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F IF T H A N N U A L R E P O R T F ed er a l Reser v e Ba n k of M in n e a p o l is Minneapolis, January 1, 1920. TO S H A R E H O LD E R S : W e are submitting herewith a statement of your bank at the close of business on December 31, 1919, including a report of the earnings for the calendar year 1919. The detailed report of all operations of the bank for the year just ended will shortly be sent to you by the Chairman of our Board of Directors. W e take this opportunity of thanking our member banks for their co-operation in all our activities. 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 31, 1919. R ESOU RCES. Bills Discounted and Collateral Loans to M embers........................... Bankers’ A ccepta n ces................................................................................ Rediscounts for other Federal Reserve Banks.................................... . United States Securities............................................................................ Accrued Interest on United States Securities...................................... . Furniture and Equipment (including vault and sa fes)....................... . Bank P rem ises............................................................................................ Expenses Paid in Advance....................................................................... Disbursements for Treasury Department (to be reim bursed).......... Due from Federal Reserve Banks and other Banks and Bankers .. National Bank Notes and Notes of other Federal Reserve Banks.. Five Per Cent Redemption Fund for Federal Reserve Bank Notes. Federal Reserve Bank Notes on hand.................................................... Federal Reserve Notes on hand............................................................. Mutilated Federal Reserve Notes forwarded for redemption........... Other Lawful M on ey................................................................................ Gold Certificates and Gold C oin............................................................. Gold held with Foreign Agencies............................................................ Gold in Settlement Fund............................................................................ Gold with Federal Reserve A gen t.......................................................... Total ............................................................................................... Condition Dec. 31,1919 $73,857,091.69 12,599,452.47 Condition Dec. 31,1918 $6,220,023.91 17,993,757.63 30,374,855.00 5,267,030.00 16,659.09 8,595,561.00 79,271.98 1.00 500,000.00 7,685.42 131,794.07 23,698,127.80 578,275.00 400,350.00 87,925.00 896,665.00 359,250.00 199,759.75 8,480,723.00 3,545,645.72 4,872,374.56 35,846,605.00 .1.00 2,878.74 162,212.34 12,826,693.73 375,135.00 236,200.00 463,454.00 1,813,495.00 340,195.00 72,855.85 13,271,960.00 233,154.97 23,774,414.92 55,868,410.00 $174,736,558.46 $169,313,386.18 Condition Dec. 31,1919 Condition Dec. 31,1918 $2,931,200.00 726.371.82 155,102.02 47,430.48 L IA B IL IT IE S . Capital .............................................................................................. Surplus .............................................................................................. Discount and Interest Unearned.................................................. Discount and Premium on United States B onds..................... Reserve for Federal Reserve Board Assessment..................... Reserve for Sundry Expenses...................................................... Reserve for Franchise T a x ........................................................... Government Deposits ................................................................... Cashier’s C h e c k s ............................................................................. Due to Member Banks— Reserve A ccoun t................................. Due to Non-member Banks........................................................... Foreign Government Credits....................................................... Due to other Federal Reserve Banks and Member Banks— Deferred Credits ..................................................................... Federal Reserve Bank Notes Outstanding................................ Federal Reserve Notes Outstanding.......................................... $3,073,950.00 3.569.000.08 408,542.58 53,610.82 16,607.37 18,813.39 14,030,411.49 8.288.000.00 88,442,605.00 6,813,753.69 4,632,000.00 98,724,410.00 Total .................................................................................. $174,736,558.46 $169,313,386.18 * 23,299.21 688.871.82 5,347,546.30 367,634.47 48,825,966.37 29,800.00 ‘ n i , 043.56 192,982.87 53,827,751.78 151,300.00 1,951,939.52 P R O F IT AN D LOSS A CC O U N T, D E C EM B ER 31, 1919. Gross Earnings, January 1, 1919, to December 31, 1919............................................................................... $3,007,040.72 Less: Assessment for expenses Federal Reserve Board............................................................. Cost of Federal Reserve Notes and Federal Reserve Bank Notes during year............ Operating E xp en ses................................................................................................................. $20,208.71 98,187.02 438,094.97 556,490.70 Excess of Earnings over Current Expenses.................................................................................................... $2,450,550.02 Less the following items charged off: Reduction of Bank Premises A ccoun t.................................................................................. $100,000.00 Reserve for Federal Reserve Board Expense..................................................................... 16,607.37 Dividends for period January 1, 1919, to December 31,1919............................................ 180,186.21 Transferred to Surplus............................................................................................................. 2,153,756.44 Total ......................................................................................................................................................... $2,450,550.02 GROSS EARNINGS BY MONTHS. 1919 1918 1919 1918 January ............................ $204,303.07 $87,961.88 February .......................... . 193,851.28 82,443.09 August ................. 216,553.48 250,147.62 224,984.96 79,780.38 September ............ .......... 241,665.85 288,150.06 April ................................. , 259,044.81 109,529.86 October ............... ......... 236,362.03 May .................................. . 240,427.63 138,007.07 November ............ .......... 299,548.88 182,225.19 229,249.42 158,682.75 D e cem b e r............. .......... 357,090.48 202,466.59 March ............................... J u n e ................................... $3,007,040.72 Total Earnings, 1919. July ....................... ....... $239,951.97 . ., $234,197.55 300,368.89 Total Earnings, 1918......................... ..$2,049,954.07 VOLUME OF RE-DISCOUNTS FOR 1919. North Minnesota South Dakota Dakota Montana W isconsin Michigan Total Number pieces re-discounted. 10,139 1,828 3,245 2,578 614 333 18,737 Total amount re-discounted.$570,359,414.15 $18,664,910.41 $45,860,050.36 $14,170,110.95 $5,557,229.75 $6,908,662.75 $661,520,378.37 Total am’t 1918 358,768,785.00 17,518,176.00 31,766,675.00 11,794,375.00 10,284,681.00 3,659,108.00 433,791,800.00 Total am’t 1917 70,234,993.00 3,060,613.00 2,357,925.00 2,815,187.00 1,204,175.00 481,822.00 80,154,715.00 CLEARING STATISTICS. Number of Items and Amount Handled During 1919. Other Districts. Within District. No. of Items Total Twin City Banks............ 1,865,012 $1,502,509,472.59 Member & Non-member 8,021,305 772,659,604.00 Paid for U. S. Govern ment ............................. 357,880 Total .............................10,244,197 66,960,348.41 No. of Items Federal Reserve Banks........502,014 Direct to Member Banks___ Total $406,445,333.71 1,446 21,433,878.75 T o t a l .................................... 503,460 $427,879,212.46 $2,342,129,425.00 Twin City Clearings through Federal Reserve Bank handled in 1919................................................... $2,899,427,833.80 FISCAL AGENCY DEPARTMENT. Treasury Certificates of Indebtedness Sold Through This Bank During 1919. Total Number of Issues.......................................................................................................................................... Total Number Subscribing.................................................................................................................................... 23 2,858 Amount S o ld ............................................................................................................................................................ $310,133,500 Federal Reserve Bank of Min n e a p o l is N IN T H D I S T R I C T O F F IC E R S R . A . Y O U N G , G o v ern o r S. S. C O O K , C a sh ie r F R A N K C. D U N L O P , A s s is t a n t C a sh ie r G R A Y W A R R E N , A s s is t a n t C a sh ie r R . E . T O W L E , A s s is t a n t C a sh ie r L . E . R A S T , A s s is t a n t C a sh ie r L . W . L O N G , A c t in g A u d ito r D IR E C T O R S J O H N H , R I C H , C h a ir m a n an d F e d e r a l R e s e r v e A g e n t W . H . L I G H T N E R , V ic e C h a ir m a n C. H . B E N E D I C T , L a k e L in d e n , M ich . F . R . B I G E L O W , S t. P a u l, M in n . L . B . H A N N A , F a rg o , N. D . F . P . H I X O N , L a C ro sse , W i s . N . B . H O L T E R , H e le n a , M o n t. W . C. M c D O W E L L , M a rio n , N . D . T H E O D O R E W O L D , M in n e a p o lis , M in n . C U R T IS L . M O S H E R , A s s is t a n t F e d e r a l R e s e r v e A g e n t M EMBER A D V IS O R Y C O U N C IL C. T . J A F F R A Y , M in n e a p o lis COUNSEL A. UELAND
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