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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
Evidence abounds to demonstrate that people in deposits which reserve-free war-loan balances to other
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
The expansion in deposits other than war-loan TOTAL DEPOSITS,(Billions of dollars) DISTRICT BANKS
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

---- m m
m ----■ _ ----r 0
1945

1946*

2

ANNUAL

REPORT

DEPOSITS AND DEBITS REFLECT EXPANSION OVER PRE-WAR IN NINTH DISTRICT BANKING

jBm .Ts

PERCENT

PERCENT

7001
------------------------

DEPOSITS

PERCENT

PERCENT

700

6 00

-600

500

500

400 -

400

300

-300

200

200

100
0

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,
rate of expansion in this bank was about three times dent, First National Bank, Missoula, Montana,presi­
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
formerly
director
Government direct obligations by our Fiscal Agency of Mr. Branch, E. Towle,Clinton J. managingformerly
the
and Mr.
Larson,
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. . H. Hodgson, assistant counsel of
drastically from a total number of 8.8 million to 7.9 prior toT his entry into naval service during the bank
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
the year included the
others continue at full Saturday efficiency by allow­ reduction developments duringdiscount rate for indi­
in March of the
ing employees one day off each week on a rotating
partnerships, and corporations from
% to
basis, Monday through Saturday. Work hours were viduals,loans secured by direct obligations of 2 ^2 Gov­
2% on
the
lengthened to compensate for the shortened work ernment. At the same time the 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