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A nnual R ep ort to the stockholders FEDERAL RESERVE BANK OF MINNEAPOLIS To th e S t o c k h o ld e r s o f th e f e d e r a l R e s e r v e S a n k o f M in n e a p o lis We are pleased to p resen t our annual report fo r th e year 1946 w ith certain com parative data fo r the year 1945 , * 1946 The Bank’s Year in Review ANNUAL REPORT 1 DISTRICT’S RECORD BUSINESS VOLUME STEPS BP BANKING ACTIVITY T T HE bank of a community is the silent third party HE expansion in deposits, and particularly the to almost all business and financial transactions. expansion in deposits other than war-loan bal It holds the people’s money. It transfers these funds ances, produced a substantial effect on member bank to all parts of the country. It receives money for de reserve balances at the Federal Reserve banks. These posit from all sections of the country. It furnishes balances, which reached a low of $375 million in currency to customers who need it and accepts for March of 1946, had increased to $399 million by the deposit cash which is in excess supply. It lends money. end of the year. Most of this expansion was required It sells bonds; it redeems bonds. In short, the bank is by the substantially larger deposits at member banks, the community’s financial department store. which have already been described, and particularly the shift from reserve-free war-loan balances to other Evidence abounds to demonstrate that people in deposits which did require reserves. the Ninth District have called upon their banks in 1946 for more services than at any other time in his For the first time in a decade and one-half, the tory. The plain, prosaic figures on bank deposits, in public debt was materially reduced in 1946. By the fact, can tell a dramatic story. At the end of 1945, year-end, $22 billion of securities had been redeemed bank deposits for all U. S. banks had reached the for cash. The Treasury, of course, used the funds on unprecedented total of $165 billion, a figure approxi deposit to its credit at the various commercial banks mately double the amount at the end of 1941, and known as war-loan balances. This huge bank account three times the volume of bank deposits at the end to the credit of the Treasury at the beginning of the of halcyon 1929. As a result largely of the Treasury’s year— $25 billion— exceeded the total deposits of all debt redemption program, deposits nationally dur national banks in 1929. ing 1946 declined by approximately $10 billion. These war-loan balances to the credit of the TreasBanks in the Ninth District fared much better. De ury at the beginning of 1946 just topped $1 billion posits at all active Ninth District banks at the end for our district. Beginning in March the Treasury of 1945 reached the impressive total of $4,771 mil started using this very sizeable checking account to lion. A year later they had withstood the pull of a pay off some of its obligations. By the end of the national decline and, while final figures are not avail year it had used nationally somewhat over $22 bil able, had rung up a total of around $4,800 million lion for this purpose. by year-end 1946. This, of course, had its effect on the banks in this The pattern was varied. South Dakota banks led area. The U. S. Treasury’s $1 billion bank account the parade with a 15 percent deposit expansion. Be at our banks at the beginning of the year had de ginning the year with $397 million, South Dakota clined to $220 million by the year’s end. Often the banks closed the books on New Year’s eve approxi member banks found themselves pinched for reserves mately $60 million ahead of the previous year. North when the Treasury would transfer funds from these Dakota’s 13 percent increase during the year was not war-loan balances at the commercial banks to its de far behind. For Montana, the $40 million expansion posit balances at the Federal Reserve banks just before represented an 8 percent increase. Only Minnesota ex repaying a part of the debt. perienced a decline (about 4 percent), and this was If these member banks held Treasury bills, they largely explained by reductions in the banks in the sold them to the Federal Reserve banks with the right larger metropolitan centers. ALL NINTH DISTRICT BANKS The expansion in deposits other than war-loan TOTAL DEPOSITS,(Billions of dollars) accounts was even more impressive. At the end of 1945 these “regular” deposits aggregated $3,700 mil ^ NONMEMBER BANK lion and at the end of 1946 they were approximately D MEMBER BANKS $800 million larger. TABLE I Ninth District Bank Deposits (Millions of dollars) Minnesota ................................ Montana ................................ North Dakota ........................ South Dakota ..................... Upper Peninsula Michigan. Wisconsin (26 counties) . . Ninth District ........................ Total United States............. 1940 1945 $ 1,097 $ 2,907 161 499 86 489 107 397 166 70 104 312 4,771 1,625 . 75,963 164,500 1946 Est. $ 2,782 540 550 458 168 336 4,834 154,000 o ---- mm ---- mm ---- mm ----mm ----m 1940 •ESTIMATE 1941 >942 1943 1944 ---- mmm----■ _ ----r 0 1945 1946* 2 ANNUAL REPORT DEPOSITS AND DEBITS REFLECT EXPANSION OVER PRE-WAR IN NINTH DISTRICT BANKING jBm .Ts PERCENT PERCENT 7 0 0 1------------------------ 6 00 -600 500 500 400 - 400 300 -300 200 200 100 0 DEPOSITS PERCENT PERCENT 700 100 M IN N . MONT. N. DAK. 0 7001----- PER CEN T PERCENT -----—.7 0 0 6Q0 *00 500J 50 0 400] 400 300 |Ktym* 200 N. W. W IS. U. R M IC H . 100 o 300 §V/: S. DAk. VJ.W. Wl S. 200 I U. P. MICH. 100 0 The years 1945 and 1946 are expressed as a percentage of 1940 in these four charts. to repurchase them later if their reserve position per mitted. During 1946 this bank purchased a total of $709 million of these Treasury bills from the mem ber banks in order to ease their reserve position, and subsequently resold to them an aggregate of $555 million. Some of the banks, feeling the tight reserve posi tion, did not possess bills which could be sold to the Reserve bank and, therefore, found it necessary to borrow. During the year this bank lent an aggregate of just over $1 billion to member banks in order to carry them over a tight reserve position, although not more than $40 million (on December 30) was ever outstanding at any one time. Most of the borrowing at the bank and a considerable proportion of the pur chases of bills from the member banks occurred during those periods of public debt cash redemptions. At these times the banks were being called upon to meet a sub stantial withdrawal from war-loan balances. The Ninth District deposit picture has, therefore, been characterized by two developments during the last year. Approximately $800 million of war-loan balances have left these banks as the Treasury used the funds to redeem its debt. The substantial inflow of funds from other sections of the country, however, has made up this deficiency and actually pushed total deposits slightly higher at the end of the year than they stood at the beginning. HILE deposit trends are a fairly good index of the volume of bank business, the activity at the bank is more nearly represented by the aggregate vol ume of bank debits. These bank debits ring up the extent to which customers actually use their deposit accounts. As any banker knows, his printing bill for the annual supply of new checks would make a reason ably useful indicator of business activity in the com munity. In 1946, it is evident, the customers of Ninth District banks used a lot of checks. For the year as a whole the total dollar volume of checks drawn on these deposits was up by one-fifth over the previous year. This varied slightly from state to state. For South Dakota the figure was 28 percent; for Minnesota 18 percent. The increases varied sub stantially from community to community. Bank cus tomers in one town wrote out checks to the tune of 67 percent more, dollar-wise, than in 1945, while for three reporting communities bank debits actually fell slightly below the previous year. The Check Collection department of the Federal Re serve Bank of Minneapolis has felt the full impact of this accelerated activity. This is the department W ANNUAL TABLE II Number and Amount of Checks Cleared Through Check Collection Department Number of Checks Year (Millions) 1 9 2 9 ........................................ ..24.6 1933 ........................................ ..21.1 194 0 ..35.9 1941 ..37.0 194 2 ..35.9 1943 ..39.2 ..42.0 194 4 194 5 ..47.7 194 6 ..51.7 REPORT 3 INCOME PAYMENTS SWELL PURCHASING POWER Dollar Value (Billions) 3.8 3.1 5.9 7.3 10.3 12.2 11.6 13.8 15.9 through which is funneled the great proportion of bank checks which leave their home town, both writ ten in the district or written outside the district but payable to Ninth district residents. In 1946 our Check Collection clerks at the Head Office and the Helena Branch punched keys on 51.7 million checks, 4 mil lion more than last year. When the grand total key was finally punched at closing time on December 31, the aggregate dollar volume of these 51.7 million checks amounted to $15.9 billion, an increase of 15 per cent over 1945. It is interesting to note that this 15 per cent rise from 1945 to 1946 is roughly equal to the jump during 1946 in the consumer price index. A vast number of items are also cleared through the Federal Reserve Bank on a collection basis. In 1946, items numbering 943,000 and aggregating $1,081 million passed through our Non-cash Collection de partment— up slightly from $1,038 million in 1945. One conclusion is obvious. It is quite clear that people in the Ninth District in 1946 were writing more and bigger checks than they ever had been be fore. The reasons are not hard to find. In the first place, total incomes for 1946 of approximately $5.7 billion (for the Ninth District) exceeded 1945 by approximately 15 percent. Both individuals and busi ness, therefore, had received larger incomes than they had in 1945 or any other previous year in history. Second, not only did they receive more income, but they spent more freely than they ever had before. The aggregate volume of bank debits, 15 percent higher than the previous year, is dramatic evidence of this willingness to spend. The cash registers of the retail stores were called upon to ring up one-third more sales than the previous year. This substantially increased spending volume had an immediate effect on another department of the Federal Reserve Bank— the Currency department. One of the significant developments in 1946 was the tendency for currency outstanding in the Ninth Dis trict to continue a modest increase even after the very large expansion inherited from the war. At the end of 1945 the volume of notes of the Minneapolis Fed eral Reserve Bank in circulation amounted to $552 million. While in the subsequent months some decline occurred, it was not as large as normally occurs after cash used in the Christmas rush comes back into the commercial banks and on to the Federal Reserve banks. Actually, the low point in the year was reached in January, with $545 million of notes outstanding. The succeeding four months (through May) saw a steady further expansion of notes in circulation and on May 31 the Federal Reserve notes of this bank in circulation actually exceeded by $2 million the volume in circulation during the previous Christmas rush. Notes in circulation jumped further in August and continued an expansion of roughly $4 million per month for the next five months, with a year-end total of $593 million, a figure about 7 percent above yearend 1945. While this expansion was fairly modest relative to the rapid rise during the war, it was still about triple the relative expansion for the nation as a whole. Ap proximately 85 percent of all currency in circulation CURRENCY AND SALES TRENDS MOVE TOGETHER SA'lLES INDEX 1935 —39 = iOO NOTES IN MILLION DOLLARS TABLE III Income Payments, Ninth District and U. S. 1945 1946 Est. (Millions of Dollars) Minnesota ........................... $ 1,424 $ 2,666 $ 2,977 Montana .............................. 321 539 665 North Dakota ................ 237 588 698 South Dakota ................... 242 599 781 Upper Peninsula Michigan and N. W. W isconsin-Est.. 275 505 600 Ninth District ................... 2,499 4,897 5,721 Total United States........... . . . 76,200 160,700 164,000 1940 Department store sales are for Ninth District only. Federal Reserve notes are notes outstanding1 in June of each year of the Federal Reserve Bank of Minneapolis. 4 ANNUAL REPORT Mr. Homer P. Clark, chairman of the board, West Publishing Company, St. Paul, as Class B director, for three-year terms beginning January 1, 1947, by the Group 1 member banks of the district. Per Cent Ninth District Ninth At the close of the year, the Board of Governors Dist. Est. of U . S. U. S. of the Federal Reserve System announced the reap December, 1940 $ 66 $ 34 51.5% pointment of Mr. W. D. Cochran, proprietor of December, 1945 . . 203 132 65.0 W. D. Cochran Freight Lines, Iron Mountain, Mich December, 1946. . . .____ 205* 142 69.3 igan, as Class C director for a three-year term begin ning January 1, 1947. in the United States consists of Federal Reserve notes. At the same time, Mr. Roger B. Shepard of St. Paul If this proportion is applicable to the Ninth District, per capita currency in circulation in our area reached was redesignated chairman of the board and Federal $142. The table points up another interesting de Reserve agent for 1947, and Mr. Cochran was redesig velopment. The per capita currency in circulation in nated deputy chairman. our district has jumped from art estimated 52 percent The board of directors appointed Mr. Henry E. of the national average in 1940 to 69 percent in 1946. Atwood, president, First National Bank of Minne apolis, a member of the Federal Advisory Council HE increase in gold reserves of this bank from for the year ending December 31, 1947. Mr. Albert $352 million to $378 million during the year W. Mills, formerly cashier, was appointed vice presi also reflects the flow of funds from the rest of thedent and cashier at the head office. nation to the Ninth Federal Reserve District, since the At the Helena Branch, Mr. Theodore Jacobs, presi rate of expansion in this bank was about three times dent, First National Bank, Missoula, Montana, and that of the combined Federal Reserve banks. Mr. E. D. MacHaffie, president, State Publishing The change from the last year of war to the first Company, Helena, Montana, were appointed as new full year of peace, which was perhaps most marked directors for two-year terms, and Mr. R. B. Richard by the reduction in war-loan deposits, also brought son, president, Western Life Insurance Company, a sharp reduction in other war financing activities. Helena, was reappointed director for 1947 and 1948. Issues, redemptions, and exchanges of United States Robert E. Towle, formerly managing director Government direct obligations by our Fiscal Agency of Mr. the Branch, and Mr. Clinton J. Larson, formerly department fell from more than 10 million trans assistant manager, were appointed respectively vice actions of $4.2 billion in 1945 to less than 7 million president and assistant cashier of the Federal Reserve totaling $3.4 billion in 1946. Bank of Minneapolis, assigned to the Helena Branch. Collection of Government checks dropped less Mr. T . H. Hodgson, assistant counsel of the bank drastically from a total number of 8.8 million to 7.9 prior to his entry into naval service during the war, million, with a corresponding decrease in dollar returned to the bank as assistant vice president in volume. July but resigned in December to accept another The swing from a war economy to one of peace position. is further revealed in the Federal Reserve Bank's per N INCREASE of Federal Reserve Bank capital sonnel records, as the total number of employees at paid in by member banks from $3,861,000 to the head office and branch declined from a year-end total of 804 in 1945 to 707 at the end of 1946, the $4,071,000 during the year indicates a strengthening chief reduction being in the Fiscal Agency department of the capital position of member banks. Six state with smaller declines in the CCC and Ration Checks banks joined the Federal Reserve System in the Ninth departments, reflecting a shrinkage in subsidy pay District during the year, but liquidations, consolida ments and the removal of most food rationing restric tions, and absorptions of national banks more than tions. Check Collection, Currency and Coin, and some offset this increase, and 1946 ended with 471 member other departments actually increased personnel to banks in this district as compared with 473 at the handle the greater volume of work, and enlarged end of 1945. working quarters were necessary for Currency and The total number of banks in the district, both Coin. member and non-member, remained almost stationary, Beginning December 1, the bank inaugurated a five- there being 1,279 December 31, 1946, as against day work week for employees. T o accomplish this, 1,280 at the end of 1945, and 1,275 on the last day some departments close entirely on Saturdays, others of 1944. operate with skeleton crews on that day, and still Other developments during the year included the others continue at full Saturday efficiency by allow reduction in March of the discount rate for indi ing employees one day off each week on a rotating viduals, partnerships, corporations from 2 ^2 % to basis, Monday through Saturday. Work hours were 2% on loans secured byanddirect of the Gov lengthened to compensate for the shortened work ernment. At the same time the obligations rate was increased from week. 1% to 2% for non-member banks borrowing on such Changes in officers and directors of the bank in securities. In April the preferential discount rate for cluded the re-election in November of Mr. Clarence member banks of ^2 % on loans secured by Govern E. Hill, chairman of the board, Northwestern Na ment securities with maturities of less than one year tional Bank, Minneapolis, as Class A director, and was discontinued. TABLE IV Per Capita Money in Circulation T A ANNUAL REPORT Statement of Condition Assets Dec. 31, 1946 Gold Certificates on Hand and Due from U. S. Treasury.......$ 357,057,311 Redemption Fund— F. R. Notes...................................................... 21,360,221 Total Gold Certificates Reserves.................................. 378,417,532 Dec. 31, 1945 $ 331,935,211 20,144,526 352,079,737 5,734,048 7,687,084 3,412,500* 0 1,081,000* 0 U. S. Government Securities: Bonds ............................................................................................. 22,929,000 Notes ............................................................................................ 10,814,000 Certificates of Indebtedness..................................................... 228,144,000 Bills .............................................................................................. 374,253.000 Total U. S. Government Securities.............................. 636,140,000 Total Bills and Securities................................................ 639,552,500 Due from Foreign Banks.................................................................... 2,556 F. R. Notes of Other F. R. Banks................................................... 4,337,500 Uncollected Item s................................................................................. 62,219,164 Bank Premises ..................................................................................... 1.239,845 Other Assets .......................................................................................... 1,475,253 .....$1,092,978,398 Total Assets..... 26,275,000 58,818,000 232,112,000 312,354,000 629,559,000 630,640,000 2,542 6,713,200 54,098,816 1,263,071 1,798,287 $1,054,282,737 Other Cash................ Bills Discounted............................................................................... Industrial Advances .................................................................... Liabilities Federal Reserve Notes in Actual Circulation...............................$ 592,688,445 $ 551,859,465 Deposits: Member Bank— Reserve Account........................................... U. S. Treasurer— General Account....................................... Foreign Bank .............................................................................. Other Deposits ............................................................................ Total Deposits ....................................... .... 398,588,738 20,504,991 11,914,087 2,526,694 433,534,510 385,402,603 38,287,065 18,869,161 2,424,682 444,983,511 Deferred Availability Items ............................................................. 48,688,857 Other Liabilities .................................................................................. 285,198 Total Liabilities .... .....$1,075,197,010 41,673,052 332,104 $1,038,848,132 Capital Accounts Capital Paid in...................................................................................... $ 4,070,550 Surplus (Section 7 ) ............................................................................ 10,996,958 Surplus (Section 13b )....................................................................... 1,072,621 Other Capital Accounts....................................................................... 1,641,259 Total Liabilities and Capital Accounts....................$1,092,978,398 *Consists solely of foreign loans on gold. $ 3,861,350 8,869,500 1,072,621 1,631,134 $1,054,282,737 5 6 ANNUAL REPORT Earnings and Expenses 1945 1946 Earnings from: Discounted Bills .................................................................................. $ 88,389 United States Government Securities.............................................. 4,084,184 Industrial Advances ........................................................................... 0 All Other ............................................................................................... 6,786 Total Current Earnings.......................... .................. $ 4,179,359 55,166 3,597,156 0 4,765 $3,657,087 Expenses: Net Operating Expenses..................................................................... $ 1,593,145 $1,254,434 $ Assessment for Expenses of Board of Governors of the Federal Reserve System......................................................... 55,330 53,409 Federal Reserve Currency: Original Cost ....................................................................................... Cost of Redemption.............................................................................. 92,857 13,205 26,527 10,953 ... $ 1,754,537 $1,345,323 ... $ 2,424,822 $2,311,764 Total Current Expenses....... Current Earnings ................................ Additions to Current Net Earnings: Profits on Sales of U. S. Government Securities......................... $ All Other ............................................................................................... Total ............................................................................................. $ 51,048 1,341 52,389 95,519 6,798 $ 102,317 Deductions from Current Net Earnings...... 111,381 413 Net Additions to Current Net Earnings.... $ — 58,992 $ 101,904 ... $ 2,365,830 $2,413,668 Dividend Paid ................................................................................................. $ 238,372 Paid to U. S. Treasurer (Section 13b ).................................................. 0 Transferred to Surplus (Section 13b ).................................................... 0 Transferred to Surplus (Section 7 ) .......................................................... 2,127,458 $ 221,687 0 0 2,191,981 Net Earnings ... $ Surplus Account (Section 7) Balance at Close of Previous Year............................................................. $ 8,869,500 Transferred from Profits of Year............................................................... 2,127,458 Transferred from Reserves for Contingencies.......................................... 0 Balance at Close of Year............... $10,996,958 $4,949,737 2,191,981 1,727,782 $8,869,500 Surplus Account (Section 13b) Balance at Close of Previous Year............................................................. $ 1,072,621 Transferred to Surplus (Section 13b ).................................................... 0 Balance at Close of Year. $ 1.072,621 $1,072,621 0 $1,072,621 ANNUAL REPORT Volume of Operations in Principal Departments (Dollar Amounts in Thousands) 1946 Number Amount Loans and Discounts: Advances to Member and Non-mem ber Banks, Secured by U. S. Gov 266 $ 1,017,990 ernment Obligations ........................ Advances to Member Banks Secured 0 0 by Other Collateral............................. 0 0 Rediscounts .............................................. 0 0 Industrial Advances ............................... U. S. Treasury Bill Purchases Under 510 709,128 Repurchase O ption............................. Currency and Coin: Currency Received and Counted.......... 63,017,763 $ 358,691 4,015 Coin Received and Counted.................. 50,566,216 Check Collection: 7,899,944 $ 1,579,689 U. S. Government Checks.................... Other Checks .......................................... 43,830,319 14,350,319 Non-cash Collection: 807,704 $ 687,856 Grain Drafts ............................................ 393,118 Country and Other City Collections.. 134,806 United States Government Coupons Paid: Coupons from U. S. Government 604,579 $ 47,488 Direct Obligations ............................. Coupons from Issues of Other U. S. 13,126 287 Government Agencies ...................... Issues, Redemptions and Exchanges by Fiscal Agency Department: U. S. Government Direct Obligations 6,976,879 $ 3,433,544 Other U. S. Government Agencies..... 8,205 12,500 Transfers of Funds.................................. 39,135 $ 5,510,714 Safekeeping— Member Banks: Amount of Securities Held in Custody for Member Banks on Last Day of Year ....................................................... $ 1,150,809 Number of Coupons Cut from Secur 313,122 ities Held for Member Banks ....... Purchase and Sale of Government Secur ities and Government Securities Cleared through the Federal Reserve Bank for Account of Banks in the 6,615 $ 966,020 Ninth Federal Reserve District....... 1945 Num ber Amount 304 $ 1,450,391 0 0 0 0 0 0 723,734 452 286,643 3,018 47,991,151 41,578,085 $ 8,761,761 38,933,565 $ 1,956,890 11,829,827 837,472 $ 113,759 690,585 347,301 543,326 $ 19,206 37,786 341 10,006,404 $ 4,212,703 12,570 23,149 34,844 $ 4,773,454 $ 1,077,302 282,078 5,196 $ 767,555 Head Office Helena Branch Number of Officers and Employees at End of Year: 17 2 Officers .................................................................................... 69 619 Employees .............................................................................. 636 71 Total ................. 733 71 1945 Total .... Total 19 Personnel December 31, 1946 688 707 804 7 8 ANNUAL REPORT State Banks Which Became Members During 1946 MINNESOTA SOUTH DAKOTA STATE BANK OF AN O KA Anoka, M innesota COLUMBIA STATE BANK Columbia, South Dakota STATE BANK OF BARNUM Barnum, M innesota FIRST STATE BANK OF PIERPONT Pierpont, South Dakota MONTANA FARMERS AND STOCKMENS BANK OF VALIER, MONTANA Valiar, M ontana FIRST STATE BANK OF WARNER, SOUTH DAKOTA W arner, South Dakota Number of Member Banks Number of Member Banks at end of Year: National B an k s.............................................................................................................. State Banks .................................................................................................................... Increases in Membership: New National Banks Organized .............................................................................. State Banks Admitted to Membership..................................................................... Decreases in Membership: National Banks Liquidated......................................................................................... National Banks Consolidated with Other National Banks................................. National Banks Succeeded by Non-member State Banks................................... National Banks Absorbed by Non-member State Banks................................... State Member Banks Absorbed by Other State Member B anks...................... Net Increase or Decrease in Number of Member Banks...... 1946 348 123 471 1945 356 117 473 0 6 3 7 6 10 2 2 1 3 0 8 —2 0 0 2 1 1 4 +6 Number of Member Banks in each State or part of State, in the Ninth Federal Reserve District at the end of year 1946: National Banks State Banks Total Michigan ................................................................. 26 15 41 Minnesota ............................................................... 181 27 208 M ontana................................................................... 39 39 78 North Dakota ........................................................ 41 0 41 South Dakota ........................................................ 35 28 63 W isconsin................................................................. 26 14 40 348 123 471 Member of Federal Advisory Council H enry E. A tw o od President, First National Bank Minneapolis, Minnesota Industrial Advisory Committee V. W ood , Chairman President, Minneapolis Electric Steel Castings Co. J o h n M . B u s h , Negaunee, Michigan The Cleveland-Cliffs Iron Company S heldon C. 0 . F o llett , Fargo, North Dakota President, Smith, Follett and Crowl A lbert L. M iller , LaCrosse, Wisconsin President, Miller Broom Company FEDERAL RESERVE BANK OF MINNEAPOLIS 1947 Directors R oger B. S hepard S t. Paul, Minnesota Chairman of the Board and Federal Reserve Agent W. D. C o ch ran Cochran Freight Lines, Iron Mountain, Michigan Deputy Chairman H om er P. C lark F. D. M c C a r tn ey Chairman of the Board, West Publishing Company Vice President, First National Bank St. Paul, Minnesota Oakes, North Dakota J. R . M cK n ig h t C larence E . H ill President, Pierre National Bank Chairman of the Board, Northwestern National Bank Pierre, South Dakota Minneapolis, Minnesota P au l E. M iller R ay C. L ange Director of Agricultural Extension President, Chippewa Canning Company University of Minnesota Chippewa Falls, Wisconsin Minneapolis, Minnesota J. E. O’C o n n ell President, Eddy’s Bakeries Helena, Montana Officers J o h n N. P eyto n , President O liver S. P ow ell , First Vice President BANK EXAMINATION DEPARTMENT BANKING DEPARTMENT H arold C. C ore , Personnel Officer A rth u r R. L ar so n , Assistant Cashier E rn est W . S w a n s o n , Check Collection Ration Checks C. J. L a r so n , Assistant Cashier assigned to Helena Branch M ilford E . L y se n , Operating Research Officer H arold G. M c C o n n e l l , Vice President Consumer Credit Loans and Discounts A lbert W. M ills , Vice President and Cashier General Bank Operations O tis R. P r esto n , Vice President Banks and Banking R. E. T ow le , Vice President assigned to Helena Branch W alter H . T urner , Assistant Cashier Collection Department Currency and Coin Securities Safekeeping H arry I. Z iem er , Vice President and Secretary Loans and Discounts Vice President FISCAL AGENCY DEPARTMENTS B. L a r so n , Assistant Vice President Government Securities E arl Assistant Cashier Custodian for Governmental Agencies Withheld Taxes W illiam E. P eter so n , RESEARCH DEPARTMENT P au l W. M c C r a c k e n , Director of Research AUDIT DEPARTMENT O rth en W . O h n st a d , Auditor LEGAL COUNSEL S igurd U elan d , Vice President and Counsel M aurice H . S t r o t h m a n , J r ., Assistant Counsel HELENA BRANCH Directors E. H oltz , Chairman Agriculturist Great Falls, Montana B. M. H arris President, The Yellowstone Bank Columbus, Montana M alcolm T heodore J acobs President, First National Bank Missoula, Montana R . B. R ich ard so n President, Western Life Insurance Company Helena, Montana E. D. M ac H a ffie President, State Publishing Company Helena, Montana Officers R. E. T o w le , Vice President C. J. L a r so n , Assistant Cashier
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