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F E D E R A L R E S E R V E BANK OF M I N N E A P O L I S January 10, 1942. To the S t o c k h o l d e r s op t h e F e d e r a l R ese r v e B a n k of M in n e a p o l is : We are pleased to present a comparative statement of condi tion o f the Federal Reserve Bank of Minneapolis at the close of business December 31, 1941, and December 31, 1940, together with comparison of earnings and expenses and volume of operations in principal departments of the bank, and other pertinent data for the years 1941 and 1940. Respectfully submitted, President. STATEMENT OF CONDITION ASSETS Dec. 31,1941 $394,664,696.95 Gold Certificates on Hand and Due from U. S. Treasury Redemption Fund— F. R. Notes................................................ 401,194.84 Other C ash.................................................................................. 5,418,238.49 Dec. 31,1940 $311,096,117.47 331,923.27 6,576,020.77 Total Reserves .... ............................................................. $400,484,130.28 $318,004,061.51 Bills Discounted: Secured by U. S. Government Obligations, Direct and Guaranteed........................... ...................................... $ Other Bills Discounted..................................................... 50,000.00 $ 109,250.00 107,281.08 Total Bills Discounted......... .................................... $ 50,000.00 $ 216,531.08 Industrial A dvances................................................................ $ 513,994.01 $ 218,577.11 U. S. Government Securities, Direct and Guaranteed: Bonds ........... ............... ...................................................... $ 43,272,000.00 N otes............. ...................................................................... . 22,931,000.00 B ills ...................................................................................... 306,000.00 Total U. S. Government Securities, Direct and Guaranteed............................... .......................... $ 66,509,000.00 Total Bills and Securities.......................................... $ 67,072,994.01 Due from Foreign Banks......... ................................................ $ 459.65 F. R. Notes of Other Banks......... ......... .................................. 651,000.00 Uncollected Ite m s ....... ................................... .......................... 26,570,679.45 Bank Premises............................................................................ 1,338,161.57 Other Assets .............................................................................. . 1,309,108.52 $ 36,611,000.00 25,636,500.00 $ 62,247,500.00 $ 62,682,608.19 $ 459.65 1.513.500.00 19,555,657.42 1.367.008.01 1,395,171.19 Total A ssets........................................................................ $497,426,533.48 $404,518,465.97 LIABILITIES Federal Reserve Notes in Actual Circulation....... .................. $206,509,760.00 $158,709,015.00 Deposits: Member Bank— Reserve A ccount....................... ............ $178,535,152.29 U. S. Treasurer— General Account.................................. 52,460,366.02 Foreign B ank...................................................................... 16,796,440.13 Other Deposits................................................................... . 10,813,884.48 $174,476,119.29 22,856,979.54 17,048,559.62 5,376,777.54 Total D eposits........................................................... $258,605,842.92 $219,758,435.99 Deferred Availability Items...................................................... $ 22,554,458.72 Other Liabilities ....... ................... ............................................ 83,955.53 $ 16,343,592.98 81,540.18 Total Liabilities ....................... ........................................ .$487,754,017.17 $394,892,584.15 CAPITAL ACCOUNTS Capital Paid In.................................................................... ...... $ Surplus (Section 7 ).................................................................... Surplus (Section 13b)..................................... .......................... Other Capital Accounts.............................................................. . 3,003,150.00 3,152,420.27 1,000,298.87 2,516,647.17 Total Liabilities and Capital Accounts........................... . .$497,426,533.48 $ 2,974,500.00 3,152,420.27 1,000,298.87 2,498,662.68 $404,518,465.97 EARNINGS AND EXPENSES Earnings from: 1941 Discounted B ills.................................................................. $ 2,649.35 P 11rp.Tifl.sAri "Rills _______ ____ ___ __ 1,191,361.92 United States Government Securities.............................. 20,790.46 Industrial Advances.................. ....................................... 416.03 Commitments to make Industrial Advances.................. 8,019.02 All Other.............................................................................. Total Current Earnings.............................................. Expenses: Net Operating Expenses............................................................ -$ $ 1940 2,755.97 1,237,338.58 15,264.51 573.39 9,570.48 1,223,236.78 $ 1,265,502.93 985,407.91 $ 912,702.80 Assessment for Expenses of Board of Governors of the Federal Reserve System.................................................... 40,614.36 Federal Reserve Currency: Original C o s t............................. ....................... ................ Cost of Redemption .......................................................... 44,141.35 5,264.90 $ 28,214.89 5,619.03 Total Current Expenses.............................................. -$ 1,075,428.52 ? 984,934.27 Current Net Earnings.................................................................$ 147,808.26 $ 280,568.66 Additions to Current Net Earnings: Profits on Sales of U. S. Government Securities.............. -$ All Other......................................................... .................... 40,889.24 17,229.77 $ 363,420.92 53,782.23 Total ............................................................................-¥ 58,119.01 $ 417,203.15 Deductions from Current Net Earnings: Losses and Reserves for Losses on Industrial Advances..? 4,853.82 $ 499.00 38,397.55 Special Reserves and Charge-Offs on Bank Premises All Other............................................................................. 2,809.14 Total ..................................... ...................................... 7,662.96 $ 3,519.81 Net Additions to Current Net Earnings.................................. 50,456.05 $ 413,683.34 Net Earnings............................................................................. -$ 198,264.31 $ 694,252.00 Dividend Paid................................. ....................... .................... -$ Transferred to Surplus (Section 13b)...................................... Paid to U. S. Treasurer (Section 13b) ............................. Transferred to Surplus (Section 7 ).......................................... 179,789.68 $ 177,400.58 — 385.09 3,020.81 490.14 17,984.49 SURPLUS ACCOUNT (SECTION 7) Balance at Close of Previous Year............................................. $ 3,152,420.27 Transferred from Profits of Year..................... ......................... 17,984.49 Transferred to Reserves for Contingencies............................. 17,984.49 517,236.51 $ 3,152,420.27 517.236.51 517.236.51 3,152,420.27 $ 3,152,420.27 SURPLUS ACCOUNT (SECTION 13b) Balance at Close of Previous Year...................................... ...... $ 1,000,298.87 $ 1,000,683.96 — 385.09 $ 1,000,298.87 Balance at Close of Year........................................... ...... Transferred from Profits of Year__________________________ Balance at Close of Year................................................... _____________ 1,000,298.87 VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS 1941 Loans and Discounts: Bills Discounted: Applications ........................................... Notes Discounted................................... Advances Made....................................... Number 1940 Amount (In. Thousands) Number Amount (In Thousands) 89 115 77 2,666 346 2,300 109 181 73 2,391 580 1,728 174 1,408 43 403 19 89 34 143 Currency and Coin: Currency Received and Counted................... 45,117,168 Coin Received and Counted...........................32,971,507 192,564 3,502 43,614,208 32,509,169 188,644 3,631 Check Collection: U. S. Government Checks................... ......... 3,259,724 Work Relief Checks....................................... 1,849,000 Other Checks....................... ......................... 31,966,757 629,620 56,724 6,595,001 3,460,693 2,396,000 29,879,253 467,127 68,489 5,363,619 Industrial Advances: Advances Made....................................... Commitments to Make Industrial Advances ....................................... Noncash Collection: City Collections— Grain Drafts................... Other City Collections............... ................... Country Collections ..................................... Coupon (except Government) and Country Security Collections ............................. 807,366 35,170 75,196 236,362 106,229 52,750 689,479 40,166 74,130 154,159 87,265 52,886 31,139 39,655 33,659 34,366 United States Government Coupons Paid: Coupons from U. S. Government Direct Obligations............................................. Coupons from Issues of Other U. S. Gov ernment A gencies....... ......................... 295,227 8,795 328,295 9,287 155,169 2,298 178,070 2,444 Issues, Redemptions and Exchanges by Fiscal Agency Department: U. S. Government Direct Obligations......... Other U. S. Government Agencies............... 414,960 8,360 364,696 26,624 152,061 13,281 239,450 9,956 Transfers of Funds............................................... 29,014 2,687,726 28,929 2,208,411 Safekeeping— Member Banks: Amount of Securities Held in Custody for Member Banks on Last Day of Year.... Number of Coupons Cut from Securities Held for Member Banks....................... 201,608 Purchase and Sale of Securities for Account of Banks Located in the Ninth Federal Re serve D istrict................................................. 4,468 311,904 213,602 193,599 PERSONNEL December 31,1941 Head Office Number of Officers and Employees at End of Year: Officers ........................................................... 10 Employees ..................................................... 549 288,280 5,030 165,125 Helena Branch Total 3 34 13 583 MEMBER BANKS NINTH FEDERAL RESERVE DISTRICT Number of Member Banks at end of Year: National Banks ................................................................... State Banks ..................... ........ .................................. ........ Changes during the Year 1941: New National Banks Organized......................................... State Banks Admitted to Membership............................. 364 88 372 88 452 460 2 2 T 0 National Banks Consolidated with Other National Banks..... National Banks Succeeded by State Member Banks............... 1 National Banks Succeeded by Nonmember State Banks....... 5 National Banks Absorbed by Other National Banks............... ................... 1 National Banks Absorbed by Nonmember State Banks......... ................... 1 National Banks Absorbed by Member State Banks................. ................... 1 National Banks Liquidated.................................................... —. 1 State Member Banks Withdrawn ............................................. ................... 1 State Member Banks Converted to National Banks............... ................... 1 12 ' Net Decrease in Number of Member Banks................... ..................... 8 State Banks which became Members during the Year 1941: Gwinn State Savings Bank, Gwinn, Michigan. The Onida Bank, Onida, South Dakota Number of Member Banks in each State or part of State, in the Ninth Federal Reserve Dis trict at the end of Year 1941: National Banks Michigan........... ........................... .................. Minnesota........................... ..... ...... ..... .......... Montana............... ......................... ............ ..... North Dakota.................................................. South Dakota......... ........... ............. ............... Wisconsin............... ......... ............... ..... ......... 27 186 41 45 37 28 364 State Banks Total 14 21 25 0 23 5 41 207 66 45 60 33 88 452 DESCRIPTION OF NINTH FEDERAL RESERVE DISTRICT LandArea (Square Miles) Michigan (northern peninsula)....... ................ ...... Counties of— Alger Baraga Chippewa Delta Dickinson Gogebic Houghton Iron 16,691 323,544 80,009 146,316 70,054 76,536 23,273 2,792,300 559,456 641,935 642,961 582,770 412,879 5,542,966 Keweenaw Luce Mackinac Marquette Menominee Ontonagon Schoolcraft Minnesota.............................. —................................. Montana ............................. - ...... .......... ................... North Dakota............. .................................... —....... South Dakota.................................................—........ Wisconsin (northern part)................... ................... Counties of— Ashland Barron Bayfield Buffalo Burnett Chippewa Douglas Dunn Eau Claire Florence Forest Iron La Crosse 1940 Population Lincoln Oneida Pepin Pierce Polk Price Rusk St. Croix Sawyer Taylor Trempealeau Vilas Washburn Total.. NINTH F E D E R A L R E S E R V E DISTRICT DIRECTORS W a l t e r C. C o f f e y , President University of Minnesota, Minneapolis, Minnesota Chairman of the Board and Federal Reserve Agent R o g e r B. S h ep ard , President Finch, Van Slyck & McConville St. Paul, Minnesota Deputy Chairman A l b e r t P. F u n k , President H o m e r P. C la r k , Chairman of the Board La Crosse Rubber Mills Co. La Crosse, Wisconsin West Publishing Company St. Paul, Minnesota W. D. C o c h r a n , Cochran Freight Lines Iron Mountain, Michigan F. D. M c C a r t n e y , Vice President First National Bank Oakes, North Dakota S h i r l e y S. F o rd , President J R . M c K n ig h t , President Pierre National Bank Pierre, South Dakota Northwestern National Bank & Trust Co. Minneapolis, Minnesota J. E. O ’ C o n n e l l , President Eddy’ s Bakeries Helena, Montana OFFICERS J. N. P e y t o n , President 0 . S. P o w e l l , First Vice-President H. I. Ziem er, Vice President and Cashier E. W . S w a n son , Vice President and Secretary A . R'. L a r s o n , Assistant Cashier O tis R. P r e s t o n , Assistant Cashier A . W . M i l l s , Auditor H. C. C o r e , Assistant Cashier W m , E. P e t e r s o n , Assistant Cashier T. H . H o d g so n , Assistant Counsel Sigurd U e la n d , Counsel MEMBER OF FEDERAL ADVISORY COUNCIL L ym an E. W a k e fie ld , President First National Bank & Trust Co. Minneapolis, Minnesota HELENA BRANCH— (MONTANA) DIRECTORS A l e x C u n n in g h am , Vice President-Treasurer Western Life Insurance Company Helena, Montana H. D. M y r ic k Square Butte, Montana P e t e r P a u ly , President Deer Lodge Bank and Trust Co. Deer Lodge, Montana P. B. M c C u n t o c k , Cashier Farmers National Bank Chinook, Montana R . E. T o w le , Managing Director OFFICERS R. E. T o w le , Managing Director C. J. L a r s o n , Assistant Manager A . W . J o h n s o n , Assistant Manager