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EIGHTH A NN UAL R E P O R T FE D E R A L R E SE R V E B A N K O F M INNEAPOLIS Minneapolis, January 1, 1923. TO A L L MEM BER BANKS IN FE D E R A L RESERVE D ISTRICT NUM BER N IN E: W e present herewith statement showing condition of the Federal Reserve Bank of Min neapolis as at close of business December 30, 1922, Profit and Loss Account December 30, 1922, and various statistics as to the volume of several of our more important functions. The figures include those of our Helena Branch. The information, where possible, is furnished on a comparative basis with 1921. In the near future there will be forwarded to you by the Chairman of our Board of Directors, a more detailed report covering all of the operations for the year 1922. Our ability to handle such a large volume of work is due largely to the splendid co-operation given us by our member banks, and we take this opportunit)' to thank you for what you have done. Yours respectfully, R. A. YOUNG, Governor. S T A T E M E N T O F C O N D IT IO N , D E C E M B E R 30, 1922 RESO U RC ES Condition Dec. 30, 1922 Bills Discounted and Collateral Loans to M em bers........................................ $21,916,306.67 Municipal W a rra n ts...................................................................................................... 38,664.58 United States S ecu rities.............................................................................................. 13,071,461.00 Premium on United States Securities....................................................................... 4,827.28 Accrued Interest on United States Securities........................................................ 149,487.95 Furniture & Equipment (including vault and sa fe s)....................................... .................1.00 Bank Premises ............................................................................................................ 1,044,114.49 Expenses Paid in Advance ....................................................................................... 20,887,96 Disbursements for Treasury Department (to be reim bursed)......................... 28,346.75 Due from Federal Reserve Banks and other Banks and Bankers..................... 18,310,265.03 Due from Treasury Department............................................................................... 258,475.34 887,289.00 National Bank Notes and Notes of other Federal Reserve Batiks..................... Five Per Cent Redemption Fund for Federal Reserve Bank N otes................. 196,150.00 Our Federal Reserve Bank Notes on hand............................................................ 273,419.00 Federal Reserve Notes on hand.......................................... ........ . ........................... 3,177,335.00 Mutilated Federal Reserve Notes forwarded for redemption............................. 720,400.00 1,227,617.91 Other Lawful Money ................................................................................................... Gold Certificates and Gold C oin............................................................................... 10,957,956.29 Gold in Settlement Fund.............................................................................................. 23,498,501.58 Gold with Federal Reserve A gen t........................................................................... 46,371,920.00 T o t a l ......................................................................................................................... $142,153,426.83 Condition Dec. 31, 1921 $51,211,618.68 88,995.60 4,565,561.00 45,729.34 1.00 763,456.96 17,848.60 8,737.05 13,750,422.94 124,655.01 279,300.00 201,150.00 102,544.00 2,355,640.00 1,332,400.00 1,961,875.45 11,904,455.93 31,115,656.91 16,856,240.00 $136,686,288.47 L IA B IL IT IE S Capital Surplus Discount and Interest Unearned ........................................................................... Discount and Premium on United States B on d s................................................. Reserve for Sundry Expenses................................................................................... Reserve for Depreciation New Building................................................................. Reserve for Taxes other than Franchise T ax .................................................... Special R e se rv e .............................................................................................................. Depreciation Reserve to Offset Bonds Carried at P a r........................................ Government Deposits .................................................................................................. Cashier’s Checks ....................................................... ............................... ........... . Due to Member Banks— Reserve A ccou n t............*............................................. Due to Non-member B a n k s ....................................................................................... Due to Foreign Governments and Banks............................................................... Due to other Federal Reserve Banks and Member Banks Deferred Credits.. Federal Reserve Bank Notes O u tstan din g............................................................ Federal Reserve Notes Outstanding ....................................................................... T o t a l ......................................................................................................................... Condition Condition Dec. 30, 1922 Dec. 31, 1921 $3,534,600.00 $3,568,950.00 7,472,946.54 7,468,477.80 173,310.66 460,218.35 ........ . ......... 54,775.55 11,067.57 928.42 100,000.00 100,000.00 25,772.08 10,158.08 500,000.00 500,000.00 93,057.80 .............................. 1,050,214.54 3,477,539.71 711,571,72 99,367.19 49,309,575.67 43,524,104.65 156,072.50 157,514.01 27,000.00 216,000.00 16,355,317.75 12,248,814.71 4,322,200.00 62,632,920.00 60,477,240.00 $142,153,426.83 $136,686,288.47 PROFIT AND LOSS ACCOUNT DECEMBER 30, 1922 Gross Earnings January 1, 1922 to December 30, 1922............................................................................... Accumulated Profits from sales of Bonds owned........................................................................................... Less: $1,969,247.68 41,227.21 $2,010,474,89 Assessment for Expenses Federal Reserve B oard..............................................................$24,944.83 Cost of Federal Reserve Currency........................... ........................................................ ....70,098.77 Taxes on Federal Reserve Bank Note Circulation..............................................................14,260.35 Taxes on Bank P roperty..................................................................................................... ....29,507.81 Expended for Furniture and Equipment.................................................................................24,639.60 Bond Department E x p e n s e .................................................................................................. ....55,417.60 Operating Expenses ............................................................................................................. ....921,139.90 Excess of Earnings over Current Expenses.................................................................................................. 1,140,008.86 $870,466.03 Disposition o f Excess Earnings: Depreciation Allowances on Bank Property................................................................... Depreciation Reserve to offset bonds carried at par................... .................................. Dividends for year 1922 ........................................................................................... .......... Transferred to surplus ................................. .................................................................... Paid to Government as a Franchise T a x ......................................................................... $ 9,713.14 78,057.80 213,774.01 56,892.10 512,028.98 $870,466.03 (Figures for Minneapolis and Helena Combined) GROSS E A R N IN G S B Y M O N T H S 1922 1921 1922 January ...............................$231,886.48 $512,697.90 F e b r u a r y ............................. 184,335.59 446,411.90 March ................................. 177,334.98 423,170.48 April ................................... 156,131.34 427,274.98 May ........................... . 172,952.88 445,638.45 June ..................................... 154,585.99 423,190.52 Total Earnings 1922..............................$1,969,247.68 1921 July .....................................$157,828.56 $424,100.14 A u g u s t................................. 153,559*44 42S,657.05 September ......................... 154,306.58 400,350.82 October ................... ........... 152,724.31 400,168.94 348,948.94 November ......................... 132,398.20 December ......................... 141,203.33 306,381.74 Total Earnings 1921.............................$4,983,991.86 VOLUME OF RE-DISCOUNTS 1922 No. Pieces Re-discounted Total amount re-discounted 1922 1921 1920 South Dakota North Dakota 6,633 14,945 8,546 Minnesota 1922 13,655 1921 40,644 1920 36,268 97,457,000 $474,338,000 735,151,000 20,768,000 $67,058,000 50,331,000 11,014 24,395 12,939 Montana 14,403 19,718 13,032 27,885,000 $91,838,000 87,875,000 28,370,000 $65,498,000 53,592,000 W isconsin Michigan 1,750 3,717 2,108 478 815 382 10,353,000 $20,397,000 19,516,000 Total 47,933 104,234 73,275 8,181,000 $11,530,000 6,924,000 193.014.000 $730,659,000 953.389.000 1921 282,189 266,834 $109,689,726 1920 154,923 148,749 $125,044,297 COLLECTION OPERATIONS Number of Items Received ......................................................................... Number of Items Collected ......................................................................... Amount Collected ............................................................ ............................ 1922 327,486 313,715 $133,640,328 VOLUME OF CURRENCY HANDLED (Number of Bills) Number Received and Counted .............................................................................................. . Sent Treasurer for Redemption ..................................................................................., ............... . Paid Out by Bank ............................. .............................................................................................. Total Number Bills Handled............................................................................................................ Number of Currency Shipments to Member Banks.................................... .......................... 1922 27,018,545 11,938,997 22,959,995 61,917,537 11,020 1921 25,275,908 13,400,000 19,100,000 57,775,908 7,403 CLEARING STATISTICS Number and Amount of Items Handled During 1922 Other Districts Within District Number Clearings ................. 3,205,357 Member & Non-Member20,244,434 Paid for U. S. Govt....... 548,791 Number Amount $1,459,953,995.67 1,102,061,522.71 116,758,277.42 Total ........................... 23,998*582 $2,678,773,795.80 Amount Federal Reserve Banks 1,068,689 $263,743,384.64 Sent Direct by Member Banks .......... 1,255,917 189,122,742.62 Total ......... 2,324,606 $452,866,127.26 Daily Average number o f items handled: 1922, 83,280; 1921, 77,956; 1920, 71,015; 1919, 35,354. Twin City Clearings handled through Federal Reserve Bank in 1922, $2,404,629,516.85; in 1921, $2,397*663,683.28. W ire transfers 1922, number 28,lS0; amount $1,640,524,000; 1921, number 22,380; amount $1,298,000,000, Amount of balances settled through Gold Settlement Fund in 1922, $3,237,855,942.56; in 1921 $3,109,674,836.04. Securities Handled by Custody Department During 1922...........$433,000,000. During 1921........ ..$483,000,000 FISCAL AGENCY Treasury Certificates and Notes Sold Through This Bank 1922 1921 Total Number of Is s u e s ................................................................................................................. 13 Total Number of Subscribers .................................................................................................... 4.335 Amount Sold ................................................................................................................................... $104,883,200 Amount Redeemed ....................................................................................................................... 19.531,000 During 1922 wc handled 781 repurchases and 571 resales to t a lin g ...................................$127,186,300 18 1,779 $87,635,600 33,971,500 1922 Number Amount Number Amount of of of of Coupons, War Savings Stamps and Thrift Stamps Redeemed Coupons. War Savings Stamps and Thrift Stamps Redeemed Bonds Received for Conversion, Exchange and Redemption Bonds Received for Conversion, Exchange and Redemption ............ 3,463,050 ............$15,526,442.73 ............. 512.789 ............. 83,375,700 1921 4,703,381 $19,060,256.61 1,212,370 161,492,100 WAR FINANCE CORPORATION STATISTICS Total Total Total Total Total Total Number of Advances and Renewals made.............................................................................................. ......... 6,342 Amount of Advances made.......................................................................................................................... $57,755,000 Amount of Advances in Force December 30. 1922............................................................................... 41.858,000 Repayments .................................................................................................................................................. 15,897,000 Pieces of Collateral Received and Recorded.......................................................................................... 130,800 Amount of Collateral held December 30, 1922....................................................................................... $66,120,000 F ederal Reserv e Bank of Min n e a p o l i s NINTH D ISTR ICT O F F IC E R S D IR E C T O R S It. A . Y O l 'X G , G o v e r n o r J O H N I I . R I C H . C h a ir m a n a n d F e d e r a l R e s e r v e A s e n t W . II. G K K I t V , D e p u t y G o v e r n o r H O M E ll P . C L A U K , D e p u t y C h a ir m a n S. S. C O O K , D e p u t y ,1. C. B A S S E T T , A b e r d e e n , S o u t h D a k o t a G overn or F R A N K C. D U N L O P , C o n tr o lle r G E O R G E AY. M c C O R M I C K , M e n o m i n e e , M i c h ig a n IS. V . M O O R E , C a s h ie r F . It. B I G E L O W , S t. P a u l , M in n e s o t a G U A Y W A lt lM v V , A s s i s t a n t C a s h i e r F . 1*. I I I X O N , L a C r o s s e , W i s c o n s i n L . I '. It A S T , A s s i s t a n t C a s h ie r N . 18. I I O L T E U , H e l e n a , M o n t a n a I I . C. C O U E , A s s i s t a n t C a s h ie r W . C. M C D O W E L L , M a rio n , N o r th D a k o t a T H E O D O R E W O L D , M in n e a p o l i s , M i n n e s o t a ( I U T I S 1,. M O S H E ll, A s s is t a n t F e d e r a l It o s e r v e I I .Y U R Y F ie ld J. F . Asent YEAGER, R e p r c s e n t n t iv e G F O H G E H . P R I N C E , S t. P a u l M em b er A d v is o r y C o u n c il EBERSOLE, A s s is ta n t F e d e r a l R e s e r v e F . M. B A IL E Y M a n a g e r lla n k E x a m in a t io n D e p a r tm e n t ANDREAS UELAND, L e g a l C ounsel H e l e n a B r a n c h (H e l e n a , Mo n t a n a ) O F F IC E R S R. E . T O W L E , M anager D IR E C T O R S L . M . F O R D , G re a t F a lls , M o n ta n a I I . F . B U O W 2V, C a s h ie r R . O. K A U F M A N , H e le n a , M o n ta n a I I E« S C H U M A C H E R , A s s is t a n t C a s h ie r C H A S . J . K E L L Y , B u tte , M o n ta n a II . L . Z I M M E R M A N , A u d i t o r a n d A s s i s t a n t F ed eral R eserve A gen t A gent T H O M A S M A R L O W , H e le n a , M o n ta n a II. W . R O W L E Y , B i l l i n g s , M o n t a n a
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