The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
OOKTROLLSR'S REPORT
fKQERAl, .-vEsFr./X BANK OF MIHKEAPOLIS
FOR THE TEAR
19
3 1.
To the Directors:On the following pages of this report you will find
the details of our operations for the past year with reasons given
for the variations when compared with 1930 results
The total earnings and expenses both show improvement
over the amounts indicated at the Beginning 01 1931 with the r^et
deficit $134,349,67 from current operations
The fact that we
were required to lower Surolus #653,000 85 additional to care for
market depreciation an our holdings of Government bonds, is no
doubt due to a temporary condition and the amount will eventually
go back to Surplus0
There has been a reasonable reduction in operating costs
and the indications are that with present rates maintained we will
be able to cover our needs in 1932
All work of the Head Office and Branch has been performed
in a satisfactory manner and the true condition of our affairs m s
been reflected in the audits made through the year
The volume
and expense of each function with 1930 comparisons* is discussed
and explanations offered,-
Changes in personnel have been few with
Helena operating with 3 less employees than one year ago
Total
staff consists of 359 persons at Minneapolis and 29 at Helena, a
net increase of one person for 1931c
In addition to comments of Head Office Controller, a
separate report has been prepared by the Branch Managing Director,,
Hesoectfully submitted*
Controller
January l s 1933
Accounting
Comments ................. ................ ..... . . . . . . .
. 33 .33
Member bank balances ................. . . .................................. ..£i
Transfer and Coding Unit » . ................... ............ . ! . ! . ! . * 63-64
Administration Costs • . . . . ........... . . . . . .............. ................ „ 48
Audi ti ng
Comments . . . . . . . . ........... .............. ............. . .. ................ . , 34
Bank Examination Department ,
.......... ................................. 73 73
Bank Premises
Minneapoli s buildJng , . . , . , ......... ........»
0 35
Helena building a. . . . . . . .......... . .. ..................... .. . . . .
3s
Depreciation charge-offs and reserves
.......... 37
Costs, charge-offs and book-value 0. ............... c
> 38
Comments . . . . ...................................................
......... 39-4-3
Cafeteria a. . . . . . . . . . . . . . . ....................................................... .91
Check Collections - Transit Department o.. . . . . . . .
.
Closed Bank
Comment s 0. . . . . . . . .......... .......................................... . . .
Cost of function and number oi employees 1931-1930
Collateral
Comments
C5D ’ 1
5 U 5454
. .................................................. *,3
Collections
Non Cash
Comments . ................. ..................... ..................................... 72
Cost,number of employees and number of items handled. 73
Comparative statement number of items received for
collection 1931-1930 ». . . ......... ........... . ................... 73
Currency and Coin
Comments ............................................................ ..
. 55-53
Original cost,cost of redemption and shipping charges,43
Number of shipments received and sent . . . . . . . . . . . . . . . 56
Functional coats number of employees and volume of
work handled 1931=1930 „, . . . ........................................58
Amount of currency received from and shipped
to menber and non 'member banks .................................. 57
Coin shipments received and sent ................................ .. 56
C u s t o d ie s ........... ................................................. ..................... ..59
Deficient Reserve Penalties ................................................... ..31
Di scounts
Comments ................................................................... .
o 50
Cost of function, number of employees and volume
of work handled 1931 1930 ..................................... ....... 52
Rates ................................................................. . ...................12
Statement of operations ............................. . . . ................... 51
Statement of Bills Purchased ......................................... ...52
Dividende paid since organisation
Earning 8
Comparative statement 1931^1939 . . . . . . ............................. 11
Gross earning? and monthly averages .
12
Average rates on earning assets
................... .13
Comments ............................................................. ...................13 * 17
Expenseb
Comparative statement 1931-1939 . . ............... ...................
Comparative statement of Miscellaneous Expenses . . . . . .
Comments ... ............................ .... ............ .......................
Administration Costs General Overhead .............................
Comparative Statement by Functions-jUnne an oil? .........
Comparative Statement by Functione-Helena . . . . . . . . . . . .
Reimbursable Expenditures
Failed Banks
18
19
30-31
4Q
49
94
86
........................................... ... 55 54
federal Reserve Agentfs Functions
Number of employees and expenses of various units
79
...................................73-78
Bank Examinations
Federal he serve Notes . . . . . . . . . . . . . . ................................ ..80-84
Federal heserve Bank Employees* Credit Union
. . . . .........
Federal Reserve Club
89-90
. 86
Federal Reserve Notes
Comments „
.
.........
Statistics ........... ......... ........................................ .
60-81
82-84
Fiscal Agency Functions
Comments ................................ ........................... .
85-66
Franchise Tax naid since organization
..................... .
6
Functional reports
Comparative cost of various funotions-Minneaoolis . . . . 49
Comparative cost of various functione-Helena o . . . . . . . . S4
Administration costs-General Overhead * . . ................. ..
48
(Functional reports will also be found under
department headings such as Currency, Dis
counts, e t c )
Furn i tu r< end I V . 1•'?11
Comments e . . . . . . . . . . . . . . . . ................................................... 43-44
General Service Functions
Number of employees and cost of various units ..............,87
General Overhead
Administration Costs » .. . ..................... * 48
Gold Holdings
Reserve Position ............................ -........................ ............ 50
Amount held by bank and F j Ro Agent „ . ............................. 45
Government Coupons ..................................................*...............
Helena Branch
Comments ». * ................................................. ...................
Comparative functional expense report 1931—1930
Bank Premises ............................................................ * .........
93-94
^4
3o*<?^
Investments
. . . . . . . . . . . . ........... ........................... . . . . .
„, .
Leased tfi re
. . . . . . . 0. . . . . . . ................................................. 03.-84
Liabilities
Comparative Statement 1931 1 9 3 0 ............. . . .
02
Z
member Banks
Reserve Balances * . . . ......................................................... . 31
........... . ............. .......... . 61
Deficient reserve o<-aalties
Changes in membership . . . . . . . . . . . . . . . . . . . . ^................. 75-73
Non Cash Collect!ons « .......................... .
......................... .
72
Personnel.
Comments ............................................................. ................
Cost of personnel function , . . ....................... ...................
Changes in staff during 1931
. . . . . . . .......................... „
Welfare and Cafeteria
comments » . .............................. .
Monthly basis of salaries by functions 1931-1930 . . . .
Number of employees and expenses by functions
.........
Federal Reserve Club * . . . . . . . . . . . . . . . . . . . . . . . . . ..........
45
4-3
45
91
47
49
88
Profit, and Loss
Statement in detail for year 1931
................... ............
Summary report for year 1931 . . . . . . . . . . . . . . . . . . . . . . . .
Account since organi sa-tion
............. ...................
Dividends, surplus and franchise tax . . . . . . . . ............. ,
Comments ................................ . ...............................................
Reimbursable Expenditures «. , . .................................... .
3
4
5
S
7-10
86
Reserve Position » ......................... ..................... .................... BO-61
Resources, Comparative Statement 1931 1930 .................
Salaries
Monthly basis by functions
........
I
................
47
Securities
Custodies unit « ... ................................. . » ........................ .
Investments held ................. .. ............. ............................
53
o3
Surplus
Detail statement since organisation ^
Taxes
B
. ............................................................................... .. •
Telegraph * ..................................................... ................
43
63-G4
Transfers of *Unds
Comments » ............. ........................... ..................................... £2
Functional oo*ts, number of e::»Dloyees and volume
handled ............................................ .
*54
Transit Functions
Comments ......................... ........................... ......................... ..6* 35
Costs & number of employees * . . . ....................... • .............65
Statistics *. . .................................... .................................- 67-71
Welfare * . . . . ............. .................................................................
91
oaffmsin vuaaim or swrnm
vm m a m x m a m or Karow m 8 *P " " W
D w rttr 31. 1931
O
d d
B e d e m p tio n
O o ld
w
it h
T u n d
F e d e r a l
( fo ld
S e t t le m
G o ld
C o in
e n t
a n d
-
B iM
fo o d
? „
Ho
n r #
.
B u llio n
f f o t e s
A g e n t
.
.
.
0
•
•
0
„
„
*
»
«
5 8 , 4 7 0 , 0 0 0 ,0 0
4 8 , 3 2 5 , 0 0 0 o 0 0
9 , 3 6 6 , 9 7 8 * 9 4
1 0 , 0 7 5 , 9 6 1 c 0 6
.
.
•
.
•
o
.
.
o
0
©
ao
7 0 4 , 0 4 0 ,8 7
3 , 4*
n o t e *
.
0
•
.
o
•
•
«
»
„
o
o
R a t io n a l
f e d e r a l
b a n k
S u b e id ie r y
f 0
B«
O u r
M
B
V o t e *
l l l e
i l l *
b a n k a
b o u g h t
M
So
B o t e s
*
I n
W
♦
o p e n
i n
G o v e rn m e n t
u n ic ip a l
a r r a n ts
•
P r e m im a
o n
/ ..x p e n B e
c u r r e n t
a n d
D iv id e n d e
T r a n s it
a n d
B a n k in g
o
o
o
»
o
«
«
e n t s
„
«,
<,
0
o
o
•
o
o
•
»
o
«
c a e h
,
o
.
.
o
.
*
•
•
o
«
<>
«
•
•
•
o
o
«
o
0 o
0 o
o
o
0
o
r e d e m p tio n
•
.
0
0oo
e 00o
o o0o
f o r e i g n
b a n k s
.
•
.
o
<,
<,
•
oo
0
o
0
D e b e n tu r e s
5 0
1 , 6 3 6 * 0 0 0 » 0 0
2 , 3 9 6 , 9 0 0 c 0 0
1 , 4 1 4 , O O O oO O
3 , 7 0 1 ,0 6 0 0
2 , 0 8 9 ,7 1 9
0 0
a0 0
5 3 4 , 2 8 6 ,0 0
7 5 4 , 2 4 3 c 0 0
6 3 0 , 6 0 0 o 0 0
1 , 8 3 6 , 5 0 0 <, 0 0
•
1 , 1 0 0
7 0 0 o 0 0
49 4 6 0 1 6
5 9 4 , 9 8 1 .0 8
8 1 0 , OOOo 0 0
8 0 5 , 0 0 0 .0 0
1 , 9 8 1 , 3 1 5 ,0 0
4 , 8 3 2 , 7 7 0 o 0 0
I 7 7 , 6 5 0 o 0 0
3 1 2 , 8 0 0 .0 0
5 , 2 2 6 , 0 7 6 0 4 9
3 , 0 3 7 , 9 0 9 * 1 9
2 , 3 4 4 , 6 4 8 a 7 8
5 3 7 , 4 3 0 o 0 0
6 , 6 0 6 , l 8 7 o 7 7
7 , 5 8 3 , 7 1 4 0 6 8
9 6
8 2 7 , f ® 7 c, 9 0
o
2 7 , 6 6 8 , 1 7 2 o 3 0
7 2 2 ,5 4 4
2 7 , 3 0 2 , 1 8 4 <, 0 2
2 3 3 , 1 4 6 c 2 9
0
4 7 3 , 6 4 5 .4 6
o
4 3 0 , 0 0 0 .0 0
0
a
o
«
«
o
o
o
o
1 8 , 0 8 6 c. 1 2
.
•
.
«
•
o
o
o
o
6 8 , 8 4 5 ,0 4
9 1 8 , 9 4 2 c 4 7
o
o
o
o
o
0
0
0
.
.
.
.
o
0
o
o
•
•
•
•
.
•
.
e
„
o
.
„
»
B e a k
,
„
0
0
t h r u
o
C r e d it
0
f o r
n o t e s
m a r k e t
c l e a r i n g
o t h e r
o
3 , 5 7 0 ,4 8 7 0
w
3 , 8 7 3 .6 1
»
6 6 , 3 4 7 , 1 4
9 7 6 , 8 6 7 ,3 7
6 8
1 4 , 6 4 9 ,0 8
1 8 0 , 4 6 4 o 5 3
1 8 4 , 4 4 6 .3 9
7 , 6 9 7 , 3 7 3 ,, 6 3
9 , 6 7 6 , 6 3 6 .4 4
1 8 0 « 6 8 9 o 5 5
1 9 1 , 3 3 9 .8 1
5 6 5 .9 2 2
6 9 8 ,I 8 6 0 4 7
1 0 ,5 4 7
o
o
o
h o u s e
„
.
0
•
o
o
o
o
it e m
0
0
«
0
0
0
o
o
0
0
0
o
o
0
o
0
o
•
o-
•
o
c
o
o
»
0
0
o
0
o
0
0
o
o
1 6 , 7 7 9 e 7 2
1 8 , 7 8 6 ,3 7
0
o
0
2 e 4 2 4 , 4 2 6 o 6 1
1 , 3 8 9 , 3 3 4 ,8 6
2 6 , 6 1 7 0 3 1
8 3 , 9 6 6 .0 9
.8 5 6 o 1 9
1 6 , 1 8 1 . 4 7
s
o
o
o
o
5 3
H o u s e s
B u ild in g s
f i x e d
in c lu d in g
m a o h ln a o r y
D e fe r r e d
s
„
„
h a n d
s e c u r i t i e s
a c c r u e d
f o r
.
iq u ip a e n t
iL ii^ s is
E x c h a n g e
C la im
S6
a c c r u e d
i t u r e
C h e c k s
V*
B a n k *
o n
fo r w a r d e d
in v e s t m
Z n t e n a e d ia t e
f n m
So
s e c u r i t i e s
F e d e r a l
I n t e r e s t
fo
n o t e s
c o l l a t e r a l
P a r t i c i p a t i o n
U«
o t h e r
f,B o
o
o
8 0 1 , 6 4 5 * 2 3
0 0
n o t e s
n
B e s e r r e
d is c o u n t e d
M a n b e r
B
o f
f e d e r a l
u t ila t e d
'b a n k
s i l v e r ,
o
o
o * «, «*«<,. • . 0 • e o
»0 •o• « 0000
i c k e l s
e n d
c e n t *
<, o o o o
n o t e s
H e a e r r e
o
$
4 ,, 8 9 6 , 6 6
2 , 2 4 0 ,3 0 0
L e g a l- t e n d e r
S»o«DtT 8L 1930.
c h a r g e s
a c c o u n t
v a u l t s
a n d
o
o
e q u ip m e n t
o
c lo s e d
o
o r
o
o
o
o
o
e u s p e a d e d
o
o
o
b a n k a
f o r e c l o e u r e
0
0 o o o
, . ,0 .o •o o o 0 0
D i f f e r e n c e
A c c o u n t
• .0 * »o»* •o 0 0 o
S u s p e n e e
A c c o u n t • G e n e r a l
.. ..»• o o o o
f i e c a l
A g e n c y
e x p e n s e s ,
r e im b u r e a b le
0
o
0o0
R e im b u r s a b le
e x p e n & it u r e a
- p o s t a g e <> o 0 0 0
P r o p e r t y
a c q u ir e d
l u e
f o r e i g n
fr o m
u n d e r
b a n k s
6 0 5 , 6 2 0 o 6 6
5 0 5 , 5 2 0 .6 6
1 , 4 1 8 , 2 8 1 a 5 0
1 , 4 1 8 , 3 8 1 .6 0
6 3 6 , 1 6 2 * 5 4
6 3 6 , 1 6 3 ,6 4
1 3
3 3 0
1 2
•
3 3 0 ,6 0
3 , 6 9 3 ,0 3
2 , 1 5 9 0 3 9
1 , 6 0 0 .0 1
1 8 9 0 2 1
1 7 9 . 3 1
$148,768,433.97
$138,199,850,83
1
ooMPjajflira g a a m
o* si£mu~re?.s
gjgflEttt BSSaCTS BiffS 07 g - I B B l
35fc3U J M g
M a toc-aLjggL
federal laser?® 3ct«® out&tanAing
$
7Xf28S« 310.00
I 58,704,305,00
45,837,280O85
48,446,673.30
143,219*45
1,950,975* 35
l,767,743o04
30,029 049
186s484034
479.40
6, 640, 02
54,946,33
1,372; 005.86
133,335c 47
14,445.08
67,449.45
3,155.67
163,200o81
7,636,305*66
196,164.08
8,580,170,51
Accrued taxes other thaa franchise tax unpaid .
Capital stook euspaase account * ....................
Sundry items payable o » » . » » » • « . , • «
S?s230o00
1,888.34
67,500,00
1.900.00
1,398.70
Discount on U, 3, Securitise . . . . . . . . .
Unearned discount............... . . . . . . . . .
9,836. 3C
65,362,46
13,563,57
39,656.83
500,000> 00
3,444.CO
95,947c 33
350,000.00
3.444.00
354.709.66
384,455.61
323,450.38
14,423a93
153,993.78
81,318074
13,618.03
138,338.15
78,618.74
Special credit account closed banks 0 ..............
1,174,076a27
979,919.37
Discount earned.....................................« . . .
Interest earned.................... . . . . . . . . .
faaaltiee on deficient reearvee . ....................
Klecellaneoas earnings
0 . . . o
Profit and Loss ..................................................
suspense Account - G en era l......................... .
Capital Stock paid U i .................... ...
SorpluS.................... ... .................... . . . . .
301,368*02
SS?a63So71
7,725„76
29,660o7C
13104&LGG
48,?88o04
2,9510360o00
7,143,900* 69
400.993.67
8U.567.37
7.644.01
ll,658ol9
133,334.61
Member ’tasks - E i u m account.......................
tads of closed banka held for receivers
end others 0 . . . .
ft, S« treasurer • general Account . <, . • • • •
Doe to foreign banks . . . . . . 0
.
Eon-mmBber beaks - Clearing acoount 0 , 0 • <
>o
Officers1 C h e c k s.............................. 0 . . . .
Federal Reserve drafts . .................... . » . •
Other d e p o sits............... . . . 0 » . . . . .
Sovernment transit items ..............
H I other transit iteme . . . . . . . . . . . .
Reserve
Eeserve
Heserve
Eeserve
for
for
for
for
self insurance . . . . . . . . . .
depreciation on U* 3, bonds . . . .
possible losses account failed banks
depreciation on fixed machinery and
equipment - Minneapolis 0 o
Eeserve for depreciation on fixed machinery and
equipment - Selena
, . . .
Beserve for depreciation on building - Minneapolis
Reserve for depreciation on building - Helena
$ 143,755,438.97
«»
3,063,300.00
7,143,986.39
$ 133,199,350.33
2
n m * gsgssre basis q i uimmwiis
t s ia S S S L m w j i t u M L m m t B u g a $ 143,549.57
35,039*60
132,998,95
597,618,08
3,433,46
4,122.15
111,63
6,786., 76
940,00
7,512.69
14,396,79
72.19
108,37
lo05
24.00
Discount earned on bills discounted - Minneapolis .. 0. •...» $
Discount earned on M ilt discounted - Helena Branch.........
Discount earned on bill* purchased....................................
Interest earned on Ufelted States securities .......................
Interest earned on tfunlclpal Warrants ................................
Intereet earned on Federal Intermediate Credit Bank debentures
Interest earned on Foreign Loans on Qold ...........................
Deficient reserve penalties • Minneapolis................. .
Deficient reserve penalties - Helena Erancho......................
Participation In transactions with foreign banks............. .
Interest earned on past due paper of dosed banks .............
Sale of waste paper . ...................................... *..................
Service charge* on collection itens returned • Minneapolis.
Service chargee on collection it ess returaed-Selena Branch.
Clearing house fines «a...................... ♦............................. .
Sxpense * Coet of Federal Reserve Currency ........................
Other current expense - Minneapolis................................. .
Expense current - Helena Branch .........................................
Furniture and Equipment « . . . ...............................................
Beserve for depreciation on building - Minneapolis ............
Reserve for depreciation on building * Helena Branch.......,
Reserve for depreciation on fined machinery and equipment I
Minneapolis .................. .
Helena Branch ................
General differences - Minneapolis ...................................
Tellers dlfferencee - Minneapolis ......................................
Tranait and clearing difference* - Minneapolis ..................
Tellers differences - Helena Branch ...................................
Transit differences - Helena Branch ........................... .
Recovery of expenses in connection ulth closed hanks ........
Sales and allowances of old furniture and equipment »........
Recovery of transit items previous charged off ..................
Post dated Government coupons .............................................
Recovery of expenses incurred in 1930 ................................
Profit on mutilated and uncurrent coin ..............................
Profit on sale of U,S8 Securities from bank’s inv, accounto
?roflt on sals of TJ,S, Securities through. Federal Beserve
System special investment account............................ .
Unredeemed officers checks................ .............................. .
Loss on transit items account of failed beaks...................
Settlement of lav suit in case John Hlralng, Eecelver of
farmers Iatl,Bank, Brookings, S,D0 vs. Federal Reserve
Bank of Minneapolis ................... ..............................
Loss on repurchase of securities previously sold under
a misunderstanding.................................................. .
Our fears of depreciation in eterllng accounts , ............. .
Dividends ?aid .......................................................... .......
transferred from Surplus ...................................... . ......... .
26,464,21
803,981,69
88,506*3?
10,946*68
35,666063
2,700o00
62,005o37
1,630* OS
289017
31o06
1,28
27.52
11.31
1,328.68
1,771*60
40.32
_>8. 6$
382.08^
43b08
80,462,80
15o00
57,682,56
501.64
5,?66o08
306,56
5,303o71
laO,454053
134,649,67
$ 1,214,006.31 $ 1,214,005,31
3
aass: or taraajgoag aro zslzba
SCttUHT ESPQR? 07 MESIBffiS, BBOT838 48D
raowg asp mss Aocowra poaaa l&a.
Darnings
Discounted bills . o © o
Purchased bills . 0 0 0 0 0
United States securities © o o e
Deficient reserve penalties 0 0
Miscellaneous • . 0 « « o
Total earnings « , * •
o $ 168* 589o07
132,99 8095
597,618o08
7 ,735076
0000000
O O 0OO
0
0
0
9
0
0
0
C
0 0 0
0
0
0
0
___
agpeneoa
Cost of federal Beserve Currency
Salaries . 0 . . . . . . 6 . . . .
fazes . o o . . o . ...................
All other
Total expenses * . « . o . • .
Onrrect M t owning*
0
0
0
0
0
0
0
$ 936,604*19
26»4d4o21
55l#054o95
69,004 85
2n . 9a8. 46
-J3&A9Jg** L
(
0
Editions to current net earnings:
Profit from sale of U* S0 Securities . . . 0 $
Profit fTom sale of U0 80 Securities througi
y. E„ System special invtstment account
o»oo»<>4 0.00
All other o 0 o • o • o
Total additions » 0
17,061.73
60.483,, 80
87,883.66
J . . M
142.751,45
$ 180,413.1?
Deductions from current net earnings3
2p Seserve for depreciation on buildings $
Minneapolis building © «. * . » « o » $
25,666063
Helena Branch building 0 o o « . o •
2,700*00
Vyp Heserre for depreciation on fixed
machinery and equipment *
Minneapolis o . . . B o o « o . . « o
62,006 37
galena Branch 0 » » o * • * . « . * „
l,680o06
Garniture and equipment • • » . o * . * . . . «
10»946<>68
Jdl other ...................................................
...... JLJaiM Z
u.<?<5.T<Ctf.OnS 0 0 0 0 0 0 0 0 0 0 * 0 . • a a o e . 0 0
-----------------------114.808.31
let earnings available for dividends, surplus and franchise tax $ 46,804c 86
transferred iTs'Css surplus 0 0 0 0 0 0 4 0 . 0 0 0 0 . 0 0 . 0 0 m
m
m
8
L 180.4C4.83
.... 150,454,33
Dividea&s paid . o . o o o e e * . * . . . . . . . . . . . .
8CTL0S AgJUgBOBR? ACCC
Balance in Surplus Account January 1, 1931
« . . .
o
o
«
O
$ 7 ,143,900c 69
December 31, 1931 Transferred from Surplus to Seserve for
depreciation on U* So securities held in Investment account $ 513s769o08
December 31, 1931 Transferred froa Surplus to Bessrve for
depreciation on tk S* securities held in participation in
Federal leeerve 3ystas-Special Investment account
140,23lo77
December 31, 1931 Transferred f t m Surplus to Profit and Loss*
Set deficit after ooverisg all charges including dividends
!34.649o67 m . 6 6 0 ja.
Balance in Surplus account January lc 1932
O
O
O
C
O
o
o
o
O
$ 8,366,250.17
4
FEDERAL RESERVE BANK Ot MINNEAPOLIS AND HELENA BRANCH
STATEMENT OF EARNINGS
EXPENSES AND DISPOSITION OF EARNINGS
8 ~ygg ORGANIZATION
Earnings 0 - o' « . «
.
£ZD€H£66 <
?
■
* a <
>o o o
. o «. . . . . » » $31 345 073
o o > o • 3 j )
343
Net earnings before charge offs
Additions to net earnings
. ,
> >
$ l ? y954,730
. . 0 „ « o , 0
____ 630,153
$ 183574,88a
Deductions from net earningss
Furniture and equipment o o o o ° » . > * , < > $
509?087
Bank premises depreciation , . ■ «
> * ,
1 8 8 IV854
Reserve for self-insurance
<>. , ■>«_
* 0
500,000
Reserve for possible losses (Net)
,
.,(A) 252/000
Reserve for depreciation on United States
656 445
Government securities (Net)
0 o o ■„
204,732
All o ther o 6 0 0 0
c 0 0 0 on 00 00
Net earnings o 0 0 0 0
$ 14 570f784
* o o o « o o ' i a
Distribution of net earnings.
Dividends paid o ® • ■
>- ° n , • * »
Transferred to surplus (Net)
. ~
,
Franchise tax paid to U. So Government
(A) Reserve for possible losses (net)
Net losses charged against reserve
Balance in reserve account Dec. 31*1931
$
$252 000c00
,156 052, |7
# 95 947 63
3 P0S8,794
6,356.350
5,1151740
DIVIDENDS PAID SINCE ORGANIZATION
19X3
191?
1913
1919
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1930
1931
*
JBY JQEAHS
57 , 719
87
363 5894,19
168 ,102 97
180, 18S 31
195 870 65
2 1 1 , 65? 03
313 774 01
312. 7 3 3 ,68
303 ,837098
193n 559 45
187 609c35
180 736o 51
1819302 86
184 039 93
184 y445 39
180 454 53
$ 3 p6*98 '79*3 ~5l
DETAIL STATS«1SNT OF .SURPLUS ACCOUNT SINGS ORGANIZATION
January 4, 1918 Transferred to Surplus from Profit and Loss $
37,500 00
ii
December 31, 1918
»
«
«
«
688.871 83
M
March 4 1919
from Reserve for franchise Tax
688.871 83
rt
June 30* 1919
904,357 40
to Surolus from Profit and Loss
it
December 31. 1919
1,349. 399 04
ii
June 30? 1920
1 ,6 0 9 ,3 4 1 ,5 6
n
December 31 1930
1,801,708 54
n
June 3 0 i 1931
333,131 95
it
December 31* 1931
155 407, 67
it
December 31, 1932
56,893 10
ii
December 31^ 1933
11,373,35
N
December 31, 1924
13 637 c39
It
December 31B 1935
4 ,1 3 9 ,4 5
H
26,043o33
December 31"1936
II
11„ 535., 10
December 31, 1937
t
l
4 3 ,350.06
December 31, 1938
If
S1,(T 3,18
December 31 ? 1939
*
___ _
914 40
December 31} 1930
Total O
o
*
o
^
o
o
o
a
o
o
m o
m
a
o
o
o
a
o
#7,696,, 334 o05
Less 5
December 31 r 1983 Additional franchise tax
paid far the years 1920 and 1931 „ ,
$ 52,423-36
December 31P 1937 withdrawn from surplus
500,000 00
to reduce book value of building
December 319 1931 Transferred from Surplus for
depreciation on U. Si S e
curities
o . a . o a o o
653,000.85
December 31 1931 Transferred from Surplus l a340.073.88
net loss for 1931
134 ,649 67
ff7356,3
5007
Balance in surolus account December 31 1931 o ° « - *
STATEMENT OF TOTAL FRANCHISE TAX PAID SINGE ORGANIZATION
31, 1918 Transferred from
31, 1920
1931
31, 1921
on account
31, 1 S6 3
years 1930
from
1923
December 31 1
December 31 1923
December 31 1934
December 3 1 ; 1935
Decembe r 31, 1926
December 31,1937
December 31, 1938
December 31, 1939
December 31, 1930
December 31 1931
Total o
http://fraser.stlouisfed.org/
December
December
June 2 0 ;
December
December
Federal Reserve Bank of St. Louis
Profit and Loss
ii
37,500 00
524,333 58
1,384,497 63
1 j 166,458,, 98
of underpayment
and 1931
Profit and Loss
a
i
53,433 33
513,038,93
101,450 35
113,543 58
37,355 04
334,380 91
103,815,90
390,150,58
549,358 58
8,339o80
None
5 ,1 1 5 ,7 3 9 ,9 8
6
PROFIT AND L088
Current earnings for 1931 were #936 604 19 or approximate
ly #300 000 less than the similar profits in 1930
To this amount
wae added #80^462 80 of profit from sale of our United States ee
curities held in permanent account aj&d #57,582 56 earned as our
portion of profit on similar ttansactions in Participation Account
handled through New York*
With the addition of $4,70S 09 made up
of expense recoveries and allowances on old equipmentp we had a
total for the year of $1,079,355 64 to apply on our needs before
making any chargee against Surplus Account*
Had there been no depreciation in the market value of
United States securities, it would have beefc possible for us to have
made a better showing at the close of the year, a* far as income
and expense was concernedp than was indicated early in 1931a
Our
normal needs require total income of approximately $ 1 ^200,000 yearly
with the months of November and December being the only months in
which requirements were covered
Apart from the profit on Governmente the credits direct to
Profit and Lose during the year were small,
Keco?ery of expense
incurred at closed banks was $ l ly828, 68 oompared to $39,192, 74 re
covered dyring 1930,
The most important charges other than closing
entries, were $ 5 f76S 06 paid in settlement of the law suit brought
by John Hirning as Receiver of the Farmers National Banks Brookings,
So Dr and $5,203, 71 charged off as our share of the depreciation in
Sterling balances^
Other items of income and expense will be
described under the appropriate headings
The normal transactions of the year resulted in a deficit
of # 134,649,67 which has been charged against Surplus Account
This
is tte first year since 1918 in which we failed to make some addition
to Surplus out of current earningso
No franchise tax will be paid
for 1931 making the first break in such payments since 1919
The
disposition of all important charges through Profit and Loss was
as follows;
7
PROFIT AND L033
(Oontd
CURRENT UCPiarSBS
Minneapolis
Helena
#830,436*10
8 8 ,5 0 6 ,3 ;*
4$18p943
Another substantial reduction in costs was made for
the year compared to 1930
The decrease amounted to $ 5 7 ,9 3 4 1)80
of which #55,561,74 was obtained at Minneapolis and $2 363,06 at
Helena> In estimating one year ago the operating costs at
Minneapolis for 1931 we placed the amount at #851* 54^5
Included in Minneapolis costs is $26 454,31 represent
ing note printing costs and the shipping expense on new notes
from Washington during the year
Similar expense was #56.930*59
in 1930-,
Our conclusion
to 1932 coats is that both Minneapolis
and Helena will show a small reduction with a better comparative
figure indicated for the . irst six months than for the latter half
of 1932
Each important item of our costs will be referred to
later in this report
FUilHITURE ANii ^ 2UIPMSNT
Minneapolis
Helenfe
S 9 9385*70
1,560c96
* 1 0 ,946c68
The above represents the lowest expense for many years
in replacing equipment,
At Helena we discarded a number of transit
machines and on account of a change in handling items, were able
to use cheaper machines
Purchases have been held down at
Minneapolis during the past two years with the determination not
to let expenditures for furniture and equipment exceed |1 5 p000
yearly
The total expended in 1930 was $14; 548 03o
Some over
hauling of currency counting machines will be necessary in 1932
and other replacements will be in order but the total cost should
not exceed the expense of 1931
be noted elsewhere in the report
Additions to our inventory will
PROFIT AND LOSS
(Contd)
RESERVE FOE DEPRECIATION
OK BANK BUILDING__________
Minneapolis
Helena
#35,665,. S3
__ 3 ,7 0 0,00
*28,365-63
Up to the close of 1931 the reserve for depreciation on
our Minneapolis building amounted to ^>1?9_659.41 representing seven
/ears depreciation at a rate of 2 per cent on replacement value
under the plan laid down by the Federal Reserve Board*
It .will be
a long time at tne present rate of depreciation before we can feel
that the figure at which our property is carried on the books could
be realized in the event of a sale-
During the period of con
struction and since we have reduced Building Account or set aside
as reserves the sum of | 1 93139133a75*
At Helena reserves to the amount of #84^018 74 have been
set aside on the building which is given a replacement value of
#135*000^
These reserves have been accumulated since ISfcO but
there would be a Iocs on the book value of the property if dis
posed of at this time<,
RESEuVE *0R DEPRECIATION ON
FIXED MACHINERY AND EQUIPMENT
Minneapolis
Helena
#52,005^37
1,68 0 ,0 6
$63,6 85.43
There was no change in the reserves set up at the close
of 1931 from former years? namely 10 per cent of the original cost
kt Helena the amount s e t aside brought the reserve
amount of original cost or #lS,108o99,
up
to the full
The addition of #62,005^37
at Minneapolis brought the total reserved to $446,460 98 and re
presents s^even years depreciation and a partial reserve for 1934 ,
All of the original cost will have been set aside by the close of
1934
DIFFERENCE ACCOUNTS (Debit)
Minneapolis
Helena
$ 360,37
19075
$ 280«13
Net differences were lower than for a number of years
pasto
Loss through shortages of tellers was |389„17 at Minneapolis
and #31 06 at Helena.,
The year ,r6 transit work at Minneapolis shows
P R O m A.NQ I'0S3
(i'onta)
an overage of |S7<,53 at ItinneSDO is and anot'uer e^.-rss of $11 31
at the Branch>
DIVIDENDS FkxO
$ 180,454 53
Between December 31, 1930 and the close of 1931, stock In
this Bank held by member banks decreased $111 950 with the total
held #3,, 951^350 on December 31„ 1331.
The above dividend payment
is #3,990-86 less than the payment of 1930 and is the first decrease
since 1937„
Active ,d«:})ber banks on December 31, 1931 numbered 598
with 40 of these State bank members-
The fall amount of dividends
paid since organization is s ^ O S S , 3^3 >51
DEDUCTIONS i’tiQM SURPLUS
Net deficit on current operations
Transferred to Keserve for de
oreciation on U* S> Securities
held in Permanent Account
Transferred to Reserve for de
predation on U> S» Securities
held in Participation Account
through New fork
$134,649 67
512,733,08
14 0 ,2 31.7?
#7S7,65G„otf
It will be noted that the depreciation on our United States
Securities represents the chief cause for our unfavorable showing*
When it became aoparent during the latter part of 1931 that the market
value of Governments was to show a serious drop, the federal hesexve
Board decided to require all the Federal neeexve Banks to aci# up de
preciation reserves based on market values shown on December 31c
Instructions were issued to make charges for this purpose direct to
Surplus Account
It is quite likely that i f , and when, the m.rk«t
value of these securities is re-established at the prices for which
these bonds were originally carried, the Board will authorize om
crediting back to Surplus the amounts now set aside
10
m & m m Y s jssw &m ? oy (boss a U B M i
EHBtaft-..8HW8. a*gtjsuamkism
Minneapolis
SABBXBOS IBDH
____ i m
_
Discounted M ild
$ 143.549.57
Purchased bills
132,998.95
United States Securities
597.518.08
Federal Intermediate Credit
Debentures
4.122.15
Municipal Warrants
3.423.46
Foreign Loans on (Sold
111.63
Deficient reserve penalties
6.785.76
&,78§
Interest received on past dns paper of closed banks
14.39b 79
Interest on nonenrrent funds, delayed wire transferee to.
Set profit on U* So Securities sold
Participation in transactions with forsign banks
7.512.69
Sale of wasts paper, aoney bags, etc.
72.19
Service charges on collection items returned unpaid
108.37
Monthly letters sold
Clearing house fines
24.00
Total Earnings
* 910. 623.64
m
Hslena Branch
____ 1931
$ 25.039.50
940.00
1.05
Bmpcs
Combined
,m
i ...
$ 168.589.07 $ 172.44l . 6o
S8.551.27
132.998.95
597.518.06
747,483.68
4 ,122.15
3.423.46
1.326.70
111.63
7.644.01
7.725.76
14.396.79
65.773.89
3.10
7.512.69
72.19
109.^2
11,208.70
115
127
Combined
1329
$ 1,047.771.06
310.203.43
388,603.50
123,396.14
7,001.45
1.42J.72
12 . 474.96
17.833.95
2. 3.47
14
196.24
169.09
9.00
300.00
107.00
136.00
♦ 936.6o4.19 81o235.082.44
* 1 .926,031.17
24.00
$ 25.980.55
Combined
... ,1 9 10
■
1531
Sarnin^s from?
Diaccuntad bills
$ 165.588.07
Purchased bills
133.993.95
United States securities
597,618.08
-4,133^ IS
atfdcInto Credit ?ank Deb
itoicipal arrants
3,423.46
foreign Loans on Gold
111,63
deficient reserve penalties
7*725.76
Miscellaneous
__ 2 U m > W .
Total
$ 936,604.13
jspensess
Coot of .?» 3o Currency
Salaries
Stases
ill other
uaa
$ 173,441o60 $ 14,049.09 ? 14,370.12
15,045.94
U .083.26
338#631o 27
49,793.17
63,29Oo31
747.483,68
343 61
0
0
286.29
110,66
1,336.70
9.30
0
0
643.81
537.00
7,644*01
1.843.93
$ 78,050.36 $ 102,923.64
n ,2360032o44
$ 36t454. 21 *
56fi930.S9
561,054.95
557,346.73
69,604.85
69 9399o45
393,290o5i
TJ S J 3 6 .4 «L
$ 918,943,47 $ 876#867o37
Dividends paid
$ ISO#454c 53
$ 184,446.39
^ L ^ m 3 9 i S M 3 L S L M !i m
Bills £1S~ Bills
PUTOhaSSd
counted
1931
1930
IS as
1938
t7® S. S*.
OtCrltieS
$ 4,818,936 $ 7,607,334 $ 36.7S1.33C
4,043,859
7,870,007
33,786,786
31.634,673
6,328,337
9,812,359
11, 199,882 15,354,918 13,701,741
a a m m s -« i — —
Bills Die- Bills
counted
Pnrah^vied
1931
1030
If*
1928
1937
1936
1935
1931
1933
1923
1931
1930
1919
3p600jC .
4a366
40645
4.383
3uS37
4c 000
4.030
40458
40503
5c 119
6.479
6.233
4.381
10748,£
3.904
40903
3o970
3.413
3.343
Zo 34c
3*720
4.135
0
6c097
5.359
4.267
Discount
Disoouat
Diaomntt
Discount
Discount
Discount
Discount
Discount
Discount
Discount
Discount
rate
rate
rate
rate
rate
rate
rate
rate
rate
rate
rate
V0 SQ
curiiies
2c 333f»
30380
3.960
3o740
3.581
3,850
3,841
3.8*9
4.350
3.437
3.055
2.016
3.460
effective
lowered
low ed
levered
lever«d
raised
raised
raieed
loversd
levered
lovered
SSoathly
Avarage
Monthly
Average
J22J___
Federal Into
Credit Bank
SfTM W Tf
$ 158,671
0
3,679,668
686,803
4,744033
$ 3,304.83 $
46,931.26
46,437.33
5,793,07
6,783*29
..a*. 440. 87
3 76,678.64 | 81,406.61
$ 15,037.88
t 15,370.46
*W H »
itaicipal
Terrante
$ 97,671
34,330
140,326
8,784
Foreign
Loans on
QOld
l«rt-
6,375 $ 39,460,306
0
34,733,
38,340 40,513,743
0 40,952,128
m im a u m a
Federal Int.
Credit Bank
Debentures
3,59S£
0
4.783
3.885
3.654
3.82?
0
0
0
0
c
0
0
Municipal
arrants
3o30Q<
3a 877
4>98S
4.253
3.723
4.000
4c000
4.374
4.500
40752
5.807
0
0
January 1. 1933
Jaacary 11, 1933 to
August 15v 1933 to
Octobsr 14, 1924 to
Septsnber 13, 1937 to
February 8, 1928 to
April 25, 1938 to
May 14- 1929 to
February 8, 1930 to
April 16, 1930 to
Septanber 13, 1930 to
foreign
Loans on
Oold _____ 5PoH
lc779^
0
5c031
0
0
4.500
3.563
3.000
0
0
0
0
C
3.399$
3 310
4.636
4.004
3.380
3» 793
3.651
4.084
4.411
4.640
6.031
5.755
4.114
«
4fe
46
3|0
4fp
Wr
y4r-tf.
z iy
12
EARNIMGS
Earned at Minneapolis
Earned at Helena
#910,333 64
25.980 55
* 936r604,19
Throughout 1931 it has not been volume of earning
assets which had a bearing on our gross income so much as the
low rates obtained on acceptances and Government securities
allotted us by the Open Market Conference at New York
Lack of
other demand forced a gradual reduction in the rate of return
on these assets until the final quarter oi the year
Except for the month of January
borrowings of our
member banks showed a greater volume throughout 1S31 than in
1930o
Over the complete year average daily advances to members
in 1931 amounted to $4,81 9,000 compared to #4 043*000 during
1930.
Due to the rate of 3^ oer cent which prevailed through
all of 1931v the discount received from members totalled
#168„589oO? compared to $1?2 441 60 in 1930 when the average
rate was 4 =265 per cent*
‘The activity of borrowing demand would
have been more evident but for the many closings which for a time
added current paper to the closed bank list almost as rapidly as
n ew
offerings were received,
Although the average of all earning assets decreased
$ 8 P000,000 in December from the $55*397,000 average shown in
November,
there was no falling off in income because all the de
crease in holdings occurred in acceptances^
Allotments of such
b ills had been quite small during the first nine months of 1931
Shortly before the increasing of the New York discount rate in
October, acceptances came into the System freely but at very low
rates, mostly 1 per cento
After the raising of the New York rate
to 3^ ner cent on October 16, acceptance rates improved sharply
but as other demand ^as increasing at Minneapolis and we were
carrying too high a proportion of Governments, no further allot-*
ments of b ills were made us until near the close of the year;
As a matter of fact; Foreign bank purchases absorbed practically
all the narket had to offer*
while not large,
Our present volume of acceptances,
is at rates of 3 and 3 l/£ per cent, bringing
13
gA&UNGS (Contd)
us almost as much income as the previous heavier voluae at low
rates
The daily average of bills carried in 1931 was <7,607,000
in comparison with an average of #7 870?000 for the orevious year
An average rate of 3 o904 per cent in 1930 produced profits of
#228,551 37,
The smaller volume in 1931 at an average rate of
lo748 per cent gave us total income of only #132^998 95,
With
present rates maintained in 1932f there need be no increase in the
volume of purchased b ills over the 1931 average daily holdings
»o double our earnings from this source
In both 1930 and 1931 we had to look to investments in
United States securities to provide the greater part of our in
come
While we had a profit of #80,482o80 on Governments sold
from our Permanent account and 557?582,56 profit from sales made
by the Committee in New ¥ork during the year
this nrofit has been
over-shadowed by the heavy depreciation which has taken place in
the market value of our holdingSo
However, from an earning stand
point there should be a big improvement in 1933.
Although we
carried an average of $36*781,000 in Governments throughout 1931
and $4 ,0 0 0 ,0 0 0 more than in 1930 P the earnings of |597,518,08 were
$150s000 less than in 1930 because of the low rate of 3 233 oer
cent for 1931-
The oresent basis of earnings from Governments
will give us an increase over 1931 and it is quite likely the
income will exceed the *747^483,68 received from U, S
securities
in 1930.,
All replacements of recently maturing Government se
curities have been at rates which will enhance our profits
In
the list of United States securities given below comorising the
System,, Soecial Investment Account, in which we have an interest
to the extent of 3£ per cent 9 you will note that $9SP775,000 of
Liberty Loan bonds are callable in June 1933
Xe all bonds are
amortized to callable date^ the full amount of interest on these
bonds will be placed in income account after June 1 5 t 1933
14
earnings
(conta)
HOLDINGS OF UNITED STATES SECURITIES IN
SPECIAL S'jCSISM IM SSm SK T ACCOUNT
Du^
Treasury Bills
"
"
"
Certificates of Indebted
ness
w
a
M
It
*
*9
Treasury Notes
First Liberty Loan Bonds
p \v
\
"
Fourth Liberty Loan Bonds
Kate
January 13, 1933
January 25 1932
February 8 , 1932
February 15,1333
February 24.1932
March 2„ 1932
Maroh 30 IS32
March 15,1932
June 15, 1932
Sept 15, 1933
o
i
l
i
Septol5g 1932
Dec. 15, 1932
June 15, 1332 47
June 15" 1932~47
Oct 15, 1933 38
Amount
$
Z-k
2g
1 1/8
v
3
3±
3(
H
4i
2,000 000
18^000,000
22,725*000
7,111^000
7,907,000
18,925*000
6,050,000
53,731,500
8 0 ,5 00,000
53,500,000
rxy
59,551,500
20 000 000
80,035 000
1 6 ,7 50'000
115,040,000
3T"563 P~81S , 666
At times during the past few months the small amount of
free gold available made it aoparent that we should dispose of
some of our Grovernments.
We did sell $ 5,00 0,000 to New fork on
October 16 but repurchased $2,000 00C several days later and the
balance on November 4 0
Nowr with the return from Governments im
proving constantly, it is desirable to retain our holdinge if
possible^
Since September 16 we have been carrying $430. 000 of 3$
Federal Intermediate Credit Bank debentures maturing Aarch lb*
1932 and taken on a 2,?6 pex cent basisr
Debentures of the follow*
banks were held on December 31^
Federal Intermediate Credit Bank. Berkeley Calif'*
"
11
M
Houston* Texas
"
H
«
«
Omaha, Nebr.
*
"
*
"
Sto Paul, Minn 3
H
11
”
Spokane, Wash ,
|100,000
100 000
80,000
100,,000
50v000
P 3d ;000
The total income from these debentures in 1S31 was
^4,122ol5 with no similar income in 1930o
Beginning in May and throughout the balance of 1931 we
have carried Municipal Warrants for various Michigan and Wisconsin
banks,
taken on the regular discount basis 0
This class of earning
asset averaged $97,671 daily with $473,545 45 held at the close
of the year
Earnings for the year were #3,423 46 from warrants
Similar income in 1930 was $ i 3326,70
15
SARNING5 (Gontd)
Penalties collected from member banks for deficient
reserves were $7,725 76 an'i approximately the same in 1930
At
idirmeapolie $ 6 ; ^85 76 was collected or an increase of $624 over
l&30o
Penalties at Helena were below normal with a total of
$940 collected compared to #1,433 33 in the previous year
All items comprising miscellaneous earning? aggregated
$ 3 2 ,3 3 6 o 73 for 1931 and $55,000 lees than the total of miscellan^
eoue receipts in 1930
The principal item in each year wap the
interest received on past due paper of closed banks iiaking final
settlement,
For the past year such interest collected was
#14,396.-79 with $65 773 89 obtained in 1930
The only other item
of importance represents commissions and other profjte as the
result of transactions with foreign banks conducted through the
Federal Reserve Bank
$7^513 69,
New york*
For 1931 these profits were
Similar transaction in 1930 gave us $11,3 08c70 as
our share of the profits
As in former years we have prepared a table to in
dicate the proportion of our 1931 income which comes from earning
assets originating in our own District and the proportion re
ceived from Government bonds and the various transactions we
participate in through New York
During: 193S which was an un
usual year, the major part of our income came directly from member
tanks
For every other year since 1931 the greatest portion of
our income has come from without our District
•
For the past year Government bonds produced S3 8 pe
cent of our total current Income
We actually received a smaller
amount in 1931 but the percentage was increased because our total
earnf.ngs were $3GOpOOO less than in 1930o
The proportion of total
income received from without* the District during the past year
was 78 4 per cent compared to 80 per cent during 1930
16
EAKNISaS (Contd)
I
INCOME FROM DISTRICT
1S3:.
1930
1929
1168756^^0" ^172. «41 SO $l„0CT,^71o06
3,433o4S
V>336-70
7^001 45
Discounts fsr members
Warrants
Penalties for deficient
reserve*
7,725*76
Interest cn cast due oaper
of closed bankts
14,396 79
Interest on Fed„Intermediate
Credit Bank Debentures
960 58
kiscellaneous
205o61
f l 9 5 'm ^
7,644 01
12,474*96
65,773.89
17,833*95
0
9 1 y493 36
652 59
510o53
f23‘77,355“ ?5“T T 7 T 7 7 7 ^ 5 5 T l ‘
INCOME FROM WITHOUT DISTRICT
Discount from Purchased
Bills
• $lo 2?998095
Interest on U, b, oe
curities
597,518,08
Interest on Fed.inter.Cr
Bank Debentures
3,151,57
Foreign Loans on Gold
111.63
Participation in trans
actions with Foreign Banks
7.512 69
'■ # 7 4 i
$228,551*27
$
747,483 68
0
0
l l a208~70
3 5 2 " S 2-- i 3 g ? f o g ~g5 ' " 3
310,209 43
390,986 97
31 r.902. 78
1 P425 72
14,420 96
*'4 5 :6 4 5 6 $
* 56,755 of this income originated in our District,
Average monthly income in 1931 was $78,050 35 compared
to $102,923 54 monthly in the previous year
The profit in 1931
was obtained from average daily holdings of 139,450,000 at a rate
of 2 299 per cent which was the lowest average rate ever obtained:.
Although the 1930 average rate of 3 310 per cent was the orevious
low, we received over #250 000 more of profit from average hold
ings of #34£ 734 000
There seems to be no question but that a
continuation of the present rates will give us sufficient income
in 1932 to cover all needs
if
g MBi a m n m a m t
SSBBBSS.-KPSgSK8 OF jBBLEM Itt hsssto babk Of tqmn&Apous m mmsa M B
Minneapolis
___ m
\ ___
Salaries:
Bank Officer*
$ 104,09^.67
Clerical Staff
295.’
All Other
(taverners' Conferences
611.52
federal Beserve Agents' Oonferenoee
federal Adriaorj Council
1.315.66
Directors* Meetings
5.60.13
0Traveling Expenses
l 6. 57i.SS
Assessments for fadsral Beserve Board expenses
16 .r n .72
Legal Fees
lu. 265.te
Insurance on currency and security shipments
X0.-fil9.lk
Other Insurance
28.013.7#
Taxes on hanking house
67.680.37
Ll£it, keat and power
I 5 . 25i. 2i
Bepairs and alterations ’hanking houss
h,602.20
Bent
Office and other supplies
12.158.17
Printing and stationery
13.W3.28
Telexfeese
4,920.89
Telegraph
12.077.15
Postage
U6. 230.37
Bxpressags
10.U68.99
Miscellaneous
__ 32.58,$5
Total exclusive of cost of currency
$ 803.981.89
federal Beserve Currency:
Original cost, including shipping charges
23.3«6.
Oost of redemption, including shipping charges_______
Total Current Expenses
I 830
10
♦Other than those connected with Governors' and
Agsnts' conferences and nestles of Directors and
Advisory Council.
Eelena Brandi
_____________ I 2 3 i
___________
$ lU,0*10.56
3>l,9¥».17
9 .090.06
M iM d
a a ..
$ 118,135.23
330.399.32
102,520.40
611.52
1 .315.66
3.657.73
1 . 80U.U8
956.71
835.39
7.0&.87
17 . 565.00
l6 .M81.72
lU.865.U2
12 .U10.23
3i . 67i . 5i
69.50U.85
16,207.92
5.»*37.59
l.m .98
13 280.15
1.39*.7*>
993.12
600.00
1 661.09
1.3U0.7U
663.03
5.586.U6
6.272.58
1.309.80
.I?i.\
.506.37
,
1U.78U.02
5,'
17 . 663.1
52.^2.95
U.778.79
32/
$ 892.
23.^6.!
f 91! $ ? ! '
OoafclMd
Combined
M29
$ 122.067.03
338.938.93
‘96.2U0.76
608. 8U
317.36
1.297.82
6. 529.38
12 .920.88
18.503.91
l8.U3i .23
13.916.52
720.80
.399.U5
17.201.73
6.155.04
$ 117.783.28
3*6.319.30
89.287.99
567.36
319.86
1.395.55
6.563.55
IU.716.36
19.U33.l6
17.077
1U.808
30.755.2U
77.128.25
17.9660 84
7. 096.92
u - .m
5 . 165.60
i 8 . 03i .76
6U.9:
18 . 503.62
18,601.12
S.*?*. 35
18 .U21.19
63.OU .33
ll.OU7.U7
8.
12.1
$ 91!
52.685.1:
79.6U2.1T
U 2B J 6
$ 1 .022.009.00
HB&gggpggtMttm m
BgggB111Ml&BHMHBgLMlBBI
Bental of furniture and oquipssiit
Bepalre and maintenance of furniture and equipasnt
Outside protectlonfivault inspection*tine eervloe, etc.
Outside laundry and cleaning charges,, etc.
Licenses and peralts
local transportation-ear faro and taxi biro
Foot office box and postage~a»ter rental
Sewspapers,periodicals,books, 'binding, ete0
Oolleetion charfii and protest feeo absorbed
Clearing houes a»nbership does
Supplies furnished Keatoer Banks
Oopieo of bank examination reports
Ooasaroial agsnoy credit reports and servioos
Saployees* photographs
radical service and physical examinations
Gafetaria (let exponas)
Sottertalnasnt of beakare and others not in bank’ s eaploy
Officers9 and eagAoyeee' dinners
^ployeee1 educationsAaarican Institute of Banking
111 other
federal Reserve Club
Meaborehlp dues and donations:
Aasrloan laainre1 Association
State and other Bankers1 Associations
Credit Ifen’ s Associations
Aasrican Acceptance Council
AaerScaa Society of Agricultural Engineers
Twin City Bask Auditors* Conference
fez Payers* Association
Minneapolis Polios Benevolent Association
Minneapolis Tire Departssnt
International Sheriffe1 A Protective Officers' Association
Batlaaal Industrial Conference Board* Incc
Folios Officers1 federation
Chrlstsas donations
Conaterfeits end dieconnt on foreign currencye etc0
Miscellaneous expense in connection with closed banks
Minneapolis Surrey Oossdssion
State Coaalsslon on Criae Prevention
Pension Coaaittee
Ooaalttee on luik Beserves
Oonalttee on Branch, Group and Chain Banking
All Other
lOCAL HXSCSLLAH20U8 BXFKVSB8
HiBMapolii
X22L
135.00
1 9136025
'*15,00
1.878.33
27.25
915.50
525.00
3 .M28.51
279.68
512.36
5 , 600.00
21So50
IJoOO
Wo 35
H0232o15
229o25
bl*w
____ 133L.
$
31.80
113.30
160.09
1.10
162.00
175.60
Contained
r-ffisr
1.705.21
528.30
2.038.(2
27.25
f e
9*19.62
708.50
89*.39
36.30
3 i£ * . i i
3.295.53
916.6b
687.00
267.75
36,00
283.11
106.10
512.36
5.867.79
25H.50
62.60
w .95
H.232.15
291.85
106.10
13.00
897.00
897oOO
3 , 120.00
300.00
3 . 1(20.00
300.00
15.00
315.00
290.00
19H.OO
300.00
15.00
30.00
675.00
290o00
XSK 00
>10.00
300.00
15 o00
30o00
6750OO
100.00
100.00
Cosfelnsd
r
«S
33.
.581.00
6 750.66
19.00
33.OO
»».56&.76
650. 7H
26.70
1 ,030.00
570.00
3.225.50
315.00
302.00
ItloOO
300.00
15.00
30.00
751.00
100.00
25.00
100.00
100,00
25*00
5To50
U 0o27
1 .626.53
110,00
25.00
57.50
220.27
1.626.53
lOOoOO
H1 ,107.30
H T
*12.
901.
1^25
92l.**5
392.00
2. 031.81
282. >18
>•2.25
7,318),90
495.00
53.75
32.00
6.003.88
511.89
1.053.16
.
1 201.00
578.25
2 . 875.00
315.00
292.00
785.00
300.00
15.0*
>•5.00
738.50
100.00
25.00
50.00
100.00
57o50
,59.50
192.35
*•07.92
1*S61«37
100.00
13.756.72
100.00
9
d
2.001.39
* 30,532.85
2.001.39
* 2.153.73 * 32. Sek M ... I"g r .jfe 8
Uj. j H TS
EXPSrtbES
Minneapolis
Helena
i 918,943 47
} 330,433,10
3 8 1,506 ,37
Another subetanti &1 reduction In our yearly costs ^as
showr. for 1931 when comoared with the previous year
duotion wap $ 5 ? ,9 3 4 080,
The net re
The reduction in 1930 compared to 1929 was
$45,I41„73 so that the costs lave been lowered in excess of $100,000
during .the pant two years.,
We had estimated an expense of ?993,25G
for *330 and $942,855 for 1931 with the actual result* of the two
/ear*; $40-000 below the estiroates
A large part of the decrease each
year has resulted from a curtailment of the printing program for our
Federal reserve notes.,
Other savings have been made which resulted in
the yearly expense haeie being, reduced $103,033 53 since 1939.
During
this psriod *35,860 was granted in salary increases and had to be ab
sorbed to obtain the r e s u l t s indicated,
For 1931 the average monthly expense has been $73 578,54 in
comparison with a monthly total of $8I,405o61 in the previous year.,
For 1?32 we believe this monthly average will show a small decrease
from 1931 with most of the improvement oomirig during the first half
of the year
Our Budget for 1933 has been completed and indicates a
total of $820,333 for iiinneapolis and $86,765 for Helena
These
figures are $1 0 ,2 0 3 ,1 0 be^ow the actual expense of 1.931 and ware de
termined after allowing for an increase of 110 349 93 in the budget
for Failed Banks and salary adjustments of $ 2 s700
Particulars of
our costs are *;Iven under the Expense classification and also uhdt'i "ve
wri te up of the var ious func ti ons *
5>LAa 1ES
Minneapolis
Helena
$ 551p054o95
$492,9S0clS
__ 5Sf Q?4<,79
Uet changes from 1930
Payments to Officers, net decrease
*
,1 Clerical Staff, net de,
crease
payments to Guards and .T& tchmen
net increase
”
!! Non-Clerical btaff
Net Decrease
$ 3 931 80
8 ,5 3 9 961
I 1 3 ,4 7 1 041
I
3,397,33
o a892,41
6
S4
i
6,191
11
20
gjCPSKgKa (Oontd)
Our Staff on January 1, 1831 was comprised of 259 persons
at Minneapolis and 3S at Helena
This is an increase of 4 persons at
Head Office and a decrease of 3 persons at the Branch during the year
There ^eie n-j additions in the number of people employed on normal work
at Minneapolis, but an increase of 3 in the collectors at closed banks
The turn over of help has been very small with no ret change in officers
transit department employees or those on Fiscal Agency work
The number
jf persons on fi seal work for which we are reimbursed, v»as 7 both in
1931 and 1930
Total salary oayments in 1938 may not exceed the payments in
1931
depending somewhat on the necessity for maintaining the added work
ere at clj&ed banks throughout the year, the amount of exoense recovered
f om banks making settlements^ protest fees collected and other condi
tions which nay not. be controlled
nrw t departments have been more
active than in "'930 arid some departments car, stand an increase in volume
■without requiring a .y adaed pay roll expense-r
closed bank representative** no highc • salaried
With the exception of
-mployeee have been add
ed during 1931 and the small salary adjustments made as of January 1,
1G32 were to those in minor oosts
GGVEBiSQRS CONFERENCES
FEDERAL RESERVE AGENTS CONFERENCES
FEDERAL ADVISOR* CONFERENCES
|
311-52
none
1,315 .-86
The Federal Reserve Agents held no conference during the
past year,
Expense of Governors' Conferences covers two meetings and
one trip East to attend the meeting o/ the Open Market Policy Confer
ence
Advisory Council meetings were held, one in each quarter of
the year
This travel expense, o?us $300 as our share of the Sec re-
tary *8 salary, makes uo the above total
DihlOTOho ig*TIKG*
Minneapolis
Helena
5 ",0 6 1 07
I 5,367-13
3 »394 74
One more foeeting was held in 1931 than in the previous yeax
accounting for the increase of #457,75 In fees and traveling exoenses
for such meetings
The March,July and November meetings were eliminated*
At Helena the payments exceeded those of the previous year by $74 74
Three Board meetings were held in 1931
Executive Gonoittee ineetinge
the other expense represe ti
No Board meetings weie ve,«1 in i«*30
21
EXPENSES (Contd)
TRAVELING EXPENSES
Minnea polie
Helena
I
17 565 00
116k571v88
,*9^3 13
This expense in 13 31 It heavier than for any other year
since 1928
Some of the increase it
to more frequent tripe of
the Officers in attending Group meetings and making direct contacts
witk member banks hut the main reason has been the necessity for
placing more representatives at closed banks.
It may be that a
considerable amount of this latter expense can be recovered but in
the meantime serves to expand our current expenses
Our l r'Z" >xpenee
of this character i« not likely to show any reduction
ASS3SSMI2NT FOR FEDERAL
RESERVE BOARD £X?ENcE-i
# I S , 48 i c' 2
Payments to the Board are based on the Capital Stock and
Surplus of each Bank and are revised each r * months
of assessment applies to all the Banks
normal in 1930 and 1931c
The same rate
Cur paymei vs have Veen below
For the fir ft half of 1932
ai s as ee seed
833/10*000 of 1 per cent on paid in Capital Stock and Surplus
rat*
This
ie higher than in 1333 but the reduction in our Surplus o '
# 7 8 7 i)650 52 makes our payment les?
It is more than likely the Board
will increase the assessment rate for the fi nal s < months of 1333 and
wr? have provided for a payment of $18#500 In oar 1333 Budget
LEGAL FEES
S :4 ,8 6 5 43
Minneapolis
Helena
$149365>42
_800 00
Regular retainers paid counsel in Minneapo is amounted
$9 y000 and hair not changed fox some yea e
Beg inn ng In January 133’
we have paid Counsel Yteir at Helena $100 per month
is provided by Minneapolis •
yearly
cne half
which
Weir was previously paid $ 3 S600
In addition to this saving, the fees paid on s »eclal catnv
have been lower than usual
Such : fee amounted to $4y831
tx;.ii chief
of which *as payments of $2*134 03 in the Farmers National Bank of
Brookings, 2
Bank case
D> matter and $750 in connection with the Qrage Nat
The net reduction in legal fees has been $3,600 compared
22
EXPSM8E& (Conii)
to ,1830 fees
We can hardly exoect the- feet? paid in 1932 to hr any
lower than for the past, year
INSURANCE OH QUKHM O f
AJID SEGURlW Wt¥dSWfe
Minneapolis
Heleria
$ 1 2 ,4 .0 ,3 3
$ I^ y~49; i4
] ,6 8 I o09
Expense of thin charsuitet has shown reduction* for the past
two years but- not through any redaction ‘ a vola/r
shipments
n in number of
In 1330 the insurance rate w&s reduced f i M
10 cents to
£ cer ts oei $1^000 end since Oct^be^ 1, 193* t?*e ^?&te has been 7 cents
p^i $1,000
Thie reduction at iilnnea L'lis in 1931 war $ l y3tt? 83 with
an increase «t Helena of -J111 5,
Receipts of currency from members
^ere materially lees in 1S31 than ^n the previous year but the ship
menfcs to members in these yeart changed but little either an number
or amount.,
Considerably more expense was incarre-l during 1931 on
sejurity shipments*
The closing of most local branches jf Sat-tern
bond houses made necessary the frequent shipping of securities to
New iork and Chicago and caused us to absorb $1,453 43 of insurance
compared to *497037 in 1930o
It is probable that pome improvement
in this respect ^ 111 be evident in 193 3,
INSURANCE
(Other than on currency
and security shipments)
Minneapolis
Helena
$31,671*51
#38 013 78
3 .6 5 7 CT73
Changes made in our coverage should have resulted in a
reduction of insurance costs compared to 1330 but results were
affected by conditions over which we had no control
Through
the death of *ir<, barren and one other employee in 1930, *he death
claims exceeded the yearly premium with the result that our rate
was raised on life insurance and we received no return premiums
During the previous year we received return premiums of $4,831 54v
one-third of which was credited to insurance expense and the re
mainder to Profit and Lose,
At the close of 1930 we had assumed
the building up of the belf Insurance Keeerye to 3500p000 wr>uld
23
EXPANSE (Contd)
enable us to reduce our Blanket bond to $500*000 primary and $500,000
exceee with a saying of approximately #5,000 yearly*
However, your
Board determined on a primary bond of *1,000^000 which reduced the
yearly expense by $2,500
Since January 1, 1931 we have had a burglary policy of
$19000y000 covering; securities in the vault
This coverage was ar
ranged at the low yearly premium of $413 83 and is intended for added
protection to the eafe-keeping securities held for our member banks>
Amounts paid for insurance at Jiinneapolis and Helena during 1931
riiix'e as foilowb s
Head
Office
Helena
Branch
Employees group life
£ 7 943>65
Fidelity bondg
435.00
Blanket bond burglary, etc 0 16.753 87*
996. 86
Workmens Compensation
/ire ,fu rn i ture, equipment
75 00
& supplies
599 45
Automobile
Building Insurance (fire
1,330 95
liability, etc,}
4 28 0l3 .78
Total
983 76
30,00
3 315,81
61c55
| 8 .935,41
445,00
19,099-68
1,058 44
33 80
38 ,,20
108 <,30
$37 S5
204 78
1,435 ?3
i
*3,Sb7“ 73
p r fM
i r
•One eighth of fidelity bond premium of 517,500 is
paid by Helena •
TAXES OH BANK PftSttlSEfc
Minneapolis
Helena
$ 69,504 -85
$67gS30 3^
1 884 43
Amounts reserved for taxes in 1931 were substantially the
same ae in 1930,
there being no change in valuations at. Min^rai >olis
or Helena ana only small changes in the rate
As noted «l«ew ^c e
we have been figuring taxes on a valuation of £3,350*000 for 193^ and
will receive a valuation of #3,350.,000 for 193 3
Thie will make a
reduction of #2,000 in the amount to be set aside during 1932
At Helena the amount reserved *as ^14 97 less than in 1930
and it is suite likely the amount reserved in 1933 will show little
change
24
EXPMSEfc
(Cortd)
LIGHT, HEAT ^ <i PQffER
Minneapolis
Helena
> 13,307 92
*1.5 251*23
S56 07i
Of the above items our heating costs show the most variation
on account of weather conditions and changes in oil contract prices
*iuring 1931 we received and paid for 10Cy635 gallons of fuel o i l a
Heavy
purchases had been made in the final quarter of 1930 which helped
to make the results in 1931 more favorable^
Between *ay 1 and October
1, 1931 we purchased only 5,061 gallons of oil and this at the contrac ;
pr^ce of £5 35 per 100 gallons
Fox the balance of 1931 we procured
39 ,,595 gallons of oil at the new.price of *4 35 per 100 gallons,
The
total expended for oi) in 1931 was i4 327 01 compared to $6,717 53 in
1930
With the irilisr weatheT and lowered price, fuel oil expense
should be comparatively lo* in 19 3£
Light and power costs at Minneanolip were $9 674,33 for the
oast year and *358 70 more than in 1930
These CGsts do not vary a
great deal but ™e are promised a lower volta e by the electric oo'upany
which should lower this expense*.
At Helena light and power costs show
little change from previous year*
Fuel costs wer.3 brought sharply down
two years ago by installing mechanical stokers which enabled them to
burn slack coal instead of lump coal and save $5 50 per ton
REPAIRS AND ALTERATIONS
3AUU^yS0V^E
f
5,437,59
~
~£\ntieapolj s $4,602 30
He7ena
835 . 39
The above total ie icwer than normal and $717-45 lees than
such costs in 1930
futi?
This class of expense should average lo*er in
year* became of our Ce ls ’ >n to charge againf * ’’Reserve for
Depreciation on fixed iiachinery and Equipment11 some of the items which
have been classified as repairs*
The principal item will be the main
tenance contract of the Otis Elevator Company calling for
| 3 P166 yearly*,
ny«ent of
Alterations of any site *ere few in number and are
mentioned under "Bank Premises” e
At Helena the only item of im
portance was the constraction of a new fortress at the rear of the
bank lobby as a oceans of improving the protection measures at the
3 rancho
25
EXPENSE^
(Conti)
0 m 0 8 AND OTHER 8UPPLISfl
Minneapolis
Helena
*13,380* 15
*12 159*17
1 131 96
We are able to report another substantial reluctior in the
co«t cf of fice and building eupoliee
faring the yeai new allocations
were given pome i tems which had formerly been classified und.*r
'’Supplies” making the comparative showir.g better than would otherwise
be the case
However, decreased costs and L w e r inventory have lessen
ed these costs approximately #3 500
PRIMTIHG AND S T A T I O N /
Minneapolis
Helena
$14,734 02
vl3f4 4 3 .38
1,340 74
In comparison with 1930 another substantial reduction is
shown in printing and stationery exoense
In December 1930 we paid
#1*700 of* b ills normally belonging to 1931 but after making allowance
for this fact we still have had a nice reduction in costs
borne of
the business done by printers is taken at a very narrow profit and the
price basis given us in 1931 may not hold for 1933
Part of the re
duced expense however, is due to measures of economy put into effect
several years ago,
The printing and stationery expense at Helena is
4448 less than in 1S30
Branch needs are taken care of through
Minneapolis on practically all quantity orders
TELEPHONE
$ 5,583 92
Minneapolis $4,930<>8S
__ 665 03
Helena
These costs showed no change from 1S30 at Helena but
are |405 49 greater than in 1930 at Minneapolis
There has been
only a small increase for exchange service but toll charges i n
creased materially through bank closings and emergency calls o x d *r
Lng currencyt ^tc,o
26
EXPSSSS3 (3ontd)
m EORAPH
| 17,663 61
.
Minneapolis *13,077,15
Helena
5.586 4 5
This eipenee at ilinneapolis is *370 in excess of the wire
costs of 1930. but through further economy in connection with Helena's
telegraphing we have been able to reduce the total cost below one year
9^0
For some time we were sceptical ehout having the daily balance
sheet wire cone iro:a Helena in codeP but this plan has now been in
operation for over nine months and results are satisfactory, with a
saving of approximately $30 monthly
Messages sent over the commercial
wires have cost less than in 1530 due to the reduced volume
Private
wire connection irj.tfc the other Federal Reserve Banks cost us #7y834 54
b as ad on the number of words dispatched from Minneapolis
Altogether
we sent 30,590 messages over the private wire containing 433,885 words,
In 1930 we sent 4£Sv3c5 words costing £7,337,94
The Branch ^ire ex
pense is confined almost entirely to commercial messages with $86 16
of private wire expense during the oast year
fie have beer absorbing
more wire expense in connection with securities than formerly and be~
lieve there will be a tendency towards heavier telegraphic expense in1933c
PCaUag
> 53,533*95
.Minneapolis
de1ena
f46,250«37
6,373,58
Over a period of years we have gradually reduced the amount
of postage stamps and stamped envelopes used,with the most recent
change in the currency division
With the elimination of wastage and
the re<V*ced transit requirement, our postage expense has been brought
substan tially lower
The entire reduction of #13*400 compared to 1930
should not be attributed to these causes because $3,786 of postage was
purchased on December 30, 1930 which normally would belong in 1331 >
However,
the net saving effected in 1931 compared to 1930 is equivalent
to one month’ s postage requirement
Postage used on outgoing cur*eaoy arid coin and
amount
retmbureed member banke on currency shipped ue totalled #17,2*7 5" In
1931 compared to $15,754 24 absorbed In 1930
The reduced size of
27
tlPfliaEsi (Ocntd)
the cilli? nv* in circulation has some bearing on the shipping costs
but the reduction has not been 6 ** much ae Might be expected.
Uore
shipments containing s m a l l e r amounts o f currency are offsetting* some
of the saving which might otherwise be made in shipping ooste,
for general mail has shown a decrease compared to 1S30P
Postage
although this
expense in some departments, the failed Banks department, for instance,
has shown a heavy increase,
It is likely there will be higher postage
expense in 1932 ,
gXPRgSaAGffi
Minneapolis
Helena
f 11,778.79
^10,468,99
1,, 309090
The above expense is ^45C less than one year ago,
Thes*e
costs incur from incoming shipments of small bills and both outgoing
and incoming shipments of silver and minor coin.
Wo have the privi
lege of sending out ooin by mail if we so desire, but the member banks
do not fcet this privilege,
compared to
Small bi l l express costs were *3 ,6 3 0 43
^4 80S 51 in 1930 with $5 ,7 8 3 ,4 8 absorbed on ooin shi^>
mente comoored to *5,435^47 in the previous year
Included in above
total is i?S3„31 covering the maintenance of the bank trucks
FEDERAL RESERVE CUaREKOy
* 23,386 59
(OriginaT cost and shipping charges)
Our regular schedule for printing of notes was completed in
July with a small quantity of larger bills prepared in August at the
request of the federal Reserve Board.,
For the remainder of the year
no notes were printed and none will be printed before July 1933
During 1931 the actual cost of notes prepared, was *21,515 with #1,870, 89
exoended for movinR new notes from Washington to Minneapolis >
On all
costs connected with new notes we had reduced expense of £39,298 54
compared to 1930
Unless some very unusual demand developes for notes
during 1933, our expense for printing and shipping of new notes from
Washington will be approximately | 3 0 ?000 less thar. in j931o
All print
ing expense and shipping costs of new Federal Reserve notes is paid at
Minneapolis
28
fiSPRBBSg (Gontd)
F£Da Ka L jtiEasavs CURftSNOi
Cost of nedemptTon - Shipping Chargee
With most of the o1i aeries federal reser
i r.OS? 63
notes retired
prior to lS31y oar redemption expense paid the Treasury Department
wa? reduced $1^177 84 ir 1931
tc
'fe had been reserving 1350 monthly
*et redemption charges but have found this unnecessary since
Juna last
During the year we were instructed to charge the insurance
on cui,' fit notes returned by other federal reserve banka to this
account otherwise, the showing would be more favorable compared to
l a s ’; year
Ae t;*e amount no* reserved for redemptions is { l , 88S r
^ t TvLll be unnecessary to reserve further amounts during 1933
CAFETERIA (Net expense)
# 4,333 15
Thcie has been a gradual falling off in receipts caused
of «*ate by pome reductions in our prices
food costs have also de
creased materially with total paid for food and service, during 1931
$13^465 75 compared to $14,5 95.93 in 1930
Receipts fro® employees
iii 1931 were £9,233 30 leaving $4P233 15 to be absorbed by the Bank
Under federal Reserve Board ruling
of food and pei/ice or $4,488 45
could absorb one tMrc1 of cost
The facilities offered by our
cafeteria are generally satisfactory
Sesides keeping within our
allowance, we have* been able to add to our service equipment during
the past year
MISCELLANEOUS SXPSNaSs,
Minneapolis
Helena
{ 33,686,58
$3GV533 85
3,153 73
Through the change in allocation of & number of expense
itencs, our m soellaneous coste arc higher than a year ago but this
increase, is reflected by decreases m oVher items of the expense
classification
Supplies furnished to member banks formerly charged
to "printing and Stationery" are nor given miscellaneous classify
cation,
hepairs to equipment and maintenance
compared to #943 63 in 1330
ontractp cost s i . ’ o:* Z'
The increase is due to the inclusion
of purchases of repair parts used by our own mechanics and formerly
29
SXPSNgjEa (Contd)
charged to “Office Supplies !t
Another important item was outside
laundry and cleaning amounting to #2 035 42 compared to ?>3Q4 39 one
Jear ago
Towel and-linen sex ice formerly classified under "Office
p.nd Bu id ' ng Supplies”
3 now allocated to miscellaneous expense
Miscellaneous expenses at closed banks to protect oui in
texests required -Jl^SSS 53 for the past year
One year ago we paid
#1,831 3? for this purpose and in 1989 when we had several representa
tives working on a commission basis in lieu of salaries and traveling
expensesp we expended $13 756 72
Copies of examination reports fur
nished ' - the Chief Examiner of this District or by state banking
department- when :ar representatives were not present
The ..^ducti^n i< n
o
f
cost $ 5 V867 75
banks is noticeabl.a here because the cost
per report has not been lowered
\Ys paid $5,^50 S3 for the same
service in 1330
Car fare and taxi hire cost 3918 30 and covered the presenta
tion of items for payment
picking up of St
protest items and visits of our nurse
Paul clearing iterns,
Meter rentals increased from
{443 33 in 1930 to #387 for the past year., the principal addition being
caused through installation of postage meters at Helena
other than commercial agencies c o s t |3 S 0 4 H
19300
Information
compared to $3,29 5,53 in
Many books are added to our library yearly and there is also
included under this expense item the Dowp Jones Co- ticker service
costing #lj,500 a year
Contribution towards the education of employees through the
American Institute of Banking were lo'^er than in 1929 or 1930
Oux
payment of #697 00 resulted from a lower assessment on all the
Minneapolis banks for the stated purpose
Donations to the federal
Reserve Club were £3*430 cover‘.ng all the Club activities and in
eluding rebates of tuition fees on obtaining graduating certificates
In December we paid our proportion of three bills under
instructions from the Jederal Reserve Board
These weTe an follows
#538 98 as our share of Pension Committee expense which goes back
30
&XPa5oEi3 (Contd)
over ee^era" y-ars, *434 OS for rzoenf=e of the Committee which hae
bee'i wjiking! o.i a proposal for a new rgeerve requirement and $ 2,0 0 1
covering cost to date of jbta’ nisg information and preparing report,
in connection with Branct
uTOup and Chain Barking
The principal amounts severed Plough duets and donations
j j id */ IS"1' ^ere ac folio-*'t
Dues American Bar >eie Assoc 1a i o n
|3«$*00j| btat^ and other Bankers Associations $390o00| Credit ilen1*
At;tociatione $194 00, A.nerican Aooe;>tance Counc 11 $3Cj 9 w , Tax
Payerfc Aeu «. iation £5?5 00, Mirneai oils Police Berev.'ent ;.eeociat L.r
}jCkJ 0C; National Industrial Conference Board $100,,00
AvJGUMIlUg jTJttQTIUi
During the year 1331, the planning unit of this function
continued to check purchases of printing* stationery and office
supplies, eliminating unnecessary expense for type changes in
multiple copy forms, special rulings^ expensive oa-oere
and wadding of forms, and other avoidable itemso
assembling
In addition to
revising forms to decrease coets^ changes are constantly being made
to expedite the handling of transactions by avoiding extra tabula
tions, etco
We have also standardized several forms for Head Office
and Branch to secure advantageous bids on joint purchases,
TTe were able to refrain from purchasing more filing equips
men t for the safekeeping and closed bank departments by shifting a
number of records seldom referred to into the file vault and de
stroying a large number of obsolete records of no permanent value,
At the suggestion of Head Office, beginning in March* the
Branch forwarded its daily balance sheet figures completely in code,
saving at a rate of $4-00 annually*
The total expense of the accounting function during 1931
was $38,877,03* a decrease of #1,900 from the 1930
Effective July 1, 1931,
*ctal cf $40 772 09
the accounting function released its claim f oj
one half of .the time of a senior employee to the Float Force, the
Examination Division sharing the remainder of the time,
Through this
change we were able to show a reduction in salaries of £463 5$ over
1930 after allowing for several small increases granted as of January
1 ? 1C31,
to 1930,
Telephone and telegraph costs decreased $553 13 in comparison
the esving resulting from the reduction in the number of '"ire
transfers for member banks.,
The re&ainder of the decrease in expense
J87S,?9 was mostly the result of using accounting department smployees
to perform services which in prior years were performed by other
departments*,
On the following page are comparisons of the. expenses of the.
units comprising the accounting department for the year^ 1931 and 12IW,
32
AOCOOHTmG eVKOTIOK
(kinneapolie Onlyf
OOiffABATIVE STATEMENT SHOWltlG
MUitBER OF EjiPLOYEad. SALARIES ANTi EXPENSES
AOOOUNTXMG ’/ QMCflOK T 3 3 1 » f ’a30
ADMINISTRATION
fcOo of
_________ __ ___Ufi’ioerp
Year 1931 ’
65
Year 1930
.55
.
GENERAL BQQKd
"too
Year i931
Year 1930
of
2 45
Officere
Salarice
T T , 755701
4.750., 01
FEDERAL xtEbERVE EANK ACCOUNTS
No of
Employees
Employees
Salaries
i ear 1931
5,368„69
2,88
/ear 1930
EXPENDITURES
YeaFT93T
Year 1930
Year 1931
Year 1930
Telephone
Telearaoh
2 ,2 7 9 ,SB
Employees Telephone
Telegraph
Salaries
■
*
to~ r
I T , 3fe i a i p r
3,373,25
3*244*44
Employees
salaries
$ 4,337,14
3,986,17
Other
Expense
? “460c50
434.96
NOo of
Employees
57
,81
Employees
salaries
Other
Expense
Ok AND TOTAL ACCOUNTING
Mo.- 'of
_______________ Offic e rs
Yeai 1931
oS5
Vear 1S?0
,65
Other
Expense
* 607, 82
1 ,0 6 7 ,6 4
NOc of
Employees
1,65
1,55
PLANNING
Total
Expense
4 ,830c 31
Employees Telephone
Other
Salaries
# 5,817®27 T 1,508-12 T "234.-96
1,484 4 5
6,747,68
448 50
au.*U3ER BUNK ACCOUNT 53
Employees
NOo of
salaries
gmployees _
$' 5,37 8 0£T7
Year 1931
“ 3 .TO
Year 1930
5,290,73
3.75
TRANSFER OF FUNDS
No.- of
Em]
ee
Year 1931
51
lo 53
Year 1930
Other
Expense
4 0*78
80 30
2,000 01
80 30
Total
^ 8^560. 35
8 *330> 63
Total
Expense
3
5F TT
D , 9~§4 o79"
6 ,358-37
Othe r
Fxpenee
Total
Expense
336.87
7,875.22
Other
Expense
^
To
390c43
To t al
Expense
5,25 So'56
6,008,12
Total
Expense
$ 4,737,, 3*
4,411 13
Total
Expense
2,008-31
No* of
Telephone
Other
Total
Employees tialarie# Telefcraoh
£
Expense
Exnense
12.e'3~ 130. 553 =93 '^S,465.,''fa' $1,j837.38 #33,877,02
13..97
31 >015o 54 7,038 68 3,716„S7 40,773 09
33
AUDITING /UHCTIQN
(Mlnr cap 11 « Only}
All assets and liabilities of the bank were audited at
irregular intervals throughout the year
One examination of the
Helena Branch ’<ae made during the year by Head Office Controller,
Audi te conducted durin*. the year did not disclose any
irregularities, nor differences 01 importance
All clerical errors
were promptly adjusted as disclosed
Sight clerks were employed regularly" throughout the year
on auditing wori? and In addition two men were assigned to check
all transactions In and out >f the vault
The salary of these two
clerks, however, was not charged to auditing expense but rather to
the cost of handling cash and securities
The Controller has bad supervision of both the auditing
and accounting departments throughout the year and close co-operation
has been maintained between these two departments
have fouaci it possible to do so.
In so far as we
internal controls Yave been eetab
1 i sh ed and raain ta 1n ed in th e var 1 ou a ope rat ing depar tment s
Th ic
i
materially lessens the possibility of errors arid hae a discouraging
effect on di shonesty
The expense of operating the auditing department was re
duced from $23,045 06 in 1930 to $32,431 S3’ in 19-31
Part of this
reduction is due to one of the olerks being assigned notary work and
the protest fees collected being deducted from salary expense
A comparative statement of the number of employeee and
cost of operating the auditing department for the years »831 and 1930
is given below,
<uS30
Number of Officers
tinmhe r of E i>j>loycet
Salaries. Officers
Clerical
8 tat: one ry and eunpl i e ?.
Telephone and telegiach
Pos tage
All other
r5C
S 17
* 4 000 CC
i 7*873 40
326c99
10 ^ 6
* 0,00
140 77
$ 4 j 000p00
* 8 ,4 5J 56
282o13
5,50
153 12
±43 7S
Total
34
Bias pasam s 5SPCt~? TnSBSSXBi 31. 19S1.
33S5AL aaamre BAET 031 MgSiP0Z33- MlflK.
TOUPna S IB
Orl^lsftl ocit of Ifisd
Incidental expessdittorea connedted with. purcfcaee
Total - - - - - - - - - --------- ---Leee proceeda £ron sale of salvaged aaaterial - - Coat of bnlldlng site •
^
600sQOQo 00
$
602,466.66
1.948, OS
60Q.52Q.Ga
$
m a m
Preliminary expenditnrea - - - - - - - - - - - - $
3 , 0 0 0 .4 8
Coat of constructional
Building exclusive of vault*
1 , 730, 0 6 5 .3 7
& fixed aachinery and equipaent---- - - fault constructiona8 including
any additional structure or
foundation aada neceaaary by
323, 760., 54
vault6 and vault equipment - - ------ ~ Fixed aaohinery and aqoipaani - - - - $623,965,55*
Laaa aale and charge-off of
2 mechanical coal atokera
620,053,95
(Original ooat $1*956 e a c h )---- —
3,912c00
Miscellaneous building construction
panaa inourred by Federal Reeerve Banks
Faea & Expensee? .architects — ------- 148, 0 37.79
rnginecra - - ---15.846.00
faxes — ---- — - — — --74. 3150.00
Maintananee -------------------21.708.66
Coat of nev Building - - - ---— ----| 3.936.799.39
Coat of building and 'building a l t e ---- $ 3 , 637, 3 3 0 .0 6
Charge-offas
Depreciation allowances - - - - - - - $ 1 , 03 7 , 4 0 8 .6 8
'lasas — - - - - - - - - - - - - - - 74, 3 6 0 .0 0
Maintenance — • • — - - — ---___ g L m a
8 1 . 133. 4 6 4 .3 4
T o t a l---- ---------- ----s !403, 865.71
Book value of proparty ------- - — —
mourn*.
Beaarve against depreciations
Building - - - - - - - - - - - - - - - - - Fixed naehlnery and equipment - - - - - - T o t a l --------- - - ------ ----
t
(A )
$
floor apace?
(a) Qocupiad by Federal Esserve Bank--- (b) Ranted ------ --------------(c) Unoccupied - — - -- -- — * - - —
(d) Total floor area In building - - — —
(A) Set after charging off $782o40 ahloh was previously
reeerred aa depreciation on coal etokere.
*Xncludea $100,000 of architect1a faea and expensss0
179, 659o41
44 6 . 4 6 0 .9 8
62 3 , 130.39
134.739 Sq. 7t
f Sq. Ft
f> Sq. It
134.739 Sq„ 2*
M OB «g?g.a*K »flT * v m m w , m i
Original coat of land and building
Coat of remodeling*
So lidly exclusive of vaulta
and fixed machinery and equipment - - - - - - - - - fault construction, including
any additional structure or
foundation made necessary by vault - -- -- -- -Vault equipment* including doora*
lining, and all Interior equipment - -- -- -- -Fixed machinery and equipment - -- -- -- -- -- -
16p000o00
5?»642093
9(266o00
66a560o63
160108o99
Tea eg
Architect* •
Contractor4» Coomieslon - -
-
-
--I.-***-------- .
5,433*5?
7.44a. 13
Total eost ..................................................................1774474=14
Leaa proceede from eale of aalvaged material - - - - - * •
75o00
Coat of building and building site - -- — - -- -- -- $JL77<t399i^
Depreciation ajLlosancee charged offt
Charged to current net earning* - -- -- -- -- -Book value of property
1. 31.39Qo16
166P108,99
tmSQRAMM
Eeeervee againat depreciation?
Building - - - - - - - - - - - - - - - - ..............
Fixed Machinery and Equipment - • * - < * « > • - - - - Total
840018o?4
16.108.99
................................................................... $ 1000l2?o?3
Floor Space?
Occupied by ?=> So Bank - -- -- -- -- -- -- -- 4700 S$* ?t0
Bented
--« -o
0 Squ i*t0
Unoccupied - ------p 8q0 Fto
fetal Floor area in building
4700 8q0 Ft0
36
$ 100.000.00
Charga*off of land -1919
Charge-offa of Wilding ( including vault, but occluding fixed machinery
and e^uip»fnt) to reduoo book raluo to ootlooted roplaconont coots
TaxO0 on building during ported of oonotrust ion
1922 - - - ................... ...
1923
W 8 4 - .................... ...............
$
5,200? 00
14.760„00
54.890,00
Cost of aalateaaiieo during period of eoactructlon
1623 . . . . . . . . . . . . .
$
2,101,93
1934 . . . . . . . . . . . . .
191603., 73
Charge off of
1920
1921
1922
1923
1924
1926
1926
eoaetructioa eooto
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
. . . . . . . . . . . . .
.......................................
Pee.31,1927 Transferrod
$ IOQoOOOoOO
3,381.40
8,446.8?
20,361<, 04
219,316.89
30,463.84
67-438.6*
$ 74,350-00
21.706.66
487.408.68
533,464.34
from rorpln* to red«eo book value of building
Beeerve for depreclatloa oa building
1925 . . . . . . . . . . . . . . . . . . . .
1926 . . . . . . . . . . . . . . . . . . . .
1927 - - ............. .................. ...
1928 . . . . . . . . . . . . . . . . . . . .
1929 . . . . . . . . . . . . . . . . . . . .
1930 . . . . . . . . . . . . . . . . . . . .
1931 . - . ............................. . .................
500,000.00
$ 38,814.40
32,916.86
6,666.63
25,666.63
25,665.63
25,665.63
26.666.63
Beeerve for depreclatloa oa fixed machinery ead equipment
1924 . . . . . . . . . . . . . . . . . . . .
| 12,814.73
62.396.65
1926 - - - - - - - - - - - - - - ---. . .
1926 - - - - - - - - - - - ----- . . . .(a ) , 71,222.95
1927 ----- . . . . . . . .
' “ 62,006.36
1928 62,005.35
1929 . . . . . . . . . . . . . . . . . . . .
62,006.36
1930 - ---. . . . . . . . .
62,005.33
» 3 1 ..........................................................63.005.37
total depreciation ea back premieee - Uianeapolio - .
179,669.41
____-446.460.9S
| 1,769,584.73
SSL-B* BEABCH
Charge-off of building ( lacludlag vault, but excluding fixed machinery
and equipment) to reduce book value to eetloated replacement coot*
1920 .......... ............................... - - - - - Beeerve for depreclatloa on building
1920
- ..................................... - $
66,447.49
1921
1,893.23
1922 - -- -- -- -- -- -- -- -- -- 1,666.37
1923 - -- -- -- -- -- -- -- -- -- 1,571.05
1924 ---- -----------. . . . . .
3,136.80
1926
3,125.80
1925
2,700.00
1927
...
2,700.00
1928 2,700.00
1929 . ------ 2,700.00
1930 - -- -- -- -- -- -- -- -- -- 3,700.00
1931
3.700.00
Beeerve for deprelcetlea oa fixed machinery and equipment
1922 1,610.90
1923 - .(b )
lt641.73
1924 - -- -- -- -- -- -- -- -- -- 1,610.90
1925
1,610.90
1926 1,610.90
------- . . . . . . . . . . .
1,610.90
1927 1928 . . . . .
.................... ......................
• ,610.90
1929 - - . . . . . . . . . . . .
*10 "0
1930 ---- . . . . .
I ,,410. SO
1931 . . . . . . . . . . . . . . . . . . . .
1 . 380.06
Total depreciation oa bank prtaloee - Helena — —
(a ) let after dedwtlag $782.40 on account of eale aad charge-off of two
nechaaieal ~oal etokerej (b) Bet after deducting $59.17 for replacements.
21,290.15
84,018.74
16.108.1
121.417.88
37
A *
ySP^HAL SiWBfg BAgK 0* S g ^ B S S L . ^
qacua-om. ,qg p o p , . m u m . igp maB.MtfB>WBr iaa j s m a t t
Fixed cjMshinsry
and squjgpent..._
Land
J
grSnlgfi
$600,530. 5S $3,416,745.84
COST
1926 Adjustment of Architect*0
fees, transferred froa building
Ioe,eve. CO
to fixed machinery and ecfuipaant
1926 Sale and ohsrge*eff of two
Mechanical coal stOk«rs
OHAEOSD 037*
1919
1920
1921
1922
1923
1924
1925
1926
1927
Total
Book value grots
£533,965055
AlUcJZ
3.tlfc.ee
$
83.637.330.05
,
$
100 000.00
3,381.40
U , 646.87
37,323.97
393,310c63
30,463.84
37,438.64
__ s s & m g t ,
hoo.
000.00
___ _______
$600,630.66 $1,383,381.60
s m s s iA im
,053.55
$1.133.464.34
$3,403,356.71
Hgaaaram m. « x k urn
Depreciation Keaerves
1924
1925
1926
1927
1928
1929
1930
1931
Total depreciation Heeerree
Set Book value
$500,330< 66
wax turn,
J8,541*232.06
100,000.00
■jS.31S.745.84
$100,000.00
M &
$
33,814.40
33,516.86
5,666.63
25.665.63
39.665.63
35.665.63
33.358.63
, 103, S22o09
$ 13,814.73
53,396.65
71,333.95
63,005u36
63.005.35
63.005.35
63,006.%
63.005q37
$173,993o5?
O
aLJBfca ,
Ji. 777,735,32
sssmn zm. o? >um&sm
C3iffl03.0J7fl Off LABD. BffllBISS. A33 ?XT3> M&CH1BSBT ASP BOPCTSCag
Fixed machinery
16.108,99
C X56~.33Q.X5
$M
JM Lgg
I
31,390.15
$
a.m s a _____M 2 & ^ _
$ 177.
F 31,390.16
166.108.99
n w a B M w a i a Esa® 3 A3D g » SOCK TASC3
Depreciation Reserves
56,447.40
$
1920
$
1,883.33
1921
1,655.37
1.610.90
1922
1,541.73
1.571.05(a)
1923
1.610.90
3.133.80
1924
1.610.90
3.135.80
1925
1.610.90
3.700.00
1926
3.700.00
1.610.90
1927
1.610.90
3.700.00
1928
1.610.90
3.700.00
1929
1.610.90
1930
3.700.00
1931
---- ki ^9,yy__
Total Depreciation Reserves |_____
§ 84.016.74 $ 16.106.99
i 5.000.00 $50.381.26 «..... 6
Set Book Talus
IOC. 137.73
*- -56.981.sa,
Total Cost
Charged off 1930
Book rains gross
(a)
lot after dodootlsg $ 6S.17 for replacement*.
38
aAW
LPHSillSSS
Operating costs of our property have shown consistent
redactions since coming into the building but the ‘'Provision of
Space* item,, which is the classification given our real estate
in making reports and comparisons
is still the most expensive
item of our functional costs,
This is due largely to the heavy
taxes we are required to pay..
Out of a total of #137^739^74
spent during 1931 for the operation of our property, over 53 per
cent or #37 S20 37 represented taxes,
The actual expense of 1931
is $ 3 ,7 3 0 26 less than the estimate made at the beginning of
this year
For 1932 we estimate an expense of $1339975 ^hich is
approximately #6,500 less than the estimate made for 1931o
The
chief savings in budget for 1933 compared to 1931 come from a re
duction of # 3r000 in taxes, #500 less for fuel oil and the elimina
tion of #3,500 for replacementsc
Ho major repairs or alterations were undertaken during
the nast year, the largest single item being #363 spent in adding
another room to the two rooms oomprising the Bank library on the
third floor,
with the painting and decorating done by our own men
In order that the labor of cleaning the outer walls and courts
mifb* be lessened, a cold water line was run to the roof at a cost
of $<nj4,,08^
Changes were made in the ventilating fans on the 4th
floor to reduce the noise.
Through defective work originally,
about half the plaster on the ceiling of the transit department
had to be replaced*
The defects did not appear until the five year
guarantee had expired*
removing of plaster was done by our own
work^sn w5th outside labor doing the plastering at an expense of
#378 33
The nrincioal item covered in our exoense for reoairs is
the contract with the Otis Elevator Company requiring oayment of
#190 50 oer month for the care of all our elevators.
»
As this ex
pense covers all replacements and keeps the elevators up to
standard at ail times, the charge may nroperly be made against
‘'Reserve
io ^
Fixed Machinery and £auipmentw«
By handling in this
manner our current expense account will be reduced #3,166 yearly.
Other replacements of building- machinery, rhen of any considerable
amount will
be similarly treatedo
q<
BANK PREMISES (Contd)
Arrangements have been made after the first of January
to decrease the voltage of electric current supplied us for power
and light
This will result in a reduction in cost of these items
hut the amount may not yet be determined.
These costs have been
quite uniform with one year agoy but we are satisfied such a high
voltage ie not needed^
Our fuel oil contract for one year from October 1 ; 1931
was given to the Cedar Lake Ice and Fuel Company on the basis of
$4 35 per 100 gallons, the lowest price we have ever obtained
For
the previous year the contract price was #5 25 per 100 gallons
The lowest price we had obtained prior to the one now effective
was $4-60 per 100 gallons for the year ending September 30, 1930
All oil purchased must pass through our own guage so that we
assume no loss th ough expansion on deliveries.
The continued
mild weather has lessened our fuel requirements and will help in
reducing costs
BANK PREMISES
(Depreciation/
There has been no ohange in the amount reserved yearly
as depxeciation on our building since 1927
At the close of 1927
the Federal Reserve Board agreed to our charging |500y000 against
Surplus Account and using the amount to reduce Building Account on
our books to # 1 ,2 8 3 ;281 50>
With the continued lowering of con
stiwction costs it is increasingly evident that the book value of
our property is much too higho
With the various amounts set aside
at the close of each year beginning with 1 9 2 5 we have accumulated
$179; 659 41 leaving a net figure of #1,103.822 09 to represent the
building proper at the close of 1931.
year
Depreciation is figured each
at 2$ baseC on estimated replacement cost under a formula laid
down by the Federal Reserve Board for all Federal Reserve Banks
Several years a\o wlien our property was valued by the
Appra sal Cormit^ee of the Real Estate Board, the figure set for
the building^ fi^ed ma' hijery and equipment was #715 000 whi?,e we
were required to ' a~rv *hese items on our books at # l o903^335 05
F xed machinery and equipment costing originally $620 053 55 hae
had reserves se* up yearly since 1925 oi 10 per cen
The amount
40
BANK PREMISES (Depreciation) (Contd)
accumulated to the end of 1931 is #446^460 98 so that by the cloee
of 1934 we will have set aside the entire original costo
No
charges for replacements have been made against the reserve account
to date,
The present value of our land has not been determined
tout on the last tax statement was placed at #637,900
cost was #S00s000 with *100?000 written off in 1819,
Original
Allowing for
all credits to bank premises and depreciation which has been set
aside,
the net book value of our Minneapolis property on December
31 was #19777,735 32„
Realizable value is still considerably be
lew this figure >
At Helena further depreciation reserves amounting to
#4 ,3800 06 were charged against Profit and Lose Account0
Including
write off of $21,390 35 in 1&20 the totaX provided towards re
duction of original cost to date on building has been $105,308 89,
This leaves a book value of #5P000 for the land and j5 0 ,9 8 1 o36 for
the building and vault exclusive of fixed machinery and equipment,
A depreciation reserve of 10 per cent yearly has been set up on
$16,108 89 of such equipment with the final 10 per cent provided
at the close of 1931«
With the full amount for replacement of
fixed machinery and equipment now reserved* no further allowances
will be necessary except as replacements are charged against the
reserve account,
We could not dispose of our Helena bank premises
for* the amount at which carried and the value wi 11 probably further
decrease,
BANK PREMISES (Taxes)
There was no change in the amount reserved for taxes
during 1931 from the amount paid for 1930 namely #67,500.
Under
the plan of taxation in Hennepin County, the valuation is changed
only in the even years, consequently the value of our property
for tax purposes was eet at # 2,250,000 for 1930 and 1931
Under
the stipulation agreement signed in October 1S30
this figure
will be reduced to $2,150,000 for 1933 and 1S33
The amount re
served in 1933 will be approximately $641500
The tax levy made
41
BANK PKEatlSSS (Taxes)
Contd.
In 1931 for payment in 1S32 is at the rate of 74 , 70 mills.
For
the previous year thie had been 75.00 mills so that the reduction
will bring a further small sayings in our taxes*
PAST AMD rUJUftE VALUATION FOR TAX PUhf'OSEa
1937
1928
1939
1930
1931
» a.,500,000
2 400 <300
3,4 00 .0 00
3,3 50 ,0 00
3 ,3 5 0 ,0 0 0
1S32
1SS 3
1S34
1935
1936
j 3 ,1 50,000
3.150 000
3,0&0,000
3 ,0 5 0 ,0 0 0
2 000,000
42
FURNITURE AND SHIPMENT
The total expended on furniture and equipment during 1931
was brought considerably below the average for the past few years
and is $3,00 0 less than the amount used in 1930
Ordinary replace
ments will make it difficult to improve on the 1931 basis for perhaps
more than another year
Many excess machines have been traded in on
the purchases of the past two years
so that the total for allowances
will nox be as large as in former years?
The falling off in transit
volume and elimination of endorsements, have been the direct causes
of much of the reduced equipment costs.
All purchases of equipment made at Helena are carried on
the book6 at Minneapolis and with our own purchases aggregate
#10y946 68 for 1931.*
Sales of and allowances on old equipment amount
ed to #1,771 50 and if applied on new purchases would be equivalent
to 16 per cent of costo
The items disposed of had an inventory value
of |l,938o70o
Purchases made at Minneapolis and Helena during 1931 were
as follows*
Minneapolis
3
5
2
5
23
1
13
6
1
1
1
1
3
6
3
1
Protectographs
$
318., 00
Typewriters
278ft40
Burroughs adding machines
364*60
£111 ie adding machines
3 .6 9 0 ,1 4
Electric fans
463<>05
Mimeograoh with motor
450«,00
Domore health chairs
300»53
Domore office chairs
123^00
Instograph time recorder
137„75
Postage meter machine
230*00
Parcel post attachment for postage meter
35*00
Marchant electric calculator
630*00
Addressograph cabinets
70»50
Steel chests
1*833«00
Police guns with belt 6
90^00
38 Colt revolver
32*80
Steel shelving for file vault
233*97
C Jiei miscellaneous equipment
311 „98
#“$737677T
3
3
1
1
Burroughs transit Tfcachinee
Underwood typewtitere
Swivel Qhai*
Burroughs operator *'e chair
Total purchases
Sales and allowances on old equipment
Ket
# 1,233*99
249*08
64 ,85
__ 22,05
$ 1 ,5 6 9 .9 7
1 0 p946*68
1^771*50
# S , 175718"
43
FURNITURE AND EQUIPMENT
( Contd)
reducing the number of transit machinee at Helena, a
eaving is made on our maintenance contract with the Burroughs
Adding Machine Companys
Through the use of fewer machinee at
Minneapolis, our mechanic ie able to keep the equipment in better
condition and less repair parte are purchaeed0
much of our equip
ment other than machinery, is built by our own workmen but we have
not included these articlee in our furniture costs*
These will be
given a nominal value in future*
The purchase of 7 adding machines at Minneapolis and 3 at
Helena orovided over 50 per cent of the total expense in 1931®
The
only other purchasee in excess of ^500 was a new marchant Calculator
for the Agentfs Department and S steel chests for use in the se
curities division of the vault*
During the past month the Bank inventory has been checked
with eome difficulty and a new plan will be installed w'lich will
admit of more ready reference to the card records and simplify
future inventory taking.
After completing our purchases of 1931, the aggregate cost
and value of our furniture and equipment going back for the full
period of our existence ie as followsi
Amount expended to close of 1931
$ 458,119,,58
Purchased during 1931 « isiinneapolis
9,373,71
«
»
1931 - Helena
1 .5 5 3 097 $469 o063-34
Less amounts received for furniture dt
equipment sold or traded in
22: 465,05
Net amount expended
#44«?601*19
Inventory valuation at Minneapolis
»
h
« Helena
$ 1265383*09
9ll33,03 #135,505,12
Fire insurance carried at Minneapolis *$
»
"
»
■ Helena
35,000*00
10,000,00 $ 350000,00
44
e x a HOLs;aas of the bank a n d fe d era l
KESKHyg AGENT AT THE CLOSE OF BUSINESS PEOEHBSR 31.
1931.AS COMTAHSD TO DECEMBER 3l, 1530,
IiELD BY BANK
1931
OJld
Gold
Gold
Gold
Gold
Bull tor.
Coin
Certificates
Settlement Fund
Redemption Fund
4
Total Gold Held toy Bank
1930
75,811*55
3 ,4 1 9 ,0 8 5 .0 0
2 ,2 4 0 ,300c00
9 ,3 6 6 ,9 7 8 ,9 4
7 0 4 .0 4 0 .8 7
$ 1 5 ,8 0 6 ,3 1 6 ,3 6
$
56,952*50
3 ,5 1 3 ,535o00
1 ,6 3 8 ,000c00
10,075,951*06
801,645^33
f l 6 , 086,083,79
HELD BY AGENT
1931
Gold Coin
Gold Certificates
Gold with F> Ro Board
1930
# 3,580,000o00
5 ,5 9 0 ,000„00
4 9 .3 0 0 ;000,00
# 3 ,4 5 5 ,0 0 0 .0 0
8 ,3 7 0 ,0 0 0 .0 0
3 6 .5 0 0 .000c00
Total Gold with F0 R« Agent
$ 5 8 ,4 7 0 ,000c.00
$ 4 8 ,335,000o00
Combined Gold Holdings
# 7 4 ,376,316c36
$64,411,083^79
CHANGES IN STAFF DURING 1931
Jan, l a 1932
Minneapolis Officers
Minneapolis Bank General
Minneapolis Closed Bank Department
(Collectors and Clerks)
Minneapolis Transit Department
Helena Branch
Fiscal Agencys Paid by Bank
Reimbursables
Officers
Employees
11
136 (3 ex,help)
13*
56 246
29
7
13
23&
Jang l a 1931
11
157(9 ex,help)
8*
56
1
5
242
32
13
TS7
•Includes one collector in Closed Bank Department, who iE working on a
commission basis as of January 1, 1933 and two for January 1, 1931o
PERSONNEL
During the year 1931, 33 employees on a yearly salary basis
of $23,168 left our employ at Minneapolis and in the same period were
replaced toy 27 employees on a yearly salary toasis of $ 2 6 ?613, the in**
crease being made necessary in connection with the collection of naoer
of suspended banks©
At the Helena Branch 4 employees left during the year with
an annual salary basis of $3,320 and only one employee was added to
the pay-roll for the sane period on a yearly salary basis of $1,330,
a reduction in the annual salary total of 33,000®
45
post oy M aeom tooth *
Offloors
Salarlaa
* 1,590,02
1,890.03
Bashar o f
.n m u s u
.30
• 30
Toar 1931
Toar 1930
Monthly irors**
T **r 1031
Taar 1930
132 50
133oS0
to lfa ro and
.....
Toar 1931
Toar 1930
$
...
$
0
3 07
Otbor
3,463.81
87o93
T otal
_M a S S *M L
| 2,028.49
3,660.74
169.13
9.93
7.33
169o04
213c 66
i 800o 05
637a 06
T
$
$
$
$
360.00
347.96
M o r of
'-
1.00
1.00
74.76
86.83
6o76
Othar
&qployoaa
____S r t i r l* * ...
1
1,800,00
1,800.00
160.00
160.00
Taar 19
41.67
44,76
38.10
36.76
178o10
176076
$
Stapioy***
Coat o f
Othar
.w
.
______
f 5,S6lo66 $ 6 , M 3 » 3 4 $ 760.46
L o t* Hooolpta
■at Bxpanaa
6c902o78 7,763.43
9l0o73
L o t* Baealpta -l& SSh il
TTsS
Vat Satpona*
$
263o68
360o40
tuabar o f
loll
1.76
M onthly A r«rag*
T m t 1931
Yoor 1930
Monthly A ra ra t*
T *a r 1931
Taar 1930
376.43
378.66
33103
$ 337.33
$
T otal
M s> m *
4,617.06
4,643.66
Total
;acpon*a
2,137o33
3 ,1 2 1 0 3
Othor
saaasi
M onthly A ro rag*
Vot fttpaaao 1931
Hot Sxpoaaa 1930
T otal ?a r*o n s« l
Zaesttia_______
Taar 1931
Taar 1930
133o50
194.67
‘f 3,130,00
3,976.60
iftnbor o f
Ilo a t T oro*
T m t 1931
Taar 1930
Total
3yp*n**
1,990 d08
l, 614088
C o n trib u tio n to
^
3ef$
897.00
1,030.00
Monthly Ararat*
Toar 1931
Toar 1930
Toar 1930
♦
306.33
C o n trib u tio n
is L £ JH ai
M onthly Araraga
Toar 1931
Toar 1930
$
1,909,48
lo31
M onthly Araraga
Toar 1931
Toar 1930
S iu o a tlo n and
ft* M m
Toar 1931
Toar 1930
J o
34.86
2Bploy»o»
tnabar o f
B lr la g B iployaaa *
am loroaa ft B t t fe
i M r 1931
Taar 1930
Othir
. asgggf,
fiqployaaa S a la rla a
t A ia trib n la d
3,136.61
3,391o66
T otal
$ 3,136 61
3„391o66
177.33
263.64
177.33
363o64
Soabar of
QfflPfCft
.30
30
9.73
3 18,631.64
16,786.63
1 , 3 6 6 09 6
l,6 6 5 o 4 7
4P>
isbisl asa
22siLmnimJ ii m
BY ITOCTI088
( Klunoapolla Only)
function
General Overhead.
Officers
Snployeee
Provision of Space
aqployees
Provision of Personnel
Officers
. Employees
General Service
Officers ■
Soployees
Insurance
Officers
Saployees
Sailed Banks
Officers
Bosployeea
Loans,Rediscounts A Acceptances
Officers
Snployoes
Securities
Officers
Itaployees
Currency and Coin
Officers
Staployees
Chock Collection
Officers
Staployees
Non-Cash Collection
Officers
2taployeee
Accounting
Officers
itaployees
Fiscal Agency
Officers
Staployeee
Auditing
Officers
Employees
Bank Halations
Officers
Snployees
federal Reserve Hote Issues
Officers
Z&aployees
Bank Examinations
Officers
Employees
Statistical and Analytical
Officers
Ssployeei
Total Officers
Total ^oployeee
Less Reimbursable$
Salaries
Officers
Staployees
Salaries Paid by Banks
Offieere
Steployees
December 310 1931
Am&mt
Jfotf
December 31, 1930
Amount
P99
$ 3 912 61
425o07
2 15
2ol0
2 10
$ 3,912,74
425 15
21c 30
2c792o5l
22o82
2,945*20
o30
8o67
132o 51
915083
o30
9078
132*52
l9175o47
085
63095
356o70
7e774o29
cQ5
63092
356o73
7,871*75
olO
o05
41067
8075
olO
41o67
o80
13044
679o22
3,028o47
,80
6c28
679o28
19517d89
lo
5c 30
895c90
19171o70
loOO
6.30
895c93
1,170.44
c?4
9o03
320o87
lc652o 81
lc34
9029
620o92
lv720a26
c40
i8028
150o00
2,839o‘"9
o60 i
17o50
360c00
3,035,15
o40
36030
176o 68
4 054o05
,40
40o17
176.70
4,490)03
o20
16o72
88o34
1 913091
o20
14078
88,35
1,880,81
065
12,60
395085
20159o67
065
12 85
395.88
2fl187042
o91
lie 51
416*70
1c963p93
o91
10o 75
416o 74
1 ,884088
o60
8c00
333.35
1 498o60
.50
8o00
333o37
l,504o92
o55
lol5
320o87
323 38
o55
1015
320o91
323.44
o21
*80
125o01
351o70
o80
c94
3*12
587o50
713*92
,94
2c93
o30
6a07
Ho 00
239,29
175o02
962,13
$ 93108.80
34,560.21
o91
5c00
416o70
813.50
.91
5o00
10o09
234c29
$ 80692010
33,746071
llo 09
232,30
2d 5
.21
.
125002
291074
587o50
644.88
175.05
1.257.74
12.00 $ 9,609o36
34,307,16
237.30
o30
7o88
416.74
796.96
$
9 ,1 9 2 .6 2
33,510« 20
m m iu m
UtaM StO^ gn
m
ja a u a a
1930
task
Average n » H r of offlcere
Salaries Officers
Average nvsber of eoployeea
Salaries employees
Director*1 aeetinge
Traveling expenses
Officers aad other dinners
Offloo supplies A Stationary
Tslephone and telegraph
Membership duos
Stenographic
All other
3.16
2C15
$ 46,960.03
$ 46,950,03
3c22
2o32
6,753c 60
6 667c 13
164.1B
184c66
700o84
4S4o63
950o00
310006
3,798*86
6,367.71
6,309.38
763,67
314,77
973,48
473,39
966.00
183,97
3,025,31
♦ 63,8650S7
$64,114,40
Supplies furnished Bomber Bank*
$
35,68
Publications
653076
Group, Chain and Branch Banking Coosdttee
2, 001a 2©
Pension Ooenittae
568o98
Mmeber Bank Beserve Committee
494,06
831.37
106,70
Total
All Othar
Total
3,743,77
I
Grand Total General Overhead Controllable $ 87,609.74
938.09
$ 85,053,47
m aaJttowaaBfl)
The following stsaaary of expenses for this function is self-explanatory,
Zt Shows the expenses over which the officers of the bank hare no direct control,
aa they are the result of established policies.
federal Heserve Currency;
Original cost, including shipping charges
Cost of redaction, inc. Shipping charges
Shipping chargee on currency to and frcn
member aad noa-aember banks
Shipping charges on coin to and fron banks
Cost of ehipnante Bead Office to Branch
Total
Governors*, federal Beserve Agents*
and federal Advisory Conferences
Federal Beserve Board axpensee
Shipping charges on securities
1930
$ 33,388.09
3,067.83
$ 63,686.13
4,346.46
38,034.86
9.641.99
161.33
30,873.39
9,356.95
638.67
$ 61,813.38
4 97,668.50
$ 1,937.18
16,481,73
3,196.45
$ 3,334.03
18,603.91
683.86
$ 30,604.35
4 31„418.78
$ 3 3 ,4 1 6 .7 3
$ 1 1 9 ,0 0 6 .3 8
'
Total
Grand Total General Overhead ??oa»Controll&hle
m .
48
cokmbaitys rannouL m ia u m t
awmia man or om om , mnamor woumm m mvosts
1931-1930
_________________( m m n w U * f t f l r ) ______________________
B B »W of Offlowt
AT«r»g« gartw Smloy.w
12 s __________ igap____ a a ______________ i§sa_
3o33
3.15
3.23
3.15
a . ai
33.43
6,81
o*0
o30
9.73
o85
64,13
63w35
c&6
5
0
*10
olO
o80
8.71
c80
6.14
loOO
loOO
6o37
6.30
.74
loOl
8o63
9.17
17 46
.40
o69
18.16
39.63
<>40
43.57
•40
• 20
o20
16o36
15.03
• 65
•66
13o66
13.97
10o91
*91
.91
11.46
o60
8.17
• 60
6c38
f55
065
1.30
loll
o21
o79
,31
• 80
.94
o94
3«, 16
3.16
.30
5.99
• 30
6.03
Oeneral Orerhead- Controllable
Provision of Spacs
Provision of Personnel
General Sorrlos
Insurance
ZUllsd Banks
Loans, Rediscounts A -Acceptance*
Securities
Currency and Coin
Cheok Collections
Son-Cash CollsotIons
Accounting
Fiscal Agenoy
Auditing
iu«if Bslations
Federal Hessrvs Hots Zssuss
Bank laminations
Statistical and Analytical
Ho 00
11*46
3&pense
1931
338.89
Expense
1930
$ 67,600.74
83,416. 73
137,729<
>74
16,631o64
93,772o45
29,436c 33
37B443039
67,960o0a
37,874050
24,621063
40,6746 71
71,196o45
26,680.71
38,877.02
37,801o 64
6,106o15
23,431o62
10,066o06
6,060*89
34,087.04
19 , 041o 23
$ 65,052.47
119,006c38
130p900o83
18,785.63
88,763.14
31,834.80
36,343.98
47,638.63
37,393.35
38,303.35
46,808.64
77,873c 79
35,931c65
40,773.09
35,813.87
6,814.63
33,046.06
9e809p04
6,069. 64
33,798c 34
19,396.68
3 857.187.64
i 898.941,68
$ 830,436ol0
19,833,28
6,919.36
$ 885,997.84
18?054b 36
A M M *
sA 867ol87a64
* 898.941*68
Osnsral Overhead • Controllable
General Overhead • Hon-Controllable
Provision of Spans
Provision of Psrsonnsl
Osnsral Ssrvics
Postals
Znsuranos
Jailed Banks
Loans, Rediscounts & Acceptances
Securities
Currency and 0 oln
Cheek Collections
Hon-Cash Collections
Accounting
Piscnl Agency
Legal
Auditing
Bank Bslations
Federal Reserve Bote Issues
Bank hxaartnations
Statistical and Analytical
Total Ourrsnt ^ponses
Total Beinbnrs&ble Expenditures
Stock of Supplies
337*06
49
DISCOUNT QgEttATXONS
(Including Helena Branch)
Advances to member banks during 1931 totaled $50,393,000 as
compared to $88^319,000 during 1830o
Average d a il/ holdings of bills
discounted however, was $ 4 ?819y000 in comparison with $4,04 3,000 during
1930, so that our daily average showed an increase of §776,000,
Total
number of notes discounted daring 1S31 was 13,856 representing an in
crease o.f 3 760 in comparison with 1930
During 1931 we accommodated 366 different banks
This is the
greatest number of banks served in any year since 1937,
The following statement shows the number of banks accommodated
and the total advanced in each State during 1931 and 1930*
Number of Banks
accommodated
1930
1931
tfinne sota
83
'6f
39
47
North Dakota
63
49
South Dakota
41
40
Montana
19
Wisconsin
19
13
21
Michigan
234
Total
266
Amount discounted
(QGQ omitted)
1931
1930
§ 307513 $ 687928
5,378
5,715
13 9197
4,863
5,534
4 033
4 557
3,330
1.713
3 551
$ Se^zTS
The amount advanced to Minnesota members decreased $48,015^000
although there was an increase of 16 in the number of banks served.
In
North Dakota there was a decrease of $337^000 in the amount advanced
with 8 fewer banks served,
In South Dakota there was an increase of 14
in number of banks served and an increase of $ 7 ,3 3 5 t000 in the amount ad
vancedo
One more bank was accommodated in Montana during the year as
compared to 1930 and the amount advanced increased Jl^SOl^OOOo
The same
number of banks in 7/isconsin borrowed from us but the amount advanced in
creased $ 3 ,3 3 7 ,000>
In Michigan 9 additional banks were accommodated,
but the amount advanced decreased $B38k000i>
Altogether 33 more banks
borrowed from us during 1931 than in 1930 and the amount advanced was
$ 3 8,0 3 7 ,0 0 0 less than the advances made during 1930-
The demand for
the most part was occasioned by adverse economic conditions rather
than to meet normal business needs*
Open market purchases of acceptances amounted to $59 535,000
as compared to §70,396 000 including $5 035,000 purchased from other
Federal Reserve Banks during 1930,
The amount purchased during 1931
includes $3,09 7,476 bought from Twin City Banks
Our average daily
holdings of b ills purchased amounted to $7,60 7,000 during 1931 in
comparison with & 7 ,870,000 during the previous year*
gim m
Month
Stanaber of Ebnlai
Served
1331_______1232___
January
9*
Tebrnary
6k
Hurch
V*
April
69
*yr
87
Jtane
109
July
9»
Aogoit
90
Septaster
88
October
Soveabar
3
Daoeatoer
.J09 .
I M i r different
266
122SL
94
70
88
90
107
96
107
70
57
95
93
101
6?
64
75
104
133
133
121
74
65
95
110
__JSE5L .
234
249
m m m ,M m ®
B a t o r o f I to ss
U lM lT C t
1931
mo
1312.
1.047
583
87b
770
969
1,424
885
877
1.230
2.281
1,297
_____ 1.617
13.856
U .0 9 6
ta n a t S iU iw n U i
000 O a ltta d
i23i_______ i93o
iqgq
705
318
573
1,153
1.5*2
1,590
897
«
g
1,191
1.115
.23a
2.406
l3.kO
8|2^h
,JL »I
11,238
2 .6 7 6
1,785
2 .1 3 s
1.680
2.796
3,0 0 2
2 ,5 1 5
2 .19 0
$ 50.292
$ 32.408
7.5*3
5.353
10,87*
5.517
6.567
3.396
1,892
2,263
5,723
2.762
jJtn...
$ 48,870
41,352
62,295
137.*99
55.7*1
59,381
97.191
107.529
123.923
124.188
9 6 .6 0 1
..SL837
$ 88,319^1,035.24?
TOMMB 0T ESM8000OTB
Minnesota
Stacker p ie o o s
discounted
1931
1930
1929
1928
l<
i$
1925
1924
1923
1922
fetal u m ( 1931
fedlsoouated 1950
1929
1928
1927
192b
1925
192$
1923
1922
~ ip*a —
2.553
4.727
19.837
2.930
5.006
»o385
8.928
10,204
13.695
forth
2,636
2.59^
2.008
2.555
5.504
US
Minnesota
$ 20, 912, 698,23
6b .927.462.J8
1,002,174,830.46
610,175 , 325.50
124.488.538.05
203.958.580.27
.903. 570. 1s
.093,222.03
2^ . 202.377.65
97 . 456.500.97
2
South
M a&L
2.278
t k t o it n
-m
m\Sfayr.
,.
37750
2,908
1.75^
3.'
3.1
7.459
8.5W
11 014
MMtt—
Jiisaaeia.
1.061
220
206
140
267
M lt A io a n
■■
TSgffiyTTi IJTi JU
370
127
154
126
138
‘i
136
92
-fetal,
13.856
U .096
11.23*
23.742
10,040
12.514
11,492
27.413
.392
>7,933
210
9.501
977
14.*03
1,750
478
Jferth Dripto ... . South Patota
W w oM la
Michigan
Total
* 5377 . 637.75 * 12.197.074.W
.w~.ll * k.557.039.83 * 1 . 713. 19*.27 $50,292,248.60
5.715.117.80
.033
. 193.40
4,861,818.08 * T42,230.165.12
033.1
2 . 550.968.26
88.318,725.64
6.843.982.1Q ' 3.820,797.30
1 1 . 590.966.86
5.350.693.53
5>**®5.736,27 1.035.247.006.85
1.960.576.06
. 4.913.018.90
2 . 542. 159.60
2 . 615.000.00
3.152.317.3*
fe5.358.397.»i4
4,720.293.29
6.013.983.3*
2 .088.477.69
1 .902,915.72
1.817.014.42
141.031.222.55
4,913. 712.19
6,4u .o 6ot36
2.108,395.56
2.427,638.6s
2. 069, 500.00
221 888 887.06
3.425.108.34
8,323,€49.44
2.7l5.*T0.4l
1,792.111.93
2.214,193.91
92.374,604.21
12.039.840.01 13.450,287.56
7.472.950.36
1,228,878.58
2.079.395.33
100,354,573.*7
I9.591.9ta.l9 14,272,082.70
17.997.317.38
3.5*0.630.40
2 ,407, 577.24
290.051.926.56
20.7H.013.06 27.885.394.4i
28.370.089.12 10 .352.8U . 38
8.I 8I . 334.45
193.014. 143.39
8
. .
SMMSBT
FQHCHA8SD
Si,
i
T,<
iT.■»Of BILLS
SKSb7> »mm 11Bi
ii^iSgVi
ftJi
nSL
P«p*r wm»ttl IB tht ?P«a k*rk*t
1930
m
Bobbor of
BUM—
frmny
4 1,999,333000
61
199
633
469
476
301
76
183
1,103
1,489
Fobrtiar^'
Maroh
April
1*7
Jiao
July
ABfoat
Soptaabar
Octobor
Boroabor
Dtotabor
Baabar of
ftlaqpB .
iBDttl
*6
711
308
437
300
337
449
373
366
855
163
1,904,067c63
6,403,441c 38
6,968,669087
4,449,833.16
3,160.183.80
374,037.63
3,636,311.38
ia.638r033.88
16,603,743.66
89.80B.71
, f 313.633.16
| » . 636,864.90
6
386
6,138
..asaont
$ 6,639,630o49
11,103,046o69
6,306,316o08
7.343,013o00
4,660,051a16
3,317,188c03
6,733,695*07
4 ,634,664c03
3,766,nSo47
4s4l3,798o71
3,413,067.76
, 8.369*709.66
i 68,371,097.03
W ,
4,373
Papar w aohaaad f t a i other M i M l H f f r r t V ft ff
T har* M r * m jraroh a**s o f paper fro o other ?*d *ra X B e *e rr* B asks d u rin g
1931 aad d u rin g U 8 0 182 p lo ee * M r * pwreha»*d fo r a to t a l o f $6,028,078,,*6,
oommbathb STigaww aaorctiw tommb or wag
waaaa or awomig. aaaaisg. asp apsgggs o? mass, bsmsoqtots
(^ S B o a p o X li Only)
Bashar o f
lo t o i Hodlaooostad
Toar 1931 11,078
Taar 1930
8,103
Monthly
AT«r0«0
Toar 19a
Toar 1960
933
675
S ta to r ot Bo* o f votoa
O o lla to ra l roooivod aa
So to s d l* - o o lla to ra l to
3,961
703
1,789
1,371
6,744
3,364
6,138
4,634
66
64
330
68
148
116
663
373
437
377
1.00 $ 10#760o00
1.00
10,760a 00
ATora^o
Toar 1931
Toat 1930
$
Ba»bor o f
ploQoa o f
papar
783
663
Boabor of Offloora’
Gffioara .. Salarioa
Toar 1931
Toar 1930
Ttmbar o f
Sotos
Babatod
90o o f Botoa
rooolvod aa
o o lla t a ra l to
895c83
896 83
J&plojrooa »
Salariaa
Bunbor of
taloir*aa
6.37
6o30
Othor
*otal
.. .SMoaoa .. 3*s>oa»o
$ 13,660o 86
13,483b63
$ 3,473066 $ 37,874.80
$
$
1,137067
l,133o64
3 ,069o83
37,293.36
389o47
354 99
$ 8,833.87
3,374.36
52
CLOSEDBANKS
At the close of business December 31* 1930, the unpaid lia
bility of 52 suspended member banks to us was #555,130ol3^
During the
year 1931 member banks to the number of 47 suspended, and of these 8
were not indebted to us on account of rediscounts>
In addition to this number the First National Bank of Scranton,
North Dakota, consolidated on March 3 f 1931, with the Bank of acranton,
a state non^member bank, which latter bank at consolidation assumed lia
bility of the member bank to us on account of rediscounts in the sum of
$44,653 00*
Late last fall the Bank of 3cranton suspended with this lia
bility only partially reduced,
It is now in process of reopening
The remaining 39 member and one non^member bank added
# 1 ,6 8 4 ,5 3 6 .9 6 in lia b ilitie s, making a total of #3,339,657e08«
Total collections from all sources during 1931 amounted to
<911-981-26*
Of this amount $877P257065 was applied to reduce the direct
liability of the suspended bank6,leaving a net balance due from these
bankB of } 1 , 3 6 2,39 9 ,43 , at the close of the year 1931*
Of this latter
amount the remaining lia b ilities of 11 banks totaling #156^053^37 has
heretofore been charged against the special reserve set up for lossese
Names of the banks from which recovery may not be made and
the uncollected liability of each are given in the December report from
the closed bank department*
bn December 31* 1931, the number of banks on our closed list
indebted to us was 7^ including the 11 banks just referred to whose
liability has heretofore been charged against the special reserve.
As security to the liabilities of the 66 banks on our closed
list not yet paid or charged off amounting to $ 1 ,3 0 6 ,347o06P we hold
$ 3 , 3755958a78 in notes*
In addition we still retain paper classified
as worthless in the sum of $173,050.,71<,
This paper is collateral from
the banks whose indebtedness to us has been charged off*
Up to the close of 1931, 346 member banks and the one non
member above mentioned had closed
with total liab ilities to us at
date of suspension of $15,397 839,03*
Of this amount, we have re
ceived payments aggregating $1 5 ,0 3 5 ,4 2 9 .6 0 , including full liquidation
CLubSP BANKS (Contd)
of original liability due us from 370 banks, and there remains now
due only the sum of $1,362*399?43, as above indicated*
In addition,
we have received $348^381*56 interest and $377,793o08 in reduction of
our collection expense
Unpaid collection expense accumulated as of
December 31, 1931, amounted to $367a017c05*
During the past year
$ 2 S231*81 wap credited as recovery of expense* $14,3 01,63 as interest
collected from these closed banks, and $195.16 interest on other ad->
vances made to protect our interests)
In addition to the recoveries mentioned^ we collected during
1931 in certain accounts $34>085o69 over the original liability due
us at date of suspension from these suspended banks and now have in
this account $ 7 3 ,9 8 8 d 4 P which eventually will apply as recovery of
interest and/or collection expense*
The average number of employees on this work during 1931 was
8o71 and in 1930* 6ol4-
An average of *80 officers1’ time was allocat
ed to this function in 1931 as compared with the eame percentage in
1930-
Estimated expenses for 1932 show an increase over the 1931
actual expense*
The salaries and traveling expenses of employees for
1933 have been estimated at $9,959*00 greater than the 1931 expense
COMPARATIVE FUNCTIONAL EXPENSE
$ 6,l50o04
Salaries <» Officers
33,800*72
33,800*73
Salaries - Employees
10,751.02
Traveling expense
10,751*02
1 ,058.58
Printing, Stationery & Office Supplies
1,056.58
Telephone and Telegraph
410*47
8
365=48
Legal fees
5.735*77
All Other
Average number of officers
Average number of employees
$
8,150*03
17,369,36
6 .972,13
181,35
308*97
10,475,45
4 0381 34
$ 5?,960 08
$ 47.636 63
*80
*80
8,71
6.14
CURRENC]f AND CQIfl FUNCTION
There was a more steady trend in currency operations
during 1331 than in the previous year0
In 1931 after January, with
one exception, the number of currency shipments made by us exceed
ed the incoming shipments with total of outgoing shipments exceed
ing the incoming shipments by 2,783
For the first seven months
of 1930 shipments received were greater in number than shipments
dispatched,
With the exception of October, the remaining months of
the year showed an excess of outgoing packages®
For the complete
year 193G we received 17,903 shipments and sent out 17.433„ Al
though there was the usual seasonal trend, it was not as evident as
in former years*
For the past 1? months the demand from country
banks has been consistent,
During 1931 we shipped 1191,685,000 compared to $199,033,000
in the previous year*
The excese of 1930 was practically all in the
first six monthso ■The shipments sent in 1931 exceeded by $7,931^.000
the total receipts.
For 1930 the total receipts were $324 944,000
and $25,9 17,000 more than the currency sent members,
The amount of
currency drawn from us during the oast year was greater than the
amount deposited for the first year since 1925o
It is quite likely
that with returning confidence the deposits of currency with us will
exceed the withdrawals during 1933e
Less coin was received from and shipped to member banks than
in I930o
Receipte of {3 ,7 4 6 ,0 0 0 were £404^000 under the 1930 receipts
and the shipments of # 2,904,000 in 1931 were exceeded by $306,000
in 1830^
Banks had sent in most of their excess coin during 1930
so it was to be expected the volume would fall off In 1331 o
In addi««
tion to the above totals, we shipped out 41,300,000 in standard silver
dollarsP 1 1,000,000 going to the Denver Ii n t c
Of this amount $510,000
had been held for the Treasury Department^ as cover for silver certi
ficates,
As we needed space this amount and $490,000 additional
wae sent the Mint,
The balance of the standards shipped went, to
CUBKENCY AND COIM FUNCTION
Helena and branches of the San Francisco bankc
(Contd)
»fe also shipped
Helena $ 3 P93S,000 in currenrcyo
At the close of the year we held $1^4-34^000 in silver
and minor coin at Head Office and $201p400 at Helen&o
Bar gold to
the amount of $76,000 was also held here
m m
Received
from
Twin Cltr
January
February
March
April
May
Jtme
July
Augost
September
October
November
December
Totals
g j m t n L m u m **
TO ifBISffiB A8D VQB~I£SHBER 3AJSXS DTJBIBG 1931
(Minneapolis Only)
Shipped Received Shipped Received Shipped Total Io0
to
from
To
Troni
To
Shipments
Eemhere Other Manner Bka0 ffon»Member Banks received
208
164
306
191
193
215
187
186
194
302
176
214
131
133
154
146
148
149
139
149
173
166
124
156
3,336
1,768
1,234
866
842
986
1,092
1,267
1,004
980
1,074
856
1*032
814
957
1,296
1,201
1,133
1P371
1,177
lv 573
1,559
1,541
1,236
liftV
3
1
I
0
0
2
0
0
0
2
0
1
12,219
15,561
10
m
1*445
1,031
1,049
1,177
1,179
19309
1,454
1,190
1,174
1,278
1,032
1.247
946
1,090
1,451
1,347
1,281
1,520
1,316
1,726
1,733
1,711
1,413
~JLJ14
14,565
170343
1
0
1
0
0
0
0
4
1.
4
3 ■
:
19
C0I5 R2CSIVSD ygOM ASP SHIPP3D TO M I J S D
Minneapolis and Helena 1931
mum.
January $
February
March
April
May
Jnne
July
August
September
October
November
December
480,074
246*876
244,154
168,403
2 3 9 ,4 6 8
2 1 8 ,0 4 1
3 2 9 ,5 0 9
2 7 8 ,8 5 5
2 8 9 ,7 0 8
3 5 4 ,6 6 9
2 6 2 ,8 3 7
231a 7 2 8
Totals $ 3 ,334t322
$
$ 566,428
275,080
3S4e343
192,348
86B354
2 9 ,304
30ft189
2 3 ,9 4 5
2 3 ,3 3 7
2 6 , 678
4 2 ,8 9 1
2 6 ,0 7 4
5 0 ,4 3 0
2 5 ,5 4 8
1 7 ,7 2 7
33,747
$ 4 1 3 ,1 2 4
BAggS
agfysp
Helena______ Combined
Minneapolis
Total HOo
Shipment*
Seat
$
liinaeapolla
$
81,630
104,345
2140966
206,836
3 5 2 ,8 0 5
2 4 4 ,7 1 9
3 7 2 ,4 0 0
3 0 4 ,9 2 9
3 4 0 ,1 3 8
3 8 0 ,2 1 7
2 8 0 ,5 6 4
27 1 4 7 5
2 0 6 ,5 5 0
2 6 1 ,3 4 0
2 6 8 ,6 1 2
2 3 3 ,4 0 3
2 4 3 ,5 1 5
1 8 1 ,9 4 0
1 5 6 ,5 0 5
3 ,7 4 6 ,4 4 6
$ 2t349,449
189 308
Bjelsm
Combined
$ 10 * S 0 4 92,310
18,330
122,565
250,335
3 5 ,2 7 0
4 S 016D
4 8 ,3 8 5
4 8 ,7 2 5
5 1 ,4 9 5
1 0 2 ,9 3 5
4 7 C1 6 0
4 7 ,2 2 0
67 c4 3 0
3 2 .6 9 0
3 3 0 ,0 0 1
3 5 4 ,9 3 5
3 1 1 ,0 6 5
3 3 0 ,1 0 7
336,. 3 3 *
3 9 0 ,6 7 5
2 2 9 ,1 6 0
3 3 3 ,9 3 6
2 2 2 ,4 9 8
$ 554,375$3,903,834
CS8HS3CT BaSII?T3 Z80K ^
SHTHmat78 TO ggfflSB ASP BOK-StaBBS BiBES ST MOBgB
BBBft asBHi ifli g n a m a a s m s b b b a a e a
HaOMWS
Jrcm
Tram
Total Heoeipts
Jotal Baoalpt*
___________............. .
1S5SSLSS&5_______ Hoa^MwibT Baafc*____________ 1931
January $ 17 523,592
February 13 4960954
March
13,388,458
14 741 886
April
14c405, 036
Mu
150701c251
June
July
160037p902
130829,965
Auguet
Sept saber 150645, 036
October
16.0440197
lovember 13, 6680633
December 16,601.993
Total $ 181a174,905
1930
1929
1928
1927
1926
1925
1924
1923
1022
1921
1920
$ 232-220s490
224,972,795
199,261,798
194,920,928
186»485,481
172,959,062
150,445,955
147,391,375
113,325,000
132,789,000
64,332,000
$ 203,970
186, 887
164,241
162,823
16J,319
1860717
261,266
267,099
222,969
263,240
221,786
- m .4 8 9
$ 2,589,806
$
17*737,562
13,683,841
13,552,699
14,904,709
14,570,355
15,887,968
16,299,168
14,097,064
15,868,007
16,307,437
13,890,419
16.975.482
f 183,764,711
$ 2,723,885
3,127o014
3,363,066
3,185,426
3,170,964
237,271
248,655
132,610
131,000
249,000
528,000
$ 324,944,375
228,099,809
202,624<>864
198,106,354
189,656,445
173,196,333
150,694,610
147,723,985
113,456,000
133,038,000
64,860,000
$ 21,732,132 .
17,065,440
19,153,324
30,064,627
19,386,957
17,635,748
21,015,166
17,103,393
17,687,943
19,930,546
15,454,680
.1JxZ ^ 4 1 3
$ 224,944,375
SHIPffiiTS
To
Member Sank*
January $
February
March
April
May
June
July
August
September
October
ffovember
December
Total $
1930
1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
11,777,460
11,990*829
14,763,841
14,341,657
15,523,158
16,975,101
15,512,830
17,525,993
17,699,400
21,008,925
14,510,918
17,609*230
189,239,342
$ 195,857,109
193,059,577
186,530,926
189,256,743
184,703,348
171,141,273
171,166,734
137,867,840
105,117,000
89,296,000
78,616,000
To
lon-Member Banka
1931
Total Shipment•
$
120,121
98,732
171,124
189,064
132,800
187,050
198,800
215,081
263,560
337,668
304,363
x 3270309
$ 2,445,672
$
$ 3,170,874
4,773,470
2,881,674
2,799,269
2,370,230
3,172,170
1,383,269
2,753,003
2,047,000
1,020,000
380,000
$ 199,027,983
197,833,047
189,412,600
192,056.012
187,073,578
173,313,443
172,550,003
140,630,843
107,164,000
90,316,000
78,996,000
11,897,581
12,089,561
14,934,965
14,530,721
15,655,958
17,162,151
15,711,630
17,741,074
17,962,960
21,346,593
14,816,281
17,836.539
$ 191,685,014
1930
Total Shipment»
$ 11,888,674
15,200,534
17,051,887
15,431,489
16,978,411
15,795,744
15,387,136
18,338,393
17,933,342
16,675,910
15,484,576
... 22.971.88?
$ 199,027,983
57
M M f f lB J M
j B
9 ? QTOBPOT
SBOwiHQ amass or ynoas aaraiap.
M
c g ff iW p c g
wsam o> aamtro. turns*
massas 19 3 1-19 3 0
(Minneapolis 0nly)
m m m &m
Taar 1931
Taar 1930
Eanfoer of
Officere
o40
059
Monthly Average
Taar 1931
Tear 1930
Officers
salaries
$ 1,800.00
3,333,81
Other
aroenaa.. .
8 4.99
348,46
Total
Ss&saee...
8 1,804,99
3,473.37
8
$
8
150 00
368.90
,43
30,64
180.43
389.44
SfOfiZlM.frt.
Taar 1931
Tear 1930
Swaber of
Sotploree*
Uo56
I3d 3
Monthly Average
Tear 1931
Tear 1930
aiployee*
Salariaa
8 19,144,40
31,330,36
Othar
Bfflwa*
8 1,338,13
1,706,81
Total
BffiW»a*. .
8 30,383,63
33,036.07
8 1,895,37
1,776,69
8
8 1,698,85
1,918.84
ikiplogreea
Salaries
$ 10.500,57
U , 813,46
Othar
Saenaa
8 3,330,31
3,340,38
$
$
103,18
143,16
£K£MaZh4L.Qti3K
Tear 1931
Tear 1930
taber of
asoloyeea
4«34
4075
Monthly Average
Tear 19a
Tear 1930
875,06
984,46
369,19
378,36
Total
S®#»ae
8 13,730,88
15,153,84
■8
1,144,34
1,363.83
Coin
Wvmbxr of
Tm t 1931
Tm t 1930
?«Bl«yee*
1,66
1,38
Monthly Average
Taar 1931
Tear 1930
Tear 1931
Tm t 1930
Monthly Am tgi
Tear 1931
Tear 1930
Jtaplayeea
.. ....... Salarlaa
8 3.383,00
3,617,18
$
373,60
318,10
Vtnber of Bills
Received and
Cgnated
--- s&SBEL
3 3,37 3,7 0 0 *1 7 1 ,1 7 5 .0 0 0
43,80S, 360
213,809,000
3,001,068
3,667,113
8 14,366,000
17,741,000
Othar
teasaa
8 1,474.31
3,638,33
Total
J$raaaaa .
8 4,756,31
8,156.48
$
8
133.86
311.63
398.36
439.83
Kaabar of Coins
Received and
JSZB B M ------------- --
30,681,336
18,066,018
10733,447
1,604,736
$ 3,699,403
4,367,349
$
308,383
363,946
58
8 E 0 U R I T I S S FUNCTION
( M inne a p o 1 i s O n ly )
In a d d it io n
B ills
to
the
sec u rities
P a y a b le and r e d is c o u n t s ,
accounts,
and as c o l l a t e r a l
t h i s d e p a r tm e n t h a n d l e s
member b a n k s
fo r
sp e c ia l dep o sits*
sa fe k e e p in g
w h ic h we h o l d a s c o l l a t e r a l
all
s e c u r it ie s pled ged
a r e c l i p p e d from
e n t e r e d f o r c o l l e c t i o n and c r e d i t
to
or, upon req u est,
sent d ire c t
T h ese
the c o u p o n s a r e
to s e c u r e
s e c u r itie s
and
the ow ning member b a n k ss a c c o u n t
to
th e member Tpank*
f a c i l i t i e s h a v e b e e n w i d e l y u s e d a n d a p p r e c i a t e d by
o u r member b a n k s
d u rin g
A c o m p a r a t iv e
the p a s t
fe w y e a r s *
statem ent of
o u r c u s t o d y a s c o l l a t e r a l or fo r
Decem ber
to W ar L o an D e p o s it
s e c u r i t i e s d e p o s i t e d w i t h u s by
in clu d in g
M a t u r i n g coupons
to
the amount o f
sa fe k e e p in g
se c u ritie s h e ld
on Decem ber
in
31? 1931 a n d
31, 1930 i s g i v e n belo w s
C o llateral
C ollateral
to W ar L o an D e p o s i t s
to B i l l e P a y a b l e a n d
Kedi6C0unt6
Securities held for safekeeplngo
UoSo Government securities
Miscellaneous securities
Pledged securities
1931
$11,88'3,850
1930
$ 4 /isS ’, 000
973,500
493^835
17,809,800
77,730,933
37,315,211
39,032^175
83,307*393
300374,969
The amount of securities held in our custody showed consider
able fluctuation throughout the year*
The total amount, held varied from
$145,773,00 0 at the end of February to $161,013,000 on September 30*
From September 30 until the end of the year deliveries exceeded re
ceipts by approximately #15,363,000
The number of pieces received during the year was 57
compared to 73,303 during 1930 or a decrease of 15,543 in number of
pieces received as compared to receipts during 1930*
On the other
hand number of pieces delivered was 30,133 compared to 45,193 during
1930 representing an increase in number of items delivered of ap*
proximately 15,000 pieces*
Maturing coupons clipped from securities held in our custody
numbered 319,249 in comparison with 188^715 coupons clipped during 1930*
A comparative statement of the number of employees and costs
of operating the several units of this department is given below:
fs e m m r * t u m m * smbmmsb
1931-1930
IMMKMBATUB
0P3BATI0B3 AHD E3CCBP3
TASK) OTSTTOT
Bo. Offloara
Total
So. at
Total
So. of
Total
Orand Total
A SaployaoQ
Bw m
5taploy«o» B a w w ... amlflgBas___aaaest- 3 sagg»s_____
Tsar 1931 .74 * 3,850.77
5 7 5 ? $ 13,311.31
SToe $ 8,359.66 $ 34,631.33
Tear 1930 1.01
6,130.34
6.34
11,664.29
3.93
10,50V.62
33,303.29
RSMRVE POSITION
The reserve fluctuations were more marked during 1931 than
in 1930 with the highest reserve carried during the two years in
February 1930o
After the first four months of 19.30 the increased
volume of United States securities held in System Account resulted
in our excess reserves being materially reduced,
Before these in
vestments were increased, our reserve against notes and deposits com
bined was 80-1 on February 3 y 1930o
This reserve did not fall be
low S" during 1930 but with additional participation In 3ov enments
during ISftl* our reserve percentage wa* further reduced
Throughout 1931 the amount of our free gold was quite small
and with falling deposits and other borrowing demand in the last
quarter of the year, we were forced for a short time to dispose of
some of our United States securities®
$68*670*000 on December 31* 1930 to
Total reserves increased from
908 /000 at the close of 1932a
Total deposits were practically the same at the close of
1930 and 1931* a loss of 43*600,000 in member bank deposits during the
past year being offset by an increase of $700*000 in the Treasury
balance and $ 1 9700^000 in foreign bank balances.
Our outstanding Fed
eral reserve notes increatcd $15,600,000 since the end of 1930* part
of which was covered by an increase in discounts but the major portico
of this expansion was covered by transfers of funds from other
Districts which augmented the Gold Funds of the Agent and the dan*
Our reserves after falling to 4809 per cent on Ootobei 15 y
nave strengthened and were 6701 per cent on December 31o
centage was never in excess of ?4 during the yearc
Reeer **• per
Average depos■ts
of member banks were lower for every month in 1931 thar in 1930 *ith
a daily average of $48^050,000 in 1931 and $51,336^000 in 1930
Com-
bined deposits of member banks at Minneapolis and Helena averaged in
excess of $50,0 00,000 for only two months of the yeart Aoril and June.
During 1930 August was the only month to fall below this amount*
Member bank balances in all the States comprising our Diatricts show
gradual reductions since 13S9
60
DAILY ATSRAfl* u m ra BigK BgSEETCB BALA3TC3 BT MONTHS
Minneapolis and Helena, Combined
January
February
March
April
May
Jtme
July
Angaet
September
October
Koveaber
December
1930
$ 51,291,000
50,477,000
51,825,000
51,281,000
50,898,000
51,819,000
50,423,000
49,650,000
51,258,000
51,620,000
52,275,000
51,888,000
iSSk
$ 49,028,000
47,517,000
48,874,000
50,027,000
48,648,000
50,693,000
49,278,000
47,600,000
47,556,000
46,382,000
45,878,000
45,125,000
Daily Average Member Bank Balances, Minneapolis and Helena 1921
1920
1929
1938
1927
1926
1925
1924
1923
1922
1921
m m *
b isk
$ 48,050,000
51,2-25,000
52.562.000
53.347.000
50.650.000
50.670.000
53.076.000
49.600.000
47.813.000
44.451.000
41.535.000
xm B Ji balahcb gLwmTXQgs
LCf
Minneapolis Only April 30, 1931
Helena Only
Septo 1» 1931
April 30, 1931
Combined
Sot. 6, 1930
Combined
Combined
Dec, 16, 1929
Combined
Bov. 9, 1928
Bov* 15, 1927
Combined
Jano 12, 1926
Combined
Michigan
Minnesota
Montana
Ho0 Dakota
SOo Dakota
Wisconsin
Minneapolis Only Dec<>21,1931 $37,760,064
Helena Only
Bov, 3,1931
4,697,200
Combined
Dec<>21,1931 43,219,706
Combined
Aog* 5,1930 45,355,000
Combined
June 11,1929 46,810,559
Combined
Jingo 7, 1928 48,493,619
Combined
Kay 31,1927 42,606,090
Combined
Jtme 3,1926 45,505,455
COMFiRISQI OF MSMBZB BMK mSSRTE BALA3C38
AS QT DSG PCgg: 31 1931-1930-1929-1928-1927
(Ihonsands only, 000 omitted)
1930
1929
1931
1928
1927
$ 2.600
$ 3,673
$ 2,743
$ 3,859
$ 3,128
30,152
30,616
36,651
34,337
34,679
5,608
5,587
7,354
7 496
7,063
3, SOS
2,807
3,794
4,235
4,292
3,629
2,955
■ 3,998
4,092
3,917
.. Sa«7.
__3.319
. 9,331
......JLSS2L
$ 45,827 K $ 48,447 U $ 56,861 M $56,067 X $ 54,734 11
'
Total ?«a»lti«* for 1931
Member of Banks Penalised
Maximal Penalty Hate
$57,359,528
6,575,069
62,601,178
56,8^4,000
59,412,090
60,105,103
61,758,745
56,686,133
PSnCIM T BUggRTS! PBiAM»I38 .
Minneapolis 1831
$6,785c 76
278 .
&i%
Helena 1931
$ 940,00
25
5&&
Combined 1931
$ 7c725o73
304
5&
Coabllned 19oO
370344o01
248
61
um sm sm a hsld «rBgga 31. i95X
U«
s«
S®ffoplties
held in Investment
accounts
Interest
M atu rity
___
1933-1938
1944-1954
1941-1943
1946-1949
1940-1943
1951-1965
1946
1947
1961
Sbrsrth Liberty Loan Sonde
U„ S0 Treasury Bonds
n «
n
«
nn
#
n
H 55
tt
N
h n
ti
tt
TJo So Coanrersion Boaas
MR
B
H
tJ„ So Panama Bonds
Total O O O O P O O O
O
O
O
O
O
O
O
jsaaal
R ate
O
O
O
O
4%$
4
3 3/8
3 1/8
3 3/8
3
3
3
3
$ 3C327tOOOe00
165,900c00
2,452,700,. 00
1,757,050c00
9 ,450c00
235,300c 00
3 ,300c00
111 , 600c00
500„00
O
$ 7,062, TOOoOO
O
Investment for self-insurance reserves
Fourth Liberty Loan Bonds
Uo So Treasury Bonds
•» «
53
B
n H
a
u
T o ta l
oooooooooooo
1933>1936
1941-1943
1946*1949
1951.1955
0
0
0
0
0
4$
3 3/8
3 1/8
3
0
0
0
0
Uo So S e c u r it ie s e o ld and h e l d p e n d in g f i n a l payment
P a r t ic ip a t io n i n F ed eral R eserve System
0 0 0 0 0 0 0 0
S p e c ia l Investm ent Account
Grand T o tal Uo
00
So S e c u r it ie s 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Federal In te rm e d iate C re d it Bank D eb en tu re*
Jfcnlolpal Warrants
000
o
o
o oo o
DooodQoooQooooooooo
$
100, 000c00
300,000c00
SO,000c00
140,000.00
1
500,000c00
$
102,472.30
$ 30,003,000c00
$ 27t668,172c30
$
430.000 00
$
473,545,45
62
TRANSFER AND C O D IN G DEPARTMENT
( M in n e a p o lis O n ly )
D uring
1931
the volum e o f t r a n s f e r s h a n d l e d d e c r e a s e d i n
num ber a n d amount as co m p ared to 1 9 3 0 *
4 5 ,2 1 9
tran sfers
a m o un tin g
t r a n s a c t i o n s and
transfers
to # 2 9 3 7 4 , 4 7 3 , 0 0 0 ,
# 8 1 5 ,4 8 0 * 0 0 0
i n c o m p a r is o n
th is u n it h andled
a decrease
o f 8 P9 4 4
to 1 9 3 0 w i t h 5 4 , 1 6 3
t o t a l i n g # 3 ,1 8 9 ^ 9 5 3 ^ 0 0 0 0
Tran sfers h an d le d ,
other
d e m p t io n
Fund o f N a t i o n a l B a n k s ,
the
to tals
1930
In 1931
of 3 9 ,5 5 5
than f o r
decreased
tran sfers
the F i r e P e r C ent Re
i n num ber a n d am ount from
to ta lin g
$ 3 ,1 7 3 ,1 8 1 ,0 0 0
to 3 3 , 4 7 3
t r a n s a c t i o n s a m o u n t in g to # 2 , 3 6 3 94 5 6 ; 0 0 0 ^
F i r e P e r G e n t R e d e m p tio n Fund
N a tio n a l
BankB h a n d l e d d u r i n g 1 9 3 1 w er e 1 2 , 7 4 6
#11,, 0 1 7 , 0 0 0
a n d i n 1 9 3 0 were. 1 4 , 6 0 8
The b e l o w
an d o u t g o i n g w i r e
fu n c tio n fo r
Y ear
tab le
the y e a r s
to taled 1 7 ,1 7 8
i n d i c a t i n g v olum e a n d amount o f
1925
of
of
in c o m in g
the a c c o u n t i n g
th ro u g h 1 9 3 1 0
T ran sfers
Amount
6 1 7 i'BMT 0 0 0
9 0 5 ,3 8 4 000
7 6 7 ,5 3 3 .0 0 0
7 0 5 ,0 4 1 ,0 0 0
6 7 0 ,6 4 9 - 0 0 0
6 0 9 ,6 9 5 ,0 0 0
6 9 6 ,0 9 3 ,0 0 0
and
th e a c c o u n t
a m o u n tin g to # 1 6 . 7 7 3 90 0 0 *
In c o m in g W ir e T r a n s f e r s
Number
Amount •
1 3 ,1 1 0
$ 1 (3 8^, 525^000
1 6 ,3 9 7
1 663 5 4 6 ,0 0 0
30*030
1 5 6 6 ,3 3 1 ,0 0 0
1 8 ,9 3 1
1 ,5 4 5 ,0 1 8 ,0 0 0
1 6 ,6 2 4
1 ,4 3 8 ,5 7 6 ,0 0 0
1 6 ,8 3 9
1 ,3 8 1 ,1 7 4 ,0 0 0
1 4 ,9 3 6
1 ,3 7 6 ,8 9 4 ,0 0 0
M e s s a g e s c o d e d and d e c o d e d ,
1931
fo r
i n num ber t o t a l i n g
t r a n s f e r s h a n d l e d by t h i s u n i t
O u t g o in g W ir e
Number
“ § ",4 9 3
#
1 1 ,0 4 4
1 3 ,6 3 4
1 1 f9 0 8
1 1 ,1 1 5
1 0 ,1 7 4
1 0 ,5 1 7
1931
1930
1939
1938
1937
1936
1935
tran sfers
o t h e r th a n t r a n s f e r s ,
in 1 9 3 0 1 7 ,3 9 6
or 7 4 8
d u rin g
le s s m essages in
1931*
TELEGRAPH U N IT
For the y e a r 1 9 3 1
w ires
in
c h argeab le
to t h i s
t h e num ber o f w o r d s
w ire
tran sfers h an d led ,
Board
in c r e a s e d because
more d e t a i l e d
and
m arket and f o r e i g n
D u ring
4 3 6 , 8 8 5 w o r d s w e r e s e n t o v er t h e p r i v a t e
b a n k a nd i n
1930 431
sent occurred in
Number of w o r d s
of
sp ite
sen t
3 1 9 words-
o f th e l a r g e d e c r e a s e
to the
the u n u s u a l b u s i n e s s
s p e c i a l repo rts®
The i n c r e a s e
Federal Reserve
situ a tio n ,
re q u irin g
T h i s b a n k Bs p a r t i c i p a t i o n
t r a n s a c t i o n s r e q u i r e d a l a r g e num ber o f
the y e a r s e v e r a l d e a l e r s
in U .
8o
in
in
open
telegram s,,
S e c u r it ie s d is c o n tin u e d
their
i
lo cal
o ffic e s
a n d C h ic a g o
se c u ritie s
r e q u ir in g a l a r g e num ber o f wire** to a n d ^fr o m
i n c o n n e c tio n w ith
fo r
bank* i n t h i s d i s t r i c t -
o f bank c lo sin g s^
i n th e num ber
the p u r c h a s e a n d s a l e
c o n so lid a tio n s,
o f w o rd s
sent*
etc*,
The
New York
o f Governm ent
o t h e r #*• R *
~ a n ia
a ls o accounted fo r an in c r e a s e
0 ^
CCMP1BA8TACTOBT SHOftEQ MMBB.IBP AMOPBT OF,.gABgr2Rg ^
BU&aSR or SMPLQT^ g , «at.4B^S8 ABP OOTP gpjgsgs,
(Minneapolis Only)
1931-1930
Ember of tranafera
cade other than for
dff Bed«zption Food
of Batlooal Baaia ,.
Humber of transfer*
for 50 Redemption Toad
of fetloaal Buko
(giro and nail)_________ JjfiaBBS________________________________________ *295*
33.473
555
Tear 1931
Tear 1930
Monthly A w age
Tear 1931
Tear 1930
3,706
3,296
12,746
14,608
t 2,883,406,000.00
3,173,181,000.00
$
1,062
1,217
196,966,000.00
264,433,000.00
Swaber of
aanloyee*
fixployoao
Solarloo
Other
JtotsM
lo 51
lo63
$ 2,378a18
2,373.26
6 2 ,878o 32
$
$
Ioar 1931
Tear 1930
Monthly Averago
Tear 1931
Tear 1930
$ 11,017,000.00
16,772,000.00
$
Total
3SD*n*e
$ 5,266.60
6,008.12
3,634o87
198.18
197.77
918.000.C0
1,398,000. OB
239o86
302.91
$
438.04
500.68
SffiXH U PttZ
ftuber of
aanloyoe*
Sqployees
Salaries
lo 51
lo62
$ 2 ,371o 84
2,349o81
♦
79*32
62o60
$
I
6o60
Bo22
Taar 1931
Toar 1930
Monthly Average
Tear 1931
Tear 1930
Other
SsDsnse
197065
195 83
Qwwsxcws o? m m
1931-1959
Month
1931
January
February
ttaroh
April
Hay
June
July
August
September
October
Bovmaber
December
1,254
973
1,172
1,219
Totals
1,121
1,295
1,265
1,287
1,385
1,462
1,199
1.514
15,146
p o m rn ,
1930 ..-.. 1929.................
1,364
1,162
1,372
1,376
1,386
1,428
1,397
1,225
1,449
1,412
10335
18,488
Total
IteOBSO
$ 2,461. 06
2,412.41
$
204.26
201.03
vxra
PLIOBAPS SKIVED
1928
1930
V&ft
1,309
1,131
1,506
1,457.
1,415
1,566
1,612
1,648
1,491
1,749
1,509
-J L S 2 I
1,530
1,732
1,677
1,716
1,811
2, a s
1,647
AJM ft
1,934
1,573
j u u
17,984
20,990
33,960
1,790
1,464
1,687
x%m
2,097
1,950
2,277
2,320
2,296
2,035
1,896
1,702
1,868
2,282
1,887
3,333
3,269
2,226
2,252
2,425
2,498
2,293
2,488
2,222
,..... L
m
27,462
64
. .
CHECK COLLECTION FUNCTION
'^Olinnedpoiie Onlyj'
During 1331 this function handled 18#9*4 06? items totaling
$ 3 /4 3 ,7 4 3 ,,0 0 0 , a decrease of 3,165,881 items and #481v937y000 in
amount as compared to 1930 with 3lj,139; 718 items totaling $3,3 2 4 ,6 7 8 ,0 0 0 ,
A comparison of the number of items handled, the average
number of employees^ the total expense of this function and the average
number of items handled per employee for the years 1938 through 1931
followss
, Year No* of Items
______________ _______
1931
1930
1939
1938
18-974D067
31,139 718
3 1 ,7 51 ,3 65
3 3 9317p186
Average No,
Total
Daily Ave?
Employees
Expense
No^ of Items
_ __ _____ __
__ ____ pejr Person
39.82
4 3 ,5 7
53,81
60o37
$ 71,196,45
77,873*79
8 8 ?661*60
95,335*35
Ave > Cost of
Handling
l a000 Items_
1,605
1,634
1,356
1,343
$ 3.69
3*63
4 .0 1
4 e31
Tile below table indicates the classification of the items
handled in this function-for the years 1939 through 1931s
Items Handled On
Number of Items
iQ3Q
Twin City Banks
3,836,559
4,15 5 ,3 5 8
Member & Non-Member Banks 13,131,668
14,959*941
This District
Other Fo R 0 Districts
940P368
1,088.,568
Direct to Member Banks
Other FoRoDistricts
37,438
41,373
Helena Montana
11*439
10,395
Treasurer of United 8 tates 1 016. S15_ *
884 384
'T8t97T-06^
Amount (OOO)omitted
$ 3 ,7 4 3 ,7 4 3
$ 3 ,3 3 4 ?673
1929
4 ,2 3 0 * 6 6
15,613,344
1,037*744
.
31, 751, 365
9 3,685,334
The accompanying table compares the cost of handling 100
items and the average number of items handled per person per day for
the various units of the Transit Department for the years 1938 through
1931g
Outgoing Country Checks
Ave 0 No7Ttems " "Cost s “
1931
1930
1939
1938
3,040
3.083
1,551
1 336
35ol£
24*9#
39«5if
33o7#
City Checks (Clearings)
Ave* No0 Items
Costs
3 374
2 156
3,071
3 ,479
19*4^
30.1*
30,7*
19 01*
government Warrants
Ave, ifoV Iteme Costs
3,391
3;363
2,065
1 453
36„3rf
2 7 ,^
36o9rf
37*0*
It should be noted that the cost of handling Clearing Items
and Government Warrants decreased in 1931 ae compared to 1930 and that
the cost of handling Country checks increased but $«03 per thousand over
1930 which was the lowest cost for this class of items in our history
in spite of the large decrease in total items handled.,
65
CHECK COLLECTION FUNCTION
(Minneapolis Only)
( Contd)
A comparifton of the 1931 check collection costs with the
latest available figures for the other Federal Reserve Bank H®ad
Gtxices (First Half Year 1931), Indicates that our costs are below the
average for the twelve main offices.
In the below table we have in
dicated the average costs of handling 100 items for the Head Offices,
the lowest bank«s costs* and the highest bankfs costs for the first
half of 1931 and our average costs for the year 1931*
City Checks
(Clearings)
Our 1931 Costs
Average Costs F .R U
Bank Head Offices
Highest Bank 's Costs
Lowest Bank8e Costs
Government
Warrants
Country Checks
Return
Outgo ing___________ Items
19,4*
36 3*
35,1*
# 1,33
35c6*
38« 6*
14c8*
31.1*
46© 3*
14,5*
34.7*
4 1 e3*
30 oO*
1.53
3*10
,75
During 1931 we returned to our endorsers 339 000 items total
ing # 19 ,4 13 ,00 0 and in 1930 367,000 checks amounting to #36?639*000»
These figures include besides dishonored checks >
, items returned because
the drawee banks are not on our lists and non-cash items forwarded as
cash items in error*
The below table indicates the number of cash letters received
and sent, the number of banks reported closed and reopened, the number
of banks added to and removed from our list during the years 1938
through 1931s
Letters
Received
LDaily)
1931
1930
1839
1938
Letters
Sent
L m ix L -
1,344
1,351
1,435
1,604
Banks
Reported
Closed
Ninth District
Bank s
Banks
Reported
Removed
From List
Reopened
374
160
93
103
1,150
1,313
1,416
1. 496
38
7
7
13
ISanks
Added To
Our List
97
70
73
91
5
3
7
8
Number■ of Officers,
Comparative Statement Showing
,
Employees and
a
Expenses "Check Collection Function
O fficerGs Number of
Salary______Employees
Number of
Officers
Year 1931
*40
Year 1930
*40
Monthly Average
Year 1931
Year 1930
# 3 ,1 1 9 ,9 6
3 ,11 9.97
$
176.66
176,66
39,83
43*57
Employees1'
Salaries
Other
Expense
Total
Expense
$53*763 50 #15,313.99 #71,196 45
57,184 P80 18,569,03 77,873 79
$ 4,480 39 $ 1,376*08 # 5 t,933,04
4 765,40
1,547*43
0 489.48
66
fflH CITY OLBAaiEQS THHOtTGH JBBEEAL HESSSYS BAIK
g j a i W im i&
1^31 anfl 1339.
Month
January
febrnary
March
April
Amtt> of Iteoa
on Upls.Bankg
Amt0 of I tame
on St„Paul Bfca,
$58,438,719.96
50,947,374.06
75.737,020.23
63.375.974.45
125,960,915.61 54.273.048.34
June
140.222,252.88 62.489.891.63
July
131, 326,059.93 57.733.832.46
August
127,802,552c I*1 50.541,421.99
September 137 . 630.539036 57.337.732.95
October
141, 435. 476,,25 58, 526, 640,52
SoYember
124,422,379.97 52.575.812.71
December
i26. 576.O8l.i 9 56,758.471.70
$128,877,676.51
109,503.70^37
131, 602.013,13
125.65^.969,89
Totals $ 1.550.014.621.23
1951
$187.316,396.47
160. 451,078.43
207.339.033.36
189.030.944.34
179.233.963.95
202.712,144.51
189,059.892.39
178.343,974.13
194, 968,272.31
199.962, 116.77
176.998.192,68
183.334.552.89
Grand Tbtal
,
1 .2
3
5
___________
Xfciily Average Amount
Held Orer
Clearing*
—
$209,602,184.12
187.530.182.11
225.161. 6e7.19
224. 735.096.96
228,381,,142.32
831,410.463.95
285,741,058.92
200. 497. 711.05
234,117.372.01
239. 216. 316,67
216, 561, 908.88
223.728.350.06
1 3 3 1 _____________
. 1 .2 3 0 _________
Bomber of Iteme
i93i
i9?o
iqn
iarant
$116,168.12 $116,966 $113,503 $10,179,605.27
102,285
98,742.87
8,202,446,86
94,899
118,680
100,092
107,571.92
9,822,337.97
98,206 10, 163.160.83
101,340.77
123.479
116,423
95 002.68
97,082
9, 860, 515.26
99.437.15
120,810
96.577.14
99.250
9,940,390.82
124,679.57
64, 865.63 122,404.15 120,415 120,807
9.503.538.57
77,626.76
104.000
8,618,109
82.391,19
110,137
86. 456.47 105 820.13 107,500 112.305
8,762,689
90.231.68
9,887,241
U3.U6.fiL 115.859 121.306
98.228.80
110,465
104,337.16
U 2.537
9,232.972
112,450.84
126.000 132,226 8,896,735.09
120,251.71
$ 80, 911.80
100 788.09
99.461.79
110,789.23
,
,
,
M
$10, 980, 5PO.95
8, 888, ^ 3.22
9.338,11 3.71
9,112,7i )«6?
9.658,9*1.99
9.843.4f j.45
U ,7 2 6 04; s.61
10,34234( i.42
11,487.835.01
12,238,075.92
U.153.5V+.52
12.344,9^.77
698,735.941.00
$2,646,683,474.24
$ 1,282,352.12
$ 1,312,150
’
$ 127.116,13 8.25
$ 2,248o750.5§2.23
$ 1,127,300.14
* 1,382,882
$ 113,069.743.85
Average by
Meath. $
109.l67.885.10 $58,227,994.07
Qrm& Total
DIHECT SSSDIHOS 70 OTHSR BSSSB72 BAMS
BX 003 KSMBSR BJJKS 1931 and 19T0
$187,395,880.19 $220, 306,956.19 $93,941.^8
$106, 862.67 $1,152.40 $109,346
$9,422,478.65
$10,593,031.5?
w m um ? om
m &L
January
February
March
April
Uay
June
July
August
September
October
Bovea&er
December
Average by
Months
Bally Average Somber
of Sransit Letters
Eecolvad
1931
1930
D&lly Average lumber
of Trsnslt Letters
___•
Seat
1931
1930
1931
1268
1221
1211
1369
1363
121*7
U13
955
960
1026
1152
1189
life
1106
1130
1103
1097
999
1312
1083
1285
1295
1330
1239
1200
1203
1213
U99
122k
1285
1192
12U1*
l*i07
Ikil
M
1217
1190
1160
lkis
1379
132**
117*1
&
1309
1317
1333
1339
HU7
1116
1129
1098
1071
1068
1351
1150
Daily Average Clear
ing Items Returned
Unpaid
1931
January
February
March
April
May
Juno
July
August
September
October
lOvesfter
December
Average by
Months
P1
2
**7
53
^7
1*2
1*2
^7
1931
ll*
52
M
kS
Daily Average Clear
ing Items Missent
1930
51
50
52
50 .
52
55
5$
55
56
56
55
1372
1332
1321
1326
1306
127S
1285
1278
1269
15
10
13
1§
16
16
13
13
12
Ik
_
13 ;
' h
Ik
1930
Dally Average Stsaiber
of Return Items
Stadiad
1930
59*960
5^3*9
57,*85
5«.9te
61,252
62,541
1212
62,295
Daily Average Transit
Items Sent Direct by
Cfar
Basfr.
1930
1931
1930
67,006
UlWS
1*310
l*311»
381*9
3928
373*
3970
$639
71^19
a
71.897
72.T7«»
66,763
62.209
67.971
70.613
UW9
1»5&*
14960
S3
U631
Uooo
7U.272
73.108
1*300
>(291
1(803
1*850
70,035
1*571
Dally Average SC, Drafts
Received in other Shan
Tw%a City
1*236
1*1*92
1*1*93
5116
5086
kjkl
Daily Average
Eumber of
^moloyaes
1930
1931
1930
1931
1930
16
18
18
21
20
253
255
271
252
242
2I49
2**9
2U5
272
276
286
262
^7
52
5**
5°
5**
53
53
53
53
55
57
58
55
1*8
*19
50
50
23
17
17
15
12
15,--.. 17
12
12
17
18
15
23
21
19
22
17
27*
15
17
19
17
18
2l*
20
28
22
20
22
16
20
21 *
Zl
1931
&M 95
66,667
66, 51*8
69,156
63.919
Daily Average Out-oftown Items Missent
1931
Daily Average All
Other Items
Sent
Zk
238
229
231
a
267
250
259
255
260
258
2k6
265
23k
kj
kj
kz
kj
ks
*r
V
1)8
53
M
M
HSSSHTS B&3F- nj iflE333A?OLSS
mm. m m imm mmmiiaLEP.im ,ia.a-
C£>
DIESffii? TO BiHKS nr
cmaiiras
m m
122,
3 0 f .§ f |
386,666
3^3.260
April
May
Jtsae
July
August
September
October
Bbvenber
December
Total
1 4 8 ,8 8 1 , 905.68
1 3 6 .4 7 3 .8 0 3 .3 6
130.48 3 .6 7 6.8 3
1 4 9 .7 1 0 ,0 9 8 .7 5
316,476
3 2 6 .8 1 4
31 4,51 9
2 7 5.79 7
1 ,1 8 1 ,2 9 7
1 . 194,435
1 .1 2 8 ,1 0 0
1 ,1 8 9 ,6 5 1
134.4* 6,129.07 1,089,015
1 3 4.2 7 8 ,4 8 1 .0 2
1 4 4 .1 7 5 .9 5 4 .4 7
1 4 9.4 6 3 ,7 8 1 .4 6
286,825
32 3.92 6
29 1,32 8
319. 5k?
I 29. 63i . 546. 5k
133.164.628.35
3 .8 3 6 .5 5 9
$ 1 ,6 4 1 ,9 1 6 ,2 6 2 .8 4
ttoafely
Av0
'Ogag Esasava
Agpunt
lumber
/japimt
lumber
136, 325,794,92 i a 9 i ,380 $61,945,526.48 87.1 S3
1 1 4 ,2 4 0 ,4 6 2.3 3 1 .025.965 50, 596.262,98 65.437
Humber
342,878
January
February
March
OTOSB HSSS3YS 2I8mC88
HBBMB5R & ISQg-EMm
98 5.04 3
1 .0 0 2 .5 3 3
1 ,0 8 6 ,3 8 7
9 8 2 .3 9 2
1 ,1 1 2 .4 7 0
.
5 9 .8 0 2 ,4 9 7 .7 7
62, 114, 6* 3.07
E , 003. 115.29
. 671. 277.10
6 1 .7 8 5 .4 8 5 .3 6
5 5 ,5 2 5 ,8 1 0 .4 4
57,726,155ok5
6 0 .0 6 4 .7 5 9 .3 5
. 298, 260.13
2 4 0 ,0 8 0 .06
7 k ,7 ;
77.620
72, a s
8 1 .7 9 5
8 0 .8 9 5
75.810
7 6 .1 4 2
86.758
72.521
89.269
90 our i s m
EBSASORER OF THS
BHAHCH SI US
Aasrnt
lumbar
Amaup*
dumber
Asauat
ia a f e x
*1 9 ,n 5.425.18 3.107 f4. 309. 952.36 804 $248^061. 22 717S51 $7 , 8 0 0 ^ .6 3
695
219.883.87
- 15*773.505.23 2.620 3.789.753.7
"
70.172 7.087.313.53
17 . 200. 901.05 3.093 k .3670.
87.374 l4.601.S 3.6l
930 208.339.39
736 226, 761.15 108,383 13 . 380. 605.25
18,558,972.93 2,3559 4.56l.442.Jl
225, 764.26 85.793 10.315.2Cj.03
16 . 770. 505.09 2.717 4 . 197 . 369.&7
268,007.51
83.029 9.623.508„72
18.521.158.79 3.333 .934,922.82 1,<
25s. 8i 7.05
18,019.7k3.05 3.432 I 249.505.02 1. 12f
7C.9S9 10,184.632.10
232, 611.31
I 6 . 5i9 . 5k6.72 3.333 3 . 889,71*8.96 1,050
81.343 9.439.0)5.73
206, 244.75
75,665 12,240,233.40
17.908,052.59 3.286 4 , 428, 568.08 1,017
18,821.087.37 3.389 4.682,771.12 l,os6 358,001.59
98.560 13.571.7W.7k
19.430,262.04 2,889 3 , 268,967,40
997 192.117.87
84,675 12.446.777.08
2S7.W0.43
90.981 1 1 . 008, 6*56,13
19 . 058. 758.14 3. 3ko 3.167.159.95 1.153
bahks
13 131.668
9ko,35s
,5 7 0 0 .7 7 3 .9 1 0 .4 8
$ 216,297,918.18
3 7 ^
11,429
> ,0 1 « .& 5
$ 49, 150 , 757. 7 ^
$ 2 ,S02,g90,!'0
$ 1 3 1 / 00, 368.95
860
Items
78.36k
1 .0 9 4 .3 0 5
319o713
3 .1 1 9
052
84,7 18
tbsthly Av©
Amount
$
136, 826. 355. 2s
$ 58.397,825.87
Grand Total Items . ......................................... ...
$
18,974,067
Grand Total .Amounts................................................... $ 2,742,741.808.63
18,024,826.51
$ 4,095,896.48
(6
2*.,882»'J
$ 1^,975.03^74
O
a>
MIMSAPQLIS jm BSEBKi BBAHCS
QFSRA.vIQ^S OF CK5CK
ABP COn^QglQF JKPAHg^lT
Detailed Classification IMbsr
and
of Items Handled "by Months during
1931
with totals for 1927. 1928. 1929# 1930 and 1931<
(In thousands only ,0 0 0 omitted)
iTsm mm qibms u qw
.r a s M B
district
ow n t„ a„ MsmcT8
m xh
233L
Jan0
?®b 0
la tssk Jb s&i
So„
35*
31S
398
35*
327
33«
Harch
April
Hay
June
July
326
August 288
Bept0 298
Octo
336
302
lOTo
Dec, J 3 1
Aaount
♦ 1 2 3,93 2
1 0 3 .2 9 7
1 3 3.15 7
1 2 5 .7 2 7
115.891
1 3 1 e889
122,185
1 2 3 ,9 *7
1 3 5.78 5
136.378
1 1 5 .5 1 5
120.*lb
Total 3970 $ 1,1*88,119
Ourselves
30,
9
7
7
7
7
$
69.900
5 0 ,8 3 *
7 1 ,5 2 3
57.7 5?
67.636
1283
1139
1310
1323
1253
*
69,963
57.896
67.216
71,107
66,509
7* , 110
2
2
2
2
2
2
2
2
2
$
952
1 . 1%
1 .1 8 9
1 .0 9 1
1,030
3
3
3
$ *».3io
3 .7 9 0
4 ,6 7 1
3
4,561
61 ,2*0
......62*683
2
2
2
1.035
l„l68
$ 795.432 1 4 ,5 4 7 ♦ 799,831
24
$ 1 2 ,9 0 9
36 $ 4 9 .1 51
7 7 .9 8 *
70,1 95
7
55.5 37
77 .1 72
63,1100
8
68,115
8 ...... 65.377
92
Sbfl
Direct
SSft4*W5S__.
Fa*...
3
4 .1 9 7
3
3 .9 3 5
3
4 ,2 4 9
3
3 ,8 9 0
3
**.429
3
4.683
3
3 ,269
J L _ . JL J .67
8
8
8
8
Other Banks
Interchanged
Branch
Bead Office
Bpn
AaeS&i
1318
1208
109*
1105
1199
1088
12?7
70,113
63.736
66,389
68,869
1 .1 6 7
958
1.025
985
1 , 16*
Other
H®serve
1 asfea.
Treasurer of
W W l Stetes
____ AmoMJfc
9* $ 22,799
87
18,2b8
8*
71
82
19*993 102
2 1 ,0*9 128
85
19.**03 10*
83
90
21,8*7 102
21,768
89
98
19.608 102
83
20,578
83
97
98
22,055
22 ,*88 s a
81
97
22*05*. 108
1036 $ 2 5 1 ,9 1 0 1235
$ 9.357
8,590
16,738
16.375
13.100
12.179
13.295
1 2 ,4 8 6
1 4 ,9 4 0
1 5 .9 8 3
W .367
11.239
Total for
m i
SO--- m m
1 C32
1624
1904
1902
1779
1861
173**
1580
1595
1765
1588
1776
$3010213
243,820
314,487
297,669
287.766
323,111
302.763
288,092
298,6%
326,304
286.1
288.i
$ 160,809 20,9*10
♦ 3.558,161
1931
1930
1929
1928
1927
Total for
1910
So.
Aarart
1926
1742
2005
2030
2071
2000
1937
1776
1898
2124
1826
2111
$3te,«
351.230
369.892
362,602
357.265
330.776
366,517
363,lA
319. 5^
3fij.0<M
23,448
♦ >*.169.356
____ 20.940 $3,558,161
2J.448 I 1*.169,356
24,275 4,711,582
24,874 *,591.766
24,238 4.277,152
ggr.-gwi BBilOH
J&iWm&mZrnmZmZmSmLm, mt
Bgqg or tbs tbabsit ng-mHser lannng mi
Clearing*
Jwmt
lumbar
16,000 $ 7,646,000
January
13,000
6,417,000
February
March
16,000
6,870,000
iprll
15,000
7,815,000
Hay
6,482,000
15,000
16,000
7,893,000
JUne
16,000
7,459,000
July
August
16,000
7,383,000
15,000
3,263,000
September
October
17,000
8,208,000
lovember
10,000
6,554,000
16.000
Saooftbar
7.606.000
Totals
186,000 $ 88,594,000
Monthly Avir<>
Items
15,500
Monthly Avert>
$ 7,382,833
Amount
To Head Office 2? Us
Amount
It»ber_„
1,000
January
1,000
February
1,000
March
1,000
April
1,000
May
1,000
June
July
1,000
i&gUSt
1,000
1,000
September
October
1,000
Kovenber
1,000
December
1.000
fetal»
12,000
Monthly Arerc
Xteos
1,000
Monthly AverG
imount
704,000
925,000
981,000
864,000
804,000
899,000
699,000
793,000
779,000
806,000
843,000
910.000
110,006,000
$
.
$
IM iSmk 4
Baabor
Drafts on Us
Vtmbsr
Amounk
$ 6,988,000
5,833,000
6,943,000
8,660,000
6,373,000
8,364,000
7,855,000
7,695,000
7,545,000
8,673,000
7,428,000
8.306. GOO
i 91,061,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
3.000
24,000
$ 8,017,000
129,000
113,000
7,300,000
123,000
7,414,000
129,000
8,992,000
125,000
7,506,000
126,000
9,439,000
8,338,000
119,000
109,000
8,310,000
103,000
8,663,000
113,000
8,804,000
106,000
7,942,000
.... 115.000
8.443=000
1,418,000 | 99,050,000
3,000
118,167
$ 7,868,417
$ 8,264,833
To Oth.«r Reserve Ssnk»
Iwfoir
Amount
7, 000
6,000
7,000
7,000
11,000
8,000
8C000
7,000
7,000
11,000
8,000
8a000
95,000
$ 3,084,000
2,494,000
2,793,000
2,480,000
3,633,000
303260000
3,748,000
3C088,000
2,670,000
3,234,000
3,058,000
3„995a000
$ 35,611o000
treasurer of U« Sc
Stttber
Amount
15,000
14,000
15,000
20,000
18D000
19,000
19,000
21,000
21,000
20,000
. 19,000
17„000
218,000
7,917
833,833
1,556,000
1,503,000
2,136,000
2,994,000
2,786,000
2,555c000
3C110,000
3,047,000
3,700,000
3.411,000
1,930,000
2„ 390,000
6 £9o10?Dboo
$
18,167
$ 2,96705S3
a&JBV TOTAL 07 IT2HS
(SUHD TOTAL 07
iaenat
$
2C425,583
1,853,000
M3CSTS - $353,437,000
71
Nui* GASH COLLECTTOff FUNCTION
(Minr.eapolie Only)
During 1331 this department handle! a total of 1*000,157
items
an increase of 283^179 collections as compared to 19?0 with
7 1 7 ,9 *9 items.
All units of the function increased in volume over
1930 except Government coupons, handled., which decreased f rom 4 8 7 ,SIB
coupons in 1930 to 440,008 in 1331
City collections handled in
creased 3 1 ",23 7 over the 1930 total, the increase being attributable
to the handling of grain drafts for all Twin City Banks beginning
in May
During 1930 Minneapolis banks collected grain drafts direct,
the Federal Reserve Bank serving at: Paul banks and all out of town
member banks that desired to clear these items through us
eahdusd.
atncagR or
Total Ho.
Collection*
_
Toar 1931
1,000,157
Toar 1930
717,979
Monthly Average
Toar 1931
83,346
Toar 1930
59,333
VOo of
80o of
OffiOfficers Inploy- Saployeo*
O tr»
.20
o20
. .. S * l a r l f »
OOt
$ 1,059.98
l,059o98
S a la r ie s
16.26 $32,503.44 $ 3 117.29
15o03 21,732.30
3,139027
88.33
88.33
1,875.29
1,811c 02
0QHPABI30S Of m u m C> Trms ascszrw roa
1931-1930
(KlsnMpoll* Only)
1931 .
JaBo
rct„
Mar.
Apr*
11,200
9,621
10,167
8,781
mr 31,146
Jim* 36,728
July 31,742
iSO®, 63,344
S*^t, 78,349
Oot. 73,678
S o t . 63,111
Sac. 44.891
Tom
442,447
JMOat
(000)
Okaittod
$ 108,161
1930
8,368
7,500
6,460
6,716
7,508
9,104
9,091
12,902
17,456
*#,911
12,101
13.103
Country ColloctloM
1931
1930
4,264
4,513
3,994
4,049
4,058
4,327
4,292
3,746 *
4,124
4,212
4,380
4,487
5,248
4,049
4,584
3,948
4,362
5,222
6,371
4,802
5,800
4,686
5.425
4a,a?.
125,220 58,442
$ 59.330 $33,303
Other
sacponoo
Total
Bsponto
$ 26,680.71
25,031.55
25907?
261 SI
2,223.39
2,160.96
cqlebmicb
Soctirltr ColloctloM
1931
1930
4,85*
5,066
3,839
3,853
4,643
3,623
5,432
4,156
5,204
4,195
5,885
5,033
4,711
3,865
4,226
3,423
*tm
3,984
4,811
4,635
5,175
4,550
-,A§a&
eoronraont 0omen*
1931
1930
33,021
34,302
9,696
10,301
15,222
22,515
93,016
88,278
56,507
51,974
43,287
48,060
22,673
23,750
10,998
11,019
10,456
16,545
82,335
95,838
38,154
44,656
£2*581
44. M 3
51,019
99,260
52,003
440,008
487,819
$ 43,031
$ 34,114
$ 23,349
$ 7,226
$ 8,792
72
^raminaUoas or credit investigations of all state member banks ia the
Jliath Federal Beeetrve District wsre made during 1981 by eacaolaors from this de
partment with the exception of the Commercial Bank of Meaottiaee, Michigan, the
State Savings Bank of 3aoanaba» Mlehlgaac the Pevder Biter Cooaty Banke Broadus,.
Montana, and the Central State Bank, 3hiie Sulphur Springs, Montana, 'the Commercial Bank of Menominee, Michigan was examined by the State Department on
Septsober 8 and a copy of the etate examiner5s report is on file ia this office*
The State Savings Bank of Bsoaaaba was admitted to membership on August 120 19315
that bank being aooepted on the examination report of the State Department The
two Moataaa banks that were aot examined fy thie department withdrew from member
ship daring the year,, The examinations and credit lavestlgatloas by this de
partment in the various states were as followss
State Banka
L ie iO j& l^ jj^ m
0
0
0
0
0
0
0
0
4
6
Minaeeota o o o o o o o o
7
l»oat&n& o o o o o o o o o
33
South Dakota 0 o * o » * 0 10
visoonaia o o o o o o o °^m
m
m
of Oredit lavesUgaUo&B
S. Do Sharratt
It Oo Joaes
A. Ad Boerr
iXamiaed for
EnVscfMG...
4
•
•
4
gfeamlaaUoaa aad Special Visit!
Credit
35
6
14
45
Special
ItiltiU
2
1
.<
■
3
VU«
fcswlnA
13,23?
7 40C
--SJ»0
3t„S30
Bjaawrje
raqsp4^i9a O t t t M g U w a .
Humber of reports received frm the Chief National Bank sxamiaer^s Office XB093
(The cost of these reports aggregated £8,470o00 for the calendar year0)
111 duplioate copies of the reports of e^aolaatioa of Moataaa aatloaal banka were
received from the Chief ^xamlaer ?e Office, and the coat of these additional copies
aggregated £245*75 for the year0
All of the oriticicable paper ooatained in the reports of osaminatlea of banka that
borrow, with the exceptioa of Moataaa banks0 waa Hated for the Piseomit Department
Sgports of
aH t?
Efaaber of reports of examlnatlca received from the various State Bayrigfag Departs
meats in the Siath District of state member banks examined iadepeadaatly by them waa
aa followso
Bomber
flU a
o L is m M
&jl
Michigan • 0 o 9 o . «
1
$ S025
Moataaa « 0 • • « . 0
3
10o00
Heports of all credit Investigatloas and examinations made by Federal re
serve examiaers la the Hath District were typewritten ia this office* One copy
was retained for oar files, one copy seat to the bank examined* aad one copy
forwarded to the State Banking Department One copy waa also forwarded to the
Helena Branch oa all state member banks la MoatamSo Aaalysee of all reporta made
by either Federal examiner® or axaainers from the State Deparfemeata, were made oa
Jbrm 213~2l3a and forwaraed to the Federal Heaerve Board, shuwiag a etnoary of the
examiner ?s criticisms aad oonmeat oa the oonditioa of the bank by this department.
73
BA3K gUMIHATlCCT PgAB9MBii-- (Contd)
Alphabetical lists of all criticised paper containad is the examination
reports of all state tasks, with the exception of Montana "tanks, were made for the
Discount Department«
All examination reports, ‘both state and national, and reports of credit
investigations vere analyzed on comparative analysis sheets, one copy being furnish
ed Governor Geary and one copy to Deputy Governor Taegar® Ihese sheets contain a
brief stBsmary of the examiner’s conclusions and a general statement as to the
condition of the banko Eatio and percentage analyses were also made and written up
on oards filed in the .Agent (s Office, which indicate the progress made by each bank
as shown by successive exasninationa0 These ratio cards sat forth by a percentage
of capital stock and surplus ‘-Degree of Solvency*, ”Oredit Policy*5, and *Miscellaneous Administrative Facts*, and the situation as to liquidity by a percentage of
various asset accounts as to total deposits*,
When state member banks were shown by reports of examination to be in an
unsafe or unsatisfactory condition, special letters were written either to the bank
or to the State Superintendent of Banks, calling attention to the unsatisfactory and
criticised matters, with a request or direction that corrective action be taken.
At the request of the Federal Beeerve Board, prior to the declaration of
each semi-annoal dividend, an estimate of the net loss which the Federal reserve
bank was likely to sustain on the Indebtedness of suspended banks 2nd other banks
was furnished to the Boardo
2gport« of 3aralng» and Plria>n*«
a«nnrt» of Condition
Approximately 3 ,630 reports of earnings and dividends and reports of
condition were received, cheeked, and recordedc
Application* for p«rml»»lon to exercise .fiduciarr powers approved. etc0
The following applications for permission to exercise fiduciary powers
were approved by the Federal Beeerve Board during 1931s
lame of Bank
American national Bank
Helena0 Monte
(T it l e changed to First Rational
Bank and Trust Co» of Helena)
First National Bank
Dickinson, S„Do
Security National Bank
Brookings, SnDo
Date
improved
3-27-31
4-28-31
5-18-31
Capital
$500,000
gowere
Fall
100,000 Toll
5 0 ,0 00 ?oli
The James Blver National Bank & Trust Coupm y of Jamastowa0 Eorth Dakota
made application on December 21, 1931 for the surrender of trust powers granted by
the Board on June 5, 1922
Action on this application has not been ccopletedo
31even applications of individuals
time as directors, officers, or employees of
other banking institutions under the Clayton
Federal Beeerve Board during 19310
for permission to serve at the same
a msmber bank and not more than two
Act, were raceived and approved by the
One hundred eight applications affecting the stockholdings of member
banks in the Federal reserve bank were received and approved during the yearQ
Applications for national Charters
Total number of applications referred to this office for rac&amandation
( O f theses 7 were granted charters by the Comptroller of the Currency,
the organisation was incomplete as to 1 on December 31c 1931v and X was
abandoned*)
Information regarding suspended banks obtained from State Superintendents
During the year at the request of the Federal Eeserve Board, wo mailed
Forms Sto6386b to each State Superintendent of Banks, requesting information on
suspended nonmember banks, These forms show the capital* surplus,, depositse and
74
9
■AW
w rnum
barroaod Bonajr of tha twdn at the dato of oloalag: also tha pxlaary oauaa of
olotlsg and contributing c«oaa>, Vhan tha information la rooalvod froa tha varloa*
Stat* Separlntandanta, It 1« faraordad to tha Tadaral Baaorra Board.
V'*•
Information was also forwarded to ths Tederel Beeerve Board monthly on
forme Sta 6286a, 6386o, ond 6386d, chewing bank oonoolldationo, organisations,
liquidations, conversions, etc,, and changes in group or chain banking
BABg
XS 1931
Total nuabor of aoabor banks In this distrlot January 1, 1931............. *
low national banks organised
Stats banke admitted 0 o • » e « • « • • • * o • » • • « « . . a a a » 0 a
663
9
Z
675
Xational banks aboorbod bgr nonmamber stato institutions 0 • « o » •
national banka aboorbod by othor national baxiko . » 0 o o o * o 0 •
Hational barite eonsolidatod with othor national bank and non*
QlOffibOr S^atS institution
oaoaaaaaooaooaooao
national banks suoooodod by nonmeaber stato institutions 0 • « • «
national banka ouoooodod by othor national banks 0 . • « * « • « a
Hotional banks liquidated » 0 <
»» « • • . . . a 0 • « • , a .• • *
Stato meaber banka ouoooodod bgr noaasaber otato inotitution « . e a
Stato aoabor bonka aboorbod by national bonk 0 • 0 • « » a . •
.
Stato aeafter bonk withdraoals
«,
o9
°13
al
« 6
• 8
35
0I
a 1
, 3
77
Total amber of aeaber bonka at tho ond of tho yoor » « « ,
(Per Stock book records)
598
lUaborshin
At the olose of tho rear, there were 098 asaber banks in this district,
as oooparcd with 663 asaber banka at the beginning of tho year,, There was a not
loss of 63 national banka and 2 state banks0 fhe total membership at ths olooe of
1931 was divided Into 558 national banka and 40 atate banks0 She new asabero ares
FOo of Shares
Zaae of Bask
Subscribed ...
Xaoatlon
State Saviogo B*nk
first National Saak in Jnoka
Hie lorthwoatem National Bonk of Dawson
Tho Zovorne national §nnk
The Hein Motional Bonk of Modioon
Vir*t National Bonk in Payneeville
First national Bank in Wheaton
The first national Bank of Sthan
Farmers s tote Bank
Tho Northwestem national Bonk of Madison
Security Bonk & Trust Company
The 11rot notional Bank in Durand
Bsoonabaa Jlicho
Anoka, Minn0
Dawson, Minn,
Lovomoc Miano
Modioon, Minn,
Payneeville, Minn,
Wheaton, Miano
£thon0 So Do
HondreaUo S0 DMadison, So Do
Madicon, So Do
Dorondo TiSo
130
36
18
36
36
n
36
17
33
38
36
36
75
a
a t bimtbatIOJ PgPAgKBtT (Contd)
immm sima stmiio comacriosa tim this m m mwrnia a m w arn 1931
AT-M m *B8(WP1IT' TT
8JA3B II3TITPCT0W
Sato
%Sao of Back
Location
1-5-31 I n First Eational Bank of
Howard, S« B*
( Absorbed by Minor County Bank of losard, S« Do)
I-16*31 Malta Rational Bank
Malta, Monto
(Abstfrbsd by First Stato Bonk, Malta, Monto)
3-10-31 Wsloose Batlonal Bank
Welcome, Minn
(Absorbed Dgr Wcloane Stato Bonk, 9elooae, Minn,)
3-16-31 national Bonk of idrian
idrian0 Mixmo
(Absorbs* by idrian Stato Bank, idrian, Him ,)
8*36*31 First National Bank
Fstsrsbarg, HoD«
(Absorbed V Farmers Stato Bank, Petersburg, I 0D0)
3-30-31 First National Bank
Ibrsst trios. Minn,
(Absorbsd by Forest L*ks Stato Bonk,, Foroot lake, Minn>)
5-33*31 First national Bank
Scrsnton, B* D«
(Absorbed by Bank of Scranton, I»D0)
8*31-31 Ban Clairo Rational Bank
San Clairo, 31s,
( Absorbed by Ban Clairs Stato Bank, 3aa Clairo, Wls,)
II-3*31 First national Bank
Sola, SaD0
(Absorbed by First Stats Bsnk, JCulm, I'D *)
3o of Shares
ggrrendorsd „
18
48
36
18
34
18
27
130
30
MllWAL BABgB ASgQTO BT OTHBB JFATIOjALBABgS
4-37-31 Austin national Bank
Austin, Mlna<>
(Absorbed by First national Bsnk, Inst in, Minn,)
13*17*31 Cit 1sens Batlonal Bsnk
Fairmont. Mian,
( Absorbed by Falnont EStlonsl Bank, Pairaont, Mlnno)
3-3*31
First National Bank *
Sanoook, Minn0
( Absorbed by Hanoook Batlonal Bsnk, Hancock, Minno)
7-31-31 First Batlonal Bank
Hendricks, Minno
(Absorbed by Farmers Batlonal Bank, Hendricks, Minn*)
13-38-31 American Batlonal Bask
Lake Crystal, M l n n o
( Absorbed by First Batlonal Bank, Lake Crystal, Mlnno)
4-2*31
Metropolitan Batlonal Bank
Minneapolis, M l n n o
(Absorbsd by BoWoBatlonal Bsnk, Mlnneapolle, Minn,)
13-7-31 Slohflsld Batlonal Bank
Mlnnsspolls, Mlnno
(Absorbed by V*Volitional Bank, Minneapolis, Minno)
6-5-31 F ir s t National Bsnk
Mlnasota, Mlnno
(Absorbed by 3*armsrs & Msr0 Batlonal Bask, Mlnnsota, Mlnno)
4* 3*31 FFlrst national Bank
Hobson, Honto
( Insolvency - Taken over by Batlonal Bosk of Levlstovn, Monto)
3-14-31 First Batlonal Bank,
Sonars, B»D<,
( Absorbed by Kenmare Batlonal Bsnk, Kenmare, B«D« )
5-13-31 aons Batlonal Bank
Dell Bapids, *%D0
(Absorbed bF Esw First Batlonal Bsnk In Dsll Bapids, S0D<>)
2*25*31 Batlonal Bank of Qary
Gary, S0Do
(Absorbed by First Batlonal Bank, Qary, S0D«)
11*23*31 Dakota Batlonal Bank
Yankton, S,D0
(Absorbsd by First Dakota Matl Bko 4 ,
Sruet Cod Yankton, S»Do)
m am
m m
6*30-31 Batlonal Bsnk of Montana
Bslena, Monto
(Consolidated with Amerlean Batlonal Bank and Montana
frost & Sayings Bank,, both of Helena, Montana, under
title "First Batlonal Bsnk & Trust Company of Helena,)
81
36
31
30
22
450
18
33
24
34
36
30
72
240
76
( Qontd)
gjgxogAL w m
m o m rn bt tffW fp*
w * * m tm s
Ho, of Shares
V
Jhm .Qt.M A
2au
iStL
M B E Sto Sle.
23
Roeenount, Minn*
first national Bank
^ UUa
( Succeeded V first State Bade, Rosaaoaat(
M1m>)
tackle, loDo
11-13-31 firet national Bank
( Succeeded by first State Saflfce (tackle, Ho D,)'
firet National Bank
1 * Moure, £oD0
8-31-31
(Succeeded by Firat Stata Beak*, Z* Moosret H0D0)
ttiehigsa C$iy~H,Do
6-19-31 Leak's national Bank
(Succeeded by Lsab°s Bank of Michigan City, loDo)
Citlsans National Bank
HorMweod, S0D«
6-19-31
( Succeeded by Horthwood Stata Banktf lorthwood^ HoDo)
4-37-31 Firat Sattonal Bask
fhitaan0 I 0Do
(Succeeded by Bank of ^hitaaa0 HoD0)
7-81-31
m s a a m ju m
3.10.31
4-28-31
7-21-31
3.31-31
8-10.31
3.3.31
5 - 1 - 3 1
9 - 1 8 * 3 1
w tm s r n bt o m
21
39
18
37
18
batiqhalbajks
first national Bank of
MaaietiQuev Mich*
(Succeeded by first national Bank in Maaistlcue, Micho}
Litohfieldp lttaa.
firat National Bank of
(Insolvency - Succeedad by first SatloBank ia Litchfield
Litchfield, Hina
first national Bank ia
(Sttooecdcd by northwestern Batl Bank of Utohfisld, Miaao}
Payaasville, Miaao
firat national Bank of
( Succeeded by first national Bank in ?ayneevillek Miaao)
Uheaton Minnc
firat satioasl Bank of
( Succeeded by first national f l l f c f l l c in Wheatoa* Mian*)
first HatioSal Bank of
Oarrisoao ScDo
(Succeeded Ijy first national Bank in GarrlsoBo H0D«)
Durardj Vis*
firat national Bank of
( Succeeded by first Katloaal Bsnk ia Durand* Wis0)
fhiUipaBfiSo
first national Bank of
Bank
(Suocseded by first national
ia Phillips* fis,
7 3
8 7
6 3
2 1
3 0
3 7
n
1 9
HASX01AL BANKS LIQUIDATED XS1. TO ZBSOKVXSBT
Iron national Bank
Aaoka national Bank
first national Bsnk
8 - 7 - 3 1
first national Bank
5 * 3 8 - 3 1
first national Bank
3 * 3 $ - 3 1
first & fsrners national Bank in
4 - 3 4 - 3 1
7 - 3 1 - 3 1
first national Bank
1 & - 3 1 - 3 1
first latlonal Bank
Peoples national Bank
8 - 1 9 - 3 1
firat national Bsnk
8 * 1 * 3 1
2 - 1 0 - 3 1
first national Bank
first national Bank
1 0 - 9 ^ 3 1
9 - 3 8 - 3 1
firat national Bank
1 1 - 8 - 3 1
Labor national Bank
9 - 1 0 - 3 1
Bottiaeea national lank
7 - 3 - 3 1
first national Bank
Steele County national 2enk
9-13-31
13-13-31 first national Bank
Security national Bank
6-%*3l
first national Bank
3-10-31
3-31-31 Merchanta national Bank
10 33-31 firat national Bank in
first national Bank
U - 3 3 - 3 1
7 - 1 8 - 3 1
6 -9 — 3 1
Zroavoedo Micho
Aaokae Miaa*
Baasotto Minac
Ivariho*. Miaao
Karkhoren0 Miaac
XmamSe Miaao
Mountaia IekeQ Miaao
Morao Miaao
Shakopeoo Miaao
Tracy0 Minn*
Tyl«*c Miaao
Veetbrookr Mina*
Soobey6 Moato
Three forks0 Moat
BottiaeaUc HoDo
Orary, BeDo
fialey. BoDo
roraan BoDo
Hope, n«Do
falhall&0 HoDo
Villa* Oity0*n0Da
Alexandria S0D0
Eankineon Ho D0
7 8
4 9
3 9
3 1
3 3
9 0
3 9
3 0
1 8
4 1
4 6
3 4
3 0
1 8
3 1
a
30
31
18
1 7
1 7
8 6
3 4
77
m
ffM ffW W
Coat)
smam mm Mssmm m w mj&Mi (*«*&>
Boo of Shares
Surrendered
18
Brandt, &,DC
30
Bridgewater* SoDc
30
H k Point o SoDo
18
Fairfax, 5oD«
30
Ooodvin, SoDo
35
Motridge, SoDo
18
Xto Yernon, SqDc
18
Pollock, SoDo
48
Bedfield, SoDo
19
JteiroMl&p 'TiSo
ao
Frederic, Wis,
19
Glexwood City, Wls
Log**Ion
i t of a n .
>ai
10-16 31
&>5®3X
11-28 31
3-3-31
12-11-31
9^>28^31
12-14-31
6-26-31
11«6»31
IS^ScL^Bl
3=>1£ 31
First Hational Bank
Jtenaers Hational Bank
First Bational Bank
fbe Etaaar* Fatixial Bank
First JSatienal Bank
Security National Bank
First National Bank in
First national Saak
i&eriosa national Bank
First national Bank
First National Bank
Ifenaars national Bank
bt r o w e m s ^ g i m h
Sou&fcsrn Montana Bank
Bnnis, Honto
( SoccssAsd by Madison Taller Bank, amis, Monto)
S-^31
s k s i
30
21
Broftn County Banking Company
Oroton, SoDo
(fiksn over by First National Bank, Groton, 80D0)
1^16-Sl
b m ».
linnetonJca Stats Bank
?«24*31
11~25~31 Powder Biver County Bank
ld-&>31 Central State Bank
Saoelsior, uin&o
Broa&us, Mont0
Whit® Sulphur
%r£ngss Moat»
30
87
21
a w SET J&o sm . ar grass bict .m m m u m m
m m ssm a m woas xe <m vmsm.
Data
10-24-3I
10-St 31
law -t a « k
toq&iaa
Sosean County National lank
Hosestt, Blinno
(Absorbed by First National Bank, Roseau, Minno)
Oneida national Bank
Sliinelander# '7is0
( Absorbed by Merchants stats Bank of Sbinelander, Wise*)
—
iim >mos m_mm aiw
rsia saxa a gas b o w l
13.30.~31 Mrflt Sat; sal Buk
gaw p
13o7o3i
IQ~$»81
11^18^31
8~?~31
6»7o31
8»?o3l
&-7-31
1X=>&°31
12-16-31
10,20-31
11-13-31
X£=>39-31
9»24»31
9»32»31
9«28»31
OoortatMy, X,D.
u m m M m m s un.mt.jm r a
Batieaal Bank of Aitkin
First lational Bank
First Bational Bank
First batieaal Bank
First national Bask
First National Bank
first national Bank
First national Bank
First national Bank
Ilrst National Bank
First national Bank
First national Bank of Ouatar City
First National Bask
First national Bank
First Batienal Bank
Farmers & Merchants Bational Bank
w m m MS.
»
«<W>:
Zsanti. Minno
Stevartvilla, Minn.
Stanford, Mlnno
?arahall, H0D0
?l*s*» loDo
3y&er; IoD0
Tan Sook, I, Do
, Sto 3ioaeae IcDo
H ai t m tU r, I 0D0
Belle Fouroe, SQ D0
'Ouster, So Do
Farmer, So Do
Sieaetoa0 S„ D«
Tiborg, So Do
febater, S0 Do
,
m m m m m isrL. . » &
Bational Banks
Stats Banks
fetal
__ aa
679
78
m siw i&a m w w n cit
( Inolxt&lng Mmiaietration)
‘ o30
o30
Tsar 1931
Tear 1930
Monthly Avsrags
Tear 1931
Tsar 1930
$ 2,100c 04
2e099o99
#
6.63
8.03
I75o00
178o00
Other
SRJOMO
2sraleyoe»
Srtarteo
Soabsr of
assloyej*
Offioars
Salarlss
Busbar of
Offioars
Total
®!®o»*o_
$10,493.33
10,634.44
$1,487.88 $14,061.13
1,338.88 13,971.31
$
$ 133.33 $ 1,171.78
111.41
1,164.38
>74.44
837.87
*
■ 3RBZ flHTCRB
Printing and
Stationery
Postaga
Taar 1931
Taar 1930
$
808c 17
907o00
Monthly Avsrags
Taar 1931
Taar 1930
$
67035
75„58
?otal
$ 3,395.90
3,631.36
$
$ 3,104.07
3,438.38
191.33
310.94
$
238.67
286c53
Ij£gBjy2
Stanbsr of
Staleys**
Taar 1931
Taar 1930
o4r
lo02
Monthly Avarags
Taar 1931
Taar 1930
Sslarlai
Sen Service A
3ub»orlt>Uon»
9
770o00
l .m o o
I 693.73
343.86
$
343.43
318.33
$
64,17
93o78
$ 49.39
38o67
$
38.64
36.B3
BAM
W
kJiinSSLm
offtoere
Salariee
Boobor of
Offloara
Taar 1931
Taar 1930
o94
„94
Monthly Avsrags
Taar 1931
Taar 1930
$ 7.060.00
7.060.00
*
Other
3X00000
Book?
Totsl
&®snss
$ 170.86 $ 1,876.03
100.95
1,887.13
$
14.34 $
8.41
15So34
157o36
m sm
fioabsr of
3soloysss
3.18
3.18
687.60
687.60
Other
3a»en*e
a^loyooo
Solarlo*
Total
ftx&snsa
$8,890.06 $ 8,348.99 $34,087.04
8,466.43
8,383.93 33,798.34
8 734.17 $
705.46
696.68 $ 3,007.36
880.34
1,983.19
mmu> S38zm botj issras
Sfenbsr of
Officers
Taar 1931
Taar 1930
Monthly Avarags
Taar 1931
Taar 1930
o21
o2l
Offloor* •
M t t in
$ 1,600.03
i,500„03
$
125.00
136.00
Ihnber of
Swioyeee
.79
.80
Siployaee
Salarlee
Other
liiwonee
$3,608.38
3,600.03
$
$ 393.37
391.87
$
Total
Jzpaziss
43.49 $ 6,060.89
89.69
5,039.84
3.64 $
9.80
430o91
432o47
79
FEDERAL ftEaSRVB IfOTBd
At close of business December 31, 1931, our notes in the
hands of the public amounted to $ 69,1 39,000 , an actual increase of
$1 5 j571,000 in circulation for the year
The excess of notes issued
by the Agent during the year over retirements was $13,584^000 to
which must be added $ 2,9 8 7 ,000 paid out of the Bankas own holdings.
Surplus of our notes carried by the tellers has been substantially
reduced because of the strain in oroviding suitable cover with the
Agent
Practically 80 per cent of our gold is held by the Agent as
security and reserve against notes issued
'tfith euch a large quantity of gold held by the Agent and
s. further la rge amount tied up in non* eligible collateral as re
presented by our holdings of Government securities* we have had to
make transfers almost daily between the Bank and the Agent to main
tain cover on notes and sufficient reserve against deposits
To help
the situation and at the same time retain all our earning assets
possible, we arranged for the appointment of Agent'S representatives
at Helena and rere thus enabled to retire about $1.,700,000 of our
notes at the Branch•
This money had been carried in the cash and re«
quired cover with our Agent.
The issues of the oast year have not conformed to normal requirementso
In 1930 there was a contraction of $ 1 3,3 98,000 in our
notes because of the falling off in business*
During the past year,
with business demands less, the expansion was greater than the con
traction of the previous year*,
Currency withdrawals from member banks
beginning in August, have been heavy and although the demand for
larger bills has now fallen off, confidence is not generalo
This is
indicated by the failure of our notes to contract noticeably after the
close of the year*,
Normally,
the return flow of currency is heavy during
the first part of January but up to the close of business January 1 1 y
1932,
the amount of our notes in circulation had been reduced only
$335,000 since the end of the year*
One year ago between the same
dates the contraction was *>1,750,000.,
Federal reserve notes issued by the Agent in 1931 amounted
to $ 4 2 ,1 8 0 ?000 made up of $28,870,000 in new notes and $13,310,000
in notes which had been previously issued.
Digitized for $3
FRASER
9 ,0 5 2 ,0 0 0
During the previous year
had been issued, 4?>3,224,0QQ of which w** in
note#*
FSDEhAL KESSHVE NOTES
(Contd)
The big difference in transactions of the two years came in the amount
of notes destroyed
m xitdG euid alto in 1929 vhere was a heavy de«*
etruction schedule mostly of the old series notes with a total of
$4 3 ,3 17 ,00 0 destroyed in 1930 and 155,135,000 in 1939*
Last year the
total destruction schedule amounted to $19,5 96,000 , the smallest amount
destroyed in any one year since 1918*
This may mean we should expect
a heavier proportion of our notes to be destroyed in 1932, but it is
more likely that many notes are stored in safety deposit boxes and not
being worn out through circulation*,
Of the notes destroyed in 1931
$ 4 ,4 7 7 ,1 5 5 consisted of the old series notes supplanted by the email
size notes in 19290
The amount of old series notes still unredeemed
on December 31 was $8,7S0,250«
The demand for $100 bills was quite noticeable in 1931o
More
demand for b ills in excess of $50 occurred in 1930 than last year with
total payments $6,39 2,000 in 1930 and $6*050,000 in 1931»
Of the
latter total $ 3 ,29 0 ,00 0 was in $100 b ills with most of the demand in
the last six months of 1931o
In our total issue of last year the per
centage of 5 8s, 10*s and 50cs increased and all other denominations
showed decreases compared to 1930 e
Our complete stock of new Federal reserve notes amounted to
$9 8 ,7 8 0 ,0 0 0 on December 31 of which $72,940,000 was held at Washington
With the possible exception of #10 and $20 b ills,
than ample for the next two years»
the supply is more
Our policy in withholding printing
orders until July next has been justified©
Orders for the preparation
of notes for one year from July next will amount to about $14,000 and
a similar expense may be in order for the year beginning in July 1933®
Present printing costs are $92e45 oer 1000 sheets but this price is
subject to revision by the Bureau of Engravingo
We made a substantial
reduction in our note expense of the past year and these costs should
not be high for some years to comea
In addition to the payments of new Federal reserve notes, we
issued other new currency as follows;
Gold certificstes $ 5 ,60 0,000;
legal tender notes $ 9 ,10 0,0 0 0 and silver certificates $13,380,000o
During the latter oart of 1931 payments of scold and silver certificates
were withheld j»s much as possible,
81
I5WEU& m m n w m m m x o m
n
hum
xssrn a? m at m m
ay i m w M g a a g o ^ » 3 & .
TOTAL
Bit
YIt m
Tons
Twenties
Fifties
Etoadreds
Five Hundreds
$
Total
400,000
3.160.000
3.300.000
160,000
$ 9,600,000
$ 6, 000,000
$ 34,610,000
735.000
1,260,000
390.000
_________ *
3
6
m u
.
9.990.000
U ,980,000
876.000
1.360.000
390.000
636.000
0 0 Q
138,610,000
r a naM P 3T
H308XTSD FBOtf
TOTAL
n ^ w a .w »
$
970,000
3.970.000
4.330.000
180,000
340.000
100.000
330-000
810,000,000
Five*
8 3,000,000
Teas
Twenties
8,000,000
Flftlss
1.400.000
Hundred*
6.300.000
Flfi Btiadrode
600,000
Thousands
X.OQO.OQQ
136,100,000
Total
10,000,000
B 3 0 3 IT 3 )
I 3,970,000
13.970.000
10.330.000
1,680,000
8,440,000
800,000
...x m w
8 36,100,000
IS8B3P TO BAIg
niuyoB-uaa
F1t «o
$ 6,380,000
Tons
9.360.000
Twenties
9.130.000
976.000
Flftlot
Hundreds
3,1000000
366.000
Fire Hundreds
Thousands
___ w > m .
138,870,000
total
$
960,000
6.370.000
6.330.000
380.000
190.000
100.000
290-000
$13,310,000
TOTAL
$ 6,340,000
16,660,000
14,340,000
1.366.000
3.390.000
466,000
1.040.000
$ 43,180,000
n HMP6 0? ks m nacaoBB a .
ns=is&m
m
Fiyis
$6,830,000
Tans
7.660.000
Twenties
6.660.000
fifties
1,160,000
Hundred*
3,360,000
FIto Hundreds
636.000
Thousands
876.000
Total
i$ 36,840,000
I , 410,000
850,000
1,300,000
60,000
60,000
none
-___ 30.000
8 3,690,000
TOTAL
*
6,330,000
8 4X0 000
7.860.000
1 300 000
3.400.000
036,000
90S 000
$ 38, 630,000
aaio oy xsgcs w m X B m m
0
§
:
lOoflT
39o91
43*83
So58
4o99
So63
JLM
XOOoO#
22&
26c Op
3409
33c 1
1*6
So2
03
— V?-,
H
8
O
&
1931
Fives
14,79*5
Tons
36.87
Twenties
34.00
Fifties
3<>98
Hundreds
7,80
FIto fiuadreds 1.10
Thousand®
. 31,M
1938
38ol£
36o7
30o9
l »6
3d
«3
1937
1936
1935
35o4£ 30*8$ 39o9$
3705
39.1
27o3
33,3
33o3
S0o9
So4
. 407 '
lo3
3o4
So6
4o?
o3
oS
ol
nI
MUMJlift ^ L 1
lOOoOg I00o0*
I00o0^
1934
31.9$
37,1
39.3
3.3
So 5
14
lOOoO? 100*0$
82
m m & s m m ism tarn w m i
c q g im r m bt moths 1927-1931
1S2L
Jfcooary
February
March
April
May
June
July
August
Septecber
October
Soveaber
Daoanber
Total for
Tear
im
iS2SL
122.
1931
$ 1,490,000
1,410,000
3,330,000
3,704,000
1,170,000
3,865*500
4,950,000
i,as,ooo
4,800,000
5,715,000
3,330,000
3.83&0C&
$
660,000
3,300,000
3,495,000
3,706,000
3,850,000
3,855,000
1,985,000
3,480,000
4,735,000
6,630,000
5,710,000
3.620.000
$ 3,540,000
3,610,000
5,835,000
3,330,000
3,780,000
1,560,000
8,165,000
9,410,000
8,775,000
17,375,000
4,339,000
7.315.000
$ 1,590,000
8,813,000
3,700,000
3,500,000
1,050,000
1,350,000
900,000
3,640,000
4,085,000
3,075,000
3,300,000
7.050.000
$ 1,150,000
750,000
1,940,000
3,000,000
1,765,000
3,315,000
3,465,000
4,345,000
6,130,000
7,815,000
4,335,000
_
7^370.000
$36,694,500
$40,015,000
$73,754,000
$39,053,000
$43,180,000
1930
1931
m m 8363878 30735 35373073? &
gA3HIEagOS
oo&t&xnn at taaraas 19 3 7 -19 3 1
1937
January
February
March
Apr11
May
June
July
August
September
October
Boveaber
December
Total for
Tear
im
m
$ 2,840,400
3,383,300
3.197,885
1,990,660
1,937,300
1,839,050
1,465,150
1,960,500
1,793,850
1,443,000
3,580,350
1.653.000
$ 3.600,300
3,373,100
1,611,600
3,390,366
3,163,300
3,447,800
3,695,660
3,053,800
1,868,060
3,034,300
3,863,880
1.803,060
$ 3,435,600
2,037,350
3,431,650
1,974,360
2,939,350
1,189,000
3,251,350
5,783,050
4,513,760
17,659,900
6,364,700
4,886.000
$ 6,346,100
11,433,018
4,187,800
4,535,350
3,296,750
1,953,660
3,987,100
1,938,100
1,734,900
3,615,200
1,687,100
1.603.400
$ 2,363,350
1,436,000
1,766,985
1,530,100
1,567,750
1,173,600
1,363,800
1,426,350
1,649,100
1,494,860
1,905,160
1.530,350
$33,970,335
136,808,035
$65,134,960
$43,317,266
$19,696,995
H D « * t 3363873 30CT8 183030 ABB
mmtw row* tmmtmai
I*«tw4
to Bank
1914
1916
1916
1917
1918
1919
1920
1931
1923
1923
1934
1925
1936
1937
1938
1939
1930
1931
Total
Destroyed at
TaeMnjrton
360,000
13.743.000
9,880,000
43.330.000
67.140.000
39.990.000
99.460.000
39.366.000
43.360.000
40.306.000
53.030.000
44.330.600
46.703.000
36.694.600
40.016.000
73 754 000
39.062.000
000
0
0
S95.963
8,988,095
9,431,540
36,771,805
40,766,785
49,748,580
33,784,390
37,330,330
38,173,395
30,108,555
31,835,950
33,970,335
36,808,033
55„ 134&950
43,3179365
-«LSes98S
$ 700,380,000
$ 466,B41o690
83
ISSUE, KEISS03 ABB D2STEOOTICB 07 ZBDZBAL 5XSXRTB B03ES
gffia opanao qt bask as or paCBtBSH a . 1931.
Received from
Controller
Hst'ornaa to Ag**t
Sr.&sfe....
$ 168,400,000
flrei
Tens
181,760,000
Twenties
174,000, 000
Fifties
11,400,000
Hundreds
21,200a000
Fire Hundred*
3,400,000
Thousands
..... 5,309,.SSL
Total
$ 566,360,000
$ 30,970,000
58,920,000
58,620,000
4,430,000
5,990,000
1,200,000
...._2*S»*ooo.
$ 199,370,000
240,680,000
232,620,000
15,830,000
27,190,000
4,600,000
8.520.000
I 163,450,000
$ 728,810,000
ISSUE) 50 BAM
nt-for-~u*8
J&s*
Fives
Teas
Twenties
Fifties
Hundreds
Fire Hundreds
Thousands
Total
..M s L .
$ 162,580,000
174,200,000
167,440,000
10,250,000
17,850,000
3,875,000
$ 30,560,000
58,070,000
57,320,000
4,380,000
6,940,000
1,200,000
...3.m.ooo
$ 193,140,000
232,270,000
224,760,000
14,630,000
23,790,000
4,075,000
7.615.000
$ 539,520,000
t 160,760,000
$ 700,280,000
.p s3T R sm .M .m m s9m .
Betumed
Returned T3y
asmuaDtt—.
Betumed fcy
M&BBSSB2U&
Betumed V
Total
yiYe»
$ 4,260,000 $ 3,901,730
Tens
2,545,000
4,469,060
3.698,800
Twenties
1,020,000
Fifties
25,000
230,050
Hundreds
30,000
316,100
fire Hundreds
none
47,600
Thousands
none ____ i L m
$ 78,820,500
76,075,000
69,685,500
4.498.000
6.236.000
1,414,500
JL 3P .000
$ 67,375,380
70,263,740
.71,460,300
3,091,850
4,877,100
431,500
_ S9?,oog
$ 154,357,610
152,352,800
135,054,680
7,844,900
11,459,200
1,893,500
2.679.000
$ 7,880,000 $ 11,740,370
11 227,739,500
$ 218.3181,>820
$ 465,541,690
Total
In hands of
.Agent
m
?ive*
Tens
Twenties
Fifties
hundreds
Fire Hundreds
thousands
Total
Outstanding
Peotnher 31. m
$ 6,230,000
8.410.000
7.860.000
1.200.000
3,400,000
525,000
905,002
$ 7,813,390
300897,200
31,035,330
2r355,100
60340,800
931,500
1,716,000
$ 28,530,000
$ ?10289,310
84
FISCAL AGSNCX fUKOTXOHS 1931
Issues* redemptions or exchange* of various United States
Goversaenc securities^ including Treasury Savings Certificates redeem
ed at this o ffice.. which were handled by the Fiscal Agency operated
by us for the United States Government, numbered 41.808 pieces and
amounted to |>138v451 775oC0 as compared with 34,044 pieces amounting*
*80>4?5: 397.75 in 1930,
This Agency also handled during 1931^, 4*692 orders for the
purchase a£ Government securities and 9,328
curities totaling $99j,608k150a
sales of Government s e
In addition* either delivery or payment,
or both: was handled for banks and trust companies on 320 transactions
in Government securities amounting to $74 9321p900
There were also 621
transactions of miscellaneous general market securities aggregating
4 $ *525{,3 0 0 /
Altogether of these various transactions there were 14,959
totaling #180^455^350
including those for our own account as compared
with 13,365 totaling $168y787p0~0 in 1930
Delivery of 4 3 9143 pieces totaling $94„297,700 was made on
purchase and resale transactions for other than our own accountc
In
additiony on exchange transactions, such as denominational exchange*
the exchange of coupon for registered securities^ etc , 2 4 p523 pieces
were delivered amounting to #49s7484550o
The total number of pieces
delivered was 6T9665 amounting to $144,046^350 in comparison with
52,435 totaling $89^744,550 during the preceding yeart
With the exception of Treasury bills
there were ten offerings
of United States Government securities during 19310
In such operations
3^ 737 individual subscriptions contained in 1,283 different applies
tions were received in this districts
eoriptions was #49^309 yB 5 0 «.
The amount allotted on these sub
During 1930 there were five similar offer
ings and $12,162 000 was allotted,
During 1931s 65 tenders amounting to #16*572,000 were received
by this Agency on 29 offerings of Treasury bills ,
Of these, 15 tenders
for Treasury bills ranging from ,51$ to 2 47$ and amounting to
$ 9 ,3 1 5 f000 were accepted^
During 1930, 6 tenders totaling $116^000 were
accepted on the 8 offerings of Treasury bills made that yea*o
85
FISCAL AGENOY FUNCTIONS
(Contd)
Including the weekly circular giving current market quota
tione on the various outstanding government issuesi 107 circular
letters were sent to all banks and trust companies in the district
during 1931 in connection with fiscal agency operations*
During the
preceding year there were 81 circular letterso
In June3 the Secretary of the Treasury announced that all
3^
Treasury Notes of Series 0**1930 32 of which there were then about
1*451,000,000 outstanding, were called for redemption on December 15,
1931 o
At the close of the year there were 285 banks and trust
companies in this district which were designated as special deposi
taries of public moneys^ thereby being qualified to make payment through
their War Loan Deposit Accounts on a by credit basis for subscriptions
to new offerings of Government securities* with the exception of
Treasury bills*
This is 105 more than the number of banks so designated
at the close of the preceding yearo
During 19319 the rate of interest
to be paid on daily balances in the War Loan Deposit Accounts by Special
depositaries was reduced from l^jt to
per annum0
The Fiscal Agency operated by us for the Government redeemed
481,534 Government and Federal Land Bank coupons amounting to
# 7 ,6 3 9 ,163c04 during 1931 as compared with 534,226 coupons amounting
to # 9 ,2 7 4 ,5 ^ 3 ,9 6 during 1930c
REIMBURSABLE EXPENDITURES
ACCOUNT FISCAL AGENCY OPEBATtOMS
The Treasury Department reimburses us only for expenses in«
curred in connection with new issues of
Uo
So
Government securities*,
All other costs of our operations as Fiscal Agents of the United States
are absorbed by the bank,
Tke following table shows the expenditures
for which we received reimbursement during 1931 and 1930o
figures are not included in our statement of expenses,,
1931
Salaries - Officers « . . • • o #5,00dc00
..Salaries - Employees o 0 » 0 o 9 ,766,87
Printing^Stationery <& Office
Supplies o 3 f556o39
517o15
Telephone o a o o o o o o o o
184087
Telegraph o o o o o o o o a o
807o00
Po stage o o a a o o a o o o *
0
All Other o o o o o s o o o o
*19,832.28
These
1930
$5758^00
9,572*00
2,190o30
246o85
115oll
927 050
2o50
#18,054.23
86
iaaaxswuriai
t a t « of
Qffleara
M W .
$ 4,393059
4,299o68
86
85
Tur 1931
Toar 1930
Monthly Arorago
Tear 1931
Toar 1930
■rar.WHOii
JSBSSiSn *
tartar of
2 M stjhol
2021
3o09
$ 3,312,06
3, 175a59
lo03
lo03
$ 7 .589c 06*
7«446e 15**
367.67
264o63
357o80
358o30
CSLSQBAPB
$
633o42
620o51
w m m m m ^w sn m
BA&
Btnfoor of
ffaobar of
JtoSlazfiSE.
acponio
tartar of
ftM&or o f
fI
2o 35
So38
Toar 1931
Yoar 1930
Monthly Arorago
Toar 1931
Toar 1930
$ 1 6 ,6 4 1 .3 4
8 .3 1
1 6 ,3 9 9 .6 3
9 .3 7
$
$
1 ,3 0 3 .4 4
$
3 .0 9
1 . 8 1
7 9 3 .3 9
m m j& m
Jftttbor of
2toloyooa
3a>onto
tM m n s i
tartar of
aotaraoa
zasaaaa
3o57
Soil
$
Monthly Arorago
Toar 1931
Toar 1930
4 ,3 4 6 .3 6
3 3 .9 8
3 ,7 8 6 .6 6
1 9 .8 6
$
3 6 3 .3 0
J O T O W O T IX ^
8
$
8
H
oH
o
Jspohool
Monthly Aroraga
Toar 1931
Toar 1930
3 .3 0
3 .3 1
s s
m
aw
4o00
4o00
$
a
tartar of
2b d 1 o
snaaaa
t o o s
4 . 1 1
4 .6 3
3 ,0 7 3 .8 1
$
3 ,3 1 3 .5 9
3 ,4 3 3 .8 3
$
3 6 7 .8 0
3 8 6 .0 7
T A S JL ?JIA X S T O U H C B
Itaabor of
anoloyooo
6 ,1 3 9 .6 7
3 .3 3
6 ,4 4 7 .1 8
3 .6 3
$
sunpona®
6 ,0 1 9 .6 0
3 ,9 4 3 .6 3
$
6 1 1 .6 4
4 1 8 .3 3
3 3 8 .6 5
6 3 7 .3 7
S I O T O S H iP H I O
tartar of
__ ............................ ................... s
$ 5,936o34
5 ,846o 55
$
3 7 6 .0 8
3 6 4 .6 8
3 3 ,7 7 6 .0 6
h s c q r d s
Sxsoaao
iiM lO T O M
Monthly Arorago
Yoar 1931
Toar 1930
$
3 0 7 .0 7
tasbor of
$
3 6 ,8 8 6 .7 6
B3PAIBS
Sartor of
S m U y oo§
J&bo&m
3 ,6 1 6 .6 3
3 1 7 .9 7
3 ,3 0 0 .6 0
3 ,1 7 4 .9 6
3 ,7 3 1 .3 4
3 ,4 8 4 ,8 7
$
m
Toar 1931
Toar 1930
$
3 1 6 .6 6
taabor of
SoDloyooa
Toar 1931
Toar 1930
$
$
7 3 0 .7 6
1 ,3 8 3 .3 0
Toar 1931
Toar 1930
a n g « L . . —
$ 12,010.64
13,968 34
6 45
7o66
AO
05
487.31
1,000 89
1.164.03
AOA
* Toll ohargaa distributed to various axpaaaa unit*
** Toll oliargaa distributed to various aipaaaa units
8 ,7 6 9 .0 6
9 ,6 3 6 .6 6
$1,663.39
1,014.80
I
87
..
FEDERAL RESERVE CLUB
The Federal Reserve Club continued the activities of prior
years during 1931 and in addition organized an inte^department Dart
League, a Rifle Club and a Basketball team,
membership in the Club
is 100$ and all activities receive enthusiastic support,
Club educational activities were confined to the encourage
ment of attendance in Night classes of the American Institute of
Banking and the University of Minnesota
Refunds of tuition fees
for business subjects applicable to Banking were made in full for
courses taken at the Ac I a B> or the University of Minnesota
Under
a ne* ruling of the Federal Reserve Board, educational refunds will
be made direct by the Bank to the employees rather than through the
Club
The Club promotes a variety of athletic sports, with go11
the most popular activity
Five sweepstakes tournaments and an annual
golf tournament were held during the year,
Social activities held during the year included two theatre
parties
the annual picnic, a barbeque and dance, a Christmas program
and dinner party and other features<
>
Dolls and toys ^sre again purchased f~r the poor children
yf the city from the proceeds of a collection taken fro*a the officers
and employee So
The dolls were dressed by the girls of the b;:jik ar.d
the wives of the men employees .
After our Christmas party the dolls
and toys were turned over to the family Welfare Association for dis
tribution*
Club activities have aided in securing a better spirit of
cooperation between departments .
The budget for the 1933 Club activities is as fallo w s
Athletics
Welfare
House Committee
Girls Activitieks
Contingencies
$
535*00
l~5oOG
1 , 8 ”*5o 00
3?go0*j
__ £00. 00
$ 3 ,3 5 0 o00
88
FEDEKAL hSSShVB SANK Ei£PLQjfES9 : CfiEPIT UNIQlj
On April first the Federal Reserve Club Savings Fund was
dipcontinued and its assets and liabilities assumed by the present
savings society called the Federal Reserve Bank Employees
Credit
Union,, which is operating under a charter granted fi oy the Minnesota
State Superintendent of Banks
There were 104 members with deposits of $3 0 r657 15 at the
time of the transfer
Membership in the transferee organization has
grown to 229. with shares, deposits and Christmas Club Savings total
ing $33,358 58
Its by la»s were amended in September so that the
Helena Branch staff ^ould be eligible to join this new saving«? as
eociatior> Twenty^six of the thirty-one then employed at the Branch
applied for admittance *nd were promptly arnl gladly accepted as fell *?
Credit Unionists
The primary purpose of a Credit Union is to encourage syete
matic thrift among its members and it is felt that the aforementioned
increase in number of members and savings speaks for itself,
Deposits of members may be invested in securities approved
by the state Banking Department as desirable to secure trust funds and
savings deposits* or loaned to members for provident and productive
purposes at a legitimate rate of interest.
At the present time the
assets offsetting the deposit liabilities are composed of $30.000 CO
of United States Fourth Liberty Loan Bonds, $9 889 30 personal loans,
$ 4 ?440 00 in three first mortgage real estate loans on homes, and the
remainder in depositary banks
Loans are repaid on either a monthly
or a semi- monthly basis.
Interest at 4jt? compounded quarterly
was paid on deposits
during the year and a 3$ dividend declared and paid on paid-up shares
outstanding as of December Z l9 1931
At the December meeting of the
Credit Union^s Board of Directors a new plan of operation wag adopted
This plan effective January 1, ia.33w requires that each member own
only a $5 00 qualifying share and that all other moneys left with the
Credit Union be carried in the deposit account
Under this design each
89
FEDERAL RESERVE BANK EMPLOYEESy CREDIT UKIOK
(Contd)
and every members deposited dollars will receive equitable treatment
in the matter of distribution of earnings and the clerical work of
the Treasurer will be substantially reducedo
Information has been recently furnished by the Minnesota
representative of the National Credit Union Extension Bureau to the
effect that the growth and success of the Federal Reserve Bank of
Minneapolis Employees8 Credit Union stands unique in the history of
Credit Unions in the United States**
The record for its first nine
months of operation has, it is believed, justified the change to the
Credit Union piano
It will undoubtedly continue to contribute greatly
to the economic welfare of its membership which is composed of the?
majority of officers and employees at the Head Offtee and Helena Branche
RESOURCES
Cash and Due from Banks
Real Estate Loans
Fourth Liberty Loan 4 i£$ Bonds
Loans
Interest Accrued on Loans & Investments
#
18^31-31
£s&40 26
4 ,4 4 0 o00
20F000a00
9 ,6 8 9 .2 0
6O6066
TOTAL RESOURCES » . . » ,
LIABILITIES
Shares
Deposits
Christmas Savings Club
Reserve Fund
Discount on Investment Securities
Undivided Profits
TOTAL LIABILITIES o „ • • .
Number of Members in FoRoBoEoCredit Union
$ I S , 553039
3 1 ,3 6 2 e69
443*50
330-95
179069
60So84
$ 3d, 378*66“
229
Number of Members in Christmas Savings Club
67
Number of Borrowere-FoRoBoE* Credit Union
91
90
WELFARE DEPARTMENT
Tie Welfare department s records for the year 1931 show we
have accomplished,
a email way, what we have been attempting to do
for the nast few years and that, is,
the importance of the employee
keeping himself always in good physical conditiono
We have had less
illness and fewer rutber of absences this year than any of the pre
vious four years®
We have accomplished this by the aid antf advice
giver* within the bank, ax so by making calls in the home during the
illness of an employee-
The welfare department co-operates with the
Federal Reserve Club in every way* which helps to keep the soirit of
good fellowship that we have always maintainedo
Telephone
Year_____ C alls_______
House
Galls
Number employees
Services to employees
______absent__ ________male
- Fe?utle ___
IS 31
100
36
521
488
500
1930
125
30
550
688
534
Salaries
Medical Supplies
Outside iiedical Fees
Office Supplies
Local Transportation
All Other Exner.se
1931
1330
$ 1 ,8 0 0 ,0 0
$ l ,3 0 0 o00
530^0
96o?7
0
54o07
5o45
234 „00
i 'T ^ s r ^ a r
CAFSTSRIA
During 1931 we were able to operate the cafeteria within the
amount permitted by the Federal Reserve Board, which is one-third of the
gross expense®
The amount of expense absorbed by the bank In 1931 was
$4,323*15 or 31-8$ of the gross expense and in 1930 was $4,5*34<,76 or 31 3$
c o m p a r a t iv e c a f e t e r ia e x p a n se
1931
Salaries
$
660*00
Salaries-Oooks«Waitresses 5 ,3 0 1 c66
Service Supplies
507o49
Crlass, Oh ina^Furni shiners
7So0S
Gas Fuel
'
158*55
Cost of Food
6^843o34
Miscellaneous
^18o33
Less receipts
Net deficit.
9!233o30
JT"4 ,?.12015
1930
$ SSOoOO
5 ,2 4 3 &7B
5?0<,36
166035
173o08
7,?82.42
1°04
lolo31ol7
$~4 *564„7c
91
HELENA BRANCH
A brief review of our Branch operations is offered in this
report.
In discussing many of the functions we have referred to
consolidated figures besides which a separate report has been sub
V • ed aa usual by Mr* Towle, Managing Director at Helena
Like Minneapolis, the email turn over in help has resulted
in a greater number of employees familiarising themselver with the
general operations.
This is especially true at Helena with only 29
amployeee* the smallest number since opening
We are satisfied with
— • way' in which the different operations are conducted at Helena and
*5 e\ to lote that our total costs are lower at Helena than for any
olaer
’Tull power" branch.,
Some of the other Federal reserve banks
have "memorandum” branches but we could not operate under such a
plan.
On June IS* 1931 we made an examination at Helena and the
report to the Executive Committee indicated that operations were being
efficiently and satisfactorily conducted
The examiners from the
Federal Reserve Board also visited Helena on February 1? last and
another examination was started on January 5, 1832!
Total income for 1931 ha*; been J35 330*55 and $7,393^71 less
than the earnings of the previous year,
Total amount of paper die ■
counted during the year was *5 534 600,11 of which $3*803,100 was
represented by collateral loans
ed- only $3 ,0 1 5 ,0 0 0 of wl ich
In 1930 |4 033*193.,4Q was discounts
represented by collateral loans.,
Borrowing was steadier throughout the year than in 1930 but the
a/exage rate has been 3^ per cent compared to 4 U365 per cent in 1930«
2io other source of revenue is open to the Branch apart from penalties
received on deficient reserves which were $940 during the past twelve
months
Current expenses were brought lower than for any previous
year since the Branch was* opened
The total expense of $38^506 3?
was |2^363o06 lees than in 1930 and $1,800 less than the estimated
budget for 1931.
For 1932 expenses are estimated at $86,755 aud it
is hoped the costs may be held to this figure.,
Helena is operating
92
HELENA BRANCH
with 3 less employees than one year age.
{Contd)
Work ie not uniform through
out the day, the late arrival of mail crowds the transit work into
a shorter period than formerly and prevents any further reduction in
the staffo
Alterations and repairs which have been necessary for
several years should be at a minimum in 1932
The change in location
and improvement to the bullet-proof fortress was the last item of this
character and helped make possible the elim*nation of an extra guard
Volume of most functions was reduced in comparison with the
previous year6
Less currency was received from city banks for deposit
and exchange purposes but $10,482,000 was deposited by country member
banks compare! to $7*738*000 sent in during 1930
Currency shipped
tc r-enaber banks and to non^member banks at the request of members
aggregated $11^441,0000
With the exception of currency sent Washington
for redemption and to other Federal reserve banks, the Branch paid out
$ 1 3 s838,000 compared to $14,977,000 In 133 0C
All coin received and
delivered during the year amounted to $ 1,30 0,000 with $1,43 3,000
handled during the previous yearo
In connection with currency operations $1^700*000 of our own
notes and gold was withdrawn from the Branch holdings on October 33
and turned over to the joint control of the Branch officers and three
outside representatives of the Agent, approved by the Federal Reserve
Boarde
Agent
This was done to reduce the amount of cover required with the
thereby increasing our available free golds
Notes are delivered
to the Branch on wire instructions from our Agent to the representa
tives and the plan ie working smoothly*
There was a marked reduction in both number and amount of
the checks handled on member and non-member banks in Montana compared
to 1330
Such items aggregated 1 ,4 1 4 ,0 0 0 in number and amounted to
$99,0 58 ,00 0 for 1931, a reduction of Z^SyOQO items and Jlft^lSlyOOO
from the 1930 totals.
Items on other Federal reserve banks increased
from 88,000 in 1930 to 9 5 f000 for the past year, while the amount was
$ 3 ,3 0 9 ,0 0 0 in excess of the 1930 amounto
government checks paid at
Helens durir^ the year amounted to $39,"r07,000 comprising 318,000
item**
During 1930 we paid 174,000 items amounting to 519,990,000.,
HELENA BBANCH
(Clontd)
Tne total of all items handled through t rang it department during
the past year was 1 ,9 5 3,0 0 0 amounting to $353,43” ,000;,
All itemt
handled in 1930 numbered 3 ,2 37,000 for 5377,886,000
Safe-keeping facilities were further expanded during 1931,.
On December 31, 1330 securities held for member banks amounted to
$ 7 ,6 3 0 j000o
At the close of business December 31, 1931 this total
he,d been increased to $8,648^.000
Incoming wire transfers for credit of member banks amounted
to $ 6 3 ,1 2 8 ,00 0 , a decrease of over $ 2 ,30 0,000 from the preceding year
There were also 550 lest.- t ran stereo
Wire transfers of funds to other
points numbered 1,663 in 1931 an increase of 29 over 1330*
The amount
transferred was $40,634^000 or # 3,556,000 more than in 1930o
c ^ arative m m s m m mHLm m .
HBLSIA BRAHC5
Average
Hoa'ber
Of
Officers
1931
Average
ITaaber
Of
aaployees Asionnl
o
o
# 9,437*98
Oenlo Overhead-Controllable lo00
59031o07
OenloOverhead Hon-Controllable
6f4l6o97
Provision of Space
o05
1013
Provision of Pereonnel
. o05
661027
General Service
035
9o60 14,225 10
Poetage
3,239,00
Xnsnranoe
3,452o95
failed Banks
loans, Eedieconnts & Acceptances „32
2,3180 77
o28
Securities
o69
ol5
3,997o60
Currency and Cola
029
2odl
8 ,258o13
a25
Check
7o40 13,382o84
Hea-Cash Collection
o05
lo74
3,930*34
icconnting
o!9
3057
12,890066
Fiscal Agency
Legal
635o00
inditing
ol9
1|907093
o30
Bank Halations
34o50
Sank Sxaalnations
335o58
Statistical and Analytical
_
!51o 65
Grand Total
37,57 MB. 308,43
2o79
Total Current Expense
$880506o37
Stook of Supplies
_ 799o06
$890305o43
Average
Stamber
Of
Officere
loOO
olO
oOb
*33
o05
022
ol5
o20
olO
ol4
22
o27
2082
1930
Average
bomber
Of
Officers
iacmnt
$ 9,468,17
4,612*40
loOO
8,991.34
<>04
6v3.83
14,3 4,48
903€
3, £13.13
3,470a00
oU7
477„93
o08
1,703. 38
o67
3,801.11
2d82 :
7,613.84
8«21
13,001.93
lo78
4,479.13
14,806.93
4014
o01
30.00
1,300,00
.17
1,933,77
30.90
398.13
.......134.80
28n35 19LJS70.S7
$ 90,869.43
_ _ „ wj40j^^^!
$ 91,370.87
94
@FedFRASER