85
8
olO
**
oOI
General Overhead - Control labia
Provision of Space
Provision of Personnel
Oaneral Service
Insurance
Tailed Banka
Loans, Bed i scaunts & Acceptances
Securities
Currency and Coin
Check Collections
Hon-Cash Collections
Accounting
Fiscal Agency
Auditing
Bank Halations
Federal Reserve Agent
Bank Examinations
Statistical and Analytical
So 51
olO
o48
.87
ol7
2o84
,73
23
o26
«65
.25
lo33
.53
o50
o67
.44
.71
,55
14o81
Expenses
1926
General Overhead - Controllable
General Overhead - Non-Controllable
Provision of Space
Provision of Personnel
General Service
Postage
Insurance
Failed Banka
Loans, Rediscounts
&
Acceptances
Securities
Currency and Coin
Check Collectiona
Kon-Cash Collections
Accounting
fiscal Agency
Legal
Auditing
Bank Relations
Federal Reserve Agent
Bank Dominations
Statistical and Analytical
Total Current 2xpenae
Total Reinibursable Hxpenditures
Protest fees (Paid to employees
Is lieu of salaries)
Stock of Supplies (Net Debit)
Average tfcufc.r X ^ l o y M *
_iM 5____ 1S2§____ 12242o34
8.64
64.02
2.29
27.90
8.85
73.42
2.45
1.50
6.77
79.81
29,06
5.64
4o74
36.74
7078
4 049
21.68
21.66
43.48
14.29
3.41
22.18
88.49
23.76
23.89
80.77
10.62
.59
1.60
4.50
3*M
361.47
22.63
72.98
19.99
19.84
12.24
908
.58
.77
So 89
4 905
362.17
78.41
20.99
21.50
13.90
9.99
.44
.71
3 c81
3.76
336.24
Expense■
1925
Hxpenses
1924
64,295 a51
95,526.65
145,485o99
20,268.00
77,998o70
348436o86
23,781o57
137,385.24
17,677*02
16,233.91
46,335 c34
117,616.95
27s370o23
49,633.69
30,941o72
9,543.35
24,603o75
7,242.49
2,841,11
34,014.97
16*685.61
$989 918066
$ 55,247060
89,391.57
159,290.24
19,020c31
82,675o76
32,896o33
27,027 o61
163 o674o01
19,949o72
14,286.28
45,336,00
123t143025
28,877.59
51»805ol4
34 9lllo37
6,537o73
24,480e47
69279o71
2,769o31
29,329o37
14.879.16
$i,031o008.53
$ 62,587o97
63,233.42
51,348,04
17,960.68
78,166086
41,314o60
26,370*47
178,167 >74
36,126,82
7,934o®5
42,476*55
146,429.12
31,843.38
55,099>28
66,035o71
9,760,37
23,611o38
7,160,94
6,589073
29,908o31
14.260*01
$996,386.33
^966,254037
17,219,33
$l90Q2,563o03
16?430o23
$947,039* 22
42,896.84
5,378o48
l.Q6So48
,913o6S
5,191o77
6.823o50
fl9031o008c53
5,773.99
676.28
$996,386,33
$
FSDSRAL liSSSHVE CLUB
Activities of the Club have been maintaine"! along similar line*
to those of 1925.
The spirit shown by the employees has improved over foiwor
/ears and at the present time the membership of the olub is 100 per cent*
There has been some broadening of the eduoational features and addi
tional amusements have been provided in order that every member of the Club
might be encouraged to take part in some branch of study or recreation that
appealed to him or her.
This is particularly true of the women of the bank
who had been afforded less advantages than the men*
The reduced number of
requests for leave of absenoe on aooount of ill health may be attributed in
part at least, to the recreation provided for olub members.
While many eduoational features are provided, the more important
elements are not furnished in the bank but through attending the various
courses furnished by the American Institute of Banking and by night olasses
at the University of Minnesota#
The fees charged are refunded to eaoh em-
ployee obtaining the necessary credits. Vfe have provided $800 for eduoation
al refunds in 1927#
Our efforts to promote healthful sports have been helpful in
developing interest in other institutions of the City,
Our hockey team,
which won the City Championship last season, created Interest enough to form
a Bank and Industrial league this season.
Our Diamond Ball team has won the
Championship in its division for several years and teams in other branches
of sport have made exoellent showings.
Some of the pleasures afforded the staff are now looked forward to
annually and the competitive spirit is highly developed.
As further evidence
that the cooperative spirit continues, especially among the women, over 200
dolls were again supplied by the officers and dressed by the young ladies of
the bank*
These dolls, with candy and toys, were turned over to the Public
Welfare Committees for distribution among the poor ohildrsn of the City at
Christmas•
Every three weeks a sooial gathering is held In the lounge room
and the entertainment provided largely by olub members.
These meetings and
others held outside the bank, have brought about a greater feeling of harmony
in our organisation*
37
Bis budget w n rtag oliib activities is practically the §am
as for last year and it classified as follows*
Athletlos
Welfare
House Ooonltt**
Educational refunds
Contingencies
$
550*00
200o00
2<>085o00
300o00
125o00
less dues
To be provided by hank
575o00
flMHK&Al SSRHCE FPHOfflQg
(Minneapolis Only)
General Service Function includes those activities of the bank,
vhiohp as the name implies,, serves all the other fonctlonSo
Oosts for -the entire function vere *77,998*70 in 1926 as oo&pared
with §820675©76 in 1925, a decrease of §4r677o06(,
esiployees in 1926
xtjm
Average number of
64 as compared with 75 in 19250
Administration costs were $6^057o61 in 1926 and $7*614.99
in 1925* the decrease being accounted for hy less employees in 1926w
Purchasing and Stock Hoom expense for 1926 was c'*2;.898 19 as
ocmpared with ^3^898^57 in 1925- a decrease of flc,000 in cost,
To
tiiis unit are charged all expenses for buying of sullies and maintain
ing the stock room
Total telephone expense including toll charges, trunk lines
and the mintonance of the interior telephone system was :‘
;9e559042 in
1926 and t80329Qll in 1925»
Long distance toll charges increased from
r:le545*33 in 1925 to £>2r925<>54 in 1926, of which <Aln100 was recovered from
the V/ar Finance Corporation^ TJta&er our plan of expense distribution
these toll dharges are redistributed to the unit or depcjrtnient incurring
the expense * Other expenses however, show a sligit decrease for 19£6«
TIaintonsnce of the m i l unit which handles all outgoing and incooing roailp vriih the exception of registered nail, iras *6,745c47 in i9£6
and <7. 931,.93 for 1925, a decrease of ;'lf186o46u
Shis decrease was in
salaries and supplies«
Eaa&linc registered mail orA express cost '2r842ft45 in 1926
and v2p946t>14 In 19*:D ..
38
I/uplicating unit to which is ciiarged (sx&tm* oi’ditto «wfcr
photostatio pictures0 addressograph and nmltigraph work ooot > 35X3093
at compared vith J4p297u33 in 1925.
Protection unit carries all expense incident to the protection
and safeguarding of the property of the hank including the guarding of
messengers uhile on the streets
To thie unit ie also Charged outside
proteotion and fcurglar alarm service except When exclusively for Vault
protection^
Costs for 1926 were |21024So98 ae compared vith *23*042*00
in 1925o r&m decrease in- cost was a natter of allocation
Tiro guards
Whose salaries were charged to Proteotion unit in 1925 wore charged to
ra»lt maintenance in 1926o
Vault maintenance unit expense for 1926 was 3 #710o62 as compared
to *664*?2 in 1926^
$he increase was salaries £2t740o00
qxi\
look repairs
and inspection f300o00
Office Boys and Pages expense 1926 was !'3*5920<iO and in 1925
•S5p721026r, Decreased expenses are due to fewer employees,
.Autonio'bile expense end la&intenane© was *3: G19&05 in 1926 as
compared to ”
3.,87e*78 in 1925*
^guipnent repairs were v4e'826o38 in 1926 and ;)&(,594a9S in 19250
In 19£S ts?o employees were assigned as compared t&th 1.6 in 1025 *
?iles raid old Records include all the expense of central filing
division, custody or old. records .-and destruction of old records*
Expense
in 1920 $$..10$.,.08 and in 1925 f10*704.,40 > Decrease in nuaber of employees
due to eliminations and greater efficiency accounts for the aavlngo
Stenographic unit includes all the expense incident to the nalntenr.ncc '2id operation of the Central Stenographic Beprxtr.sent.. All expenses
of thie unit are pro rated to the deportments usiiicr the stenographic unit
in proportion to the number of productive hour3 « Co3t for 1926 was
;i7p50£o60 v# compared with “
19,;7Q7-.0l*
Decreased coots are due to fetrer
*»#ioyeo6 duriiv; tho year«
39
QgKERAL SERVICE
Ammsmmm
Ho* of officers
& employes Expense
M ni gai m r
Seoond Half 1926
total i m
—
rar—
1.40
p
First Half 1926
Seoond Half 1920
total 1925
2o00
lu08
:a®oa»o
Ifuaaber of
employees
g l m 7 w c "'^ b g —
2*07
1*886*48
^S^B98*!Rr
Expense
js^Sfens
4*656*29
796*62
241*51
2*05
20U
2*05
2*18
#2,016*44
#1.882*18
fS pTO JBT
$
$ 654058
524*88
#4,255*68
$4*075*48
#
894*09
matt.
REGISTERED MAIL & KXPffBOT
TBLBGSBAIH
flnnber of
Jftsaberof
Htnber of
employees
Expense employee* Expense employees
Expense
..r i"^O F
iin — ^ W m m r c j so—
v ^ m :sr mmm
■iy m
1*52
1*414*78
8*846*56
1*50
.7*04
8*475*80
^P8^®DE*S?
Tonthly average
First Half 1925
Seoond Half 1925
iT t U b
$8,758*98
‘.856*01
ftnosr
2*27
Monthly average
HSTBxritor
Seoond Half 1926
total 1926
SBSs b
2n990*04
Nuabor of
employees
504,80
Monthly average
mmnom
purchaser* a btook boot
$ 1,441067
1*72
1*27
Monthly average
$
S 6,601.46
e „m M
9*75
9*26
562*12
#4,157*42
5*774*81
P7WCT3
#
1*58
1*80
f 660*99
# 1,435*53
286*87
#1,544*40
1*401*74
isfcor
#
245*51
PROTECTION
OFFICE BOYS AND PAGES
Number of
Rtttber of
employees
io employees
employees
Expense
employees Expense
Ex&enso
f jp Bo s — i o r —
— iEr
r ,~et Ho C;;T
k#J D T
TO
2*087*24
5*59
14*31
10*022*71
1*681*94
ihjplicaotg
TOsTiaif ire—
3eooni Half 1926
total 1926
Itomber of
ttgloyeei
employees
= e -sS8 —
2o97
Honthly average
T i n t Half 1925
Seoond Hfclf 1925
total 1925
$
3o47
3*05
$ le770o33
576*16
17*04
15*85
# 2,196*75
$ 2*100*58
I
$11,793.82
m.848.18
# 1,920*17
kmcmmus
dumber of
employees
Expense
m s r m r r m ------- t o t i —
Seoond Half 1926
1.688*69
2*05
total 1926
W X& S M
EQUIRlEHt WgPATttfl
ITomber of
employees
loyses Expense
(0
—
# 1 .,™**7T
35*78
2*00
2.544*68
Mont&ly average
First Hfclf 1925
Seoond Half 1925
total 1925
Monthly average
wmBssnmr
Seoond Half 1926
total 1926
I3mthly average
First Half 1925
Seoond Half 1925
total 1925
Konthly average
#
1*96
2o22
$
318*25
$ 1,996*79
$ 1*881*99
2*33
1*00
# 323*23
FILES AND OLD RECORDS
Expense
of employees
l^toEspr
7°o09
14.213071
PoItEEBS
# 758*56
0*45
10*17
50146045
a
^5.557*95
#1,979*62
“ ,741*64
#
310*11
V4DLT mJSTESmCE
ITumber of
m m Ia v m i ixnmaa
2*62
$ 2,804*22
' ,790*71
1.924*87
#
402*21
>50
,50
309*22
# 313.57
# 351*15
"I 3 80 2
#
55*39
382*91
STENOGRAPHIC
Ho* of employees < Expense0
TP5T
10*63
478*28
7T5COT
1,489*08
$
15*54
10*50
892*03
* toll charges Jlstrihuted to various ec^onot units
** «
*»
ff W
ft
«
*•*
6*80
5*82
282*70
*
558*11
HOnthly average
#
•2C/9;30o54
1R545 c-33
11,142*43
, 8.564*58
^ $ 767rM
<*> ln642«25
(llinnoapolio Only)
of 1926 showed an inoroasod expense for -vuditiric
of $1,662 as compared to the last half of 1925, but was practically
Tho first half
tho saino as the first half of 1925*
A decrease of $1,640 cane in tho second half of 1926 us coaparec*.
to the first half when one employee was reloasod and not replaood*
Deoember another employee mis transferred to Closed bank work*
In
Total
expense of Auditing function for 1925 m s $24,480*47 in comparison with
$24,603*78 for 1926a
With tho same volume in the bank for 1927 as in 192C thero should
be a reduction in auditing costs*
However, with tho abolition of tho
post of Auditor at flolena Branch it will bo neoossory for Head Offico
Auditor to Tnako at least two trips during 1927 to check up Holona Branch*
Securities held in the vault vroro counted tirioe during tho year and
the records verified diroot with depositary hanks*
There was an in-
crease during the your of bonds deposited by banks to oocuro Stato, County
and City fund 3*
Securities left for safe-keeping will no doubt bo
heavily increased during 1927 due to the handling charge imposed by Twin
City banks*
Audit expense will also be increased for this reason*
Cash v/ith tellers was eountod six tinea and reserve cash twice*
Bond tellers holdings were vorifiod each nonth*
In addition all
shipments
of securities and cash outgoing were verified and reoeipts seourod*
there
advices were received by the Auditing Department all incoming shipments
were traced to tho bocks, custody division, or until credit was given for
the prooeeds to the shipper*
Aooounts on the General Ledger were checked daily, weokly or monthly*
Daily check was maintained on earnings, expenses, differences and Helena
Branch account*
All mentor find fsdoral Reserve Bank aooounts were reconciled monthly
and exceptions adjusted*
Three times during the year the books of tho Closed Bank Division
were balanced with the General Ledger and statements sent to the Reoeivcrs
for verification*
r* r fs- ad
Exceptions disclosed were reported to t M Closed Bank
.3 •*.'
41
Question as to propriety of sooe itens la expense accounts of
field representatives vas raised by the Controller and It vas
agreed
that
til* raceivers should be furnished promptly with duplicates of all e^ense
aeoonnts*
Thie method will starve to pat the receivers on notice aa to
espcnses incurred and eliolnate possible objections at the time of
do sing up the trusts*
Comparative statement of costa of auditing for 1926 and 1926 follovt
costs m s w m m of m ziorsss m tiTm a m m x m 1926 and 192s
1926
1925
Average ntssfeer of officers
lo00
1*00
Average xnuber of employees
9**08
9*59
Salaries officers
"6,500o00
500*00
Salaries employees
17<,300*83
17,039*22
802*92
W f iVSTR
941*25
MJBBPBI
ill other easense
(Stenograph^ services, office
•applies, postagep traveling
expense, etc*)
Comparison of auditing expense at Minneapolis with that of
other Federal Heaervo Banka of like slse does not disclose any. great
discrepancies in cost*
42
DISC com TCTC1W
(Including Helena Branch)
The anoimt rediscounted for necber banks was :1£S/0G1£..C00 noro
than in 1925 «nd >’
;121 534^000 in excess of 1924 but ;-68^164^000 lens th?s:
in 1925 .> The ziunbar of Items discounted in 19£6 was l^CZP. in excess of
1926 but 150OS9 lose than in 1924,,
5ractically all of the inc-^rajed wolune of rediscounts over V2ZZ |
occurred in the last half of the yer.ro >or several years the total cssoh.it
of discounted paper h&s been controlled largely by the borrowings of Twin
Ci1<y banks and these advances are zvr&e almost entirely on 15 dcy collators!
loans 9 Tho average number of collateral lo&ns handled monthly vas only
slightly greater than in 1925 but much M&ier ir> amount o In allotments of
acceptances thrown the Investment Oormittoe at Hew Tork„ the total ajsom.t
for 1926 was less than in 1925 but allotments were nore uniform in voluue
throu^iout 1926r, Towards the close of 1925 we were granted additional
amounts in order that we might safely cover our requirements
At the profit
tine allotments of acceptances and tfcited States securities throu^i tho
Investment Oomittee are given us in the same ratio that ourestimated ex»*
pense for the year bears to the total estimated expense of all Fedoral Boserve Banks after making doe allowance for amounts earned within our own
district*
05ie number of different banks served was 270 the smallest number
of borrowers since 1918» In 1925 the number of different banks served was
290 and 476 In 1924*. Michigan and South Dakota wore the only state* show*
lng a less aznount of borrowings in 1926 than 1925« TTontana* Wisconsin and
J.tiohigan discounted a smaller number of pieces In 1926 than the previous
yearo Itinnesota borrowings were fl50e055#000 In excess of 19250 ITorth Dakota
$1,489P000P Itontana $516o000 and Wisconsin y214p000»
South Dakota borrow
ings were *l0912pOOO less 4ian in 1925 and Michigan §646p000o
Total cost Of Function at Minneapolis was $17c677*02 as compared
to vl9p!949o72 In 1925«
Officers salaries increased. $375c00o Bnployees
salaries decreased f>2p200 and other expense decreased C'447«48« Present
functional costs will not be changed materially in 1927 as the present number
43
of pereone oould handle an lawoafoft totaw of eoriu Onr jreeoat r*thode
of oontrolline m iniitlM anft eaminge are w A that *e*y U H lu
it
owraed In adjtttla* errore in postinge or la mo eawin* eel*ila*ie*ef
Fossierlx the aeeomtixie eowinc? dally jwrohaaee and ealee of tftiited Statee
oeeuritlee m i handled tnAur Hilo fwwtion, k l M i )» • olnoo teift elapllflod and only entriee oovering our powmmt l a w t w ^ and the eunlnsi
thereon arefcaadled*
octa:*K A H V x swmm t s ra riB o to h iib os? u m k
_____
HUNS** o r s ^ w m s s , s a m rp » .&> mxmm o r lo /u ts , e ^ x s s o g b s *
Aim MmvNoss rmrsm
(StenpoXii)
lanfeor of
S M b e r of
oollateral
notee
redleeowtted notee
dieooanted
First half 1926
flnoonfl n n
Total
4078
8419
'W
R w t M y average
888
Firat half 1028
Sooond41
49
M
4491
4470
'W B T
itonthly aareruee
747
,88
*8&
Monthly Average 192C
Firet Half 1928
Second Half 1035
Total
880
822
unar
79
1ST
180
489
807
m r
524
. 786
iwtr
871
606
1816
2702
TOW
8089
8968
72
90
128
876
H
T
279
679 .
Ttonthly Average XOZt
./2#867#30
2,867,80
er ? r a o s r
Kmber- of
ocagloraoa^
.%f-6
800*42
,81
*35
mnfeer
of p i e o ^
of M e t
xmrohaaod
Ho# of notoe 2tefeer
received ae
of notee
eollatev&l to rotated
genertl line
888
868
3
Ifnobcr of Offiocre
offloere ealarlee
Firet Half 192$
Sooond *
"
teotai
Ko, of notee
roeelvad ae
eoU&torol to
M i l e payable
. 2,180,00
;«%180*00
868*88
o,c>c
606
U98
T 8W T
2822
8186
tbw r
2730
8848
TO?
m r
886
♦n^Xoyov'*
ealarlee
otKr
exyocgo
•;5f081*48
'4.788.S?:
:;i#24u,03
vlft8ol»80
M»9,a
g,oi7,a
<5jfj3Wot8r
820#C0
? 2se*so
1*473*0£
'6,499«79
:S.846,48
iSpCRRfTtfSf
.* 1*008,58
*tai
f f y yee
1#G74,5S Cl0r***«9*
3,601,83
vl,874*9U
^isjsssrfe
0
£3**79
;. 1 , ^ 4 7
44
DISCOUNT O m A T l O H S
amen
in
muctkapolis act hklcta
Month
issi
January.
Tebruary
Mareh
April
Mar
Juno
July
Acigitst
Soptambor
October
November
December
Ho, different
Banks
I68
6
86
112
123
129
130
130
100
s
_
86
Go
79
122
1H5
x??
m
lafc
75
110
117
29«
217
230
2o6
265
25h
W
9
17U
209
242
292
31*t
328
29U
95
XOH
100
wo
ZUL
270
290
>*76
559
1926
1925
I9»
1«3
1922
1921
1920
fatal
zjk
1.251
l.teH
l.Mol
1.512
O
1,112
1.502
1
q6?
*•*»
1(82
1,102
12.51U
11,^92
T O t m n or
South
>ta
i$to
«
26,311
K .a
$221,888
"3 § “
18.011
21.696
S
®
&
6.199
3.7®
2.»5
S
2.>100
2.]
30.359
33,392
:
..3*i
*92 .37*
1290.05211
bsdisoouots
Wl.no
mUn
aau
MO
Monti
1,
1.575
>.928
10.20H
19.118
13.032
30« 9 . 1 0 8 . F
12,029,8*0.01
19.«l.9ta.l9
20,768.013.06
67.058,283.53
50,331.395.»
8
11.99*
1Q.99*
16.777
2T.TB
27.037
27.U13
AmoxnkX
Bsdlsoomted
2
15.688
16.>06
1,160
*.3*5
36 „26b
192>>
^921.
11,163 U
15.283
2.816
9»»
- S
908
Patoftl
iasi
1.870
3*22*
3.M5
2.935
1.759
9*7
9*5
1.15&
,&
Horth
.1221
2.009
T
10
06
Aaount B*dlioounted in Uga
u,07*
671
522
881
1,211
Ulmtiota
"Stop Pieqes
Bedisooxmted
Humber of Xto**
Received
1925
192t»
Htesiber of Banks
Served
2225____ i22*i____ i322
8 .323,6H9. W
n,i90.2f7.56
K.27X.0C2.7O
867
977
I!
9*
230
3.717
2.106
815
382
fin
1.750
i 2.iSglS5. 5g
1.792.U1.93
’
It Ott# ItS-Se
x t m m
t9
53.592.37i .96
* «3 B M fo
24rtA93.91
1
ia 1 0 m
19 .
flfl
2.715.
I
11
I.
* J B _i 900.00
w
j j .g
w £ £ E m &
*.3$.6t*.fl
MO.3^,1
^s s - l
953.391,763^10
m m ,m m
The net amount d«e Deoember 31, 1986, from Closed Banks was
$1,828,369.61 including advances madeto protect our interests of $13,092.78.
Securing this liability was $5,758,021.32 of paper.
dross liability to us of all member banks which have closed to the
end of 1926 has aggregated $13,351,998*25
dlrectloane andradiscounts
and $845,459.57 for transit items. One hundred thlrty-onehanks have settled
in fall having an original liabllityof $5,973,500.74. These banks paid us
in interest $159,132.52 and reimbursed us for expenses inourred amounting to
$125,190o51 • In addition, twenty-one other banks reopened from whom we r e
covered $15,388.42 for axpenses inourred and $17,183*22 in interest*Collec
tions have also been made in a number of eases covering the foil amount of
direct liability but no settlement will be made until sufficient additional
has been collected to cover interest and expense.
Total net expenses for Closed Banks less recoveries but including
direct overhead (salaries and of floe expense incurred) have aggregated
$494,956*70. Bo estimate has been made of the indirect expense
the failed bank situation.
Expenses of the Closed Bank Function for 1926 were $137,385.24 as
compared to $163*674*01 In 1925, a decrease of $26,288*77. the decrease is
largely accounted for by decreased number of representatives at olosed banks*
This has been brought about by assigning several banks to one man and by
bringing our claims to a condition at other points where it wae satisfactory
to turn the paper over to the reoeiver for collection. Traveling expenses
have been materially reduced and all other expense Items are lower with the
exoeption of payments to offleers«
Sumber of employees for 1926 was 29.06 as compared to an average of
36.74 for 1925.
Xn 1926 interest collected from Closed Banks making settlement erne
$115,439.32 and expenses recovered $84,772.97.
Collections for December were $192,625.89. Four banks o M MHHflMrlng
the month with total liabilities to us of $114|4S3«31« Bight baznfKttled
during the month, paying $17,813.92 In Interest and reimbursing us for
$16,363.27 of collection expenses.
COMPARATIVE FUNCTIONAL BXPKSSB
Salaries-Offleers
8alaries-Xmployees
Traveling Xxpenses
Printing, Stationery & Office Supplies
Telephone and Telegraph
Legal Fees - Outside Counsel
All Other
$
$
Average number of officers
Average number of employees
1926
19,600,00
56,269.56
28,544.13
777.66
925*67
19,384,18
11,983,84
1 2 2
L
17.198,70
69,804.58
39,639.76
1,360.8S
1,232.43
31,630.52
.......... . M
J
S
M
f
i .
137,385.24
$163,674.01
3.00
39.06
2.00
36.74
46
£L
SASX.
■ABMESS
D
B A L
&£££1L£ £
■Stt&SL
TO
TRMKLir; &
:-Aii?r^iA:TCE
21* i 2 & &•
LlWL
OTHM
EXPENSE
OVERHEAD
-mAh.
m corm ns
l,l4c„o4
270.1?
520.04
743.19
1.140.04
270.19
520.04
2,035.80
213.95
110.69
11 ,275.62
82.66
353.35 A
36.35
210.9b
1.827.17
1„640.80
120.77
425.78
337.65
710.26
3.837.51
l.lp.%
663.24
497.79
1.173.30
1 ,613.03
933.20
2,677.40
671.37
1.093.78
35.(3*8.19
l^3eo^
^5o5^
SXPSftSB
HrttlSSOTA
W r t t Katlonal Bank
Alexandria
fl^it Satlonal Bank
Balaton
Beaver Creek
flftt btiottX Beak
ISftl national Bank
Benson
Tiarasra A Mar. national Beak Cannon Tails
Detroit Lakes
H v t i Katlonal Beak
Dodge Canter
ItaimeiY fctional Bank
rulda
7i*»t Sational Bank
fllil littoaai Bank
Orey Eagle
Flrat B&tional Beak
Olennood
Hallock
ftfrat Rational Bank
Jasper
XSf»i national
YSr«t A ttknl
Lanoaatep
lllapftsota Lake
Satlonal
Ontcnt
M o f t d fhlls
a>yaiton
9$m i fctioaal
St, Claud
H > «* national Bank
flltft Hf^>r
St. Pdtar
IW « H I State Baric
faring taller
Itft* latSoaal Bank
men
l in t SUt* lank
Walnat <frov»
l in t ktloaal Bask
Darren
h m a kttoM l Bank
Warren
t i n * ■attonal Bask
Welle
W U k t t o w l Bank
Wells
B t t w i Bitloail Bank
Worthington
601.92
101.87
267.58
1.026.75
154.63
46.55
5.596.?4
76.00
44.88
12.10
506.71
103.30
168.99
561.03
47.72
64.14
1,808.39
84.50
2 ,362.©t
151.51
23.90
71.11
458.00
1,008.35
1 ,450.46
57.73
52.17
55.42
88.65
289.33
59.80
75.10
158.32
413.14
130.35
895.88
317.85
2.385.97
442.90
358.14
205.98
126.15
157.31
189.02
219.07
739.80
356.99
759.84
135.60
512.69
403.§4
304.96
7.70
1 .283.65
715.98
379.34
409.65
116.23
657.96
W2 .27
40.00
IS,80S. 65
3
,
865.52
8.009.58
A - Waived in eettlejsent - absorbed bj us.
10.04
2.*40
83 M
363.52
u „ 60
1 .508.35
6.66
38.38
.35
139.85
360.82
132.61
.84
47.80
44.43
166.77
237.81
12.25
7.72
89.70
76.51
20**.90
217.00
298.43
145.4§
1L55.
4 ,221.25
a . 37
62.62
118.58
12.3^
362.20
166.O8
813.95
36.35
1.827.17
1,640.80
120.77
425.78
337.65
x
«
2
**97.79
1.173.30
2 .677. ^
671.37
1.091.78
14,485.11
wiSQOHSIg
first Sational Bank
IS 3 M
1 ^.8 3
5-9^
1*85,51
C L gs ll
3Ai
Aimass
Fir at Hational Bank
Anaraoose Hational Bank
First National Berik
First Hr.tionnl Bank
First Hhtion&l Bank
Can do Hational Bank
First Sational Bank
Citizens Hational Bank
First Hational Bank
Dakota Satlonal Bank
First B^tional Bank
Citizens National Bank
Citizens Hational Bank
Farmers Hational Bank
Cavalier Co0 Hational Bank
First Hational Bank
First Hational Bank
Merchants Hational Bank
First Hational Bank
First Rational Bank
First Hational Bank
First Hational Saak
Oakes Hational Bank
First Hational Bank
First Hational Bank
First Hational Bank
First Hational Bank
First Hational Bank
First Hational Bank
First Hational Bank
Merchants Hational Bank
First Hational Bank
Merchants Hational Bank
First Hational Bank
Ala zander
Anaraoose
Beach
Bisbee
BrinsaK5.de
Cando
Cavalier
Crosby
Crystal
Dickinson
Qolva
Rankin son
Janiestown
La % o r e
Langdon
Lanaford
Lidgerwood
Mandan
Marlon
Medina
Mohall (1st suspension)
Mohall (2nd suspension)
Oakes
S entlnel Butts
Streeter
Tolley
Tower City
Towner
Turtle Lain
Walhalla
Willow City
Willow City
Wimbledon
itoodnortt
SALA,Hi'S
621063
108„^9
833
59
93»75
1*320.35
bl0o0S
600o00
1,912,69
j6.37
2 #091o29
U60l6
? 9k68tJl
99*^6
1,602*60
228*92
lg200o00
38*97
1*219.70
7»2l6.&
79*92
l 0132o79
152C25
1 0OOU„73
256.78
876.12
511.39
60«oS
303*08
225,00
153.72
1 93^3* 79
61222.02
B H |
TBAraiNO &
Ml’
ITCHMCS______LSQAL
106.77
84.25
1,123.1-7
75. *U
130.20
160.69
1.079.09
U9. £
1.318.55
Us. 13
864.5b
7.50
785ol2
108.39
984.80
58.33
590.12
1,627.70
54.04
851.23
65.19
776.97
360.67
738.21
101.17
417.65
186.71
25§.93
86.51
OTHER
axmiss
ovkrhsad
.. Bant.
710.77
157.69
364.13
12.75
4.22
923.89
279.81
216.78
189.57
100.00
338.48
554.62
249.30
204.86
2 .312.98
25.00
793.86
,
CT
S X P S N S. £
.75
94.39
11.35
802.75
33.00
87i.%7
140.43
7.58
1.150.99
3,111.51
W
m
.50
350.02
101.00
813.37
.75
178.20
2,172.53
2,k 6!o ^
364.4s
164.71
3 ,038.10
57.26
610.08
1.537.94
3,646.40
253.1U
>»5.27
903.97
,4.331.63
114.70
850.99
149.53
524.25
U6.ll
5,927.68
118.31
3 .635.22
453.01
3.176.22
274.41
2,993.81
12.sz7.32
29.99
2 .619.77
333.55
2.959.95
620.40
,714.56
2 128.71
494.99
122.04
69.87
610.70
i.32>».38
1-M1.78
4.««6.s6
— m jL
5,916.42
39.38Z.11
i 5.995. 3i
16 229.16
B - Beeorered from first suspension.
* - Difference between total expenae end expense recovered,
mired in final settlenent end abeorted *& tie.
ggcovnm
1.569.37
126.03
828.23
3.95
514.38
1.00
18.22
22.40
5.00
11.35
TOTAL
1,804.91
6^.98
556.80
3,ojj6!lt
?,626.04
364.4*
164.71
610.0«
1.537.*
253.1*
452.01
3 ,176.a
874.41
25 9.9 9*
620.40
714.5*
556. W
251. 5 ■
10,165.89
3,554.41
81,0*3.41
18.880.11
CIO*
Ar,‘
.
SALATS-S
;j:r *
OTHSft
^-ATOSff* &
' im :i?Ancr<
SXP32SS*
HEFTT*
SODfS TS/dCOTH
•irst national B^ak
Big Stone City State B.-nk
first National Bank
B*xk of Brookings
S’
irst Kctionrl Bank
First national B*nk
First national Bank
Thilbeck National Bank
first National Beak
first Hational Bank
J0e Sraet national Bank
first Hational Bnzk
first national Bank
first national Bask
first national Batik
Gregory national Bank
farmers* Merchants State
Beetles national Bask
f|ret national Bank
Hbirard national Bank
first national Bask
ftasners national Bank
first national Bank
first national Bank
first national Bask
first national Bank
first national Bank
Western national Bask
first national Bask
first national Bask
first national Bask
fis*t national £aak
Citizens Bank & Trust Co.
Seonrity Saving* Bask
Jlrst national Bank
Alexandria, S.D.
Big Stone City, S.D.
Bridgewater, So D*
Brooking*, S*D.
Brookings, S.D.
Carthage, S. o.
Castle*ood, S.D.
Chamberlain, S.D,
Cle^r Liike, S»B*
Colman, S.D.
Pe Srnet, S.!/.
Hktoa, S.D*
•Eureka, S.D.
Frankfort, S.D®
Gregory, S.D.
Gregory, S.D.
Heda, S.Do
Hot Springs
Howard, S.D.
Howard, S.D.
Boron, S.D.
Lake Preston, S.E.
Laka Preston, S.D*
McIntosh, S.D.
Madison, S.D*
tsilbank, S.D.
^tcthell, S.D.
m a i e l l , S.Do
Morristown, S.D®
Oldham, S.D.
Onida, S*p.
Paxker, S.D.
Rapid City, S«D.
Bapld City, S.D.
Salem, S*D*.
^78* 08
^*39
2,937.w
2,952*%
397*01
6fc.38
700.86
7^^«71
^/5«3^
321.12
5^*32
U 2I 065
2,721*98
l,Cfe2»31
205.85
88*0M>
Ul059
7.11^*79
303.66
819*10
128.00
3#289*38
U38*U6
2 ,525.33
l,3*ft0.18
1 ,276*16
170.63
9&7.12
115*38
536.67
1 ,051.36
511.72
10.80
70.7U
,
1 061.28
1 .123 .U2
afii.31*
315.51
309.59
362.89
138.75
a s . 51
265.19
71.30
1,690.5**
509.00
38.55
12&.58
&.5U
23.19
1.27
211.30
552.30
882.58
1,526. 9U
267.30
**29.37
25.00
128.GO
3.906.88
12 ^ 5 0
395.68
256IH3
1,922.02
217.87
*95.83
H.Hai.oi
810.79
.91.19
502.03
100.76
1,3>+1»71
1.128.73
toe.89
113.15
593.24
66.82
83U.05
290.50
391.76
8.96
2,650.5&
1.TO .33
295.97
227.9^
1 & .S 9
5*«»51
120.35
366.15
9^.32
2,568.41
l.T75*Ofc
,
1 658.11
532.»«
17.**5
532.22
1.576.19
3A .57
lU.A
U2.69
96.26
1.999.85
167.21
37.23
1*9.97
1.353-57
137.»7
U33.82
331.13
178.98
10.02
560.87
10.1*
57.87
5.50
66.96
l.Uofc.75,
12.07
126.09
6,86l.06
6.372.08
3*.90
16.32
*.•■3
« ? .7 8
54.82
1,809.58
I. 292.47
6.108.08
1 ,936.68
302.16
252.36
145.52
225.06
17. 382.53
695-13
l.i
7.906.68
T O .80
3.39».?«
2 ,800.Ofe
2.767.96
288.16
2 ,207.38
293.40
1,187.78
72.32
1,932.35
l.Uoii.TB
1?.07
126.0 Q
5,8&.o|
2 ,568.111
1 ,658.11
1 ,809.5 *
277 .15.
rt5.»
1.290.91
3.39'».98
2,800. Qj*
288.16
293.^
1.187.78
72.38
1.932.35
&i,2£2LE a 4 ILL 12Lp I I S £
¥a«*~2
TRAVSLIH& A
m & ___
rr
0 1 Belt &tiOBBl B**ik
*i ux ?alla National Bank
*i~isene National Braik:
**ret Rational Bank
»t dk Ghronrera State Bank
"•i et national Bank
1 it Batiannl Beak
1: jt Rational Bank
1 it Rational Bask
r ional Bank of Wee* • Spring*
iret Rational Baxfc
tnner Rational Back
1; at ^atioxiAl Baifc
adpbbss
twa:
salaries
Sootlrni« S*!3«
1,896.32
Sioux Tail*, S.D.
U73.3U
Sissetan, S.D.
315.38
Springfield, S«D«
1,920.20
Timber Lake, S«t)»
1 .097. *
Veblen, S»Do
3315.56
163.46
^anibay, S»T)«
Webster, S.D.
72.00
'feesington Springe, S. 0.3,658*25
Wessington Springe,S.D.
£2.93
dinner, S.Do
U57.76
dinner, S*D«
305.8J
Woonsocket, s.D.
___ s n * £ ___
u5.5c5.80
2 .WU .97
2HS.U1
* 1.59
1 ,282.12
3|9.29
2.373.U3
311.95
3.0»7.!
3 S.33
1 ,701.96
28.00
U05.71
561-95
26,398.15
i 7 .Ufi9.59
18 1.15
"TO.TS
36.56
578.12
158.7$
96.17
3 .16
1,615.85
39.86
17.75
188.57
U25.UU
18.396.83
lfferenoe between txpense incurred andexpenee recovered waived in fin*! settleaant end absorbed "by «s.
omasAD
jgXpiagsB
572.^3
I65.UI
26.66
OTHRR
KXPKSSK
96.72
TOTAL
7.066.67
721.75
1 .129.U0
6.886.UU
2.271.10
662.76
297.96
198.5U
7.538.01
150.79
881.22
675.55
l.ttQ.02
1.179.52 lOR.9U 7.89
731-75
1 ,129.W
*>;886>'<»
1 .363.0s"
198.5U
150.79.
S3U-91*
675.55
36.88.M5
T-1
C L O S E
BANK
ABEKE88
SALARIES
BASS
1EAV2LIKG *
MAXSFEKABCE
E X P E N S E
LEGAL
OTHER
OVBKTiSAD
___ BDRBJ5F___ ,jacreysi
_____tqf;x..
EFCOVIIF, fl £
M0RXAX&
8tiHwater Ttllqr Sato
first Rational Bank
Ballantino State Book
State Bonk of Bolt
h r u n Bational Bank
first Bational Bank
American Vational Bank
first Bational Bank
Stookaons State Bank
first Bational Bank
first Bational Bank
first National Bank
First Stato Bank
Htooknens Bational Book
Citizens 8tato Bank
First Bational Bonk
Deaton Stato Bank
First Bational Bonk
Bdgar Stato Bank
farmers ft Merchants Stato
First Bational Bank
Amerioan Bational Bank
Bank of Coanoroe,
First Bational* Bank
Stoeknens National Bank
First Bational Bank
Commercial Bational Bank
Hardin Stato .Bank
First Bational Bank
Havre Bational Bank
Banking Corporation of Mont*
Birst Bational Bank
Hinghaa Stato Bank
First Bational Bank
Abaarokee, Mont.
Baker, Monto
Ballantino, Mont*
Bolt, Mont»
Big Sandy, Monto
Big Sandy, Monto
Billings, Monto
Broadviev, Monto
Browning, Monto
Carter, Monto
Charloo Monto
Chester, Monto
Clyde Park, Monto
Columbus* MOnt.
Culbertson, Monto
Cut Bank, Monto
Donton, Mont,
Dodson# Monto
Edgar,. Monto
Eureka, Monto
Fairvieir, Monto
Forsyth, Monto.
Forsyth, Mont*
Forsyth, Monto
Fort Benton, Monto
Fresno, Mont*
Great Falls, Monto
Bardin, Monto
Harlowton, Monto
Havre,* Monto
Helena, Monte
HlgEmoodg Jjont.
Hingham, Mont*
Ingoaar,Mont.
684.25
470.44
285.10
373.27
774.86
299.61
2,556.08
1,830*67
3,455.51
504o46
476o29
5,227*40
539.75
785o99
S50o05
536.26
685.24
162.56
l,665o85
1,592.57
1,259.86
95o94
17.40
20.00
16.71
686.76
5#129.S0
377.06
926.64
17.86
442.89
99.06
860.17
737.30
1,641.64
69.00
266o58
616.06
29.04
210o41
186*67
2,320.22
147.40
4,107.95
1,653.86
758.98
3,415.79
11.00
1,381.64
558.09
6.44
845.60
2,409.91
4,988.48
40284.87
1,752.75
5,262.21
5,066*99
115.60
254.16
421.52
676o97
74o92
4,511.61
856.95
l0522o61
146ol9
2r6«46
961o26
18o78
211.96
256.92
2,950.28
173.19
5,626o91
l,569o24
35.00
276*70
1.10
5.50
155.25
250.00
170.86
165.51
25.26
26.96
326.06
328.96
167.79
492*12
535*10
446*50
15.26
1,171,58
3.60
157.59
*80
633.09
291.68
757.51
8.96
43.41
96.08
.80
101.81
1,672.43
128*21
2,209.62
2,481.95
74.69
1,765.70
1.00
756.65
2,128*55
524u61
376.04
347.12
91.08
44.02
108.14
361.88
1,194.82
1,796.98
658.58
1*083.61
1,801.56
790.81
4*288.70
3,721*06
5,228.26
l,ls?4oOE
1,796.58
6£8*w*.-:
I»083v61
1,061.41
963.67
7,360.42
1,061.41
21.46
21.“
tv
i , m 0*;
210c7v.
1,177.45
218.79
6,281.47
1,867.01
3,605*06
223*16
545.26
l,718o65
47o62
531*30
906*18
7,172*93
459*80
13,526.02
6,943.13
1#606.66
9,174.59
1.00
6,015*77
12,615.17
8,296o79
790aSI
S59.CV
If.367^ 01
223.16
545.25
47*62
531,30
90£«K-
3,740.12
uoo
B AN S
C L O S E S
ADDRESS
Inverness State-Sank
First Ittloaal Btafc .,
First Sational Banfc^
Citisens Hationsl.Bank
First Bat.of r^r^6o«
Borthwestorn lational Bank
First Rational Bank
First Bstional Bah£
Commercial Sational Bank
American Bank k
Coo
First Ss&ional Bank
State Bank of Bashna
First Sational BflMadk.>
First Sational Bank
First Sational lgifjji
State Bank of PlaBtywood
First Rational Ban}c
First. Sational Bartjfc-,-;.
Itoeksrav SationalJBank
First National S u & ;
Cltlsons State
First Sational
Foundnp Sational;
First Sational
First Sational
Fi.'st Sational Bank
First Vational filial:
First Sational
ttUpRsiqoi ValligrBk.ft
First Sational .Bank*’
’
Amerioan Rational Bank
First Sational Bank?/'
First Srtional Bank *v
iUov Creek 8ta$o ftuik
Irst Sational Bfuok
Inverness, Mont.
Joplin# Monto
Laabert, Monto
Laurel, Mont.
Loffistoim* Mont.
Liringston# Monto
Lodge Grass# Mont#
Malta, Monto
Miles City, Monto
Missoula# Monto
Moore* Monto
Sashua, Monto
Opheim, Monte
Oswego# Mont*
Plentywood, Monte
Plentywood, Monto
Poison# Monto
Poplar# Monto
Poplar# Monto
Boaaa, Monto
Boundup# Monto
Boundup# Monto
Boundup# Monto
Boy# Monto
Budyard# Monto
SaTogr# Monto
Shelby, Monto
Sidney, Monto
o 8idney# Monto
Sterensrille# Monto
Throe Forks# Monto
Three Forks# Monto
Townsend# Monto
Willow Crook# Monto
^ilsall, Monto
TRAVELISG ft
MA1NTE1UU9CS
flAAKTP?
i
66*08
I8I 0OO
434096
4#269o99
4*228.80
454 091
i
648ol2
2,265.67
796013
2,276o00
860o28
52 6061
543o46
4,059.94
169098
1*903.86
3,270*91
3,294.24
561o62
3,069.77
2,676o33
2#631ol6
87*60
873076
28o43
28o51
1*694007
6,766ol7
596o25
l#99l«08
142072
62.02
2,386.61
503 002
E X P E N S E
i
M
M
m
78o33
248.66
385o84
3,290«64
2#890088
418.67
47.49
374.26
1,467.61
1,497.66
289.20
242066
856.71
798© 74
2o404 035
50o23
2#466.66
l#669o37
l#995o99
94 U 1 0
2,125o90
1,429.92
1#347«88
18.66
639o73
66.62
23.99
741o28
3#068o22
796.64
1#686066
164«28
74 c16
1.901.06
710o27
L5GAL
OTHEE
EXPEN8B
OVFSIiEAD
EZPBH81
Cv*
kO
TOTAL
iso
xfs
)
80.00
1#106.92
1,361.21
83.20
268.22
6.00
20.60
278.10
IO8000
48o50
1,739.00
66.20
111.50
679.21
8,220.41
58.76
UoOO
6.00
238.84
8.32
71.60
1#614.81
1,907.24
22.86
587o68
730.06
410.16
140o97
109.03
726.02
22.65
123.61
2,654.81
123.45
680o32
4,818.06
645.46
48.90
246o27
87.12
194.27
768o03
45.84
.76
825.00
955.84
44.16
196.88
2.63
21*00
200.87
218,68
63.78
115.69
276.54
23.48
2,521.76
904.89
181.07
499.26
4o30
4o00
383.20
496.75
49i/ei
l,038o06
IgOZB
10,282.26
10,388.13
10#888r*♦
1,187.97
l#187oS*
358.65
$68,65
1,752.42
6,355.08
8*655.06
3,339.34
S*S30oS4
2,623*23
2*628*23
1,818.95
1,669.24
1*629 I
1,465.71
9*387.32
647.92
5,070.83
*'»0Y0ti2v
9,931.43 C
5,943.69
l*600ol2
1,600.12
7,180.94
4,193.37
4,193*37
4,259.00
106.15
106*15
2,383.02
134.89
184«8^
53.26
53..2S
3,739.56
13,000.64
1,437.06
1*487
3,931.77
329o63
161.17
4,502o53
l,437o87
C L O S E D
BAIK
BAH*
ec
m
E X P E N S E
TRAVBLMG *
ABDKB8S_________________8ALAHIB8_______MAIBTEIABCE
LEGAL
OTHER
OVERHEAD
EXPEHSE_EXPEK8E
TOTAL
RECOVERIES
IjOBTAJtA .feOH T m iil
First Xational Bank
first Bational Bank
first Xational Bank
Soonrity 8t*t* Bank
Winifred# Mont.
Wixmstt* Mozxto
Wolf FOint# Moxxta
Wolf Point* Itontp
270002
166«S0
2*1.99
159o30
8*5.61
87.60
89c 10
176060
176o60
559*4*
888.6*
26oil
719«29
719c29
58.77___________ 8I08O_______________________________________________ 70oQ7______ 70.07
73*269.06
TOTAL MOHTAEA .
0
8*009o68
198.68
l*2o85
■orth Dakota
8f#888* »
l6*229ol6
South Dakota
*6*608.80
Wisoonsin
Menton*
87*262.29
6j>923oO*
236*757o72
71*136.65
Includes $5000. A/c first suspension of *hioh $1500. was recovered0
18*808.66
Hinneaotfto
12*690.19
3p866052
**221o26
743019
36*6*8.19
l***86oll
6096
1*5.0*
*86o61
*85.51
5*916.*2
16*996.81
8*55*0*1
81*088.*1
18*820.76
26*S98o16
17**69.69
18*596o85
1*179.62
108*9*7o89
36*883016
105*625ol*
78o269o06
13*690ol9
57*262.29
6*923*0*
235*757o72
71*156.65
2090517o88
12**0*8.78
*0»9*lo72
76«871o6*
ll0545o20
*61*922.72 l*l*811o20
cgBarecr
a :3>
ooig roscTioi
District receipts of Currency were §2,600,000 i& exeats of shipasnte faring 1336*
Receipts fron» acd shipr»-ita to member ba£fcg *tre cacl-» is
tteilt of 1935 by $13,5G0,000C Receipt0 fron non-xaaiter teaks *cre $3,170,964
in 1986 and $237,271 in 1925,
as.
increase of ?2„900,000.
Shipaante to non-
naiter banks were $2,370,230 in 1926 and $2,172,170 in 1925, an increase of
leee tban 10£.
At i&nnaapolia m u t e r of ahipemte to nenber banks in 1936 was
13,531 aaA to noa-seidbcrs 65«
from noa-neter banks 116*
Shipasnts received fros mmt e r basks 11,348 sod
Shipnssts to non-aster basks decreaaed 18 as
compared to 1925 and ehipnente received decreaaed 23*
Monthly average of bills received and counted at tfinneapolie increased froa 2,670,526 in 1925 to 2,939,309 in 1926b As cotmarsd with 1924
• oonthly average of 426,000 mors bills wars received and counted in 1926«
Total ex#enoo of currency Uhit at Mixmeanolis increased $1,382.76
and coin unit expense dsersassd $383.40 although the aontfcly « n n « « of coine
received and countsd increased from $743,700 in 1925 to 917,799 in 1926«
Adadnietrati on coats of currency and coin function were $4,401*96
la 1926 a decrease of $1,000 as compared to 1925*
Ourrenoy receiving and sorting nait expenee was $26,792*32 in 1926
as ooqpared to $25,062.04 for 1925, an lnersass of $1,730.28.
Currency - All Other unit is cbasged with ell cgpeneea of x*ying
out, shipping to aster, non-aster and Federal Seserve Banks, cancellation
of unfit currency and forwarding of unfit currency for redemption*
*
This
unit ie also changed with the expsnss of preparing all reporte and etatietlcs
and the custody of currency.
Xrpeaee for 1926 wae $11,175*4? and $10,518,08
in 1925.
ixpenee of handling coin was $3,968*89 in 1926 and $4,848*99 in
1925.
Xncreaeee and deoreaeee in ooete of the variflue unite wave eiaost
entirely in salariee and overtiae though due in part to variations in the
allocation of cxpenaae aaon* the veri^u units la different yeare.
Coet of handling currency in our receiving and eorting unit
wae 78 centa a thoueand for 1928 with an average neuter of hllle received
end couated daily r>er employee of 7,478.
fa 1925 car coet wae 78 jenta_
* thousand and tha ir«n«i waftor of aalto handlad *ailjr, nor asgjlqjrea 6*778. uHa
*oor coatttion of enrraatr *ooatrod from country banks ha* eon«ld«rabls baarin*
on H m mnfeor of U U i iliA «ay te hanilsd par p m o i iathia M u
Araraga daily unbar of bills roootrod and oomtod par poroon for tho
Padaral Boaarro
aooordlnf to tho loot arailofelo flguroo was 7,608 and
Iho filoi ooot 65 o«li por thoaoaad ttlli raoairad and oowatod* • Vowor aathodo
of Mil sorting and oomliog should croatly laorooas tho anahor of walto handled
por paraon and with ailariaUy loworod ooata*
Oarofhl otuftr of o » crarraaor aortia* wit with avlaw to laoroaola$
tho offioiaaiaywaa aado la 1936* tt*1* la Doooahor 192$ a rorlaloa waa aado
of tho aarit plaa aad pat la offoet aa of Jaxniaxy It 1987. fhlo plaa to la
tho aaftaro of a toot aad If fbuad waaatlofaotoqr, will ho oltorod tntil tho
doolrod results are obtained* Za 193$ currency aortora woro paid a adaiana of
$1,080*00 a poor for which flagr woro cqpeetod to haaAle $000 billo a day* Zxh
oroaaod akill was ooapaaoatod for at tho rato of $100 a year for oaah 1,000
Mila aortod a dagr shore tho alaiana with tho aalasy llait plaood a* £1900*
The aow acrit plaa la haaod on 49 eaato a thoaoaad hilla for tho
eortlag, putting xp aad proving of enrronoy Ijgr hand, aad for work doao by
aoohlao 22| eanta por thoaaaad hills* ?ho raaultlo* coop m u ation will ho approxtaately aa followot
6.000
9.000
10.000
11.000
12.000
h U l a par day at 45#
*
*
*
ts
11
*
»
a
«
«
0
•
•
«
a
par thousand
*
«
a
i»
n
« •
*
a
jfflSSHfiLZfiE
t 1,080*00
1,215,00
1,350*00
1,435.00
1,680*00
Sash aortor vlll ho required to sort a rainloott arerage of 0,000 hills
par day In ordor to rsoaln In tha department and will not ho paid for
aoro than aa aver ago of 12,000 hllla par dagr*
HADTT^ 'PSS
18.000
30.000
22.000
24.000
28*000
hllla
a
tJ
»
por
a
»
a
»
dagr at 33&1 par thousand
w
a
»
#
«
a
a
«
e
’
*
?
*J
*
£ 1,215*00
1,350*00
1,485*00
1,630.00
1,755.00
3eeh sorter will ha requira?! to do a ainiano asrarage of 32,000 hllla
par day and will not ho paid for rsora than an arera^a of 26,000 hllla
par
Credite and davits will be .Iran as followe*
Credit a
“
or a*ch countarfalt or ralaed bill c.so^at
oxt V~a first sort * * . . , , .......... 4,000 bills
JisSUU
'or islaaort, any kind*............ ,
x-T di*farance# any fcicd . . . . .
3,000 bllla
„ 5,000 cilia
h U e it it aot the purpose of this system to encourage currency
-t^rs to Attempt to do aore than their experience will warrent, nor at
ay tin* to sacrifice accuracy for speed, yet it it aa attempt to plaoo this
work upon aa tqoitable basis and to encourage aad pay for real ability ia
this line*
Total eoet of operating Currency and Coin function la 1986 wee
546*335*34 an increase of $999*34 ower 1925.
Zt should perhaps be explained
Here that this expease relates only to the handling of currency and cola,
ill printing costs of our notes, redemption expease and shipping charges are
allocated to the Tunot ioarfeneral Overhead ffon-Goatreliable• these items
are expenses over which we have oaly partial or no coatrol*
The table givea
desoribes the items aad makes comparisoa of 1926 and 1925*
POST OF CPRffflSCT.
(Minneapolis Oaly)
Original cost of
Botes ia*
eluding shipping charges
Cost of redemption of ?*B* Currency in
cluding shipping chargee
Shipping charges oa Currency to Member
Banks aad from Member aad £oa»3enfcs
Shipping oharges on cola to Member Banks
aad from member and aoa-member banks
Shipping oharges oa eurrsncy aad cola be
tween Head Office and Braatfh
1926
1926
$33*597*38
$28,254*82
2,361*23
3,454*62
27,151*06
23,166*02
6,880*58
7,447o44
■■in.■■■8Kt§8 I..■ ■ ___
$ 70,286.74 $ 62,526*
(Helena Branch Oaly)
Shipping Oharges oa currency to Member
Bahks and from Member & Non-member banks
$ 4,917*22
Shipping charges oa cola to Member Banks and
from Member and Jtoa-Meftber Banks
------ 887.39
$ 6,621*66
$ 3,804*61
$ 7,697*0?
m m m
m
1.07So21
1BQM MgKBgR AM)
122ft
Eeceived Shipped
Trom
To
January
Tebraary
March
April
May
June
July
Aogost
September
October
November
Deoember
Total
1,089
837
1,007
1,246
1.075
1,059
1,247
1,199
1,083
1,060
967
1,103
864
972
1,133
1,032
1,092
1,436
1,251
1,304
1,613
1,643
1*406
1,756
12,971
15,494
Beoelved
From
1
13
3
16
5
12
24
12
11
4
4
5
16
115
Shipped
To
19
25
30
25
20
26
25
35
46
54
32
37
374
Total Bo* of
shipments
__ H M l W *
1,102
840
1,023
1,250
1.087
1,073
1,259
1,210
1.087
1,064
972
1,119
13,086
Total Bto* of
JflBfc
873
1,165
1,057
1,118
1*462
1*276
1*339
1*659
1,69?
1,438
1,793
15*868
5C
OOEaJt'-’
XV ■STAI'jv. VilM' OF CTirlTXT &. cc±:
SIIOV.IT7G KJ.r
J R C3? IIVC:;? H JiDL^D^ 1RLT&.3 C. »:::LOi.
AIjD EXrjEB'St.S 1926 - 1925
(?lianeapolis Only)
Itenber of bills
reoelved and
counted
First Half 1926
second n
"
Total 1926
Monthly L.7 ora£jQ
170OG3,261
16*206,456
f 91~35405OC.
96*341.400
35*271p717
■
'lG9.695ti900.
2* 939 ..509
,v 1« ;.07,991
Jtaber of
ftspleyees
First Half 1926
Second Hc.lf 1SC6
-,77
•60
Totni r:z:
Monthly cverses
2?7.22
Total 1925
Monthly average
* 17,729,61
17b340o 6B
*2f.163.22
2n524.53
.'■20p854.46
21^515,29
i, 35^7C-29
■
1.687 75
42,369.75
s 2.922,52
' 390r65
3C530*81
ITuaber of
Officers
loOO
1*00
$ 81Q923e900o
88^315|600v
Officers
Salaries
..20289«96
202S9096
32p046*310
n170-439 500
f4,579c92
2*670.526
v 149203*292u
J
Z&aployeet
salaries
20.10
20.49
Total 1925
Monthly average
301o66
Ottoer
expense
Total
expense
9 160055*62
16*010.63
£2 039* 74
2^301,10
& 0 385032
20 601fl69
$ 82,0*6,80
$4cS40o84
34©P987.01
9 2p672#lf
$
? 30415.59
Btnber of
Rnployees
First Half 1925
Second Half 1925
Total
TScpense
Other
Expense
Kanber of bills
reoeived and
counted
Amount
First Half 1985 15,770,910
Second Half 1925 16*267.400
.1*916.62
l*650j00
C3p566c70
bployees
salaries
22.14
20.11
Officers
Salaries
"jrjber of
Officers
Amount
86l<s74
OOIH
Number of coins
reooived aa&
counted
Anotait
Virtt U l t 1926 6p579*556
f l U H A k l l l M i 4*400*058
Total 19M
x n lU r mviflt
:11,010,116
917*759
Vint Half 1910 4,040,010
0eeeod W
1910 4 .H U N
Total 1920
Monthly average
0,9S4o4Ol
740*700
Bomber of
esjpl^yaes
♦1,832,724.00 1«80
lfciployees
salaries
Other
expense
$980.tO
JU4M J1U0®
$961.99
B9£o49
I M N ,f l k W
$1,647.46
$seU M i
9 «»o,T94.ee
$
$
165,9$
i .sm.ou.00 i.eo
.MSStSR
|
«>8»S90»7S
m «a
1.178.S8
$2,019.37
$3,406,689.00
$
194,13
H |W 4 f
M P W ft
$ 641*09
$1,082,657.00 X.SS
Total
168JX
*0«4T
$2,0UMl
e«sM.w
HiNMI
1
# MMt
57
CCTTOngP
CtnBit-OY mOTITO
TXK. Ago SHIF/BETO «fO ;nE3S3 Alfa
BA1K8 ST V.
FTO»3tAL BBSHRyg BA'X OF ttg-;*APm.T8 AH!) gg.1tHA BBAHOH
a x!siPT8
.‘
*rom
sgxpi.-Kfrrs
?rom
?o
total iscsipto
total
To
-tater-feato— ' pb- wSw 3ntt»__ non-K—w •Bsaaem__________________ 132fi_______ 1926
January
?obmary
^rch
April
f.‘
*y
JtDM
July
August
September
October
:=»?Oitbar
Scomber
15 ,265,552
12,59U.19>*
15 , 061,141
16.U37.5U5
I 5 . 329.i 72
IU.96U.032
16,708,733
15.361,376
$
237.559
237.9^
30U.179
2U1.373
107.U57
23U.5U6
*
250.278
$ 10,589.505
12.293.675
lU.59O.U55
15.l6U.097
lU.3 i9.957
i 5 . 10g.725
15.350,U25
97,672
96.399
170 .2«
127.020
101.30U
111,500
a 7.531
15.05J.U68
305,688
16.IU1.0U7
252.8®
17,16,588
25U.U0U
15.S20.777
312.003
19.531.338
UU0.997
lU.8UO.553
3U6.U12
17,070,150
2U0.120
17,afl,TO ______ jUq»S5I _____ 18.U62.Q6s_______ 207.^0
255.769
'.'otal ig;?6
18$,U85,ls81
* 3.170.96U
$ 18U,703,3U8
5
2,370.230
i'otsl X925
TOtftl 19A
total 1923
TotfJ. 1922
2ot*l 19a
172.959.062
150.UU5.955
lU7.59l.375
237.271
2U8.655
171.lU l.273
171. l 66. 73U
137.S67.SU0
*
2,172.170
1.3S3. 2S9
2. 753.003
total 1920
,
U3.325.0-J0
132 189.000
&. 332.000
132,610
131.000
2 % . 000
528.000
105,117,000
89 296.000
.
78.616,000
saawr-gas
2.0U7.000
1,020,000
380.000
i
...............................1925
15.551.UU 5 16,2*6,563
12,832.1>»0
11.182.3U6
i 5 . 365.32O
12,930.830
16.678.918
15.805.125
i5.636.629
13.*51.U95
15 ,198,578
13.392,3^7
* 10,606,1*62
12,390,07U
12,088,880
lU.760,720
12 . 75U.200.
15.291.117
12.10E.065
14.1*21.261
12,758,2**7
15.220.225
15,022,800
l6.959.0U
15 .3U6 . 6SU
15.567.956
13.280,966
l6.u 7 .lU5
13.656.66*
15.359.156
lU,890,580
16.39J .932
1U.3U .855
17.U22.992
18.773.155
l6.i32.7gO
l6.U66.69i
19.972.335
16.685.386
15,186,9ft
12.937.667
17,310,270
l6.HQ3.800
17.6ot.6i 6____ l 6. 76S.Ow____ 18.670.295------lg.jfrfe.SHB
$ I89.656.UU5
$ 10 .( 87.177
$ 187,073,578
i 173.196.333
173.313.UU3
U 3 .U56.OOO
172.550.005
lU0.620.8U3
107.l6U.000
,860.000
78.996.000
150 .ftu.6l0
1U7. 723.985
1 » . 038.000
.
90 316,000
05
Ift
Aaoante of federal Seeerve Sotes received tram ani retrained to each other Federal Heaerre Bank for redemption or cwdit.
.ucetved frora
7-ed«rv-:X ^sorve
2a^. af
Jan.
31,600
Boston
19*.30O
liasr Teak
Philadelphia 26,000
102,500
GlevelaxxL
21,000
SRhmoiid
©»,500
Atlanta
1,5*, 500
Chicago
87,600
St* tools
Kansas City 2b3,200
Dallas
*15,200
San Tranclaco S72.*0C
Total Seo.
M ,
1U.200
1*5.100
11,000
58,000
12,000
>13.000
911,000
56,200
165.300
32,900
332.600
tot.
21,000
150,300
20.500
62 ,50c
17,000
58.500
1 ,062,500
71.300
200.500
30.500
Hiq.000
Aor.
jiaa.
17,600
161,300
15.500
17.500
1* 1,700
15,000
US.50C
17.500
U 2.500
& 6.000
53.100
147,900
21,800
530.200
*1,000
12.500
H2.800
692,000
55,800
211,300
29,100
3.75,609-
2,893,*00 1.771.300 2,109,600 l,7«fc,500 1 ,579,700
Shipped to
federal Reserve
im\
fnir
Boston
36,?00
tie* Yofk
Philadel-'Ma
Cleveland
11730 0
Hlcbrsond
13.700
28.300
Atlanta
601,00c
21.300
St. fouls
Kansas City lfe.300
16 /
Dallas
San Franolseg g5jL5Pfi
fotalShlppsd
1.390*500
Chieago
J&t&L
15.500
'*«.70C
» ,9 0 0
58.200
19.200
56.200
19.200
61.200
,
9 ,too
17.500
359.200
16.000
89,700
10,600
lSff«9QflL
21,900
2*01,800
15,000
110,900
30,000
JLSflUSQSL
7$gfiQ0
8 ^ .3 0 0
10 1*00
J&UCi
28,000
70,700
23,600
W.800
10.300
32.900
W5.100
15.900
128,000
12,800
200.000
1 ,072,100
Jam.
3U,ioo
155,800
35.500
67.000
15.000
38.500
© 1.500
57.700
172.200
19.700
291.^00
27.100
>10.300
31,800
29,500
188,UOO
212,800
*5 ,6 0 0
179,100
25.500
25.500
33.000
25.000
»
,5
0
0
66.000
72,500
68,000
55.000
11.000
17.000
12,000
12,500
15.000
39.900
29.000
20,000
5 .5 0 0
30.000
1,126.000
1,012,000
1
,
021,500
905.500
887.000
59,300
61.200
62.100
,1100
.300
22
fc
,300
209,300
,800
200,800
1,900
21,000
22,300
26.500
32,700 20,000
*22.000
'383.900
357.000
363.000
^ -6 0 0
35.600
1*5.800
30,500
J
S
31,800
387,900
13,000
81.700
13*200
■■HsuflML
J2SS>
21,800
322,100
109,800
2 026,000
19.500
282.500
56.500
756.000
8.000
JJ 0.500
30.500
5*8.700
801,000 11,700,500
01.900
725.600
201.500 2.303,000
32,400 , 33*,TOO
36s . 800 frJgs.Hao
,
1.S18.U00 1 ,795,600 1,850,100 2,209.300 2,109.300 2 .076,100 1,707,700 23 .665,000
AMi
JfiSL
J2s5u
Jeia
20,900
77.000
35.800
115,500
26,200
82,700
21,000
93.700
11,500
29.700
25,100
83.100
19.300
86,600
15.500
32.000
082.300
27.f00
Jbm.
16,900
57.700
15,^00
56,900
8.800
JS&l
JkBfc
JtS&X.
21,800
78.1*00
22,000
81,800
11,600
*3,300
559,600
20,700
112,700
12,100
a& A w
27*000
95*^oo
23,900
102,600
l6 ,Uoo
* W ,100
T & M oo
28*900
129*300
20,200
m
m
18,700
*1.100
11,500
$
000
000
32 , ® 0
JSL&&.
28,300
127,800
15,200
*2,100
26,100
199.000
19.TOO
207.000
132.800
U.100
m .m
128,900
13.000
217.000
18.U00
79.000
16.200
80,900
10.000
* .9 0 0
70*.800
23.200
126,300
10.300
200.000
291.500
9*2.200
257.100
1 .023.100
1**,300
388.500
7,c*7,aoo
37 .50 0
1.5*6,000
202,200
2 >« * : « p
820,200 l.l 66,>*00 l.*55.900 1 .329,300 1,777,200 1.298,>K» 1,331,500 1 .29*.900 1*.57*.*00
22*Se2L2S5w
(tttJNMftfPOli# tartjp)
Only flm wiimt w p om ir«* Hmilti by Mil* unit* All eHisr inytiM
if* M M
Bon»0»1i M I m U w tmmtUm^
by ^
M m
u ief t n oo«poa «d t iwwii<t nt^iYi
mwpwh
#10,8??,488 m oofro* *tt$i itQO0|68t Kuring * n l« i of $10,488,808 I* 1888,
Si 1911 tli» mwfcir of oonpoat hmilid «*• S#1H|M 0 luvlmt I H im if
#14,888,188* X» H u n yotro ¥w twrthir of ooMpoiw )m 8ropM
4,880,498 N
Hn
& * » ts*99*tior«
if
i88e
ists
im
w $
*88,478
i ^ e i t
1,888,088
i,?4e,??6
im
19H
1980
1818
1818
181?
8io,8??,48i*4i
l O M i n a t
io,4??,?8?*94
n $m 9m . n
8,488,sot
9,981,481
8,068,141
8,181,880
1,888,88?
48,088
n ,888,888*88
14,846,787*18
18,418,880*81
14,888,18*1*
4,880,848*88
188,818*8?
9nr* i* * wiA# n r t r .W i* ha*dli»c ooiti .oaonr M m l w m w i t*nfc*
for
oo»9ons« tn Hit lint i^lf of 1888 our tomtit** ooot m
88*? oonto
pci tfcoosort* a* oo* ^trif sritfc v * •yot*' io*t of 20 oonto* At thftt tiwo «o woro
iho tM*£
in ooot*
?>«o X*m *. 8oqp«Mtiv« firttm for 18*6 t u i U o l t
i y i i n oor t ^
ptr thoooftrt. &t*o«$olti •« that ti«o m i *ht*41i*ut ooot of 9 ^ 8 8 ^
P«r tfeouotHU
0r.l~ O i m U r . 4
of
oo* per* j»* dr.~
* U m r coot*
roport oHo** tnt in XifUMpolit m tftum of 1888
*r*
«a oorpni with 1380 o*>j*no por
4«v tor : j ojwttt*
?ot*l co**. of oc**ptr *a*it for 188* «*t* 88,844*88 oo oo*poro8 with
v*>188*4* for
oo;**i*nm 8mr*>? up** wm or couponsi<i m
3 * * ^ ^ SftUft?*** 6AIA?I3S ^ O D S K W I ^ S I S
Tm tn r m t
(liinmpoUt Only)
of
09«PO"I
. Bm81od
yirot B a r i w r mma % m
8ooonA IM f 188* 407,180
total 1888 ~
♦^thly Aror«*o
7?,908
firot B«lf 188n $80,80*
8000"* Hftlf 198$ 4&S*747
fotol 1 8 8 8 l7 R ^ b r
Ir9t««*
08,688
1*10
8*4?
8*04
toloyoos
8olftrtoo
T
c*r
1*088*8?
i p R i r
188*88
1,878*88
1.810*41
i
g
f
i
S
a
r
840*74
Ottwr
HQWHMI#
i n o i —
ffcttl
3X900**
fi^w c n
m n ; « —
» 8 b
IM.tt
M.T6
ll1*0.49
i» . st
MM*
19S.W
1,TU.0*
t,4T4,M
H.n
t«nr
60
pAT.T.&»rcff?&ir qyrg
(Minneapolis
qh I|)
During 1926 nuniber of pieces placed In and taken out of tho reserve
vault decreased 8,239 as compared with 1928? Bond sal#* wtro 1,308 for an s e
gregate of $46p713,000 as compared with 1298 for $420342,OOO in 1928*
Transactions in trust receipts leeued and cancelled were 870 for
1926„ mostly with State, County and Municipal Treaeurere*
Figures for 1928
include interdepartmental receipts uhloh practise wae discontinued in 1926*
He changes of importance were made in 1toe handling of collateral
during 1926o ItPo Vo Co Langdon, Tault Officer resigned early in 192$ and
hie place wae filled fey the assignment of an employee to hie dntiee«
All incoming securities are delivered to the collateral teller
and after proper entriee have feeen made, are delivered to the vault one*
todiane for vaulting
Securities are taken from the vault only on signed
requisitions and are delivered to ike collateral teller vho receipts for
the same* He in turn delivers the securities to the registered mail teller
for shipment! to the Fiscal Agency Department for exchange or oonrereiea or
to the owner or hie authorised representative 0
The inditing Department each day takes the requisitions from the
vault officer and follows through, the securities delivered to the collateral
teller to see that they are disposed of in accord with the ownerfs instructions*
Tho collateral teller, upon receipt of instructions to sell se»
curltles, requisitions tho same from the vault and delivers the securities
to the purohasero
The actual details of the sale are handled fey another
division of the fegak who instruct the collateral teller as to the die**
position of the securities*
On January 1st, Tvln City hanks put into effect a charge for
handling customers * securities > Sftis action will no doubt influence member
hanks to place their securities i?ith us and we should eapeot a material
increase in the cost of operating this unit
CCKPABACTE STA»CT?g O^immOSS COLLAroUL S S g a M M B W
{Minneapolis tiniyj‘ r r r'
"
1926
Ifumber Amount
Bond Sales
Pieces Placed in
reserve vanlt
22480
?4p6$9f773
35634
2,563P595
1928
51678
68,721,879
674
441
47.689,249
37*994,792
Pieces taken out of
reserve vault
Coupons clipped
Trust receipts
http://fraser.stlouisfed.org/
Federal Reserve Bank ofThroat
St. Louisreceipts
issued SCI
cancelled 209
10f45/yjS6
90368f,877
polls Only]
2kore van a marked doorcase In work of thin funofcion during 1986
an ooqparod with 1925*
Bomber of entries to tho Oeneral Ledger show a drop
of from 800 to 8300 a month an compared with tho name months la 1986*
name in true of entrlee for the federal Beserwe Books*
9hn
Che Herober Bank
ledger* had from 800 to’
5,000 lone entrleo for corresponding months of 1926
a *.oonqpared with 1985*
Awerage daily balances maintained by member banks deoreaned
$2,400,000* a* compared with 1985 but wore $1,000,000 in oxooss. of 1984*
The highest point of member bank deposits for Bead Offloe wan $50^568,120*13
oa January 19 aad tho loweet Hovember 13 whoa deponltn were $40,100,532*99*
.or the entire dlntrlot the highest point wan Jasnssry 12 when deposits were
$56,686,133*53 and the lowest point Juno 3, 1926, when they fell to $45,505,455*891
Only Atlanta of the Federal Reserve Bnnkn shows a lower expenditure
for the accounting function than Minneapoliso
Total cost of accounting function for 1986 wan $49,633*69 an com
pared to $51,805*14 for 1925* Average number of officers and employeon for
1986 wan 20*84 an compared to 22*50 in 1925*
In the preparation of the Functional Expense for the Federal Reserve
Board few change* were made in 1926*
:
The report wan somewhat simplified and
the comparative report* *ent out only twice a year in place of quarterly.
Many difflenities encountered in 1924 and 1925 In the allocation
of various expenses were adjusted in 1926*
It is bellowed that the report*
are now being compiled along the same line* in all Federal Reserve Banks*
The original purpose of the Functional Expense Beport <*as to furnish
all the banks with a standard by which taey could analyse their own expense*
wit h a view to greater economy and. efficiency*
Cloeely allied with the
*
Fractional £xpens3 Analysis ha* bsen the budget eystasi introduced at Minneapolis
In 1925.
‘
j&ch quarter departmental he^ds are furnished with an- ’
Analysis of
their expenses for the quarter and the balance unexpended of each budget item*
This enables tr.e department head to eliminate waste nvft .cuts him on. notice If
his 'expenses are exceeding the bulgot allotted*
62
C O W X B k tm 8 9 k * m sm
immut,
1936 - 1926
n
u
a
a
a
i
(Minneapolis Only)
m m sm tm
Bo* of Officers
>ad employees Expense
first Half 1 9 3 6 1 . 5 7 $ 6.417.86
S M O a d H»lfl986
1.60
■
' 6.292.16
fotal 1936
$10,710.01
Monthly *v*ra«•
$
T i n t B»lf 1986
l N « d fclf 1926
«0t»l 1926
1.80
1.80
$
M W » a«OC«WBB
Humber of
employees Bspcnee
$ 4,041.86
4.40 $ 6,109.69
6.11
g.g? ’4,iigitt -5*41
— JcZtZtB
I 9,654.84
| 7,888.90
892.60
$ 6,177,26
4.991.26
$10,168.49
MrafMjr « v w « «•
m m m n
Barter of
w »1h m i
Sxpense
$
796,24
6.13 $ 6,862.34
4.93 ■S.SQ7.13
847,37
$
6.33
663.34
$11,369,43
$ 4,279.36
3.706.48
$ 7,984.80
$
$
6.60
946.63
666.40
1JD5BAI BBSSETB
D O T AOflOCTM
Sorter of
•mployMi
Expense
first Half 1926
Second Half 1926
fotal 1926
3.86
3.53
Monthly average
first Half 1925
Second Half 1925
fotal 1925
Monthly average
$4,429.44
4.020.97
?£f450*41
$
3«57
3*90
BESB2I2SSBL
Bomber of
eaployeee Expense
2.78
.&SL
704*30
13,SOS*5*
$2,960.59
::5,$?So37
492*37
* 42';'o03
$ 7*70
,?B#065«25
&,3?&«94
2«,74 \0?
$6,723.93
672*44
*7$,91
2*53
2.36
___
dumber of
employees Sxpass
.09
92.S7
,ie
$261*08
*10
OUfcll
$365*24
$ 30*44
63
RISSF.FVF. t m i T X O h
Otir
raa^rves at the oloso of Dooomb.fr, 192»>,
at ar»-/ time since Karch 1.
am
hirhor than
The total amount of exoass reserve was §46,8X7,000
percentage of reserve to combined deposit and rote liability was 76*
T h i g h e s t roint our reserve percentage reaohed during 1920 y-as 83.2percent
on March 24, on which date we bad an excess over requirements of $54,623,000*
The lowest percental of reserve reached during the* year was 60*3 on Ootober 20,
and the amount of funds available over requirement was $26,399,000*
On Karch 12, 1926, our total gold holdi^a were $97,746,000, a mark
that had.not been reached since 1924.
Gold holdings at the close of 1926 wore
$89,969,000 or $4,624,000 in excess of the gold hold on December 31, 1926;
The
holdings of tho bank increased ?1,705,000 during the v**ar and thoss' of the Agent
increased $3,119,000*
The variations in the Agent*s »;old fund were consider-
able, at one tine dropping fron 54^,000,000 to #31,000,000 in a month.
The
largest balance -eld by th* hank in ^old Settlement Fund was 123,500,000 in
November*
Balance bald by t>,3 Agent will always be relatively high on aooount
of the 40 per cent *clf.I reaervo wh5oh he must hold against not'? circulation*
In districts »vhere the borrowings of country banka predominate, ?:old
holdings are affected loss than in our oafte.
Most of o>ir advances for some
time have be>*r short-cime leans to T-;in City banks and each advanoe or payrient
is followed by a corresponding ehang* in our Gold Fund.
In addition, the allot
ments and payments for allotments of acceptances and Inited Hates securities
are covered daily through transactions in the Gold Fund*
Deposits of nember banks for the year havo r&r.god from an average
of #53,516,000 held in January, to $47,980,000 held in September.
The low
monthly average for 1925 was $50,705,000 in August and tn<* -high average
§56,802,000 in January.
On Decenber 31, 1926, deposits were 050,757,000, or
a reduction of 'r2,159,000 for the vear.
Cor»es:>ondirbalances vrere lower
for all states of our district with North Dakota rember balances showing the
greatest reJuctio?.*
64
statbkeht of umarums help dbcembbr si, 1926
First Liberty Loan
Bonds
Second Liberty Lean 4|£ Bonds
Third Liberty Loan 4|% Bonds
Fourth Uberty Loan 4^5 Bonds
U. S. Treasury Bonds
U . S. Conversion Bonds
U. S. Conversion -onds
IF. S. Banana Bonds
U. S. Panama Bonds
ll&turlty
Date
Interest
Bate
1932-194?
1927-1942
1928
1933-1938
1944-1964
1946
1947
1961
1936-1938
4& %
4§
4>
4j
4
3
3
3
2
Participation in Feeral Reserve System
Special investment aooounts
U. S. Securities - - - - - - —
Total U. S. Securities - - - - — —
—
—
Amount
(Ear Value)
$
- --
-
786,200.
3,068,760.
10,000.
3,431,300.
165.900.
3,200.
111,600.
600*
260,
9,471,500#
Sl^,03§t2i6.
Federal Intermediate Credit Bank Debentures
Federal Intermediate Credit Bank, Louisville, Ky.
rK Due 2-16-1927
$
600,000.
GOLD HOLDINGS OF THE BAr;K AND FKDSRAL
KKSEKVE AGEHT AT CLOSE OF BUSINESS BECEHBER
31, 1926, AS COMPARED VTI1H DECEASE 31, 1925,
Held by Bank
1926
Gold
Gold
Gold
Gold
Coin
Certificates
Settlement Fund
Redemption Fund
1925
3,273,640.
3,631,000*
18,759,943,
2,059,267.
3,222,345*
3,650,500.
20,483,291.
2,073,830.
Total Gold Hold by Bank -
29,429,966.
•Held by Agent
1926
Gold.Coin
Gold Certificates
Gold with F. R. Board
Gold Redemption Fund
3,455,000.
10,052,000.
46,000,000.
1,031»690.
0 3,000,000.
10,052,000.
42,000,000.
2,367.840.
Total Gold with F.B.Agent - - - £ C0,538,890.
$ £7,419,840*
$
1925
85,143,690.
DAILY AVKRAGE M M E M K K BALAN'CES BY MONTHS 1926
■
..
■
'»*
"'"'**"|"**'*'*'■
»■■
— »■
■
■
1926
Jannary
February
March
April
laegr
Jane
July
August
September
October
November
December
1925
#
53,516 M
52,285
52,272
51,171
50,294
50,583
49,790
47,980
48,654
490915
510195
50,500
$
January
February
March
April
Bay
Jane
July
Aagast
September
October
November
December
0 -w o
Bally Average Balance# for 1926
w
»
n
« 1925 « © C O ©
n
m
n
tf 192^ o © O » 0
«
n
*
* 1923 ft o © 0 ©
"
"
»
« jggg O Q o o ?
n r .
»
w X921 & o © « o
565502 U
55,236
55,772
53,049
50,847
52,568
51,578
50*708
52,535
£8.553
89,(64
830T88
u
53,0 n
49,600
47,813
44,451
41,535
imEBER BABE BES3OT33 BALANCES BT STA2ES
AT CLOSE OF BffSIHESS EECMBEE 31ri 1926©
------------ ------------------- a-----1926
Miahlgaaa
Minnesota
Montana
Forth Dakota
South Dakota
Wisconsin
2~815
310660
6,307
4^173
3S535
2^267
$ 50^757
1925
#
2r951 K
320469
6*371
4,807
3,956
1924
|
2 ,3 6 2
#52,916
3d11© H
350091
65343
4 P834
4P273
2.289
6 55,940
BEFICXEKT RBSSHTE PEBALTOS
Ilzmeapolla (1926)
total Penalties for 1926
No* of Bank* Penalised
Highest Penalty Bate
Helena (1926)
$11^810® 64
156
7°
:^@662e48
62
6j£
Highest Feint Mem»
ber Bank Beserves
(Jan© 19)
$50,568,120e13
^497^882*16
Lowest Point Karaber Bank Reserves
(Hot o 13)
M O n100 0532e99
(June 1)
/L 7S5,64S061
(¥ 0 T o 2 4 )
Combined
•'§16,473,12
218
(Jan, 12)
1925
-3L7,414««0
233
&$
(March 18]
(Jane 3)
( M y 30'
46p505r!455P89 46,637t021e04
6C
•gsassm
mtd
: xir a m r o
(Minneapolis Only)
Total transfers liandled during 1928 were 55,734 as cosparad
vitli 55,056 in 1935*
Total expense for 1926 was $9,220.50 as cohered
with $10,731.91 for 1925.
Tire transfers bandied in 1926 were 27,013 aggregating
$1',990,869,000 as compared with 25,443 aggregating $2,052,987,000 la
1925*
Incoming wire transfers increased 1913 and outgoing decreased
343 during 19?6 as compared with 1925.
Incoming wire transfers were
the lafgrest in amount in the history of the hank, while outgoing wire
transfers were the smallest in araount elnce 1933o
The following etatenent indicates the fluctuation in the
work of the unit during the paet seven years:
«
Tg/gsma EK3I3D
tereftag
SsSttlat.
1926
1925
1924
1928
1922
1921
1920
10,174
10,517
11,943
10,062
9,850
9,219
8,587
laBBit
tO00 omitted)
$ 609,695
696,093
700,576
546,133
550,036
398,876
550,429
16,839
14,926
14,561
14,667
13,166
10,895
7,543
OOO oaltted)
11,881,m
1,376,894
1,344,636
1,079,866
1,008,MS
851,458
813,889
J
Transfers for the Five Per Cent Toad of National Banks deereassd 776 in acuafter hat increased la anoont $2,363,485 during 1926
as eospartd with 1925.
Average master of enployeeein 1926 4*57 as coapared with 5
la 1925.
Btariber of msssagss coded and decoded in 1926 was 18,342 as
ooapared with 21.610 la 1925 and 24,300 la 1924.
It is Interesting to nots that during the first six months
of 1926 Minneapolis seat a less ouster of woxds over the leaeed wire
thaa any other Federal Beeerve Bank*
This can In part he accounted
for hy the fact that al Minneapolis all msssagss are pat in code h y
the Coding tfolt, aaterislly reducing the oost*
Ksssagee to Belsaa Branch are eent over the outside wire «e
we hart ao leaeed wire to the Branch*
Helena messages are invariably
coded, materially reducing oar telegraph tolle*
Our ceding exp cnee ie
higher thaa other Tedexal Beeerre Beaks with like volume if woxk se*
cording to the laet available eoxqparative report.
67
SIP.U&.!BBfc SHU _.*r W Z& 11 /&D £X>tm 01’ 2K.‘j/$F38 !*W
m mm of skfloikes. sm m :s jm vmm zxnaaig
(fflimeapoiis CtolyJ
Wunber of transfers
made other than for
5$ fund of national
bankSc
(wire and m i l )
Amount
Humber of transfers
for 6$ fund of
national banks
iaonttt
First Half 1926
Seoond Half 1926
19175
20838
#l0161Jk2350572„00
1.283o279.750o00
8202
8019
$6»6B£94S0#00
6*161*255.00
Total 1926
30515
v2 -,444,.5159322»00
16221
12,733,685*00
203r709, GlOoOO
1351
$ ir06i,i40o4i
’
fonthly average
2292
i
First Half 1925
Seoond Half 1925
17,300
20*751
0ia89,990.387o00
1.330-979*166.00
8*274
8*723
$ 3,723,300*00
6.646.900*00
fotal 1925
58,059
§2. 520:969,573*00
16p997
Ol0;(370#200*00
3,172
•J 210fOOOjr798.00
1*416
Hont&ly average
First Half 1926
Seoond Half 1926
864D183.33
Iamber of
employees
aaplo^scs
* salaries
2*59
5C00
'?ly639*43
#lp8l.%44
Jlc745o25
5i»ei3o6r
$3p.384o68
*3.626*11
"3,451*87
§S,558*9£
§7,010.79
287«65
$ 296*57
§ 684.23
v 20261 a 79
2p219*83
1,607*23
2*046o13
03,869*02
4 ft265.96
;jj'4j48ln62
3P653©36
08,134*96
fotal 1926
Itonthljr average
First Half 1925
Seoond Half 1925
#
3021
3*33
Total 1925
f
.onthlj average
373»47
fotal
expense
Other
expense
0 304*45
$
677092
COBIITO W If
Iftenber of
eaployeee
First Half 1926
Seoond Half 1926
■
rf .
"fotal 1926
lo72
1,62
J'onthly average
First Half 1925 1925 l*G6
Second Half 1925 1925 1>89
fotal 1925
ITonthly average
Other
expense
fotal
expense
£1,152*97
lp042*66
v 6 o 84
7o24
$10169«81
1.049o90
?20195»63
£14*08
§2,209.71
182,97
lol7
184*14
"X. 272*22
1^522o70
71
lo30
•^1,272*93
1.324*00
02&594*32
•J 2*01
’
2f,596»93
Tinploviees
salaries
216*24
$
216 <>41
68
SEX80&ttH UNIT
(Minneapolis Only)
Mossages handled over the leased wire increased 1469 for 1926
over 1925«
Messages sent deoreased 126 and messages received increased
1694*
liuiaber of words sent over leased wire in 1926 ivas 418,477 as
compared with 424,724 in 1925* a decrease of 6,247*
Constant vratohfulness by the officers and department heads
to eliminate all wires where a letter would serve as well, helped to
eat down the number of words« Zn addition, the practise of routing all
wires through tho code unit whore all messages possible are coded, has
helped out down the nuiaber of v/ords sent and thus tho expense*
Total expense of tho telegraph unit for 1926 was $17,298*79
and for 19213 £17,223*86*.
Cost of rossages over outside ’
.Tiros deoreased
$328o00 and our proportion of leased wire rental incro?‘
.aod 4S8o00#
0F3HATX0KS OF 133,-iSSD r;3B!
----- m s ^ i m --------Tolegrams Sony
1410
11c53
1474
1235
1301
I486
June
July
1322
August
1439
September
1533
October
1574
160$
Hovasaber
December
1S &
~Tf<578
January
February
March
April
1382
1163
1454
1248
1338
1532
148$
1319
1485
1727
1431
1636
2620
1856
2177
2059
2201
217u
1747
12G1
l4Zh
1538
1421
1590
a,m &
Yelegrans Received
2226
1755
2008
1806
1962
2014
1981
2085
2191
2668
2318
2348
1607
1582
1992
1849
1758
1881
1834
1814
1880
1968
1924
2026
2579
1588
1372
2088
1690
2400
1573
2190
1705
2379
1795
2141
1889
1759
1597
1667
1607
1794
X94S
1792
1648
1509
1838
2074
'24853
~1£3?XT ‘
2296
1851
2372
2256
2209
2413
2305
2224
2236
2672
2473
2675
69
flON-CASH COL;,?<??X»
n'WTXCV
(■linnfjapolis Orilr)
The number of items handled by Collection Department in 1926 decreased 2 fi.ku u
compared wit*.
">d 37,166 as compared with 1924, » doerease of over 12# in two years*
val',3. of items handled in 1926 was $139,380,000 as compared with $143,129,000 in
1925 and ;145,766,000 in 1924*
Cost of handling City collections during 1926 was 7,3 cents per item as oompared
with 8,1 cents ir 192B.
Averar* cost for the entire Federal System was 19 osnts in 1926
with Minneapolis bavin* the lowest for the System#
Country collections were handled at an average cost of 10*6 cents per item during
1926 ar<d 11*3 cents ir 1925.
cents per item in 1926*
Average costs for the entire Federal Reserve System wns 12*8
St* Louis ranks first in low cost, with 8*2 cents and Minneapolis
second*
Only Hew York handles more City collections than Minneapolis*
It might be re*
marked with referenoe to items handled at Minneapolis that a large portion of thes* items
are on firms looated in the Chamber of Commerce and nearby buildings.
This makes presenta
tion rapid end lowers our handling expense.
Cost of the Non-Cash Collection functior m s #25,026,01 in 1926 as compared with
$26,691*51 in 1926 and $27,744,44 In 1924,
Comparative tables of items handled and oosts for 1926 and 1925 follow:
COMPARATIVE STATOffiFT SHCr/INC llWHBEP OP NON-CASH COLLECTIONS
KA’
DLSD, TOB3P OF 5MFL0YS?S, SALARIES AND 0TH3E KXj^KS^S
(Minneapolis Only)
No* of
No* Coun- No* of
No* of
City Coll* try Coll* Offi- Officers Employ- Employees Other
Total
Handled
Handled
oers
Salaries ses
Salaries Expense Expense
H r s T T a T T ‘1626— TT?m ----"2 5 ^ ^1^ >6V6^8,:Sff B2V62,2:-il,
Second Half 1926 94,508
70,303' .25
450.00 17*77
9,827*48 2,182*44 12.459.92
Total 1926 171,736— 1 2 5 ^ --------- I F o O S ---------| g tW . B 1
Monthly
Average 1926
14,311
10,758
7S.00
1,660.10
350.40
2,085.50
First Half 1925
74,931
Second Half 1925 111,755
Total 1926 1 ^ 7 ^
■.onthly
Average 1925
15,567
71,427
63,348
11,231
.25
.25
450.00
450.00
18.92
10,445.69 1,886.32 12,781*01
17.97
9.965.13 2.495.37 12,910.50
--------- W T
75.00
1,700.90
305.06
2,140*96
70
OOUfOTIOff XKPABfMKVT
00NPABX60V or BQMBEB Of Z 9 M MW8TOP VQB 00£U09ICV
1986 - 1926
(XiBMapolli Only)
J & E U m w m m ...
January
Tebruary
IfkVQth
April
Iq m
July
Augost
September
October
lorember
December
Total
W U i C T M l ____
1936
1986
1986
1986
1986
1986
16,493
14,080
14.986
11.163
9.679
11.988
11,861
12,737
17,787
20.693
16,591
14.889
16,480
12,101
18.188
9.096
11.889
13,834
18.681
16.899
21,048
21,277
81,816
19.640
8,991
7,869
10,866
10,118
10,788
10,789
18,436
10,660
10,768
11,970
11,866
18.726
11,796
10,686
18,608
11,978
11,348
18,891
18,186
*.907
9,396
11,636
10,886
86,484
81,919
86,860
81,881
80,301
88,777
86,096
23,887
88,606
38,668
88,446
87.614
88,876
88,686
86,686
81,067
88,661
86,186
84,867
88,806
80*487
88,918
38,101
29.979
171,f36
186,686
189,097
13ft 775
300,638
380,461
BUBttJBUBl
c m
1926
ISO
January
February 134
March
166
118*
April
&ay
152
16a
June
174
July
AUgOSt
169
September lcC
October
174
Hoveaber 192
December 212
.Total 1 ,999
coXL^CTIOSS
1925
239
186
138
137
154
159
•-os
800
158
306
1S5
162
13,173
c & w v r couubcmoiis
1926
3,146
1,882
1,323
1,179
1,220
.1,363
1,47c'
1,169
1.303
1,412
1,469i.sai
13,^34
to *at . flouaevifiia
1986
1986
8,496
1,412
1,434
1,374
1,291
1,531
1,C33
1,166
1,416
1,644
1,764
____ 1 .SB*....
1S,£»1S
2,386
1.416
1,492
1,297
1,372
1.531
1,652
1,338
1,363
1.592
1,661
1.793
ie,e33
1986
8)736
1.598
1.616
1,511
1,445
1.690
2,038
1,366
1.574
1,850
1,949
2.120
21.492
71
m & m a m m m s m
(Minneapolis Only)
There was a decrease of 1,399,301 in iteus handled during 1926
fey the Cheek Collection function as compared with 1925,
Items Handled
1936
Clearings
1 M b er & Son-Kenfcer
Other Reserve Banks
Dirsct Sending
Sent Belsna Branch
Treasurer United States
The only class of iteeis a howl
1925
3,780,889
17,279,738
1,224,399
44,130
11,928
767,130
23,108,304
3,873,272
18,514,173
1,272,033
47,045
11,639
789.363
24,507,506
an increase is in iteos forwarded
to the ? ranch*
The monthly average of Clearing items handled was 315,074 for
1936 ae cons>ared with 333,779 in 1936 and 314,364 in 1924«
Hesfeer and
Son~B»aber items handled averaged 1,439,977 monthly in 1926 ae coopered
with 1,863,818 ia 1935 and 1,843,879 in 1924.
Average monthly items handled
for the Treasurer of the United States was 63,937 ia 1926, 65,780 in 1938
and 68*347 ia 1934*
Average monthly items on other Federal Heserve Banks
was 105,711 for 1936 as ooapared with 109,932 ia 1928*
Average nusfeer of transit letters received daily during 1926 was
1484 aa compared with 1888 ia 1928 and 1616 ia 1934.
Average nufcer of
transit lottere despatched was 1800 in 1936, 3089 ia 1938 and 3437 ia 1924.
The dsoreasin* voluna of transit letters received and eent reflects the
xmriber of feaaks ifcich hate dosed, coneolidated and removed from our par
H a t during the paet throe rears.
The following teble ehows ths ineroaeed efficiency that has feeen
attained ia the transit department through more experienced employees and
less turnover*
Tear
Average Items
Handled per
Average A s t e r
of fq»loyees
S 3 --------------- “ * % t “ * -------------- B ------1998
9M
96
193*
888
109
U9S
736
138
1988
0H
185
1981
888
188
Ml;
of ClMtrlnc* a U M n t « m
wltti 99 la 1886 «n& At ia 1924» Daily
31 la 1986 u
oe^Mod
of out of town l t o n
72
1926 - 27f 1S25 « 33* 19& * 32*
Dally average number of eia(ployee« in January 1926 was 94 and fell
steadily to 81 In Deoeober which was 11 eisplsyees less than In December 1925«
In the last animal report attention m s called to the faet that
in 1926 it would he possible to handle a greater comber of Items without
material Increase in transit expense^
Analysis of tfce check collection expense shows a decrease of
$5t526o50 for tho ysare Practically all of this decrease in expense came
in tho latter half of 1926 as eonpared with the last half of 1925*
•Total expense for the funutiea was #117.616*95 for 1926 as mm,pared
to $125p143a25 for 1925*
Cotaparison of expimse v;ith the other federal Reserve Banks Is ©r
to be misleading unless the voltes© of work is also considered* HlnmeapAlis
District has a larger number of small banks and consequently more letters for
the same volume*
Xn unit oosts ?ttnn©apolis# according to the last comparative figures0
ranked hi£i in low costs*?
Costs for clearings were 1801 cent* per hundred
checks as compared with a system cost of #36©7 cents0 Only St0 Louis had a
lower cost per unit#
Costs of handling Goveiwnent cheeks were 39*4 cents per hundred
for Minneapolis and 42 cents for the system*
Several federal Beserve Banks
had a lower oost than Minneapolis*
Minneapolis oost for outgoing oountry checks was 4104 cents per
hundred as compared with a cost of 89*9 cents in 19250 System costs for
1926 wore 4£«7 cents and for 1925 42®8 cents*
She following table shows th» oemparative items handled per day
pov employee at Hlzaio&polls and for the system®
City Checks
aovexssaent ebooks
Country Check* Outgoing
Return Xteeis
Minneapolis
2384
1490
1066
363
Systitt
1461
1060
954
290
Oost of Handling return Iteias 10* cents per item for JSlnaeapollg
and 202 cents for tho system*
for the cane period in 1925 our oost was
1 3 oent* per item*
73
Bo« of
ttm Ohooki
?680000
18,599,000
497,000
909,790
$4,000
1,94$,989
98,41$
Vint Half 1925
80001* Half 1925
1,919,04$
1,889,91$
402,257
987,10$
9,792,979
10,092,497
346,910
34$,799
fetal 1935
9,802,9$3
789,9$9
19,844Q870
499,$49
916,919
$5,780
1,$59,799
41,197
StOO&A Half U M
Total 192$
T m M ? ««« « e »
lottlbljr i n n g i
iiHrBmrnar*
*ooon& Half 192$
9,717*000
Only)
80* of country
im r m r m r
36* of city
9»*«f
Oowmmnt
dMdca httdlid (dftiaki «ili .
flkMka Vteiivtd
" i ym yn r .m ;w r
....... " ¥ ^ w r *-------- m 9m mmm'
1,040,000
377,000
9,377,000
350,000
M o r of
sffgsas—
<.35
Stotal 192$
Offioora
1.170.00
fetal 1935
70o08
02,340,00
I'ontmjFirst Half 1925
Sooond Half 19215
M ^ r of
yl,170oC0
& :..170,,(K»
:.?..340»0C
42.943 <,98 lS»&e».4g
C 7,354.40 ? 2.,E82»0l
77,78
79,.71
$
198,00
9,801.41
•;45,1S3«,70 15,95S„S8 § 60,240.69
H6..940«M ~Mg„787.4g .? 6g.e97.56
;91f.C?0..88 ,?29»789«86 #123,143*20
♦
nontfely srangi
87.348.48
'C8,SS2-.80 .27,024015 $117,616.98
106..00
,50
,.5P
3a$loyeo« Otter cxpcato fetal
♦
0 7,8fl9,.S9 0 2,476»98 0 10,261c04
74
in
W IB citt ciamrnma THaoutm mbmbal aasistTB bark or aranAPOLis tob 1926 amp 1925
jBomrt of Xteat Amount of It«as
on ttpl». 3ted»
""
Srsnd Total
1926
Grand Totrl
1925
-
Sally Avar.
Cl9*r.l926
Amount Held
Orariggi
157.830 0832.73 83 .97^.690.73
2Ul.SO5.523.U6
237.U28.6lS.58 193.919.13
M ra o jr
132. 739. %0 .87 70,9U0.990.Ul
203,680 ,1)31.28
203.UU2.157.66
176 ,230.28
3?2,oU6.oU
to *
l6e„66U,237 23 87.2te.33i.ao
255.906.568.U3
2U8 .329.787.3U
181,896.65
JprtX
1.57.356.733.92 81 ,802,268.70
239 ,159 ,002.62
MV
lUs,U80.28U.33
79.229.U05.69
227,709.690.02
Am
168,586,U22.5U 26 ,1*58,121.20
July
l67.6e2.703.9U
y—
ij
BIBSOT 8BHPI1TOS TO OTH'IS ggjgSTO BA1KS BT 005 WaflBtt
33s.H3g.60
m w r g IQgfi i m 1 0 ^
Eumbar of Items
1926
192S
13U .191
Amotaat
i a £ _________ 1225.
1U5..805 13.593.9lU.28
I8.336.i3c.i8
121,123
119,6?U 11.U7C ,137.27
1U,90s,76-
358 ,592.03
lUg,3il
130,698 15,1UU, 606,07
17,903,'i.c? 1,5
22c.3UU.1s
283,665.98
1H2.2U3
13U.389 lU,7fl,058,0U 17.095.U55 7'-*
228.198.716.76
230.2UU.06
25U,898.82 135.269
123,398 13,866,005.33
16,813,611,92
255 . d A . 5U3 .7 U
258.37U.602.U1
23r.1U8.l6
303.198.32 1U8.U50
1U1.773 1U.7UI,560.15
18,6i8,U26„53
83 .Ul3 .399.lU
251.096.103.08
250.38U.32U.s5
23U.83Q .02
235 .696.36 lUa.351
152.157 1U.37U,087=10
19.863,5U5.26
X55,387„159.i»3 7U.I8U.65U.2U
229.571,813.67
2Ul,72U,l63.U«
253,010.82
216,658.06 133.3U7
1UU.8U2 13.227,996.81
20,360,938,39
IW««t«r
167.H59.598.79
80,276,193.28
2U7 ,735.792.07
265.026.U99.12
192.9U6.27
220,777.26 127.921
1U2.886 13,080,502.20 19 .331 .U37.19'
QetaAar
i*U,185,315.33 90,936,925.90
275.122.2U1.23
299.53g.U60.il*
220,258.97
308,850.31 1^7.263
156.UIS 13,272,286.03
22 .U73 .393.66
X76.33l).556.67 88.U71.771.90
26U.802.32s.57
275.U60.926.7U
250,181,52
25O.lUU.56 125,010
lUl,270 12.922.865.9U
18,056,532.72
l67 .»W«S,Wl.g6 89.807.203,62
2 <S7 .U02 .<;57.U8
1ST.2T7 12.S6l.732 66
iq.0qi.96s.gq
®rt«l
*P»-
,. 'm
■Ja,,.U77.U__ 136.U66
,P3&Z& ■
1,952.298.639.6U 996,737.956.01 2.9U9.036.595.65 3 .029.061 ,066c37 2,825,103,82 3.U1U.303.U5 1,622,005 1.695,U97 163.0U6.751.88 2i8.8U3.369,2U
162 ,691,553.30
83.Ofil.U96.33
2U5.753.0U9.63
252.U2i.755.53
235.U25-7U
28U.525.28
135.167
lUl.291 13.587,229.32 I8.236.9U7.U3
£30NTH
:a &>. of Dsily Average Ro, of Daily Average Noe of Daily Average All Daily Av,Trans.Items Sent
Daily Avers ■
Transit IiT:t t !rg Rec 1d transit kottars Sent Return Items Bandied Other Items Sent Direct "y Our tieaber Banks
1926
1926
1526
1926
1926
1925
1925
19£5
1925
1925
Ca nar y
i.{»23
February
l.**83
Uarch
1.51&
April
1,599
May
1 #& 1
June
i 9iai
July
i,iM
1.376
August
September i.Soi
i»*ai
October
Sorember
1,501
I^^ember
1 0455
XTarage by
Moutlu
i.1^
l,U5l
1.351
1,580
1.763
1.7S5
1.677
2.213
2,1*3
2,201
2 ,117
2 ,ok6
2,056
2.075
2,031
1.999
1.9"3
1,971
1.9*6
i.*?o
1.350
1.269
1.306
1.352
l.*95
1.357
1.316
1.&72
1,510
1.832
1,620
1.839
1.758
1.512
1.638
1.573
1.572
1.562
i,*i«
1.579
1.636
1.837
1.667
77.676
79 .17 *
78,3*3
79.835
7 U .706
76 , a 6
71,002
bJ.&US
73.816
77.*23
85.305
80,glt6
79.30*
83.583
83,175
84,900
78 ,2*a
79.899
75.61*
71.635
81,266
85,1*5
88,618
82,100
5.366
5.508
5.*93
5.690
%* li
5.710
5,*75
5.129
5.U7
*.895
5.*35
5.269
5.608
5.*37
5.027
5.376
5.136
5.*53
5.852
5.571
5.715
5,793
6,1*2
6,0*8
88*
906
969
992
1,00*
1,0*6
979
971
95*
1,028
1,119
1.069
ST?
96*
1.030
1,020
i,5Sg
1.S00
2,069
l.*51
1.633
76.833
81,623
5.375
5.597
993
958
l,&iS
54
52
51
51
52
53
60
%
57
52
Average by
Months
53
Ug
39
41
3*
50
%
**7
53
40
25
25
31
25
m?S
29
33
26
26
31
Dp.lly Average Kosibar of Daily Average Snnber of
Banks Heaittiiifc In Other Drafts Baceived In Other
1926
1925
So
figures
available
352
320
311
325
328
293
278
320
302
31*
3^
35
46
51
32
33
37
33
41
*12
**
39
17
16
29
30
2?
36
3*
27
23
27
25
27
41
1+6
31
28
27
2**
22
306
303
317
319
317
318
322
31**
310
272
30U
300
39
27
33
309
35
3*
28
38
lumber of
1926
1926
1925
9*
93
91
101
89
90
3«7
357
3§t
35^
337
100
102
85
80
80
81
100
9*
369
87
96
1925
2To
figures
available
kOS
378
3«>
37*
338
I
January
February
March
April
May
June
July
August
September
October
Strveaber
December
Daily Average Out «
Itaias Mi 3seat
1925
1925
91?
95j
1-,00*
1,00*1
98f
91k.
901
SBk
1
Daily Average Clearing Daily Avert3go ClearItems Be turned Unpaid
in. Iteaia ‘
tisgent
192
T
1926
1925
1925
^7
50
5?
Dally Average Ko„ of
Itsne Par Person
1926
1925
1.920
i.ss3
1,902
1.S55
1.835
1.829
1,502
1.763
1 .73 ?
1,726
1,686
1 .65s
1 ,50*.
1.5*3
1.563
1.706
l.*90
o
-T'OIiIS OlXi
COMPARATIVE ffI (£13735 fOR TRANSIT D%PAB?M3Jff
90
88
88
98
96
96
93
99
91
92
~
tTW E B A L WSSMTB B A M OF I'lNSBAPCLIS
RSPOBf OF THS TRANSIT OTPAW ! ® FOB THE YRAH 1926
m m
MSMESE A NDS-40&CBSB
glxahinqs
Amount
DIR15CT TO BANKS IN OTHBJB fO OtM WShmk
B t l R H BT US
OTHER KSSSSTS BA’
ilCS HESEHTS! DISTBICS8
Nnmbar
1926
Jnmber
January
321.693
i67.127.2fc.35 1.H31.836 78.321.77H.79
111,161
February
2tfc.502
139 .590 .870. ©
1.286.5H9
66.H32.538.2s
95.337
March
361.709
1ao.267.319.19 1 .5H6.891
8>3.251,666.18
April
3ah.056
i66 .7 iu.6iio.7 it 1 .H76.285
80,620,275.60
97.H28 21 .Hll.7U6.55 H .518 H.iso,566.2U
M^r
305.105
159.H82 .752.3H
79.918.727.18
91.02U 20,753.351.97 H .138 H, 169 ,066,,70
Joaa
31H .771
180,388,133.25 1 ,508,61U 29 .073 .572.95
July
292,611
177.287.512.25
Augost
295.997
Wpt«ab«r
Sgafegi
1 .392.529
Aaotmt
Amooat
EimMi
2 ,6(J*,127 .2H 3.823
Amount
3 .719 ,562.39
18,217,188.61 3.U36 3 ,352 .972 .7 !?
Number
TBSASUHRR OT W S U.S.
Amonftt
Aasssl
1,09S
172 .676.U0 57.509
7,O7H,280.90
992
201,500.62 58,830
5.099.123=07
232,822.38
75.705
6.689,950.70
2U8,Z51.CJ* 80.66U
6.6UU.267.H6
139,901.51 ©*.575
6 ,189.597.02
6,330,061.87
113.7H5 25 .550.HU3.17 H.176 H,Si6,396.85 1,085
9£?
H.313.H72.52
93$
22U,30H ,81
1.39H.062 85 .579.37H .90
100,156 22.367.73O.2O 3.696 3 ,S78,6.?5..20
901
£23 ,663.13 5U .325 6,96U,196.55
l$5.957.179.69 1 .309.721
80,607,169.07
95.300 21.738,985.18 3,281 5,166,53H.70
860
236,853.10
53 .H91
300.3U1
177,222,607.9^
83 .725.33H .80
9^,128
H.001.U77.60
909
301.37S.lH
63.5U6 7 .79H.110.3H
Oetolar
315.7®*
196.9lH,660.99 1.511.923 9H.750.992.SO
loU,Uo5 23,360,91S. SSI 3 .U23 H.535.16U .55
1,109
299.977.lH
75,363 10 ,998 .790.56
Smoker
320,985
I8S.162.0H3.HU 1.H67.025 90,292,922.15
103,810
22,766,0U0.U9 3.115 U.3U0.05U.25 1*001
335.658,98
65.695 7 .T66.39P 17
l82 .8H8 .H71.lJi J 531.35S
Dtoftritar
Total
Montiy ivto
NOo Items
Monthly A n .
Anoruits
1 .382.938
99.9H 7
23 ,038 ,820.92 3.923
21 ,868 ,617.2H
3.137
86 .069.317.77 _ U 7 ^ 2a _22 *S57 asS7.32 _i>H6H
U,2^6.783.70
1.1&*
53,278
7 ,396 ,806.71
226.227.U6 0 L J 51 _S.286.699 OB
3 ,780,889 2,081.9©.U55.00 17,279,728 998,0*3.666.H7 1.22U.399 266,535.257.68 UU.130 50.520.677.H8 11,928 2 ,900,3 ^ .7 1 767,130 87.23*4,275.-77
315.07**
102,053
1 .H39.977
173.H96 ,95U ,58
83 ,220,305.5H
99H
3,678
22,211,271.U7
H,210,056 .H6
65.927
2Ul.697.89
7 ,269,522,98
MXHHEAP0LI8 AHL SELBKA BRh-HCH
ovcimz m or clecx cleasing aub collection bepakthew
2et*li«sd CXaoaificatiua Btus&era and Aurunts of Items Handled by Months during 1926 with totals for 1922* 1925* 1924* 1926 and 1926o
Items Drawn on
Banks not in Hinth District
Ste&a Ixoxru oa Banks In <nm Pigtriet
Interchanged Other F* K «
Branoh and
Mrecfc'
Other Banks
Biinth Pistr. *Iead Office S&ndl
~B2u — r^n ir" "Wori&di
Districts
m srm t.
Banka
j ^ r a s r
Treasurer
of U.S.
wr^sraw
Total
for 1926
TCTTOTr
t5*720*
3*355*
4*616*
4*181*
4*169*
4*515*
5*879*
6*167*
4*001*
4*556*
4*340*
4*247*
117 125*008*
100 27*117*
121 28*042*
104 25*856*
98 22*985*
107 25*904*
108 25*607*
105 24*527*
101 26*867*
111 26*727*
111 26*974*
126 25*775*
66 #6*257*
6*219*
69
86
7*826*
91
7*694*
7*226.
76
65
7*644*
8*196*
66
67
8*952*
78
9*276*
87 12*506*
77
9*164*
74
9*624*
2089
1877
2286
2164
2029
2168
2052
1958
2056
2219
2169
2500
$60*621*
1*507
1508*156*
~w
‘
Oal 6&;ika
0.
0 T :January
Febn&sary
Maroh
April
May
June
July
August
September
October
November
December
SS4
296
378
338
317
381
306
509
514
532
536
359
$148*544*
10 091*079*
124*196.
6 49*609*
8
76*303*
131*626*
39*330*
148*609
8
145*475*
8
58*78$*
161*600*
8
66*245*
159*658*
9
68*660*
146*125*
68*497*
8
160*557o % 8
75*749*
178*481o
80*610o
8
169*031o
8
76*511*
166.717* _ J L 71,032*
S*948
$1*888*674*
192C
1926
1924
1925
1922
ssilvee
09
|d01#51S*
£2*416*
1*538*
1*855*
1*780*
1,510*
1*851*
1*885*
1*760*
5*219*
5*676*
5*450*
2*769*
4
5
4
6
,4
4
4
5
5
5
5
5
18*952
36
127*684*
$1*127*472*
43
1555 t87*S32.
1599 74*223*
1086 95*726*
1605 80*619*
1525 88*411*
1650 99*270*
1557 96*155*
1445 90*555*
1628 96*661*
1676 109*785*
1622 103*756o
1727 99*125*
3
5
5
5
5
3
3
5
5
3
5
5
(In thousands only*000 orcltted)
#566*556*
286*154*
575*972*
544*949*
526*660*
566*627*
564*216*
545*559*
576*299*
416*216*
591*996*
579*786*
Total
for 1925
T O T aS O T T
2200 #510*950*
1959 282*680*
2502 825*997.
318*625*
2102 807*658*
2247 588*674.
2129 886*161*
2021 828*681*
2190 869*067*
2471 398*228c
2199 867*776*
2467 870*966*
901
26*286
26*662
#102*451*
#4*556*460*
#4*009*206*
25,266 #4*336*460*
............ ..
26*661 #4*000*208*
— - ------------- 26*206 5*661*224«
27,422 3*412,1380
---- ------------ 25*067. 2*942*677*
S5LBKA BRAKCH
HEPOBT OF T3S TRANSIT DgPARB-SM FOR TBS TSAR 19S6
Clearings
Amount
Uumbar
19,000 $ 7,916,000
January
February
16,000
6,651,000
22,000
8,469,000
March
7.726,000
19,000
April
May
7,148,000
19,000
8,114,000
June
21,000
8,566,000
July
19,000
7,896,000
18,000
August
9,197,000
18,000
September
21,000
11,226,000
October
10,272,000
19,000
Hovember
December
20.000
10.214.000
Totals
231,000 $103,395,000
Monthly Arer*
Items
19,000
Monthly ATer»
8,616,000
Amount
To tftsfri) Offttc
!/f
Te-Other fifissrve “
fantafr
Number ____
Amount
2,000
January
February
2,000
2,000
March
2,000
April
2,000
May
2,000
June
July
2,000
2,000
August
September
2,000
October
2,000
lorember
2,000
December
2.000
Totals
24,000
Monthly A y o t
Items
2,000
Monthly Arer •
Amount
$ 2,237,000
1,336,000
1,600,000
1,531,000
1,320,000
1,626,000
1,659,000
1,523,000
2,918,000
3,375,000
3,114,000
2.543.000
$24,782,000
Drafts on us
Amount
Humber
$
7,531,000
3,000
6,016,000
3,000
8,661,000
3,000
7,338,000
3,000
6,505,000
3,000
7,673,000
*3,000
7,586,000
3,000
7,719,000
3,000
8,311,000
3,000
11,225,000
3,000
9,120,000
3,000
10.238.000
3.000
$97,973,000
36,000
Uembar & Non-Member
W\anber
Amount
123,000 $ 9,010,000
112,000
7,790,000
139,000
10,474,000
129,000
8,899,000
130,000
8,492,000
141,000
10,196,000
143,000
10,574,000
135,000
9,926,000
145,000
11,936,000
15,034,000
163,000
155,000
13,443,000
, 13.054.000
156.000
1,671,000
$128,828,000
139,000
3,000
8,164,000
fo byt/c fef.
To Hfinri
Number
6,000
5,000
7,000
7,000
7,000
7,000
8,000
8,000
7,000
7,000
7,000
8.000
84,000
(,\T
Amount
$ 2,404,000
8,900,000
2,492,000
2,424,000
2,230,000
2,865,000
3,239,000
2,588,000
4,988,000
3,366,000
3,208,000
2.916.000
$41,620,000
7,000
2,065,000
ffiUUTO TOTAL 0? ITO.SS -
10,736,000
Treasurer of U.S*
Humber
Amount
9,000
10,000
10,000
10,000
11,000
12,000
11,000
13,000
14,000
12,000
11,000
10.000
133,000
$
1,163,000
1 ,120,000
1,136,000
. 1,050,000
1,036,000
1,214,000
1,231,000
1,535,000
1,481,000
1,506,000
1,388,000
la33?.00p
$15,197,000
11,000
3,668,000
2,179,000
OBAND TOTAL 07 AVOTISTS - $411,795,000
1„266,000
FEDERAL FS53SV5 A'?7 J ^ 0 P 1 I C .
[Minn^ar.»oli« only)
Ttc unit* of work asai^ned by the warms! of experse to r.na iV.ar. •,'?
Office are Federal Hot** Issue* (new currency), Bank delations and Statistical
and Analytical •
Cost of issuing Federal Reserve Notes, including records and reports,
was $2,841*11 in 1926 and #2,769*81 in 1925, employees salaries aooountine for
th* increase*
Bank Belations expense was $7,242.49 as compared with $6,279*71 in
1925*
Bmployeos salaries inoreased $210*00, traveling expense $550*00 and
miscellaneous expense $363*00*
Statistical Unit expense for 1926 was $11,816*52 and $11,186*80 for
1925, an inoreasc of $ 650.00 aooounted for in employees salaries $300*00,
traveling expense $150*00 and miscellaneous $180*00*
Monthly letter costs inoreased from $2,175*55 in 1925 to $3,040.27
0
in 1926*
Printing costs inoreased $440*00 and postage $437*00*
Library expense was $1,828*62 in 1926 and $1,519*31 in 1925, the
increase beir^ ir» mor^ employees required.
Bank Examination Unit costs were ^24,014*97 in 1926 and $29,393*76
in 1925, a decrease of $5,379*70*
National ard State Bank BxaHLners* reports
deoreased $6,084*on ir> 1926 as compared with 1925*
ySPIRAL RS82RVESOTS ISSUES
Humber of Of floors Kumber of Employees
■
■
‘
75ST--first Half i m “
..
*25
Seoond Half 1926
600*00
Total 1926
*t ;j b e w
Monthly Averap^
First Half 1925
Second Half 1925
Total 1925
$
*25
♦25
Monthly Average
.. 1 m
600*00
600.00
i r ; T O
*70
.70
r
183.21
$
786.42 0
784.21
jttbw.w r
$
100.00
w
Total
mse
'TnBrir.STO.w
21.57 1,470.17
848.60
s r ;s s o & r " T O T IT & T .T L
$
100.00
$
$
.88
Other
126.08 $
■s 23C. 76
27.96 $1/394.38
40.72 1.374.93
$.72 $
2S0.77
BANK BSLATI;vs
Kumber of
Officers
HrirHQ7~"TOStf ' V7BT—
Seoond Half 1926
*75
Total 1926
Offioers Humber of
Salaries Employees
w j m .v z
.55
2,510*02
.61
1i ; u d h k
Employees Obher
Total
Salaries Sxperse
Sxpense
* 464.95 $ 555.85 S3.330.82
Monthly Average
$
©
First Half 1925
Seoond Half 1925
Total 1925
Monthly A"'erar.e
*75
•75
385.00
$2,310.02
2,310*02
$
388.CO
.43
.48
620.17 1.081.48 3,611.67
r -555TI? ST.'-JST.'W IT,-W2TW
82.09 $
136.44 5
803.54
$ 365.32 * 54S.39 *3,211.73
420.06
337.91 3,067.98
775.37 T ■ mvsy f 5 1 T O
*a>
64.62 i
73.39 i
523.31
80
a-SAgisJiv^
l&ctmSletg %&nirJL8tT&tim)
Fw &er of
Officers Httaber #f
Officers
salaries
employees
w B P t sXm
tkmrmTJkiSIg&Br
;sr—
| g ^ 3B 3 W —
r a t ----O'
3058
Sooond Bilf 1920
•85
Total 1926
S$6»WeWT
First HeOf 1926
Second Half 1926
Total 1925
$
375041
Monthly average
So 54
5054
*65
•85
376.41
Monthly average
Postage
8SS
I
!
1
rftrst lal# TSfifctf
Second Half 1926
Total 1926
Qaployees
Othor
Total
salaries
ejpenss
expense
gg w C T f— go K Tg— i g ran w
g;*6i»$y
nwtt
6*17945
^tXDrmT H J R C B T l O g l l O r
508.95 0
100*54 #
984071
£2p9l8.*3 •! 511.59 $ 5tm 079
$ 2 ^ 9 * 3 4 # 381.80 $
I B T W O f # T O C M T fB^ONrjB
* 482*33 $
74.45 $
Printing* and
stationery
*:r,0S6„3i *
1.169,61
j%19BJ5g
*
Monthly average
A ?Q039
U0.M
First Half 1925
Second Half 1925
Total 1925
£217,28
2O0t>OO
Y&lfiM
*. ?67o49
# 988o78
Monthly average
" 34077
932*19
Total
9X,180r
U 6M M
#
188,96
J 984.17
tl.18fl.78
$
146o36
161.IS
LIBIAET
first riair 1926
Second Half 1926
Total 1926
Ifcaber of
employees
u46
Monthly average
First Half 1925
Second Half 1925
Total 1925
olO
o50
Monthly average
Her^s service &
salaries
subs3ri?tions
Books
•sMV8,q4¥
'
......
351o78
507o51
164028
w m ? f
' m m M
W i W
Other
Total
expense expense
ET g T
.63#74
65a50
0 ‘
i0o82
J 20rt66
121o41
380 q 27
5biut>5&*
v21Go08
.'286*23
U7o47
$105.56
v2§5e^f
:v 41o81
41 o36
C 18.58
15*42 #
152*40
# 454.96
24„36 #
12G«61
BilJF. EX^r.rJ2TATI0IIS
Ifumber of
Officers
m m isw tm — 7m—
Sooond Half 192*
, Total 19 26
G5
Monthly overage
Humber of
employees
3o8
3,98
310o49
Monthly average
First Half 1925
Second Half 1925
fatal 1925
Officers
salaries
■■^■roaar
#1 d 862o 51
w tm :w
o65
.65
Jlp737051
*:lfl?37o51
289*59
3o92
5o60
«&ployees
salaries
34,616.39
ssTinw
Other
Total
expense
ei^— ..
Jb,a5o0og m . W M
’
§ 739*28
'
04o6O3.55
04p25CijTS
TvS;
* J,,7fi6e33 §16,106*99
w
951.S5 $ 2,001*25
s a
w
g
s ^
' 1,4S2«0» 5 3,449*48
81
m t m u m w o i c m
(Minneapolis Only)
This wit i« raaponsibla for all aKaaiaationa of naribar banka mto wider iastroctions of the "Federal Beeerve Bank.
Con*>arative fractional expensas for
1989-1938 for thia unit will be found under tba Federal Beaarta Agent’
s Function*
pm isxkuvsASim mpismm report ?ob tbi raa 1938
Tbs paginations and eradit investigations «*de tqr tbia Department la tba
varloaa states la tba Wlatb ^adaral Besarve Dietrict vara aa follova:
fatil
State
MMfcl*a&
Minnaaota
Moataaa
Horth Dakota
South Dakota
viaoonala
1
3
Total
Cradlt lap
vaatlgatlona
Bexfeart HaHeabef*
H. D. Sharratt
T« ▲' Oatlar
delated at Cradlt
I n f ttl*»tloa>!
H« 9* Sharxatt
H. C. Tintoeriake
I. C« Jonee
A. S. La Baaa
Ixclueive
of aalanr
♦ itO t
1 #367o99
779*19
^
16. of
16
3
19
74
—
miaa
fatil or
M
i,818,176
39,068,893
___ 380.600
>89,197,097
$69,197,097
99
89
41
69
74
,904.93
16,318
9,344
1.330
37,57
74
t 604.08
is,908.36
3-800
81,36?
9
4
10
as
8
Xxa&inera also sade six apaoi&l visits to aeafcar basics whan examinations vara
aot nada« Mileage ibovo in tba above table include* sdleage traveled la naifcin* tbeaa
special visits.
Office 7ork»
Usxtttojrt Traalnatlon of Satl-anal frnk«.
Bo. of report* received from tba Chief National Bank Hxarainar'a Off lea........ 1,600
(the eoat of tbaaa reports aggregated $8,312*50 for the yaar)
?o« of reports of National Sanies examined bj Federal Reserve Uxaminers........
2
180 duplicate copies of the reports of examination of Montana National Banka
vara received from the Chief Sxaoiner's Office, and the cost of tbeaa addi
tional copies aggregated $337o50 for the year.
All of the crlticiaable paper contained in the re orts of examination of banks
that borrow, with the excaption of Montana banks, was listed alphabetically
for the Discount Dezj&rtsent *
Analysis « U p « wore made out tad attaehed to til of these reports* oftUlng
attention to all natters especially oritioisable*
The dates of the vurious
examinations m t t posted on cards.
Reports of BxMdnatlon of Statt Memb er Banks*
go* of rtports of examination reoeivod from the various Stato Banking Department!
in tho Binth District of stato msmbtr bonks txamintd independently by them****
I
these reports were til analysed on F, H* Board Form X-1188* one oopy forwarded
to ttte Federal Reserve Board with the analysis form attaohed, and one oopy
retained for oar files*
All reports of eoaadnationt and oredit investigations made by Federal Roserve
Sxaadners of state banks in the linth Distriot wort typewritten in this offlot and
analysed on F*R*Boerd Fora X*118t*
Out oopy was forwarded to the Federal Reserve Board
with tho analysis f o m attaohed* ont oopy rotaintd for oar files* out oopy forwarded to
tilt various State Banking Departments in tht Hinth District* tnd ont oopy forwarded to
bank examined*
All of the oritioisable paper contained in the reports of stato m t b t r hanks
that borrow* with tho exoeption of the Montana banks* was listed alphabatioally for the
Dlsoount Deportment*
All of the reports of stato tmdb*r banks were analysed on oompar&tivo analysis
sheets to asoertain the progress made f*cm ont examination to Urn next* ani the dates of
all of these examinations were potted on* oards*
On a number of the reports of examination of state mentor bonks* speoial lot*
tors were written to the batiks examined to asoertain the progress made on the matters
criticised by ttte examiners* and the aotion taken to oonply with the conditions of mem*
bership imposed by the Federal Reserve Board at the time they became members of the
Federal Reserve System*
Copies of all letters received from various state laen&er books in regard to
corrective aotion token on matters criticised in reports of examination and action taken
to oomply with conditions of membership* were made and forwarded to 'the Federal Reserve
Board*
Copies of various letters written by direotors of state member banks and ad*
drtssed to the State Superintendents were received by this offioe* oopies made and
fomarded to the Federal Reserve Boardo
Sxtra oopios of letters rooelved from stato
member banks in Montana were made and for.mrded tot h© Helena Branch*
Reports of gamings and Dividends and Reports of Condition*
Approximately 6*000 reports of earnings and dividends and reports of oonditlon were
reoeivod* ohooked and recorded*
Applications for poredesign to eaceroise fiduciary powers approved* eto*
The following applications for permission to exercise fiduciary powers were
approved by the Federal Ro serve Board during 1926:
Date
Rfcas of Bank
Location
Approved
Capital
m w m tbrnl Bank,
TEToocE; ZLdA &a
T T O
First Rat1!* Bank of
.Alger County*
^unising* Uiohigxn
5*31*26
100*000
ttoit^d States Bat*l. Bank,
Iron Mountain* •iohigan
4*23*26
100*000
first Rational Bank
Xegaunee* riohican
5*11*26
100*000.
Houghton Rational Bank,
Houghton, ^iohifar*
9- 9-26
000*000
First Rational Bank*
Winona, Minnesota
5*24k2G
226*000
Rational Bank of tewistcem* I-eivistcwn, ont.cm
4-2*26
150*000
Qitisens Rational Bank*
Watertown* South Dakota
2*16*26
100*000
liine applicaiicr. s of m n desiring to serve at the same t '..me aa- directors* of
ficers* or employees of a xonber buiik ana uoC t m re than two othor bunking institutions
undtr the Clayton Ast,
rooelved a rd approved by the Federal Reserve Board during
1926*
Out hundred fe/osriyfivt applicative afX'ooting
stockholding of r^rber
btnkt in tho Fe£er-".l Reserve B ^ k were received and approved during tH.> ;*er*r.
88
Applications for Katio m l O-irtars.
Total number of application rofarrod to this office for reoors.-end&ticn*......... 1C
Total number investigated and roeoiaraeiidvtion made and forwarded to tho
Comptroller of the Currency and tho Federal Reserve Board* .................. . li;
Information regarding suspended banks obtained fron State Suporiiitandonta<>
During tho yoor at the roquost of the Federal Hoservo Boor3, tve railed forms
to each State Superintendent of Banks, requesting infonnation on suspended non-member
banks*
This information gave tho capital, surplus, deposits and borrowed &oney of the
banks at the date of dosing; also gave tho priruvey o a u a of closing and contributing
causes.
After receipt of the information from the various State Superintendents, it
was oompiled, tabulated and forwarded to the Federal Reserve Board,,
BAr.K C&eGES E; 1926.
Total number of member banks in the district Jan. 1, 192S******.««**662
Hew national banks organised*..... ••••*••••••••..•••...... ..... .* 12
3tate banks and trust oompanioa admitted* *........ ...... .......... 1
W ST
Hational bonks absorbed by non-raanoer state institutions*.....7
Hational bank absorbed by member state institution*••••.......I
State manbor bank absorbed by national bank*........•••••. ....I
Hational banks absorbed by other national banks.0*..*...... .*4
National bank consolidated with another national bank««,**.****l
Hational banks suoceoded by other national banks***..........*4
Hational banks suoceoded by non-j&aaber state banks*.... *...«*3
Hational banks liquidated**..... .......... *.... .......... 45
State member banks liquidated*.......... ......... ......... 4
State monber bunk withdrawals*.............................. IS
83
Total numbor of moaber banks at the end of the year*.........
8tate
State Member
Banks
fsr
792
Hational
Banks
HRT300
76
155
104
46
TO
Total
~i3r~
321
103
167
113
50
A* Ifaribership.
At th9 close of the year, there ware 792 member banks in this
distriot as oompared with 862 asmber banks at the beginning of. the year*
There was a net loss of fifty-three national banks and seventeen state
banks*
The total membership at the olese of 1926 was divided into 720
national banks and 72 state banks*
The new raentoers ares
Hoo of Shares
Haute of Bank
Location
Subscribed
Farmers Hational Bank in
Buffalo Hational Bonk
First Hational Bank in
Blooaington-Loke national Bank
First Hational Bank of
Peoples State Bank
Hational Exchange Batik in
National Bank In
IilNTlSSOTA
Alexandria
Buffalo
Mahnomen
Minneapolis
Moose Lake
Flainview
St* Paul
N0R3H DAKOTA
vahpeion
75
18
17
132
18
15
180
21
84
Douel County National
First Hational Bank ir
Hew First National Bank
Citisens national Bank ih
Citisens Kational Bank of
BWifl IMUMUX/i.
Clea* lake
Dell Rapids
Hcayafrd
Siduit Falls
Weasington
18
21
33
75
24
lgMBSR BASKS SEVERING CQtfN8CTlQ»8 WITh 3HI8 E5DERAL E S 8 M 7 B BANK DURING 1926,
Sit*
6446
64146
T4046
84746
94746
114S46
HATIQHAL RINKS ABSORBED BY H0N-M3MBBR STATS INSTITUTIONS.
--------------- .--------------------------------------------^ Sharos
Hame of Book
Location
Surrendered
"H rs¥ KatTonal Bank
TerEaET"Hinn0
1ILSf
~
(Absorbed lay Fanners State Bank, Parham)
First Rational Bank
Big Lako, Minn,
17
(Absorbed by Big Lake Farmers State Bank)
First Kational Bank
Ellsworth, Minn«
21
(Absorbed by Ellsworth State Bank)
Farmers Kational Bank
Barneayille, Minn,
17
(Absorbed by Citisens State Bank, Barnesville)
First Kational Bank
Hew Germany, Minn,
X7
(Absorbed by State Bank of Hew Germany)
First national Bank
Ruahmoro, Hinne
36
(Absorbed by Ruahmoro State Bank)
First HationAl Bank
Watertown, Minn,
18
(Absorbed by State Bank of Watertown)
KATIONAL BANK ABSORBED BY M3MBSR STATS IH8TITOTI0I
648*16
First Kational Bank
Broadus, Montp
(Absorbed by Fowdor River County Bank, Broadua)
state
m m m
bank
absorbed by
a
rational
17
bank
4 4 4 6 Mercantile State Bank
Minneapolis, Minn,
(Absorbed by Lincoln Office of N. W, Hat* 1, Bank)
180
NATIONAL B A M S ABSORBED BY OTHER HATIQHAL BANKS
10446
104846
4»3D46
74046
Hational Bank of Gall&tia Valley
Bossnsn, Honto
(Absorbed by Cosworoial national Bank, et al, Boseoan)
First National Bank
Streeter, H. D,
(Absorbed by Citisens national Bank, Streeter)
First national Bank
Taylor, Ho D,
by Security national Bank, Taylor)
Security National Bank
Watertown, 8« D.
(Absorbed by First national Bank, Watertown)
64
17
17
81
NATIONAL BANK QQHSOLXDa TSD WITH MOTHER NATIONAL BANK
7446
8*ourity national Bank
Sisseton, S« D,
(Consolidated with Citisens National Bank, 8isseton)
38
NATIONAL BANKS StJCCHIDED BY OTHER NATIONAL BANKS
7*1446 national Exchange Bank of
10446
£-1146
U446
Sto Paul, Minna
(Suooeeded by national Bxohange Bank in 8t, Paul)
First national Bank of
Laafeerton, Minn,
(Suooeeded by Hew First H&fcConal Bank in Lsriborton)
First National Bank of
Vallsy City, Ho D 0
(Suooeeded by First national Bank in Vallsy City)
National Bank of
wahpeton, No D«
(Suooeeded by National Bank in Wt&peton)
240
86
180
36
HATIQHAL BAHKS SUCCgSDED BY HOM-MPtBgR STATE BANKS
1-1446
8446
U4046
First national Bank
Hills, Minn*
(Suooeeded by Sooority State Bank, Hills)
First National Bank
Pelican Bapida, Minnc
(Succeeded by Otter T*il County State Bank, Felioan Rapid a)
Fifcst National BSofc
B r o w * Vfcllsy, Mian,
(Succeeded by Union State Baal: of Br<smsV*ll<*r)
56
SO
U
85
t&HosAL
1-13-26
1-28-26
1*26*86
1*28*86
8*9*26
2*19*26
2-19*86
8*19*86
2-19*26
2-19*86
3*9*26
8*8-86
3-10-86
4*$-?6
4-27-26
4 *2 7*&
5-17*26
'8*84*88
6*18*28
6-21*2$
6-26*2$
0-28*26
7-2-86
7-2-86
7*84*26
8*11*86
8*31*86
8*31*26
9*13*26
10-4-26
10*4*86
10*8*26
10*88*86
11*1-26
11*6*26
11*18*26
11*19*26
12*11*86
12*18«»26
12*28*26
12*80*26
18*80*86
12-30-26
ingriDATSi) bos to iuaowmcT
Warren national Bank
First National Bank
First national Bank
First National Bank
First national Bank
First National Bank
First National Bank
First National Bank
Farmers National Bank
First National Bank
Jfcwrs & Merchants Natfl* Bank
Glasgow liational Bank
National Bank of Luverne
First National Bonk
National Bank of
First National Bank
Gregory National Bank
First National Bank
dinner National Bank
First National Bank
First National Bank
First Rational Bank
First National Bank
Oando National Bank
First National Bank
First National Bank
DeSmet National Bank
First National Bank
First National Bank
First National Bank
Farrars National Bank
First National Bank
First National Bank
First National Bank
First National Bank
Tftiitbeok National Bank
First National Bank
First National Bank
First National Bank
City National Bank
First National Bank
First National Bank
First National Bank
National Foraors Bank
Warren, Minn*
Winble4©a# Ho Do
Hadiaon, So fro
Howard, So Do
Redwood Falls, Minn*
Sheyenns, IU Do
Malta, Uonto
Hardin, Wont.
Lake Proaton, So Do
barren, Minn0
Cannon Falls, Winn.
Glasgow, Mont*
Lunrerne, Uinno
Uiko Park, I.iinno
Wosaington Springs, 3« D»
Buffalo, Minn«
Gregory, 8* Do
Frankfort, 8* Do
Winner, So Do
Delano, Minn*
Hal look, Minn*
vda, Minno
Winifred* Wont.
Condo, N* Do
Intalpe, Mont*
Saoo, Mont.
DeSraet, S. Do
V/oonsooket, So Do
Jiarion, N* Do
Glenwood, Minno
LaKoure,N« D«
Adrian, Minn0
Granada, Minn,
Waubay, So Do
Veblen, So Do
Chamberlain, So Do
Lake Norden, So Do
Foyalton, Minno
Cloarbrook, Minn*
Bismarck, No Do
Pepin, Wiso
Fulda, Minn*
liilbank, 8* Do
Owatonna, Minn*
96
25
$0
89
84
80
40
60
18
46
18
84
57
16
18
86
87
83
40
80
48
60
17
36
15
19
43
36
26
26
86
83
18
84
80
86
27
18
18
60
16
33
39
54
NATIONAL B*HK8 VOIflNTARILY UQUia^TSD
5-12-86
Stockmens National Bank
Rayneaford, Monto
18
$I-TB tSs'BSJl BANKS LI^JlD/iTJSD DOS TO XNSOnTBKCY
1*88*26
8-25-26
6*8*26
6-8-26
Faroe rs $ rerohants State Bank
Big Stone City State Bank
State Bank of Naahua
Valley County Bank
Euroka, Kont0
Big Stone Oity, s* D.
Nashua, Jconto
Hinsdale, Mont.
29
33
18
20
80
i*^»t i * t t a t e Bank
Security 8 a r m M Bank
Security Bank * Tract C O M a y
South Shore Bask
Lake 01 ty Bank frost Coqpany
First State Batik
Sdfar State Batik
Batik of New Blchnond
ISoccaeln State Bade
Bank of Coraneroe
Kandiyohi County Bank
Flret Bank of Granteborg
Mellette County State Bade
X»2V-26
> l t **
2-28-26
4-1-26
9-18-26
7 1-26
7*14-26
9-7-86
9-13-26
9-18-26
10-28-26
U-8-26
12-8-26
Bata
Trout Creek, iflohlcan
Jameetoen, North Bakota
Webster, South Dakota
So»th Shore, Snath Bricota
Lake City, Minnesota
StefcnsrlUe, Montana
Bdgar* Ibntana
Vet Bichmona, Wisconsin
Mocoaein, Montana
Kalispell, Montana
fillaar, Minnesota
Orantebusg, fiaconaln
White Biter, South Bakota
30
33
84
13
30
30
30
33
30
tB
34
83
17
Mama of Bank
11*12-85
Bankers National Bank
’
Minneapolis, ttn*
(Absorbed by Metropolitan rational Bank)
Litchfield, Misou
First Satioi*! Bank of
. (Sucoeeded by first National Bank in Litchfield)
Farmers National Bank of
Alexandria, 1fimu
(Succaeded by Fanners national Bank in Alexandria)
Bics National Bask
Idee, Minnesota.
(Consolidatsd with First National Bank)
First national Bask
Wfceeington, S. Dako
(Succaeded b y 011 liens National Bank of Weeeington)
Mercbante national Bank
St. Cloud, tftnsu
(Absorbed b y Atoerlcan National Basic)
City national Bank
Linton, N. Bake
(Merged with Peoples State Bank)
Lyon County National Back
Marshall, Ulna*
(Succeeded by yarshall State Bade)
Breokenridge national Bank
Breokenridge, ttinn*
(Consolidated with Far. A &r« State Back)
Bickinson, H. Bak*
Ifercbante rational Bank
(Consolidated with First National Bank)
12-14-28
12-28-26
1-16-26
2-17-26
5-26-36
11-8-26
11-22-26
11-22-26
12-2-26
closed mitszk aaras
fiett
6-7-26
8*7-26
8-81-26
9-17-26
9-18-26
11-4-26
11-6-26
11-8-26
11-16-26
11-19-26
11-24-26
11-27-26
11-80-26
12-8-26
12-11-26
12-28-26
.m as w t ___
m t e m a s n t i M g
tel$
of M r
First national Bask
First national Bank
Oakes National Bank
inamoose National Bank
Farmers National Bank in
First National Bank
First National Sank
First National Bank
Faxoere National Bank
Flret National Bank
First >?&tionai Bask
First National Bask
First National Bask
First National Bask
First National Bask
Cltisene National Batik
teftliaa
Benson, Minneeota.
ColnBn, South Bakota
Oakes, North Bakota
Anaooose, North Bakota
Lidgenrood, North Dakota
Gonvick, Minnesota
Betroit Lakes, Minnesota
Brandon, Minnesota.
Brookings, South Brieota
Steele, North Bakota
St. Janes, Minnesota*
Leeds,'North Dakota
Blkton, South BaVrota .
Bannaford, ITorth Bakota
Stailey, North Bakota
Ortoariile, ’
ilsneeota.
87
n m u . m m t nong
At tho o 108*9 of 1926 wo had ir aotual circulation $66,691,000 of
Fodsral roawvo noted, or a deoreas•> of $1,271,000 during tho yoar*
However,
in diaouasinr: o.*r r*ote issue tho Agent'a records Are uaod ard theae show total
out8tandirr. rotes of $75,066,000 or an increase for tho year of $1,817,000.
Tho variatio* la accounted for by tho faot that on DeoemberSl, 1926, tho bank
hold in its oaa* $6,172,000 of our notea in comparison with $8,064,000 ao hold
on December 81, 192 R*
Thia aoeningly large aaiount hold in tho oaah ia partly
due to our deair* to dooroaao the frequent vault tranaaotiona needed when our
supply la kept low and also to tho faot that tho supply of notea formerly main*
tainod by the Agent At Helena ia row undorHhe ouatody of tho Branoh Offloor*
and inoluded in Helena*8 oaah figures*
Notoa ao hold are deductible in ealou*
latlon of roaerre requirement although the Agent nuat have oovor for all notea
loaned whether the bank holds theoe notea or not.
In tho event of our inveat-
raerrta or dopoaita increasing beyond a normal amount, some of the notoa hold in
our oaah would bo returned to tho Agent*
Throughout 1926 the amount in oiroulation ahowod little variation
from tho oorroapondin* aontha of 1925*
were iaauod in 1926 than in 1925,
Approximately 12,600,000 more of notoa
A smaller volume of notoa fit for further
oiroulation wore returned to t**o M art, the total retired from oiroulation bo*
in* $18,049,000 in 192^ ard *15,812,000 in 1925*
Tho volume of notoa rotlrod
froi'> oiroulation through destruction waa not aa heavy aa oxpeotod although tho
heaviest for tho past four years.
Total of ^31,686,000 rotlrod in 1926 waa
#1,700,000 greater than for tho prior year*
Our reason for expoctinr a heavier
destruction achedulo ir. 1926 v/as duo to the larger amounts of used notoa rei
placed in circulation during 1924 :*nd 1925* iiore uaod notoa wore paid out in
1925 and 1926 than were returned ?/ith the reault that on December 81, 1926,
tho Agent hold uaod notes amount!™ to $1,969,000 oonaiating ertirely of de«*
nominations of 360 and higher, for ‘
/hioh there ia a lessened demand*
In analviir,* our not* issue w* find that the paroentagoa of 5*8, 109a
and 20*8 ir circulation have increased over 1925 and that a dooroaao haa occurred
in ’
•he porc^r.ta»8S of all hir.Kor deroKdnationa*
Sxaotly one~third of cur total
rolurno of c :tstandi"* notes is ir 20*a a**d this proportion haa rot boon exceeded
linoe 1920.
Fives increased dur
the voar fro?. 29.9 p*r o«?”t to 80.6 per cent
m d ten« f r r 27*8 per cent to 29.1 p^r oont*
88
Since organisation we have reoeived from the Comptroller of tho
Currency, $388*140*000 of our Federal rwirt# note* and of this amount thi
Agent hat iasued to the bank $378*837*000*
Zn addition, fit notaa retired
by the -Agent have baan reissued to tho smount of 194,747,800.
Of tho total
amount of notes issued, 8898,8X6,110 ha* baen destroyed with the ratio of
8*a gradually increasing.
in 10*• was destroyed.
During the year 811,889,800 in 8't and $9,079,800
Zn the samo period $11,620*000 of now 8#s and
$9,440,000 of new 10*8 wara issued.
It does not fallow that the destruction
sohedule and our issue of new notes will oontinue to so nearly balanoe.
Vie
paid out $4*717*000 mora in new notas during 1928 than in 1928 and tho
indications are that the total of $81,812,000 in new notes paid out during
1928 will bo axaeeded in 1927*
Wa have been payin* out rold5oertifi oates freely but ourreoeipts
of gold eertifioates over a year exoeed payments*
8ome of the effect of the
preaaure brought on the publio during the war period to Rive up *old, atill
remains*
The fact that gold in the vault of a Hational Bank is not reserve
ard that *o sold certificate is issued under $10 has kept tho gold certifloatea
flowin'* back to us*
Her/ and fit notes held by the Agent on December 31, amounted to
*14,262,000 ar.d wero 31,433,000 loss than his holdings on December 31*1925.
One year aso the Comptroller of the Currency held ready for our use at.
:?asni»:gfcon, 135,160,000 vhilo the last report from Washington showed $28*820*000
of ovr notes printed ard held*
If the Federal Reserve Board adherea to ita
policy of i:e^pin~ one year's supply of notos on hand at Washington, the print*
program for this bank in 1927 should bo for approximately $40*000*000 in
notes.
Based on tho rat* of £36.60 p9r 1000 sheets of notes, our 1927 expense
for note printing should approximate $40*000 and to this would be added the
shipping expense of any notes sent vs during the year.
Durinr the past yoar our printing costs for notes were higher than
for 1924 or 1925.
The total expens? in 1920,which includes shipping charges,
was $33,597*38 in comparison with -28,254.82 in 1925 and $6*796.42 in 1924*
Fewer notes are not? oarriod at Bashirston, while several years a,~o a supply
to last at least two years was maintained.
Printing costs were reduced from
37.60 per 1000. to $35*60 per 1000 in July, 1926*
89
T m x i igaatnt « w a » j a c m s p m > iaana» «t m m m a m v m
or s m s
H
$ 8,sfl£0bo
t n
S,<80,000
1,820,000
TW t t W
W Um
• • •
3ea«
ftrtntiM .
rtttimi
EttBdreds
Jflff H w w N V .
QftOttMttfcl
Sotsl • • •
Him
Sint
SVIBiill
rmiM
It** Honored*
Total • • •
dbqbcbkr
a* m s
fota
C®BIboo
3,980f000
8,040,000
633.000
1,7900000
936.000
800,000
918.000
688.000
JUSSSsOOD
$ 11,998,000
4.800.000
0 13^95,000
HBflpjyflfyfli J X
gUfg
T r r w n w
j s a p r
SSC85X9XD IfiflK
001!
H im
A®®*
10520.000
130.000
990.000
4 0 .0 0 0
629.000
SM'OOO
n n laiMti
M l
op
— - y y m n
HBJ
; 9 0 0 ,0 0 0
V UjtSff'OOO
9,000,000
10*560,000
600,000
400,000
jpgg.
SBCB1VED
5 u 0ioo,ooo
12.843.000
13.310.000
1.363.000
3,845*000
4.750.000
965*000
880.000
93.000
1.200.000
95,000
74*000
______1 * * 2 %
32,220,000
vm
n ,W T,o oo
•9,440,000
9*280,000
$75,000
260,000
56,000
§ 45,£69,000
? 15,049,000
ISSUES TO BASK
Vi? FCR USE
A 2 ,w s j m -------
1*000
4,145,000
6,270,00Q
460.000
1*420,000
76,000
270.000
31,312,000
15,390,000
fOEto
i&H&oo
13.383.000
13.530.000
1.135.000
1.680.000
1U,000
271,000
46.702.000
xk m m & 0 ? ag* s* bbcehbeb 3 1 * 1 S26
Tim
ftnt
ftMBtlM
muii
g n M i
H n Bondreds
fltlTttfffWdff
Total- • •
FIE F O R T ®
3,W.000
TOTAL
&,titf,boo
3,240*000
2,800,000
450.000
040.000
479.000
684.000
633.000
430.000
441n000
433fl000
3.240.000
2.800.000
1.065.000
1.390.000
920,000
1»267»000
12,305*000
1,959,000
14,262,000
sfflo of is-ra; bt m m m m o B s 1920-1926
♦
f&tes
ftns
Beaties
Fifties
ffimtetdt
Fit* Hundreds
StolMMUldS
1926
1925
29a
33*3
2*4
3f6
«2
,6
27*3
30,9
£•7
4.>7
*8
1*7
ioc«o/J
100*0:1
1924
«*•»•*
«
29*3
5,3
5*5
1*4
1*5
♦nM
M
N
N
N
fe
ioo„o£
1983 „
tRra>>
iSo«9^
Sl*9
32*8
2*1
3*2
»3
♦*8
ioo*c,;
1922
. 1921
\9S*SJt
31*4
28*2
1*3
2*4
*4
1*0
1920
205»
33*?
33*C
1*4
2,4
o2
1*6:.
100*0;; 100*0,;
100*0 .;
0#
♦
♦
*♦V
29*4
1*0
1*7
*1
*4
90
FEDERAL RESERVE ROTES ISSUED AM) DESTROYED SINCE ORGANIZATION
vH
<n
I880ED TO BAHK
iMuad
I»«u*d
t*Mw«
Umwd
Xuuad
in 1914 #
260,000.
in 1916
U«T42*O0O.
in 1916
9*980*000.
in 191T 42*280*000.
in 1918
er*140,000.
January
February
March
April
June
July
Joqpmt
September
October
Bovember
December
1
1919
i557ooo«
l*350*000o
2,310*000o
2*460*000o
8*800*000*
2*900*000*
l*480*000o
2*060*000*
8*080*000*
6*060*000*
3,570*000*
6,160,OOOo
Total for yMr|89|990»000o
1920
I 1*3§5T000»
3*240*000*
3,360*000o
2,875*000*
1*800*000*
1*200*000*
3,130*000o
3*420*000*
8,135,000*
4,436*000*
2,596,000o
4,100,OOOo
1921
# T^20*000o
1*925*000*
1*976*000*
2,706,000.
2,165,000o
2,580,000o
3,230,000o
4*320,OOOo
5*785*000o
5,670,000o
2*670*000*
4,920,OOOo
1922
I 1*5557000*
2,090*000.
3,606,000c
2,706,000o
2*846*000*
3,125,000o
3,465*000o
3*140*000*
5,646*000o
6*420*000*
2*777,600o
6,102,500o
1923
# 27l60*000o
2*870*000*
2,626*000o
2 ,647,600c
l,570*000o
3,967,500o
3*880*000o
3,340*000o
2*695*000o
3,510*000o
4*210o000*
7,540,000o
1924
# i*7557000o
7,260,000o
2*270*000.
2,030,000o
10*910*000o
2,195,000c
3*115*000o
2*265*000o
4*680,000o
7*025*000*
3*910*000o
4*396,000o
#89,460*000*
$39*265*OOOo
|43*360*000o
#40*205*OOOo
Destroyed in 1916 4 895*965.
Destroyed in 1917 8*988,096.
ia 1918 9*421*640*
jammy
February
lferch
April
tty
Jims
Attest
8epteaber
October
lows■ber
Deeaaber
DESTROYED
4 1*894,160.
2,110*765o
2,689,155o
2*448,740*
3,109,886o
3*684*610o
2*838*815*
4*050*060*
8*194*690*
8*870*296*
8*728*160*
8a 257*780o
4 40617*895.
8*297*800*
3,481,335o
3*263*090*
3,030*696o
5,422,265.
3,264,566o
3,617,300o
2,416*000.
3,310*350o
3,011,100o
4*184*900o
| 4,186,900c
3*268,260o
5*839*500o
4*556*620,
4,332,100o
4,729*960o
4,050,610o
4 0353*300o
4,196*100o
4*387*450c
4,010,100c
5,838,900o
i 4,950,360o
#36,771*806^
#40<,766*786o
#49*748*680o
#32*784*820*
4,144,050o
3,251*000o
3*236*000o
2,905,400?
l*939*800o
1*620*700*
l*724*100o
1*993*600*
2,084*700o
2*606*000o
2*328*620o
1926
3,335,000o
2,415,000o
1*690*000o
2,175,500o
4,175,000o
3,320*000o
3*225*000o
7*626*000*
3*750*000o
4*790*OOOo
5*620*000o
1926
905*OOOo
2,170*000o
3*436* OOOo
5*300*OOOo
1*690*OOOo
6,145*000o
5*735*OOOo
1*065*OOOo
6*661*600o
4,690* OOOo
5*240*OOOo
4*666*6000
#51*636*000.
$43*88%/,500c
f46,702*000o
# 2,843*400o
1*808*500o
1,906,500«
2*240*200.
3,083*300o
2,363,000c
2*606*800o
2*121*600c
2,742,700o
I 2,083*600.
1*867.500.
2*520*700»
1*899,600o
2,281*700o
2,623*400o
2*500*700.
2*461,200*
2,883,700o
4 3,081,900.
2,266*500.
3,005*200.
2*821*100.
2,177*600o
2,927*300o
2*706*200.
2*499*600o
2,836*100o
4 l*765*000e
4
WASHINGTON
% 3,169,800,
2,402*500o
2,170,000c
2,208*200o
3,503*000o
l*872*800o
1,803*600o
l«937*600o
1*612*200o
2*366*400o
2,122,330o
2*106*600o
2,162o000o
2*120*695o
2*230*800*
*2Y,520<,530o
|28,17J,396o
3*168*900o
2*927*OOOo
2,337,800o
3*489,555.
2*062*700o
2,624,760c
#50,108,566o
#310856<,960o
heissoe m> m srm m m
w sm *
---------------------------- w
fa r m
of federal
am
Total
O •»
b O
om nm
sw o e
of b a m
w c v m : -------------------------------------------------------
Returned by Bazik
2to Agent
Received from
Controller
Fives
Tans
Twenties
Fifties
Hundreds
H t 9 Hundreds
reserve m m s
Total
128*260*000
122.640.000
115.040.000
7,200*000
10,400*000
1*800*000
2n600o000
17r847,000
31*820*000
34,525,000
3*565*000
5,050,000
1,031,500
2.868o000
146.107.000
154.460.000
147.565.000
10.765.000
15.450.000
2,831*500
5ft6S8»000
386*140,000
96o706o500
482,846,500
issued to m m
Total
Fit for tJse
Hew
Fives
Tana
Twenties
Fifties
Hundreds
Five Hundreds
f$io,usands
124*700*000
119,400,000
110*240*000
6*750e000
9->460,000
1*321*000
1,966,000
17,847,000
31*820,000
34*525,000
2*930,000
4*600,000
520,500
2fl435«000
142*547*000
151,220,000
144*765,000
9*680*000
14*060,000
1*911*500
4.401.000
Sotal
373 a857-000
54,747,500
468*584,500
msTsorm at v m asm m
Hetamed
by Agent
Fives
Tens
Twenties
Fifties
4„260,000
2,545,000
l,.020p000
25.000
50.000
Five Hundreds
?otal OB o-f 7o880fl000
Hetumed by
Treasurer
3*774,820
4*294-740
2P464,280
192*550
272,700
'Total
Returned by
other FeRoBanka
TOtal
48*000
50,788,500
43,180,000
31,013*500
1*969,000
£<,529*000
257*000
488,000
48,346,380
48,808,590
46*162,500
1*791*650
2,148,900
142*000
243n000
107,169,700
98,028,330
80*660,280
3,978,200
4,980,600
419.000
779.000
11*067,090
130,225^000
147,643,020
296,815, U O
20*000
In teuods of
/igent
Dooeriber 31, 1926
Fives
Tans
Ofcentiea
Fifties
Hundreds
Five Hundreds
thousands
Hetumed >7
\r
In circulation
Deceriber 31, 1926
3.560.000
3.240.000
2*800^000
1.085.000
1.390.000
920*000
lA367ft0Q0
17,530,300
20*571*670
29*579n720
2*136*800
4*029,400
461*000
754o000
14 .262..C00
75,062 890
22
Ktsoai. AmrcTyoscti®
(ffiPBIW|VilJ>9 Q&iyf
Fiscal igency operation# consisting of Issues, redemptions or ex«*
changes of various o o v e m e n t securities, including treasury Saving* Se
curities. redeemed at this offlee or received t * m Postmasters after redemp
tion by them numbered 85;568 pieoes and amounted to ^80e7690056«23 as
compared with l£8rG00 piece* amounting to §82g403P000 in 1925*
In March
the treasury Itepartment made public annonncecient of its willingness to pur*
chase £hird Liberty Loan 4 ^ bonds direst from individual holders e As a
result 210 proposal* offering #529,000 of this issue were received from
holders in this district®
Of theser 184 proposals offering #3090650 at not
exceeding 101 10/32 were finally accepted and paid for®
This Agency handled during 1926e in addition, 5,154 orders for the
purchase of Government securities and 4,880 resales of Government securitiesP
totaling $77,123,800o Shis was an increase of 22J- per cent over 1925 in the
number of transactions handle&«
In addition, either delivery or payment or
both was made for banks and trust companies on 599 transactions in Govern**
ment securities amounting to §5008460250*
3here were also 272 transactions
of miscellaneous general market securities aggregating §19712,150*
Altogether,
of these various transactions, there were 100905# totaling #129,682,200*
Including short term Government securities which were transferred by wire,
delivery of 32,277 pieoes totaling /67P027P350 was made on purchase and resale
transactions other than for our own account®
Also on exchange transactions
such as denominational exchange e the exchange of coupon for registered
securities, eteQ, 34^833 pieces were delivered, amounting to |27e4320100«,
This Agency assisted in the allotment of three offerings of !£reasury
Certificates of Indebtedness and Treasury Bonds during the yearo
In s^tdh
operations 7*966 individual subscriptions contained in 492 applications
amounting to ^47, 982^900 were receivedo
Of the total subscribed #26,881,700
was finally alloted®
COMPARATIVE S M E 1 E H T
—
mmm m ¥ 'w
dumber
w
ff
”
of subscriptions new issues
of pieces delivered new issues
of pieces received for redemption
of pieces Government Savings Oert„
ficates & War Savings Stamps
redeemed
?
of exchange applications
of pieces received - Coupon
of pieoes received - Registered
of pleads delivered - Oou on«
of pieces' delivered.Ee^ieterod
1926
“p ?
4,021*—
6(j040
25.176
^9,642 >■
37„0tZ
5,13#
83,73*
11,097
1925
* w
7,582-''
6,89V"
42.977^
10,860
47,768
6,34f
& M k
B^fiM
Q 3
As in past years, the number of pieces received for exchange '.ms in
excess of pieces delivered and ths registered reoeived for exchange was lass
than the registered delivered on exchange 0
Expense Fiscal Agency Function for 1926 430*941*72 as oonpared with
$34,111*37 in 1925*
Fiscal Agency expenditures at Minneapolis in 192a for which
we received reimbursement were #17,219*33 as cornered to #16,430*23 in 1925*
At
Helena, through the removal of the Vfe.r Finance Corporation work to Minneapolis
in January 1926, reimbursable expenditures wore but $320*43*
$4,982*62 of such expense which was reimbursed*
In 1925 we paid
One-half of the Cashier9s
salary was charged against Tfor* Finance work prior to 1926* Net expense to bank
for Fiseal Agency function was $13,722*39 in 1926 and $17,681*14 in 1925, a
decrease of $3,958*75*
„ Humber of employee® assigned to Fiscal Agency Function in 1926 was an
average of 12*24 as oompared with 13*90 in 1925*
Expense
--------------^by Tftilts
----—Comparative
Administration
Government Issues
Accounting
War Finance Corporation
Custody of Securities
$
1925
$ 475W.01
24,336*41
2,759*01
820*03
1,214*41
4*234*91
21,479*55
1,875*73
2,118*84
1,202*69
the increase of expense for the 1*sr Finance unit was due to our advanc
ing money for telephone tolls of the War Finsnee Agency during 1926, later being
reimbursed from Washington*
REIMBURSABLE EXPENDITURES
ACCOUHT FISCAL AGENCY OPBIATICKS
1926
Minneapolis
Salaries Officers
$
3,500o00
Salaries Bqployees
8,605*02
Of floe and Other supplies
26*95
2,384*51
Printing and Stationery
1,549*28
telephone
185*68
telegraph
970*00
Postage
All Other
total Expenditures - - - - - - $ 17,219*33
Combined
Ifiimeapolis
k Helena
Helena
Bfranoh
$
,
$
83*35.
85*55
1.23
6*86
17*64
128*04
320*4*
#
3,585*35
8*686*55
28*16
2,584*i51
1#549*25
192*48
987*64
128*04
$ 17,639*76
flS2SSJB££S
Xom off tho ftuwttom at tho In w m Ii ohovod uqt natorlai iaw n ii
or 4§em M In
toIu m
of taork M M
la IM S « w 1986* ft* following i*
a oonparati?* otatononfc of volnnot *
IWbtr of mdto Bindlod
PiyWIHt fjnwtlOl
Total nudbor of pioooo of pap*r handlod
by DiioMKl Funotion
tabor of U m o m I Applioatlon*
5 SS2S ^ L S E y » ___
1986
1986
t»9M
880
3*818
880
^
ittftor of iranoaqtlono parol*** or
oaloo of Soouritlo* ■
891
M « r of ooourltloo (pioooo) plaood
In nnlt or d*ll**rod
8*104
M w r of Coupons out on fralt ooouritloo 4*888
of gkooo*
rooofiod
and iwrtit
tabor of Plooo* rohondlod
t a bor of Coins roooitod ond oownfeod
1*968*844
844*119
619*497
Chook Collootlon Funotion
ta b iir ^ cioarkng lt*** r«coi*od
817*000
M i r of City Chook* (othsr thoU
Cloarine Iton*)
86*000
tabor of Ooformm* Cheek* Paid
t t #000
tabor of Ca*h Xt*** roootvod drown on
tmak* looatod otxboido M t t t
1*778*4)00
tabor of ohooko roooitod dram on
Bronoh
86*000
Total Chook* Htfndlod
l*M »M
Anrtfd nunbor of’oa*h lottoro
fonmrdod daily
tabor of Hoturn Xtoa* handled
884
86*966
344
4*488
4*0fD
i*8Tt*48i
488*819
878*888
818*860
88*888
188*780
l*68T*lfiT
*841
86*699
Won-C**h Collootlon Function*
faaftor
dity Collootlon* handled
tabor of Country Collootlon* handled
tabor of Qo w a —nt Coupon* H id
1*969
16*841
98*084
8*070
17*898
6T*679
Accounting Function
r 'i taM*r of froaofor* of Fund* mdo
tabor of QoT»ma>pt Soourltie* Re~
doorod (oth*r than Co'tpon*)
*7*986
f#8l9
10*166
16*681
Average masher of officer® «a* 3*88 **nd a reduction of «4t fra*
X986*
tho fractional change 1* due to tho resignation of !*♦ Broun* effeotlvo
July 1* ond to tho allocation cl* ;*r« Cutler#n aviary to oloood bank oxponto
(paid at kiimcfcpoli*) tor tlsao spent at closed thinks• J'r* Zirrcratn*
formerly A*?ictanfc Fodoral iieaftnre .*r:*iifc* «as appointed Cashier And hi*
forner post a W H * h o d «
An .et^lo;**
th* Discount Separ’
Kent net* for th*
95
At*out in Mtoteinliig custody of pspor plodgsd to
m m n
IMirol Bssorvo notes*
To w « w » ths nsoossity tor the A g m k oarrjring » supply of currency at ths
*
i
$ranoh, ths total aaount was eurtailod tad plaood in the custody of tlir a r t * *
offteere with nore froqusnt
froi Kinnsepolis*
This arrsngswpwt will
redaoe payroll of officers |4f000 yearly* Kr? S i i v n m s m also perfarapd tti*
duties of Auditor *sk* will continue to devote port of his tine to this wort*
•
r ♦
fhs v** arrengmsnt will neesssitate at leoet two exoainations yearly of thi
Branch fcjr M i Qffioo Auditor* Aftragi mtter of espleyees at ths flranoh
dooroassd f r m 9Tt*9 in W
to 99,4$ for 1988*
♦* ♦
gxpensee deereaeed U | 9 U » U #
Bimlagi icr 1988 tort ^IP9C M « I O
oo oeapared to *26,486*75 1st 1989«
Shipping charges on ourroney decreased $lf704*84 and on o?ia
I187,8t,
|n 191$ the Bronoli fillod orders j£or 1,969 shiposnts to n n l o r
staling |U|97t#000 sad made 908 ahlpasafcs to nofft-nsoiber M >
ing to |tt018|000« For ths preceding
«m
q
«U
8,664 shiaKsnts to Kosfcors hod
♦
♦
*boon updo and tho total shipoed was $89*989,000*
Shipments to nonMmenfefr
banks were loos in 1925, orders fillod being 888 in sanfcer and #1*304,000
in asonft*
Kxnenae of Directors' roetinge dooroasod #1^968*99 owing to tho
holding of ftswsr Executive Coerittee and Board rtectinga and a ourtailnent of
travel expense ^iroufth ths aut>ointttent of another tiroctor at !3»ltna to ro*
»
plaoo ths fornsr director living at Billings* Iaitfamanoe of Banking House
was practically ths tt&m in 1986 as for ths nrevlons ;>o^r« i^ovision of
jpsrsonnsl iooroasod 3898*79*
I s e m t e s in this nmoiion v.ere Jiv^plo^ees
♦♦
.salaries *402* Kdubation and training of os/ployae*. >603*08
Oost of densral Service Emotion vma ;*12#369*98 in 1988 and
<£12,636*78 in 1928*
Increased ex^jtse was in ©i*i*io*r«f tvnd &aj>loyeos* salaries*.
Insoranoe costs dooroasod 496fe*64 and tl» exoense of ?*ndUag
transit items on Closed Banks *as *<938*08* a reduction iYoia 1989 of $419*1£«
this is tho only, closed bank expense fccra* at Helena*
Cost of toons and 9isootuft Function in 1986 «a«*4,*>Gl*t>8, a doorooso
of #2i**ll *s ccrjiared to 1029♦
Ooot of Security Konchion vae 31,291*61
in 1988, a dsoroaso of '>33i>»82, tb* decrease beinr in tlm Administration Unit*
9e
^xuenr. ; of handling Currency ~nd Coin at the Br*mch incr«v.sed from
$6*298*09 in 1926 to i)7,036*71*
.vdr.inistration costs increased .ttf31*79. due
to allocation of <-1,079 in Officers * salaries to thic function as compared
to $439.00 in 1926*
Heallooation of expense between expense mits reri.i.oed
the expense of the Receiving and Sorting unit and increased the oth*r units*
By so doing ths Branch is able to make a better comparative showing as the cost
of sorting currency is the unit adopted by the Federal Reserve Board to Treasure
the efficiency of this division of Federal Reserve Bank vork®
The Check Collection Function at tlie Branch required an average of
one less ercoloyee in 1926 than in 1926*
Cost lor 1926 was
16,869*22, a de
crease of ^2*14S»06, although 124*000 loore items v.ere Iv ndled than in 1926*
Costs per item as miffht be expected are higher at Velena than at
l lnneKoolis*
in the City Clearings Head U ’
iice Ianclos a daily averarre of
2346 checks per employee at a cost of 18 cents per hundred as compared to
a daily average of 1026 items for the Branch nd •= cost of 47 oente per hundred*
^ov^rnment checks are handled at a cost vt' 37© 7 par kmdred at. in^eapolis
and 62 cents gb Helena*
Return Itemt* ar« handled at a cost of ^1*63 per hundred
in iinneapolls as compared to <>3*22 at Helena*
Collection of non-oash items cost 33,737*62 at Felena for 1926* as
ooinpared to $3*907*37 in 1926*
VOlune of colleetione decreased 10^*
Accounting Function expense xmu <l(5#610c44 an Increase of $1*124*89
over 1926*
Transfer of Funds nnd Federal Reserve Books are the only unite
of the Accounting Function vhose costs are the san»0
Administration decreased $34^*19, General Books increased £lf060<>00*
lember Bank Books increased #610*00 und ^xoenditures decreased «i'l87o00*
Auditing expense wee 4*3*196*64 in 1926 as compared to £5*463o68 in
1926 'when praotioally all of ir* Zlnnerrann’
s salary v/as charged to Auditing*
It * Zlnmermaim* Cashier* novr devotee 40^ of his time to auditing*
Ae advised one year ago* it is evident no further mterial reduotion
in total expense of operation at Helena may he brought about as long as the
oheok collection, ourrenoy and relating functions are maintained, and to keep
the reoords at Minneapolis v/hile performing these functions at Helena *ould
only Inoreaee the expense*
learnings at Helena were lower for 1926 than for any o*tor ?enr
*%x\<39
A.
r<r *.ininr at nsnroxijnately *3*000 nonthly during
97
Julyi August, and September, inoojw fell rapidly with $302,19 only earned
in Deoe»berp and of this amount #215*00 oame from reserve dofioiency
penalties©
m s
At tho olose of the year the total under discount at Helena
$ 4 8 ,1 5 5 * 1 9 0
98
COUPAHATITO FOBOTIOHAL BXfSHSK toPOBt
--------------------fa tn w *
Average
Nuniber
of
Offioers
General Overhead-Controllable
1.00
General Overhead-Non-controllable
Provision of Space (less income
from banking house)
•06
•06
Provision of personnel
•32
General Service
hostage
'insurance
jailed bankfa
Loansj rediscounts, and
•38
acceptances
.11
Securities
.26
Currency and coin
Check Collection
•24
on-oash collection
•15
•09
Aoeouufeinft
fiscal \nsrtcy • All other
“
egal
taditln#
.07
B-nk relation®
*nk exardnation
federal Keserve note issues
•02
Statistical and analytical
O F
GKAHD TOTAL
Total current exeensa
Tctal reimbursable expenditures
.^•Ijock of Supplies
SKAKD TOTAL
-----------------------
1926
Average
Number
of
B&ployMs
2.00
•82
10.36
•07
Amount
Average
Humber
of
Offioers
1925
Average
Amount
Humber
of
Smolotfees
$ 9,057o27
6,30lo70
loOO
*
6,711.50
1,510.68
12,968.38
3,680.68
3,300.38
336.02
.07
•22
.26
1.04
•53
3.00
9.64
In 79
4.47
.07
4,561.56
1#292.51
7,036o71
15,869.22
3,737.52
15,610.44
340.44
1*826.00
.17
3*195.64
17.78
312.76
120.94
. 144.26
33.46 " $ "97/776.20
« $7,502o$3
320.48
47c06*
9 97,773.20
2.08
.02
10.31
.39
•22
.12
•48
•20
.16
1,26
♦47
3,14
10.26
1.88
4.51
2.36
•95
.77
.05
8.1*0
. .
r_ r --------------------
87.26
10c865o02
8,141ol7
6,765.78
653.84
12,588.76
2,729.06
8,666.97
749.17
4,809.69
1^628.33
6,298.09
16,017.28
3,907.37
14,385658
4,996.76
lf728.00
5,453.68
9o25
259.29
396.00
50.69
¥ 108.022o64
•$ 102,417.99
5,017.62
587.08
$ 108*022.64
99
@FedFRASER