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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.T ri "Rills
ifl.sA
_______ ____ ___ __
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 ..................... ........ .................................. ........

372
88

452

Changes during the Year 1941:
New National Banks Organized.........................................
State Banks Admitted to Membership.............................

364
88

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