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F E D E R A L R E S E R V E B A N K O F M IN N E A P O L IS January 9, 1943. To the Stockholders of th e F e d e r a l R e se r v e B a n k o f M in n e a p o l is : We present a comparative statement of condition of the Federal Reserve Bank of Minneapolis at the close of business December 31, 1942, and December 31,1941, together with comparison of earnings and expenses and volume of operations in principal departments of the bank, and other pertinent data for the years 1942 and 1941. Respectfully submitted, President. STATEMENT OF CONDITION ASSETS Dec. 31,1942 $477,051,021.05 Gold Certificates on Hand and Due from U. S. Treasury 201,986.22 Redemption Fund—F. R. Notes............................................. 8,353,165.50 Other Cash............................................................................. Dec. 31,1941 $394,664,696.95 401,194.84 5,418,238.49 Total Reserves ........... .................................................... $485,606,172.77 $400,484,130.28 Bills Discounted: Secured by U. S. Government Obligations, Direct and Guaranteed.............................................................. Foreign Loans on Gold........................................ ........... $ 55,000.00 Total Bills Discounted............................................. .$ Industrial Advances .............................................................. $ $ 50,000.00 55,000.00 $ 50,000.00 365,705.05 $ 513,994.01 U. S. Government Securities, Direct and Guaranteed: Bonds............................................................................ . $ 75,729,000.00 Notes................................................................................ 36.474.000.00 28.230.000.00 Certificate of Indebtedness......................................... 13,746,000.00 Bills ................................................................................. Total U. S. Government Securities, Direct and Guaranteed ........................................... ........... $154,179,000.00 Total Bills and Securities................ ....................... $154,599,705.05 459.65 Due from Foreign Banks.............................. ...... ........... ... .... $ 2,107,600.00 F. R. Notes of Other Banks............................................ ....... Uncollected Items .................................. ....... ....................... . 34,291,387.45 1,309,315.13 Bank Premises............................................... ..... .................. 2,512,673.17 Other Assets ...................................................... ......... .......... $ 43,272,000.00 22,931,000.00 306,000.00 $ 66,509,000.00 $ 67,072,994.01 $ 459.65 651,000.00 26,570,679.45 1,338,161.57 1,309,108.52 Total A ssets.................................................. ................. $680,427,313.22 $497,426,533.48 LIABILITIES Federal Reserve Notes in Actual Circulation......................... $302,727,460.00 $206,509,760.00 Deposits: Member Bank—Reserve Account.................................... $276,825,558.76 U. S. Treasurer—General Account............... ... ............... 35,353,627.08 Foreign Bank................................................. ................. 15.377.160.48 12.465.324.49 Other Deposits ..................................................... ....... . $178,535,152.29 52,460,366.02 16,796,440.13 10,813,884.48 Total Deposits .......................................... .............. $340,021,670.81 $258,605,842.92 Deferred Availability Items.................. ................................. $ 27,636,284.52 229,029.03 Other Liabilities .................................................... ................ $ 22,554,458.72 83,955.53 Total Liabilities.................................... .......................... $670,614,444.36 $487,754,017.17 CAPITAL ACCOUNTS Capital Paid In ........................................................................ $ 3,075,100.00 3,220,822.82 Surplus (Section 7 ) ............ .............................................. .... Surplus (Section 13b)................... ................... ..................... . 1,000,298.87 Other Capital Accounts.......................................................... 2,516,647.17 $ 3,003,150.00 3,152,420.27 1,000,298.87 2,516,647.17 Total Liabilities and Capital Accounts............................ $680,427,313.22 $497,426,533.48 EARNINGS AND EXPENSES 1941 2,649.35 1,191,361.92 20,790.46 416.03 8,019.02 Earnings from: Discounted B ills............ ........................ - ....................... -$ United States Government Securities............................ Industrial Advances ................................................... Commitments to make Industrial Advances......... ..... All Other ...................................................... ................. 1942 1,118.85 1,447,985.75 21,276.47 47.80 7,893.10 Total Current Earnings.................... ....... ................ -? 1,478,321.97 $ 1,223,236.78 Expenses: Net Operating Expenses........................................................ -$ 1,012,033.45 ? 985,407.91 Assessment for Expenses of Board of Governors of the Federal Reserve System................................................. $ 40,614.36 38,277.49 Federal Reserve Currency: Original Cost ............................. ....................... ............. -? Cost of Redemption.................................... ...... ............ . 110,946.89 5,089.61 $ 44,141.35 5,264.90 Total Current Expenses.......................................... -$ 1,166,347.44 $ 1,075,428.52 Current Net Earnings............................................. ............... -$ 311,974.53 $ 147,808.26 Additions to Current Net Earnings: Profits on Sales of U. S. Government Securities........... All Other.............. ........................................................... 102,715.65 2,465.34 $ 40,889.24 17,229.77 Total .............................................. ......................... -$ 105,180.99 $ 58,119.01 Deductions from Current Net Earnings: Losses and Reserves for Losses on Industrial Advances $ All Other ......................................................................... 11,000.00 154,412.73 $ 4,853.82 2,809.14 Total .............................................. ......................... -$ 165,412.73 $ 7,662.96 Net Deductions from or Additions to Current Net Earnings. -? — 60,231.74 $ +50,456.05 Net Earnings............................................. ............................ -$ 251,742.79 $ 198,264.31 Dividend Paid.......................................................... ............... $ Paid to U. S. Treasurer (Section 13b).................................. Transferred to Surplus (Section 7 ).................. .... ................ 183,336.33 3.91 68,402.55 $ 179,789.68 490.14 17,984.49 3,152,420.27 68,402.55 $ 3,152,420.27 17.984.49 17.984.49 3,220,822.82 $ 3,152,420.27 ■ SURPLUS ACCOUNT (SECTION 7) Balance at Close of Previous Year.......................................... Transferred from Profits of Year.......................................... Transferred to Reserves for Contingencies......................... Balance at Close of Year................................................. -? SURPLUS ACCOUNT (SECTION 13b) Balance at Close of Previous Year............................... ........ .$ 1,000,298.87 $ 1,000,298.87 Balance at Close of Year............................................... -$ 1,000,298.87 $ 1,000,298.87 VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS 1941 1942 Amount (In Amount (In Loans and Discounts: Number Thousands) Number Thousands) Bills Discounted: 89 2,666 Applications ............... ....... ..... ............ 23 14,679 115 346 Notes Discounted ............................... 20 58 77 2,300 22 14,621 Advances Made ................................... Industrial Advances: Advances Made ................................... Commitments to Make Industrial Advances .................................... 218 1,296 174 1,408 0 0 19 89 Currency and Coin: Currency Received and Counted............... 40,694,037 Coin Received and Counted..........................138,330,950 195,102 3,001 45,117,168 32,971,507 192,564 3,502 Check Collection: U. S. Government Checks........................... 3,603,837 Work Relief Checks............... ..................... 881,000 Other Checks............................. ................ 31,450,532 1,201,407 28,889 9,055,179 3,259,724 1,849,000 31,966,757 629,620 56,724 6,595,001 Noncash Collection: City Collections— Grain Drafts.................. Other City Collections................................. Country Collections..................................... Coupon (except Government) and Country Security Collections ........................... 822,511 38,266 72,272 311,351 102,269 74,493 807,366 35,170 75,196 236,362 106,229 52,750 29,501 25,208 31,139 39,655 United States Government Coupons Paid: Coupons from U. S. Government Direct Obligations ........................................... Coupons from Issues of Other U. S. Government Agencies —....................... 308,312 11,157 295,227 8,795 139,421 1,967 155,169 2,298 Issues, Redemptions and Exchanges by Fiscal Agency Department: U. S. Government Direct Obligations—..... 3,678,686 17,122 Other U. S. Government Agencies.............. 1,577,100 29,475 414,960 8,360 364,696 26,624 28,321 3,278,702 29,014 2,687,726 Transfers of Funds............................................. 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...................... 192,819 Purchase and Sale of Securities for Account of Banks Located in the Ninth Federal Re serve District........................................ ..... 3,622 620,305 201,608 182,441 PERSONNEL December 31, 1942 Head Office Number of Officers and Employees at End of Year: Officers ................................. ...................... 16 Employees .................................................. 807 311,904 4,468 193,599 Helena Branch Total 2 67 18 874 MEMBER BANKS NINTH FEDERAL RESERVE DISTRICT Number of Member Banks at end of Year: National Banks .........- .................................................... State Banks ..................................................................... Changes during the Year 1942: New National Banks Organized............... ...................... State Banks Admitted to Membership........................... 1U4Z 1941 360 94 364 88 454 452 1 6 7 National Banks Consolidated with Other National Banks..... National Banks Succeeded by State Member Banks.............. National Banks Succeeded by Nonmember State Banks......... National Banks Succeeded by Other National Banks............ National Banks Absorbed by Other National Banks.............. National Banks Absorbed by Nonmember State Banks........ National Banks Absorbed by Member State Banks................ National Banks Liquidated...................................................... State Member Banks Withdrawn............................................ State Member Banks Converted to National Banks.............. 0 0 3 1 1 0 0 0 0 0 5 Net Increase in Number of Member Banks................. 2 State Banks which became Members during the Year 1942: The Peninsula Bank of Ishpeming, Ishpeming, Mich. Austin State Bank, Austin, Minn. State Bank of Northfield, Northfield, Minn. State Bank of Virginia, Virginia, Minn. Ravalli County Bank, Hamilton, Mont. Bank of Menomonie, Menomonie, Wis. Number of Member Banks in each State or part of State, in the Ninth Federal Reserve Dis trict at the end of Year 1942: Michigan................................ .... .................. Minnesota.................. ................ ....... ........... Montana..................... ..... .............................. North Dakota__________________________ South Dakota___ ____ __________ ______ Wisconsin................... .................. ........ ....... National Banks 26 185 41 43 37 28 State Banks 15 24 26 0 23 6 360 94 Total 41 209 67 43 60 34 454 DESCRIPTION OF NINTH FEDERAL RESERVE DISTRICT Michigan (northern peninsula)..... Counties of— Alger Baraga Chippewa Delta Dickinson Gogebic Houghton Iron 1940 Population 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 Land Area (Square Miles) Lincoln Oneida Pepin Pierce Polk Price Rusk St. Croix Sawyer Taylor Trempealeau Vilas Washburn Total. N IN T H F E D E R A L R E S E R V E D IS T R IC T DIRECTORS C . C o f f e y , President W a lte r University of Minnesota, Minneapolis, Minnesota Chairman of the Board and Federal Reserve Agent R o g e r B. S h e p a r d , President Finch, Van Slyck & McConville St. Paul, Minnesota Deputy Chairman R a y C . L a n g e , President H o m e r P. C l a r k , Chairman of the Board West Publishing Company Chippewa Canning Company St. Paul, Minnesota Chippewa Falls, Wisconsin W . D. C o c h r a n F. D. M c C a r t n e y , Vice President Cochran Freight Lines First National Bank Iron Mountain, Michigan Oakes, North Dakota S h i r l e y S. F o r d , President J. R. M c K n i g h t , President Northwestern National Bank & Trust Co. Pierre National Bank Minneapolis, Minnesota Pierre, South Dakota 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 E. W . S w a n s o n , Vice President A. R . L a r s o n , Assistant Cashier H. I. Z ie m e r , Vice President W m . E. P e t e r s o n , Assistant Cashier A . R. U p g r e n , Vice President and Economist W . H . T u r n e r , Assistant Cashier A . W . M i l l s , Cashier E. B. L a r s o n , Assistant Cashier H. C . C o r e , Personnel Officer M. E. L y s e n , Operating Research Officer 0 . R. P r e s t o n , Assistant Vice President 0 . W . O h n s t a d , Auditor H. G. M c C o n n e l l , Assistant Vice President T . H . H o d g s o n , Assistant Counsel S ig u rd U e l a n d , Counsel MEMBER OF FEDERAL ADVISORY COUNCIL L y m a n E. W a k e f i e l d , President First National Bank Minneapolis, Minnesota HELENA BRANCH— (MONTANA) DIRECTORS R . B. R i c h a r d s o n , President H. D. M y r i c k Western Life Insurance Company Square Butte, Montana Helena, Montana P e t e r P a u l y , President Deer Lodge Bank and Trust Co. P. B. M c C l i n t o c k , Cashier Deer Lodge, Montana Farmers National Bank Chinook, Montana R. E. T o w l e , Managing Director OFFICERS R. E. T o w l e , Managing Director C. J. L a r s o n , Assistant Manager
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