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FIFTH ANNUAL REPORT
OF THE
FEDERAL RESERVE BANK
OF MINNEAPOLIS
FOR THE YEAR ENDED DECEMBER 31, 1919
JOHN H.
RICH
Chairman and Federal Reserve Agent
FIFTH ANNUAL REPORT
FEDERAL RESERVE BANK
OF MINNEAPOLIS
The problems confronting the Federal Eeserve Bank of Minneapolis during the year 1919 were largely those incident to the
readjustments following the close of the war. The rapid expansion of its departments and growth of its staff during the period
of the war terminated, but was followed by a considerable reorganization, and many changes and improvements in its methods
of operation. The business and agricultural conditions confronting the institution were peculiar. The year opened with a period
of decided hesitation, which lasted until after the spring planting
season. A very favorable early crop outlook was followed by
adverse conditions, which by midsummer had severely impaired
the crop prospects in the western half of the district. This was
followed in the fall by poor harvests.
Business and industry were sluggish during the early part
of the year, but gradually acquired greater momentum, and during the closing months of the year showed an activity, limited
only by the available labor supply and the ability to obtain goods
and raw materials.
The bank was able during the year to devote greater attention to the improvement of the service afforded its members, and
with the termination of the successive war loan campaigns, had
opportunity to give closer study than before to its own problems
of organization and methods. The year was marked by a substantial increase of efficiency in all departments, and the results,
from both the administrative and operating standpoints, were
very satisfactory.
RESULTS OF OPERATION
Earnings during 1919 were very satisfactory, due to a considerably increased volume of business. The rediscounts for members within the district increased from an aggregate of $433,791,800 in 1918 to a total of $661,520,378, or more than eight times
the volume of business for the year 1917. Gross earnings aggregated $3,007,040.72, from which were deducted the usual assessment for the expenses of the Federal Reserve Board, cost of
Federal Reserve Notes and Federal Reserve Bank Notes during
the year, and operating expenses aggregating $438,094.97. Under
the authority of the Federal Reserve Board the bank was permitted
to charge off against the purchase price of a site for a new building acquired late in the year, the sum of $100,000.00. A reserve
for Federal Reserve Board expense was created, and dividends
for the year, amounting to $180,186.21, were paid. The balance of
earnings, amounting to $2,153,756.44, was transferred to surplus
account, which was increased froTn $736,371.82 at the close of
business in 1918 to $3,569,000.08. The capital and surplus of the
bank at the close of business in 1918 was $3,657,571.82. The capital and surplus December 31, 1919, was $6,642,950.08.
Reference to the statement of condition at the close of the
j^ear will indicate a satisfactory increase in the "due to member
banks account'' representing reserves carried with this institution,
andxshows a reduction in the total of Federal Reserve Notes and
Federal Reserve Bank Notes outstanding, during a year of a
pronounced trend toward inflation.
The satisfactory earnings of the year are fortunate in view
of developments in the business of the bank which prompted the
Board of Directors, in addition to acquiring the building site
previously referred to, to proceed actively with arrangements for
the construction of a reserve bank building, for which preliminary
plans are now being drawn. These developments also made it
necessary to authorize the establishment of a Montana branch,
which will be located at Helena, and which will be opened during 1920. This involves the purchase of property, and the reconstruction of a building to provide a permanent home for the
branch, and the building of satisfactory vaults.
BUSINESS AND BANKING CONDITIONS DURING 1919
Business was slow during the first three months of the year.
No improvement of consequence occurred until after the annual
crop planting period. The acreages of the new crop were satisfactory, and conditions during the early growing season were favorable. In June, the adverse effects of the dry weather began to
appear in the western half of North Dakota and in Montana,
followed by serious damage to North Dakota crops by grasshop-
pers. Montana suffered from an almost total lack of rain during
the growing season, and the crops were a failure, followed byvery poor range conditions, which in the fall necessitated large
shipments of stock out of the state on account of a shortage of
feed. Much the same conditions existed in western North Dakota,
which also sent out a considerable amount of live stock. Early
winter weather conditions throughout the entire western half
of the district were unusually severe. There were unseasonable
low temperatures and heavy falls of snow, which continued until
after the middle of December, causing losses to stock and seriously interfering with transportation. Weather conditions, plus
the delayed movement of coal due to a strike of coal handlers at
Duluth and Superior, and the nationwide coal strike, compelled
the railroads, at the termination of the labor troubles, to devote
practically their entire attention to the distribution of coal to
inland points. This created a serious car shortage and interfered
with the movement of grain, farm prodiiee and commodities. During the last quarter of the year, the transportation situation was
such as to prevent the annual seasonal liquidation, which at the
close of the year was three months delayed. As a consequence,
commercial banks and the Federal Reserve Bank were subjected
to severe strain, due to the unusual financing requirements.
The sluggish business conditions during the early part of the
year entirely disappeared by mid-summer, and gave way to a
large volume of retail business, accompanied by a period of land
speculation and extravagance which had not subsided at the close
of the year, although there were some signs of a reaction during
the closing month of that period. These conditions were met by
fractional advances in interest rates at the Federal Reserve Bank
and at commercial banks.
The increase in the volume of merchandising business was
accompanied by a rapid restoration of activity in industrial lines.
Plants that had been engaged in the output of war materials
quickly converted to a peace production basis with steadily
increasing orders, which before the end of the year gave them a
volume of business limited only by their ability to accept new
orders.
The problem of the return of large numbers of men from
military service, which it was believed earlier in the year might
create a surplus of labor, was readily solved by the rapid increase
in business and industrial activities. No conditions of unem-
ployment resulted. Returning men were quickly absorbed by the
farms and factories, and during the last half of the year labor
was in keen demand with a very short supply.
The discount policy of the bank remained unaltered, and the
existing rate schedules were not revised until delayed liquidation
necessitated a change in early November, except that the rate
on member banks' fifteen day collateral notes secured by War
Finance Corporation bonds was established at 5 ^ per cent on
April 4th. On November 7th, fifteen day rate on member banks'
collateral notes secured by Government obligations, was advanced
2
/4 of 1 per cent, and on December 13th, a second advance
of !/4 of 1 per cent on the same classification occurred, coupled
with the same fractional advance upon commercial paper, agricultural and live stock paper maturing within fifteen days.
The volume of paper discounted for members showed some
small increase in March, and ran up rapidly in April and May,
due to crop planting operations and agricultural activity. During the mid-summer months of June, July and August, bills discounted fell off, advancing rapidly in September, and reaching
the high point in October, from which there was a slight recession
during November, but an advance during December, which again
carried the total close to the October high point.
The service afforded by the rediscount facilities of the bank
was extended to 475 member institutions during the year, and
covered 18,737 separate items, aggregating $661,520,378.37 as
against $433,791,800.07 during the previous year.
The importance assumed by collateral loans secured by eligible paper or Government obligations during 1918 became much
more pronounced, this form of paper during 1919 aggregating
$539,192,550, out of the total rediscounted for members. This
may be accounted for in large part by the war loans prior to
1919, and the Victory Loan coming just before the mid-year.
The close inter-relations of the Federal Reserve Banks is well
illustrated by the sharp rise in rediscounts for other Federal
Reserve Banks during the year, the amount of accommodation
thus extended aggregating $428,613,000 as against $73,551,455
during the previous year.
TRADE ACCEPTANCES
Trade acceptances were discounted in varying amounts during each month of the year, but the volume fluctuated consider-
ably. The rise and fall is a very uncertain guide as to the
progress made in establishing the common use of this form of
paper. The rediscount of acceptances was largely a matter of
judgment and convenience on the part of rediscounting member
banks. The total discounted during the year amounted to $565,114, but can hardly be accepted as an accurate indication of the
usefulness of acceptance in the field of business, or the progress
they have made toward general adoption. The subject is one
which has had active attention by credit men and business
executives in many lines of trade, and evidence reaching this
bank indicates that the advantages of the trade acceptance form
of settlement are better known than they were a year ago, and
that progress is being made, although slowly, due to the difficulty
of changing well established trade customs and of altering
methods that have become thoroughly established because of
many years of use.
DOMESTIC AND FOREIGN ACCEPTANCES
Until toward the close of the year, the bank maintained its
participation in open market purchases of both domestic and
foreign acceptances, acquiring a total amount of $128,642,067.57,
of which $46,204,255.13 were acceptances based on domestic transactions. In late November, due to delay in liquidation in the district, the bank withdrew from the market and allowed the amount
of acceptances to run down to moderate figures at the close of
the year.
GOLD POSITION OF THE BANK
The usefulness of the Gold Settlement Fund was never better
demonstrated than during 1919. The aggregate payments to other
Federal Reserve Banks in the daily settlement aggregate $1,320,379,539, and payments to this bank aggregated $1,599,348,281. Due to the demand during the last quarter of the year,
and the fact that at the close of the period the rediscounts for
member banks were still very heavy, there was a net reduction
in the combined gold holdings of the bank and the Federal
Reserve Agent of approximately $41,000,000, the reduction in both
cases being due to adverse balances in the Gold Settlement Fund.
The holdings of the Federal Reserve Agent of gold coin and gold
certificates remained unchanged throughout the year. The foreign gold account of the bank increased $3,312,000.
The reduction in gold holdings is of a temporary nature and
the figures will change with the liquidation of the rediscounts
held at the close of the year.
The reserve i>osition of the bank was strong during the
greater part of the year. The ratio of reserves to net deposit
and Federal Reserve Note liabilities fell during the last quarter
in consequence of the heavy demand of members, but the reduction was not sufficient to cause the discount of rediscounted paper
with other Federal Reserve Banks. The bank closed the year
without borrowing from other Federal reserve institutions.
MEMBERSHIP
The membership of the Federal Reserve Bank of Minneapolis
consisted at the beginning of the year of 866 banks. During the
period 21 new national banks were chartered, acquiring membership upon organization. Eighteen additional state banks acquired
membership by application to the Federal Reserve Board and 19
state banks acquired membership by conversion into national
banks, a total gain of 58 members. Several member banks were
succeeded by new institutions, absorbed by existing banks or
consolidated with existing banks during the year. The loss from
these eases included nine banks. There was a net gain, therefore, of 49 members during the year, and membership upon December 31st, 1919, consisted of 915 banks.
Since the date of organization, the Federal Reserve Bank of
Minneapolis has acquired 86 state banks as members, while 98
additional state institutions have acquired membership by conversion, or a total of 184 state institutions which have taken membership. There were in the hands of the Federal Reserve Board
at the close of 1919 a number of state bank membership applications upon which final action had not been taken, while there
were in the hands of the bank additional applications in process
of completion.
The movement of state banks into membership has been satisfactory, and inquiry among those which are now members indicates that they fully appreciate the advantages afforded by affiliation with the Federal Reserve System. They have found no
disadvantages of consequence and are wrarm supporters of the
Federal Reserve System and firm believers in its value to state
as well as national institutions.
8
The volume of inquiry and correspondence from state banks
interested in affiliating with the Federal Reserve System reached
such proportions during the closing months of the year as to
necessitate especial attention. Early in December, Mr. Harry
Yaeger, Vice-President of the Great Falls National Bank, Great
Falls, Montana, and Secretary of the Montana Bankers Associaxion, was called to Minneapolis, and appointed as Field Representative of the Federal Reserve Bank. Shortly thereafter, he
entered upon his active work as representative of this institution,
reporting to the Chairman of the Board of Directors.
RELATIONS WITH MEMBER AND NON-MEMBER BANKS
Until after the mid-year period, the activities of the bank in
connection with government financing over-shadowed all other
operations and were given precedence in accord with their importance. With a reduced burden of war work, the Federal Reserve
Bank had an improved opportunity during the latter half
of the year to study in detail its relation with its members and
work out further methods of improving its service, eliminating
possibilities of friction and further cementing its co-operative
relationship.
Relations during the period of the war alone with all nonmember banks in the district were particularly satisfactory. The
state institutions worked in closest co-operation with the Federal
Reserve Bank and contributed greatly to the efficiency with which
the Government financing that followed in this district was
handled. The bank had the advantage throughout the year of
close and friendly relations with various state banking departments, and their active assistance in encouraging the movement
of non-member banks into membership.
The check collection system showed a steady gain in importance throughout the year, and the volume of operations was substantially increased as compared with 1918.
FIDUCIARY POWERS
National bank members have shown much interest in the
authority granted to the Federal Reserve Board under Section
11-K of the Federal Reserve Act to authorize the exercise of trust
powers subject to certain limitations. In Michigan, the Federal
Reserve Board has found it possible to extend these powers to
approved banks in cities of 100,000 population having $150,000
9
capital or more, and in larger cities, to banks having a capital of
$300,000 or more. In Wisconsin, banks in cities with less than
100,000 population, having $50,000 capital, are eligible, while in
cities with more than 100,000 population, the minimum capital
requirement is $100,000. In Minnesota, $50,000 capital is required
in cities of less than 25,000 population, while in cities of from
25,000 to 100,000 population, a capital of $75,000 is required. In
cities of more than 100,000 and less than 200,000 population, the
capital requirement is $100,000, while in cities with more than
200,000 population, $200,000 is the capital required. In South
Dakota, the capital required in cities with less than 5,000 population is $50,000, while in cities with more than 5,000 population,
$100,000 capital is required. The requirement in North Dakota is
$100,000 capital irrespective of population. The law in Montana
is the same.
These limitations have somewhat restricted the number of
banks privileged to make application to the Federal Reserve
Board, but permit many active and well managed institutions to
considerably broaden their functions. Applications received and
approved by the Federal Reserve Board during 1919 include the
following:
First National Bank
Albert Lea, Minnesota
Ashland National Bank
Ashland, Wisconsin
First National Bank
Austin, Minnesota
Austin National Bank
Austin, Minnesota
First National Bank
Bemidji, Minnesota
Montana National Bank
Billings, Montana
Merchants National Bank... .Crookston, Minnesota
City National Bank
Duluth, Minnesota
American Exchange Nat'l Bank. .Duluth, Minnesota
Fergus Falls Nat '1 Bank.. . Fergus Falls, Minnesota
First National Bank... .Grand Forks, North Dakota
Great Falls National Bank... Great Falls, Montana
First National Bank
Kalispell, Montana
First National Bank
Miles City, Montana
Metropolitan National Bank.Minneapolis, Minnesota
Midland National Bank.... Minneapolis, Minnesota
Northwestern Nat'l Bank..Minneapolis, Minnesota
Western Montana National Bank.Missoula, Montana
First National Bank
Owatonna, Minnesota
First National Bank
Rapid City, South Dakota
10
National Farmers' Bank
Owatonna, Minnesota
Goodhue County Nat'l Bank. .Red Wing, Minnesota
First National Bank
St. Peter, Minnesota
Security National Bank. .Sioux Falls, South Dakota
Sioux Falls Nat'l Bank. .Sioux Falls, South Dakota
First National Bank
Stillwater, Minnesota
First National Bank
Superior, Wisconsin
First National Bank
Watertown, South Dakota
Farmers' National Bank
Waseca, Minnesota
First National Bank
Wells, Minnesota
Winona National Bank
Winona, Minnesota
AUTHORIZATION TO ACCEPT TO 100%
During 1919, the following banks were authorized by the
Federal Reserve Board to accept up to 100 percent:
Northwestern Nat'l Bank.. .Minneapolis, Minnesota
First and Security Nat '1 Bk. Minneapolis, Minnesota
FISCAL AGENCY OPERATIONS
The usefulness of investments in United States Certificates
of Indebtedness, which had a practical demonstration to the banks
in the district during the previous year, assisted the bank in
handling the allotment during 1919 of twenty-three issues. These
were widely distributed through the district to both member and
non-member banks. The aggregate allotment to all groups
amounted to $310,133,500 as compared with $285,379,500 comprising twenty-one issues during 1918. The distribution of the
1919 allotment is well illustrated by the fact that there were
14,335 subscriptions under allotments of $25,000 and less, aggregating $114,868,500, in which the smaller banks at very numerous
points were well represented.
VICTORY LOAN
With the Fifth or Victory Loan the series of great war
loans was brought to an end. The quota for the Ninth Federal
Reserve District was set at $157,500,000, and was again heavily
oversubscribed, the total subscription reaching $172,226,750,
apportioned among 846,953 different subscribers.
The closing campaign was handled by the same organization
that had successfully conducted the previous campaigns, under
the direction of the Federal Reserve Bank. In noting the close
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of this period of heavy government financing, it is worth while to
record that in the first war loan, the Ninth Federal Reserve District subscribed $75,926,250, in the second loan, $132,942,350, in
the third loan, $180,920,450, and in the fourth, $242,046,050,
aggregating, including the Victory Loan, $804,061,850.
The floatation of such a volume of Government securities is
an accomplishment which prior to the war loans the keenest
financial minds in this district would not have thought possible.
Prior to the war, the Ninth District was in no important sense an
investing district. The number of individuals customarily turning to bonds and securities for investment purposes was small,
and the common and best known form of investment was the farm
mortgage. To create in a new and untried field an investing
public, capable of absorbing such a volume of Government securities as is represented by the subscriptions in the five campaigns,
was a very notable achievement, reflecting alike very great credit
upon the rank and file of the people, who irrespective of class,
occupation or means, unhesitatingly responded, and upon the
thoroughly organized and efficient war loan organization upon
which, under the supervision of the Federal Reserve Bank, fell a
very heavy burden of detail work. These figures do not include
the large sums invested in War Savings Certificates and Thrift
Stamps, the sale of which was successfully prosecuted during the
war, and continued during 1919, or the very heavy subscriptions
of banks and individuals to the successive issues of United States
Treasury Certificates.
CHECK CLEARING AND COLLECTION
The volume of business handled by the Transit Department
has shown a steady and substantial increase during the past year.
At the beginning of the year, the average daily number of items
handled was about 28,000, while at the end of the year the average number of items handled each day was approximately 48,000.
This is in addition to the items exchanged through the Twin City
Clearing House for the Minneapolis and St. Paul banks.
The greatest number of items handled by the Transit Department on a single day was on December 15th, when 68,480 checks
passed through the work.
At the beginning of the year, there were 2,035 banks on the
par list out of a total of 3,713 banks in the district. On December 31st, there were 3.825 banks in the Ninth Federal Reserve
12
District, and the names of 2,800 of these appeared upon the par
list. Of the latter number 915 were member banks and 1,879
were non-member banks. Many of these banks were added to the
par list as a result of several vigorous campaigns and special
correspondence. In accordance with an announcement recently
made that all banking institutions in Montana, North Dakota, and
Michigan (that part in the Ninth Federal Reserve District) not
on the par list would be added to it on January 1st, 1920, nearly
400 banks were added to the par list.
In view of the increased number of items drawn on banks in
other Federal Reserve Districts which were deposited by some of
the larger member banks, and to facilitate the prompt handling
of such items, several of these banks were granted the privilege
of routing items of this nature directly to several of the other
Federal Reserve Banks for credit with us.
After careful consideration, and feeling that the remittance
plan was a fairer method of handling remittance letters to member banks, this plan was placed in effect on December 1st. In
doing so, it was also found possible to reorganize to a considerable
extent the work of the Transit Department, greatly simplifying it.
The Twin City Clearing House (Minneapolis and St. Paul
banks) through which all of the banks in one city can promptly
and expeditiously collect checks drawn on banks in the other city,
showed a substantial gain in the amounts handled. The clearings
for 1919 exceeded those of the previous year by nearly $600,000,000 and were more than double those of 1917.
The volume of business handled through the Transit department in 1919 aggregated $2,770,008,637.46, represented by 10,747,657 items, both figures showing very large increases as compared
with the previous year.
NOTE ISSUES
The quiet conditions that prevailed during early summer
accounts to some extent for the lessened volume of Federal
Reserve Notes issued by the Federal Reserve Bank of Minneapolis
during the year. There was received from the Comptroller of the
Currency in Washington new Federal Reserve Notes amounting to
$27,600,000, in addition to which there was returned by the bank
to the Federal Reserve Agent fit for use notes aggregating
$13,500,000, or a total of notes received during the year of
$41,100,000. New Federal Reserve Notes issued to the bank in
13
response to the various demands of the year aggregated $29,550,000, in addition to which the bank received from the Federal
Reserve Agent $10,440,000 of fit for use notes. The total issue of
$39,990,000 was less than the issue of 1918 by $17,150,000.
At the close of business for 1919, there was a reduction in the
outstanding Federal Reserve Notes of $10,300,000, and an increase
of $3,700,000 in Federal Reserve Bank Notes, the issue of which
in this district has been confined to denominations of one, two and
five dollars, and the increase of which was largely brought about
by the retirement of silver certificates. The net reduction in circulation of $6,600,000 is, it is believed by the officers of this bank,
indicative of progress in the right direction. They believe that the
actual reduction in circulation in the Ninth Federal Reserve
District is greater than this figure indicates. There were substantial shipments of currency from the larger centers to eastern
banks or the Treasury Department, further reducing the currency
in circulation. There is also evidence that as currency went out
from the district, other currency appeared in circulation that
during the war period was in hiding, but it is probable that the
amount of money returned to circulation was not equivalent to
that withdrawn.
There was quite a variation during 1919 in the denomination
of notes issued. The proportion of Federal Reserve Notes of
$5.00 denomination during 1918 to the total issued was 20.5 percent. During 1919, this figure increased to 36.2 percent. The
proportion of Federal Reserve Notes of $10.00 denomination issued
during 1918 to the total issued was 43 percent, but in 1919, the
figure fell to 29.5 percent. Federal Reserve Notes of $20.00
denomination in 1918 represented 32.5 percent, but in 1919, represented 29.7 percent. There was also a reduction in the proportion
of Federal Reserve Notes in denomination of $50.00 and $100.00
issued during 1919. Federal Reserve Notes in $500.00 and
$1,000.00 denominations were available during 1919, and were
issued in rather limited volume.
The total amount of notes received by the Federal Reserve
Agent from the Comptroller since the organization of the bank
represented at the close of business in 1919, a total of $152,080,000
There were returned to the Comptroller for destruction during
the same period $56,077,395. Federal Reserve Notes outstanding
on December 31st, 1919, amounted to $88,442,605, with unissued
notes to the amount of $7,560,000 in the hands of the Federal
14
Reserve Agent. There was outstanding of Federal Reserve Bank
Notes on December 31st, 1919, a total of $8,288,000 in denominations of one, two and five dollars.
There was an active interchange of notes with other Federal
Reserve Banks during the year, due to the provision of law
requiring each Federal Reserve Bank to segregate and immediately return to the bank of issue all Federal Reserve Notes issued
by another Federal Reserve Bank. The receipts of notes from
other banks under this provision of law amounted to $39,606,635
in 1919, and there were returned to other Federal Reserve Banks
$29,703,500. The Federal Reserve Bank of Chicago being the
nearest of other Federal Reserve Banks forwarded and received
larger amounts than any of the other institutions. Notes issued
by the Federal Reserve Bank of Minneapolis and returned by the
Federal Reserve Bank of Chicago aggregated $18,446,500, while
notes returned to the Chicago institution by the Federal Reserve
Bank of Minneapolis amounted to $15,714,000. The amounts
received from and returned to the Federal Reserve Bank of New
York, the Federal Reserve Bank of Kansas City, and the Federal
Reserve Bank of San Francisco were substantial.
The withdrawal and return of silver certificates to the Treasurer of the United States July 1st, 1918, to December 31st, 1919,
aggregated $2,274,000.
An interesting feature of the note operations during the year
is the fact that there was a difference of only about $3,200,000
in the total amount of Federal Reserve Notes issued by the Federal Reserve Agent to the Federal Reserve Bank of Minneapolis
and used and mutilated notes of this bank destroyed at "Washington as unfit for further use, the destroyed being slightly less than
the issue, and amounting during the year to $36,771,805.
DEPOSITS OP TREASURY FUNDS WITH BANKS
There was some increase in the year in the number of depository banks in the Ninth Federal Reserve District. The account
with the Treasurer of the United States showed aggregate deposits
of $1,053,859,390.43 and withdrawals of $1,058,537,674.75. The
balance of account at the end of December was $513,187.11 or a
considerable reduction as compared with the average end of the
month balances during the year. The experience of the previous
year was of value in conducting this branch of the bank's operations, and transactions with depository banks were handled
smoothly and efficiently.
15
BANK EXAMINATION DEPARTMENT
Upon March 1st, there was established in the department of
the Federal Reserve Agent a bank examination division, of which
Mr. 0. A. Carlson was appointed manager. This division was
charged with the duty of conducting examinations of state banks
that have acquired membership and of handling such special
examinations as may be required by the Federal Reserve Bank
from time to time.
From March 1st to December 31st, this department conducted
53 examinations, 50 of which were made jointly with the representatives of the different state departments. The banks examined
represented total assets of $66,235,000, located in the states of
Michigan, Minnesota, Montana, North Dakota, South Dakota and
Wisconsin. In addition to examination work, 18 banks were
interviewed with regard to membership, and the Manager of the
department devoted considerable time to other activities in the
interest of the bank. The system of records developed by the
department during the year shows an analysis of the reports of
examination of state member banks and also of national banks
placed upon the special list.
The activities of the department involved travel during the
year aggregating 25,673 miles.
BOND AND COUPON DEPARTMENT
The transactions of the Bond and Coupon Department were
naturally small during 1917, and reached no very great volume
during 1918. In 1919, however, the number of separate coupons
handled increased to 5,192,950 representing a value of $14,396,271.81. The aggregate number of coupons handled to the end
of the year, including 1917 and 1918, was 6,907,636 and the value
$18,853,830.46.
RESULTS OF WAR FINANCING
Deferred payments made during the early part of 1919 on
previous subscriptions to the Fourth Liberty Loan were met in
full in an amount aggregating $45,011,924.13. The Victory Loan
following immediately thereafter, and the successive issues of
Treasury Certificates, the number of which was increased by two
as compared with 1918, carried war financing in its various forms
well through the year. This unavoidably increased the obligations of all commercial banks during the greater part of the year,
and constituted an element, which taken in connection with
increased business and industrial activity, the very much higher
16
costs incident to agricultural production, and the wave of extravagance and careless spending, which was especially noticeable
during the latter part of the year, created peculiar burdens, and
produced an unusual strain upon credit.
The district held at the close of the year grain, farm products
and commodities obviously sufficient to liquidate its obligations,
but when confronted by serious transportation conditions, found
great difficulty in moving the commodities to the markets and
realizing upon them. During the last quarter, it was found
necessary to warn the public against extravagance because of the
necessity of relieving the burden upon credit. Efforts were made
to assist a return to normal through the encouragement of
economy, thrift and increased production of goods. No new
financing of any consequence was noticeable during the early part
of the year, and only in a comparatively limited amount during
the latter part of 1919. At the end of the year, the district was
far short of its normal volume of construction, this situation being
especially apparent at the larger centers, where housing conditions have become acute. There is every indication of a large
volume of activities ahead, whenever the labor and material
markets show a satisfactory condition.
RESTORATION OF LIQUIDITY
The banks of the district have avoided large holdings of long
time obligations on their own account, although they participated
freely in the various certificate issues. The amount of Liberty
Bonds and Victory Notes taken on through failure of subscribers
to complete deferred payments, was insignificant as compared
with the total. At the end of the year, commercial banks were
not holders of Government obligations to any large extent. There
was a notitceable liquidation of Liberty Bonds and Victory Notes
during the last quarter of the year, the volume of securities sold
reaching substantial proportions, giving evidence that to some
extent, and very possibly to a serious extent, the wave of free
spending has impaired the savings that were represented by the
bond investments of the people, during the five war loan campaigns.
Liquidation should have occurred in the Ninth Federal
Reserve District beginning in September. The delay of more than
three months which had occurred at the end of the year resulted
in keen pressure but gave no evidence of creating a situation of
17
more than temporary seriousness. It was noticeable that while
the seasonal liquidation might not proceed at as rapid a rate as
during 1918, that it would be thorough and complete, with more
favorable weather and transportation conditions.
There were, therefore, no elements to cause apprehension as
to the business or financial outlook. Moisture conditions in the
western half of the district, which have been previously referred
to, gave some encouragement to look forward to more than a
satisfactory year from the standpoint of farm production.
In endeavoring to curb the drift toward extravagance and to
exercise such reasonable corrective influences as it is plainly
obligated to do under the law and the regulations of the Federal
Reserve Board, the Federal Reserve Bank, through fractional
advances in its discount rates, sought to further these purposes
and stood prepared to make further advances should occasion
demand.
A noticeable development of the year was the largely
increased use of Government securities by member banks as collateral for short time notes.
RETIREMENT OF GOVERNOR THEODORE WOLD
It was with great regret that the Board of Directors of the
Federal Reserve Bank of Minneapolis accepted the resignation of
Theodore Wold as Governor, effective October 1st, after a period
of service extending from the founding of this institution to that
date. Governor "Wold came to the Federal Reserve Bank of Minneapolis at a time when its success was entirely in the future,
when it was confronted with many difficult problems of organization, the formulation of working plans and methods, and the creation of sound and satisfactory policies. He was able to see it
grow into a strong institution and an active and important influence in the financial activities of an area embracing in whole or
in part six different states. His devotion to the Federal Reserve
Bank, his aggressiveness, and his ability, contributed much to
the progress of the institution during its formative period, and
during the stress of war. Governor Wold retired to resume connection with commercial banking in Minneapolis similar to that
prior to his appointment as the first Governor of this institution.
After his retirement, which followed the resignation of Mr. E. W.
Decker as director, he was nominated and elected as director of
18
Class A for a three-year term beginning with the close of the
year. Following his election, Mr. Wold was asked to replace Mr.
Decker on the Executive Committee, from which place the latter
retired in consequence of his resignation as director.
CHANGES DURING THE YEAR
Coincident with the selection of Mr. Theodore "Wold as Class
A director, the banks of Group 1 in the annual fall election
re-elected Mr. F. R. Bigelow of Saint Paul as Director of Class
B for a three-year term beginning at the close of the year.
After careful consideration, the Board of Directors selected
Mr. R. A. Young, who had served efficiently and with marked
success as Deputy Governor of this institution, to succeed Mr.
Wold, as Governor, effective October 1st. Mr. Curtis L. Mosher
was elected Secretary of the Board of Directors to succeed Mr.
Young.
Mr. John W. Blaek of Houghton, Michigan, who had served
as Class C Director since the founding of the bank, resigned in
August in consequence of a change of residence, and was succeeded by Mr. C. H. Benedict of Lake Linden, Michigan, who was
appointed by the Federal Reserve Board for the unexpired term.
Mr. Benedict was re-appointed by the Federal Reserve Board
prior to the close of the year to serve a full term beginning January 1st.
During the latter part of December, the Federal Reserve
Board announced the appointment of Mr. John H. Rich as Chairman and Federal Reserve Agent for the year 1920, the redesignation of Mr. William H. Lightner of Saint Paul as Deputy Chairman, and the redesignation of Mr. Curtis L. Mosher as Assistant
Federal Reserve Agent.
In anticipation of the early opening of the Montana branch
of the Federal Reserve Bank at Helena, for which provision was
made by the Board of Directors in November, and approved by
the Federal Reserve Board, Mr. O. A. Carlson, Manager of the
Bank Examination Department, in the office of the Federal
Reserve Agent, was elected manager of the new Montana branch.
In view of the probability that a period of six months would be
required before the branch could be opened, the Board approved
no further appointments, and the selection of other officers and
staff for the branch was deferred.
19
FEDERAL RESERVE CLUB
The sharp increase in the various departments of the bank
during 1918 was followed by a more moderate rate of increase in
1919. The organization consisted of 264 officers and employees at
the beginning of the year, and embraced 280 officers and
employees at the close of the period. In addition to the various
problems of accommodation, and the proper handling of the work,
which again necessitated during 1919, the acquisition of additional
space, it became apparent to the officers and department heads
that the working forces had grown to a point where some method
of providing for better contact and acquaintanceship was desirable. Upon the initiative of the employees, the Federal Reserve
Club was formed in March. During the fall months it conducted
valuable educational work, involving the study and discussion of
the functions and activities of the Federal Reserve Bank and the
study of the detail work of the various departments. This was
supplemented by social activities, valuable and beneficial to the
officers and employees alike, creating better acquaintance
between the employees of the different departments and augmenting the common interest and fellowship.
Upon recommendation of the Federal Reserve Club, and
endorsed by the officers of the bank, the Board of Directors in
November authorized the refunding of the cost of the Alexander
Hamilton Institute correspondence course in Modern Business to
employees, approved by the officers, who complete their studies
with passing marks. Earlier in the year, the Directors recognized
the educational value of the Club's activities by making an appropriation in support of its work, which is supplemented by its own
funds derived from memberships.
CONCLUDING REMARKS
The spirit of co-operation which has animated all the departments during the year is recognized and cannot be too strongly
commended. While the bank has grown in usefulness and in
efficiency with respect to its relations with its members, it has
also grown in efficiency in the handling and expediting of its
own intricate business. The departments have functioned well
and have operated to the satisfaction of the officers and directors.
The spirit which prevails in the bank is Recognized by its officers
and is considered by them as being a substantial guarantee of its
future success.
20
Schedule No. 1
Rediscount Operations, 1919
Month
Number
of Banks
Served
Number
of Items
Received
168
128
142
180
235
754
478
467
846
1612
1114
May
270
794
1378
3273
2969
4235
$17,317,075.05
12,489,980.49
20,981,094.75
72,958,544.85
81,152,464.71
37,861,863.64
28,553,476.07
38,192,797.68
66,850,994.84
100.613,170.99
88,805,613.35
95,743,301.95
475
18737
$661,520,378.37
212
151
July
817
163
164
224
280
October
December. . . .
Total .
Total
Rediscounted
by Months
Collateral Loans, 1919
Month
Amount
January.
February
March. .
April....
May....
June....
July...
$16,521,340
11,991,700
20,693,700
72.047,950
77.350,800
36,643,125
26,323,275
Month
Amount
August....
September.
October. . .
November.
December.
$37,288,203
54,165,800
73,551,148
62.391.415
50,224,094
Total
$539,192,550
Schedule No. 2
Volume of Rediscounts, 1919
Minnesota
North Dakota South Dakota
Montana
Wisconsin
Michigan
Number of
Pieces
Rediscounted ..
10,139
333
1.828
3,245
2,578
Total
Amount
Rediscounted .. $570,419,991.15 $18,411,910.41 $45,963,050.36 $14,259,534.95 $5,557,229.75 $6,908,662.75
Grand Total Number of Pieces Rediscounted.
Grand Total Amount Rediscounted
18,737
$661,520,378.37
21
Schedule No. 3
Changes In Discount Rates
?1
3 n)
Trade
Acceptances
1919
Jan. 1 . . . .
April 4.. .
15
Days
30
Days
60
Days
90
Days
Over
90
Days
15
Days
Days
Notes Secured
by L. L. B. and
Victory Notes
15
Days Days
60
Days
Days
Notes Secured
by War Finance
Corp. Bonds
15
Days
60
Days
90
Days
Notes Secured
by Treas. C. I.
Discounted at
Interest Rates
15
60
Days Days
JJS5M
So*
Days
U
15-°
15
Days Days
PerCt. PerCt. PerCt. PerCt PerCt. PerCt. PerCt. PerCt PerCt. PerCt. PerCt PerCt PerCt. PerCt PerCt. PerCt. PerCt. PerCt. PerCt. PerCt. PerCt.
4
4
5
4
4
4
5
4
4
4H
Nov. 7 . . .
Dec. 13. .
4%
5
5
Schedule No. 4
Trade Acceptances Discounted, 1919
Amount
Month
$ 6,107
9,631
18,376
29,097
13,255
10,796
7,500
JanuaryFebruary
March..
April
May....
June... .
July....
Amount
August
September.
October...
November.
December.
$ 6,772
99,953
134,066
78,422
151,139
Total
$565,114
Domestic Acceptances Bought, 1919
Month
Amount
Month
59,427,021.54
6,522,434.20
5,534,607.66
2,480,570.44
1,155,747.55
4,160,284.37
2,926,977.28
January.
February
March...
April....
May
June
July
Amount
August
September.
October
November.
December.
$2,679,131.88
4,412,927.34
3,753,708.76
2,913,430.31
237,413.80
Total
$46,204,255.13
Schedule No. 5
Total Amount Acceptances Purchased, 1919
Month
Amount
January
February
March
April
May
June
July
Amount
Month
$16,156,145.59
14,601,970.46
16,653,457.57
5,386,624.72
4,596,779.74
16,604,013.28
10,776,666.52
August
September
October
November
December
$ 7,642,665.00
12,698,615.40
11,327,225.65
10,649,919.00
1,547,984.64
Total
$128,642,067.57
Rediscounts for Other Federal Reserve Banks, 1919
Bank
Federal Reserve
Federal Reserve
Federal Reserve
Federal Reserve
,
Bank of Richmond
Bank of Philadelphia
Bank of Dallas
Bank of Atlanta
Total
Amount
$361,100,000
37,013,000
23,000,000
7,500,000
$428,613,000
Schedule No. 6
Investment Operations by Months
U. S. Securities
1919
Bills DisBills
counted for Bought, Open 4%%
Market
Members
Victory
Notes
January
$17,317,075 $10,457,484
February
12,489,980
4,563,902
March
20,981,095
12.462,554
April
72,958,545
5,386,625
May
81,152,465
4,596,780
June
37,861,864
16,604,013
July
28,553,476
10.776,667
August
38, f92,798.
7,642.665
September.. ..
66,850,995
12,698,615
October
100,613,171
11.327,226
November. . ..
88,805,613
10,649,919
December. . . . 95,743,302
1,547,985
Total, 1919. $661,520,379 $108,714,435
$12,050
261,800
50,000
Certificates
of Indebtedness
Total
U. S. Investments
Total Investments Operations, Month
$ 8,989,500
994,000
24,370,000
2,450,500
878,000
800,500
718,000
2,690,000
53,393,000
883,500
176,000
5,548,500
$ 8,989,500
994,000
24,370,000
2,450,500
890,050
1,062,300
768,000
2,690,000
53,393,000
883.500
176,000
5,548,500
$36,764,059
18,047,882
57,813,649
80,795,670
86,639,295
55,528,177
40,098,143
48,525,463
132,942,610
112,823,897
99,631,532
102,839.787
$323,850 $101,891,500 $102,215,350 $872,450,164
23
Schedule No. 7
Average Amount of Collateral Held During 1919
Collateral
to Government
Deposits
Month
$61,357,000
77,568,000
78,936,000
71,165,000
63,463,000
41,108,000
38,090,000
49,118,000
43.349,000
36.013,000
29,070,000
29,530,000
January
February
March
April
May
June
July
August
September
October
November
December
Collateral
to
Discounts
$ 6,331,000
6,208,000
13,988,000
28,513,000
31,634,000
11,940,000
8,976,000
17,846,000
26,850.000
34,256,000
31,206,000
23,125,000
Collateral
for Safe
Keeping
$ 4,042,000
5,855,000
7.483.000
11,035,000
9.172,000
8,459,000
9,535,000
6,565,000
6,624,000
7,423,000
12,645,000
14,254,000
Total
$71,730,000
89.631,000
100,407.000
110.713,000
104.269,000
61,507,000
56,601,000
73,529,000
76,823,000
77,692,000
72,921,000
66,909,000
Schedule No. 8
Average Holdings of Earning Assets, 1919
Bills
Discounted
Average, 1919
Average, 1918
....
$41,759,000
33,464,000
Acceptances
$20,682,000
4,851,000
U. S. Bonds and
Treasury Notes
$8,678,000
3,814,000
Total
$71,119,000
42,129.000
Average Rate of Earning Assets, 1919.
Bills Discounted
for Members and
Fed. Res. Banks
Average, 1919
Average, 1918
4.38 per cent
4.63 per cent
Acceptances
4.27 per cent
4.36 per cent
24
U. S. Bonds and
Treasury Notes
Total
2.46 per cent
3.05 per cent
4.09 per cent
4.45 per cent
Schedule No. 9
Average Amount of Earning Assets, 1919
Average Rate of Earnings on Earning Assets, 1919
Earnings From
Average Amount Held
Month
January..
February.
March....
April
May
June
July
August. . .
September
October...
November
December.
Discounted
Bills
$32,371,000
18,848,000
23,395,000
43,713,500
48,169,000
46,051.000
37,856,400
33,561,000
39,309,700
56,007,000
55,021,800
65,132,000
Purchased
Bills
$18,851,000
28,660,000
32,203,000
22,223,000
10,814,000
12,707,000
22,981,000
22,710,000
20,512,233
19.428,000
21.088,700
16,582,000
United
States
Securities
$6,728,000
9,392,000
9,545,000
0,072,500
9,234,000
8,658,000
7,332,900
7,835.000
10,429,733
8,779,000
8,521,033
8,736,000
Total
$57,950,000
56,900,000
65,143,000
75,009,000
68,217,000
67,416,000
68,170,300
64,106,000
70,251,666
84,214,000
84,631,533
90,450,000
Discounted
Bills
$117,566
64,226
79,748
154,592
171,962
161,238
138,634
116,479
138.800
205.143
203,273
267,799
Calculated Rate of Earnings From
Purchased
Bills
U.S.
Securities
$66,347 $14,357
92,200 21,895
116,390 24,038
75,669 21,451
40,068 21,768
18,097
43,442
13,359
83,618
13,817
80,548
19,580
74,856
16,079
70,382
14,170
74,587
14.889
64.457
Total
Earnings
$198,270
178,321
220,176
251,712
233,798
222,777
235,611
210,844
233,236
291,604
292,030
347,145
DisPurcounted chased
Bills
Bills
Per Cent P>er Cent
4.28
4.44
4.01
4.30
4.20
4.26
4.31
4.09
4.30
4.31
4.49
4.84
4.14
4.19
4.26
4.14
4.36
4.16
4.58
U.S.
Securities
2.51
3.04
2.97
.88
2.78
2.54
2.15
2.08
2.28
2.16
2.02
2.01
Total
Average
Rate
Per Cent
4.03
4.08
3.88
4.08
4.04
4.52
FEDEMLRESERYE BANK OFMINNEAPOLIS
MOVEMENT OF EARNING ASSETS
DURING CALENDAR YEAR 1919.
25
2S
UHITED STATES SECURITIES.
SO
ACCEPTANCES B0U6HT
•
-1
no
'
80
60
4O
PERCENTA6E OF WAR PAPER TO TOTAL DISCOUNTS
TOTAL BILLS DISCOUNTED, • D; AND WAR PAPER;W*.
TOTAL EARN IN6ASSETS
26
to
o
Schedule No. 10
Report of Interest Rates Prevailing in Minneapolis
Jan.
Feb.
March
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
High Low High Low High lx>w High Low High Low High LowHigh Low High Low High Low.High Low High Low High Low
Prime commercial paper eligible under
Federal Reserve Act—
a. 30, 60, 90 clays
b. 4, 6 months
Prime commercial paper in open
market—
a. 30, 90 days
b. 4, 6 months
Inter-bank Loans
Bankers acceptances, 60, 90 day*—
a. Endorsed
b. Unendorsed
Demand paper secured by stock exchange collateral or other current collateral—
Time paper secured by collateral as in
five—
a. 3 months
b. 3, 6 months
Paper current in city. Terminal paper
Ordinary loans running 30, 60, 90 days,
Secured by L. B. and C. I
•SH
*'A
SH
S^i
5
6
4*
4M
6H
Not listed in
Jan. and Feb.
4A 4^
4A
JS
$14
b'A
4A
Schedule No. 11
New National Bank Members, 1919
Name of Bank
Location
Shares Subscribed
First National Bank
Underwood, North Dakota
18
Warren National Bank
Warren, Minnesota
22
First National Bank
Hanska, Minnesota
18
First National Bank
Lake Wilson, Minnesota
18
American National Bank
Bridger, Montana
17
First National Bank
Alexander, North Dakota
19
First National Bank
Wakefield, Michigan
18
First National Bank
Fairfield, Montana
18
First National Bank
Aneta, North Dakota
18
First National Bank
Menno, South Dakota
17
First National Bank
Reed Point, Montana
12
First National Bank
Paynesville, Minnesota
18
First National Bank
Wilsall, Montana
18
First National Bank
Tuttle, North Dakota
17
Security National Bank
Sisseton, South Dakota
30
First National Bank
Aurora, Minnesota
18
First National Bank
Golva, North Dakota
15
First National Bank
Antelope, Montana
15
First National Bank
Lancaster, Minnesota
18
First National Bank
Woodworth, North Dakota
18
First National Bank
Kerkhoven, Minnesota
23
First National Bank
Napoleon, North Dakota
18
First National Bank
Ekalaka, Montana
17
First National Bank
Clearbrook, Minnesota
15
First National Bank
Winnett, Montana
20
First National Bank
Wilmot, South Dakota
18
American National Bank
Lake Crystal, Minnesota
22
First National Bank
Waconia, Minnesota
18
First National Bank
New Richmond, Wisconsin
15
Security National Bank
Valley City, North Dakota
33
Northern National Bank
Great Falls, Montana
75
First National Bank
Maiden Rock, Wisconsin
17
First National Bank
Wetonka, South Dakota
15
First National Bank
Farmer, South Dakota
9
First National Bank
Davis, South Dakota
15
First National Bank
Ingomar, Montana
18
Iron National Bank
Ironwood, Michigan
75
First National Bank
Montpelier, North Dakota
18
American Exchange National Bank. . . .Virginia, Minnesota
90
First National Bank
Eden, South Dakota
15
28
Schedule No. 12
Name of Bank
Location
Disposition
Shares Surrendered
American National Bank
Valley City, North Dakota.. .Succeeded by American Exchange Bank, Valley City, No. Dakota. 60
Scandinavian American National Bank. Sioux Falls, South Dakota. . . Absorbed by Sioux Falls Savings Bank, Sioux Falls, So. Dakota.... 83
Lumbermens National Bank
Stillwater, Minnesota
Consolidated with First National Bank, Stillwater, Minnesota. . . . 120
Alcester National Bank
Alcester, South Dakota
Succeeded by State Bank of Alcester, Alcester, So. Dakota
24
First National Bank
New Salem, North Dakota. . .Succeeded by Union Farmers State Bank, New Salem, No. Dakota. 18
Brule National Bank
Chamberlain, South Dakota. .Succeeded by Brule State Bank, Chamberlain, So. Dakota
36
Citizens National Bank
Wolf Point, Montana
Consolidated with First National Bank, Wolf Point, Montana
18
Schedule No. 13
State Bank Membership in Federal Reserve Bank of Minneapolis
By States and Cities, With Year of Admission
MICHIGAN
City
Gladstone
Gwinn
Iron Mountain
Laurium
Menominee
Sault Ste. Marie
Sault Ste. Marie
Bank
Gladstone State Savings Bank
Gwinn State Savings Bank
Commercial Bank
State Savings Bank
Commercial Bank.*
Central Savings Bank
Sault Savings Bank
Benson
Clarkfield
Jeffers
Lake City
Lewiston
Luverne
Madelia
Minneapolis
Minneapolis
Minneapolis
New Richland
Red Wing
Revere
St. Paul
St. Paul
St. Paul
South St. Paul
South St. Paul
Spring Valley
Spring Valley
Waconia
Westbrook
Willmar
Winona
Winona
Swift County Bank
Clarkfield State Bank
State Bank of Jeffers
Lake City Bank of Minnesota
Security State Bank
Rock County Bank
State Bank of Madelia
North American Bank
St. Anthony Falls Bank
Wells-Dickey Trust Co
State Bank of New Richland
First Security State Bank
State Bank of Revere
Central Bank
Midland Trust & Savings Bank
Peoples Bank
Drovers State Bank
Exchange State Bank
Farmers State Bank
First State Bank
Farmers State Bank
Citizens State Bank
Kandiyohi County Bank
Deposit Bank
Merchants Bank
Admitted
1917
1918
1918
1919
1919
1919
1917
MINNESOTA
1918
1918
1918
1918
1918
1918
1918
1915
1917
1918
1918
1918
1919
1918
1918
1917
1918
1918
1918
1918
1919
1918
1918
1918
1917
MONTANA
Billings
Bozeman
Bozeman
Broadus
Denton
Dillon
Dillon
Ennis
Hamilton
Security Trust & Savings Bank
Gallatin Trust & Savings Bank
Security Bank & Trust Co
Powder River County Bank
Denton State Bank
Beaverhead State Bank
Security State Bank
Sourthern Montana Bank
Ravalli County Bank
30
1918
1918
1919
1919
1918
1918
1918
1919
1918
Helena
Helena
Hingham
Hinsdale
Inverness
Laurel
Lewistown
Lewistown
Lewistown
Missoula
Nashua
Opheim
Park City
Reed Point
Roundup
Sidney
White Sulphur Springs
Conrad Trust & Savings Bank
Union Bank & Trust Co
Hingham State Bank
Valley County Bank
Inverness State Bank
American Bank
Bank of Fergus County
Empire Bank & Trust Co
Lewistown State Bank
American Bank & Trust Co
State Bank of Nashua
First State Bank
Park City State Bank
Reed Point State Bank
Citizens State Bank
Yellowstone Valley Bank & Trust Co
The Central Bank
1917
1918
1917
1919
1918
1919
1918
1918
1918
1919
1919
1917
1919
1919
1919
1917
1918
NORTH DAKOTA
Enderlin
Fargo
Hettinger
Noonan
Enderlin State Bank
Northern Savings Bank
Hettinger State Bank
Security State Bank
1917
1918
1917
1918
SOUTH DAKOTA
Belle Fourche
Brookings
Camp Crook
Chamberlain
Groton
Hecla
Mitchell
Newell
Sioux Falls
Sioux Falls
South Shore
Stratford
Timber Lake
Webster
Butte County Bank
Bank of Brookings
Little Missouri Bank
Brule State Bank
Brown County Banking Co
Farmers & Merchants State Bank
Commerical Trust & Savings Bank
Reclamation State Bank
Commercial & Savings Bank
Sioux Falls Savings Bank
South Shore Bank
First State Bank
Stock Growers State Bank
Security Bank & Trust Co
1918
1918
1918
1919
1918
1918
1919
1918
1918
1917
1919
1918
1918
1919
WISCONSIN
Arcadia
Balsam Lake
Boyceville
Ellsworth
Glenwood City
Grantsburg
Merrill
New Richmond
West Salem
Whitehall
Bank of Arcadia
Polk County Bank
Bank of Boyceville
Bank of Ellsworth
First State Bank
First Bank of Grantsburg
Lincoln County Bank
Bank of New Richmond
La Crosse County Bank
Peoples State Bank
31
1919
1918
1918
1918
1918
1918
1918
1918
1918
1918
Schedule No. 15
Account With Treasurer of United States
Month
January..
February.
March. . .
April
May
June
July
August...
September
October. .
November
December.
Deposits
Withdrawals
$172,416,309.67
85,134,379.51
65,870.007.57
56,052,679.75
148,102,334.06
84,145,730.46
99,984,990.25
70,345,288.23
150,145,862.68
25,325,778.93
22,929,918.05
73,406,111.27
$169,930,051.49
78,768,763.22
77,150,129.38
57,552,063.74
142,861,504.39
87,803,889.47
100,996,953.48
71,003,277.74
147,391,867.71
26,733,791.30
22,081,012.66
76,264,370.17
Balance
End of Month
$ 7,677,729.61
14,043,345.90
2,763,224.09
1,263,840.10
6,504,669.97
2,846,510.76
1,834,547.53
1,176,558.02
3,930,552.99
2,522,540.62
3,371,446.01
513,187.11
$1,053,859,390.43 $1,058,537,674.75
Totals....
Schedule No. 16
Transfers Bought, 1919
{In thousands of dollars i. e. 000 omitted)
Month
January
February
March
April
May
June
July
August
September
October
November
December
Total
32
Wire
Mail
Total
$56,550
43,365
65,125
54,695
55,845
54,395
35,370
52,760
52,491
54,873
44,818
52,910
$22,720
12.125
7,420
16,820
16.845
8,670
4,282
5,800
19,700
18,120
16,555
19,145
$79,270
55,490
72,545
71,515
72,690
63,065
39,652
58,560
72,191
72,993
61,373
72,055
$623,197
$168,202
$791,399
Schedule No. 17
Gold Holdings of Bank and Federal Reserve Agent, Close of Business
December 31, 1919, 1918 and 1917
BANK
1919
Gold Coin
Gold Certificates
Foreign Gold Account
Gold Settlement Fund
Gold Redemption Fund
Total
1917
1918
$2,099,845
6,175,430
3,545,646
4,872,375
205,448
$2,172,390
6,150,720
233,155
23,774,414
4,948,850
$6,689,000
8,271,000
2,100,000
19,486.000
878,000
$16,898,744
$37,279,529
$37,424,000
AGENT
Sold
Gold
Gold
Gold
Coin
Certificates
Settlement Fund
Redemption Fund
$3,000,000
10,052,000
19,800,000
2,994,605
$3,000,000
10.052,000
40,800.000
2,016.410
$3,000,000
10,102,000
18,500.000
1.308,000
Total
$35,846,605
$55,868,410
$32,910,000
Grand Total
$52,745,349
$93,147,939
$70,334,000
Schedule No. 18
Summary Statement for 1919 of Federal Reserve Bank
Clearings Through Gold Settlement Fund
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago.,.
St. Louis
Kansas City
Dallas
San Francisco
Total
Paid to Other
Federal Reserve
Banks Through
Gold Settlement
Fund
Received From
Other Federal
Reserve Banks
Through Gold
Settlement Fund
$25,623,205.62
395.461,246.78
46,796.543.00
57,394,084.06
12,355,547.07
3,111,904.08
490,957,736.61
35,465,092.61
149,585,570.73
3,926,012.28
99,702,596.80
$54,531,205.17
476,987,647.95
84,342,950.25
32,827.815.85
7,092.894.08
8.060,515.56
835,864,379.57
9.778,616.99
41,394,547.78
24.929,328.12
23,538,379.76
$1,320,379,539.64 $1,599,348,281.08
Loss
$24,566,268.21
5.262,652.99
25,686,475.62
108.191,022.95
76.164.217.04
$239,870,636.81
Gain
$28,907,999.55
81,526,401.17
37,546,407.25
4,948.611.48
344.906.642.96
21,003,315.84
$518,839,378.25
FEDERAL RESERVE BANK OFMINNEAPOLIS
NET DEPOSIT LIABILITY.
F.R. IHOTE CIRCULATION.
CASH RESERVES. AND RESERVE MTI0.I9IS.
i
SO
\V
70
60
50
V
40
30
20
fO
0
RESERVE RATfO, rPERCEtiTA6E0FC^L).
DEPOSIT LIABILITY.
I2S
125
25
DEPOSITAnD ERWTt:LIABILITIES,*. AMD TOTAL RESERVES-C
JAIT\ FEB\MOt\APRL\ MAr\nmE\fU
34
iOCT.\HOV\DEC\
Schedule No. 19
Federal Reserve Notes Received and Issued During 1919
Federal Reserve Notes Used by Treasurer of United States, 1919
Denominations
Fives
Tens
Twenties
Fifties
Hundreds
Five Hundreds.
Thousands....
Totals.
In Hands
of Agent
December
31,1918
Received
From
Comptroller
1919
(New)
Returned
by Bank
(Fit for
Use)
$1,880,000
$12,040,000
6,840,000
2,360,000
1,840,000
90,000
280,000
6,320,000
400,000
400,000
400,000
Total
Received
Issued
to Bank
(New)
$1,840,000
6,950,000
4,430,000
140,000
140,000
$13,880,000
13,790,000
10,750,000
540,000
540,000
400,000
1,200,000
$12,700,000
7,800,000
7,200,000
300,000
320,000
230,000
1,000,000
$13,500,000
$41,100,000
$29,550,000
1,200,000
$6,450,000
$27,600,000
Issued
to Bank
(Pit for
Use)
Total
Issued
In Hands
of Agent
December
31, 1919
(New)
$1,840,000
4,020,000
4,430,000
50,000
100,000
$14,540,000
11,820,000
11,630,000
350.000
420,000
230,000
1,000,000
$1,220,000
1,400,000
960,000
190,000
360,000
170,000
200,000
$10,440,000
$39,990,000
$4,500,000
Fit
For
Use
Total
in Hands
of Agent
December
31, 1919
90,000
40,000
$1,220,000
4,330,000
960,000
280,000
400,000
170,000
200,000
83,060,000
$7,560,000
$2,930,000
Schedule No. 20
Federal Reserve Notes Received From and Returned
To Other Federal Reserve Banks in 1919
Received From 1919 Returned To 1919
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Kansas City
Dallas
San Francisco. .
$ 451,000
3,376,000
556,500
1,104,500
524,000
550,000
15,714,000
950,000
2,510,000
378,500
3,589,000
$29,703,500
$1,405,650
5,693,250
1,124,500
1,804,550
2,069.250
1,017,730
18,446,500
1,873,305
2,402,050
392,700
3,377,150
$39,606,635
Total
Schedule No. 21
Federal Reserve Notes Issued and Destroyed Since Organization
ISSUED TO BANK
Issued in 1914
Month
1915
January
February
March
April
May
$ 150,000
452.000
1,000,000
July
August
September
October
November
December
1917
600.000
200.000
640,000
1,100.000
1,200,000
1,500,000
3,900,000
2,000.000
1,000,000
90.666
80,000
100.000
700.000
200,000
1,000,000
2,810,000
2,700.000
2,000,000
$2,500,000
1,400,000
1,070,000
2,850.000
2.250,000
1,800,000
1,300,000
1,940,000
6,860,000
9,360.000
6.400,000
4,500,000
$13,742,000
$9,880,000
$42,230,000
June
Total for Year
1916
$260,000
$200,000
1918
$ 500.000
2.150,000
2,945,000
2.000,000
840,000
1.400.000
4,000,000
4,785,000
16,140,000
8,720,000
2,160,000
11,500,000
S 800.000
1,350,000
2.310,000
2,450,000
3,800.000
2.900,000
1,480,000
2.050,000
8,080,000
5,050,000
3,570,000
6,150,000
$57,140,000
$39,990,000
DESTROYED AT WASHINGTON
January...
February..
March....
April
May
June
July
August....
September.
October...
November.
December.
Total for Year.
$135,200
49,600
64,100
78,300
89,000
90,500
82,400
97,955
112,900
96,000
$ 125.550
130,610
2,131,600
1.703,750
461,400
529,600
226.810
774.700
969,220
635.700
611,850
687,305
$ 471,410
950,025
597,405
664.060
882,330
817,480
815,760
999,995
553,600
245.950
1,047.280
1,376,245
$1,894,160
2.110,765
2,689,155
2.448,740
3,109,835
3,584,510
2,838,815
4,050,060
3,194,590
3,870,295
3,723,150
3,257.730
$895,955
$8,988,095
$9,421,540
$36,771,805
36
Schedule No. 22
Federal Reserve Bank Notes, 1919
Denominations
Total
LESS
Destroyed at Washington
Outstanding, December, 31, 1919
Total
Twos
Fives
$2,820,000
4,712,000
$992,000
696,000
$820,000
100,000
$4,632,000
5,508,000
$7,532,000
$1,688,000
$920,000
$10,140,000
$1,071,430
6,460,570
$299,070
1,388,930
$481,500
438,500
$1,852,000
8,288,000
Ones
Outstanding, December 31, 1918
Received From Comptroller
Schedule No. 28
Federal Reserve Bank Notes Destroyed During 1919
Denomination
Amount
Ones
$1,071,430
Twos
$299,070
Fives
$481,500
Total Silver Certificates returned to Treasurer of United States, July 1, 1918 to
December 31. 1919
37
Total
$1,852,000
$2,274,000
Schedule No. $4
Clearing Statistics, 1919
Clearings
Date
1919
January...
February..
March....
April
May
June
July
August....
September.
October. . .
November.
December.
Average
Number
Daily
3,646
4,676
6,532
5,516
5,167
5,169
5,337
5,870
6,928
7,375
8,478
8,797
Average
Amount
Daily
$5,087,007.25
3,783,079.07
4,367,766.83
4,899.209.18
4,935,619.00
4,177,849.20
4,334,675.41
4.613,115.14
5,748,232.77
5,481,180.94
5,635,053.44
6,100,904.24
Member and Non-Member
Average
Amount
Per Item
$1,394.99
808.87
668.60
888.16
955.16
808.17
812.12
785.74
829.66
743.22
664.60
693.50
Average
Number
Daily
20,739
21,785
24,833
25,223
25,309
26,116
25,207
24,005
27,966
31,560
30,956
33,356
Average
Amount
Daily
$2,049,924.32
1,843,662.72
2,313,440.78
2,162,657.86
2,356,979.35
2,524,852.96
2,460,767.44
2,314,958.27
2,902,224.34
3.222,638.19
3,147,110.58
3,112,151.34
Other Reserve Banks
Average Average
Amount Number
Per Item
Daily
$98.83
84.62
93.15
85.74
96.85
96,67
97.62
96.43
103.79
102.11
101.66
93.30
1,206
1,185
1,401
1,481
1,561
1,533
1,636
1,584
1,746
1.927
2,270
2,354
Average
Amount.
Daily
$1,362,078.82
1,343,466.41
1,069,801.61
1,493,152.62
1,470,732.60
1,213,542.74
859,893.41
1,121,394.47
1,664,207.00
1,695,265.60
1,763,380.11
1,845,218.21
Treasurer of the United States
Average Average
Amount Number
Per Item
Daily
$1,128.73
1,162
906
1,133.63
763.40
1,229
1,007.74
2,255
979.43
1,524
791.28
1,155
967
525.45
609
707.65
885
953.14
879.54
1,518
744.87
1,081
807
783.79
Average
Amount
Daily
$217,499.67
239,115.53
187,963.97
192,062.11
213,348.60
179,605.19
211,855.54
^03,393.17
206,119.94
162,204.25
286,085.69
350,729.56
Average
Number
Remittance
Average
Letters
Amount Sent Out
Per Item
Daily
$187.09
263.77
152.90
85.16
139.97
155.39
218.92
337.29
233.18
106.88
264.61
434.87
,424
,444
,797
,537
,420
,610
,560
,605
,683
,758
,764
,788
Schedule No. 25
Clearing Statistics
{Number of items and amount handled during 1919)
Clearings
Date
1919
Number
January. . . .
February....
March
April
May
June
July
August
September...
October
November...
December...
Total
Amount
94,812 $132,262,188.54
83,227,739.73
102,893
113,561.937.63
169,848
122,480,229.65
137,903
128,326,094.07
134,350
104,446,230.10
129,237
112,701,561.28
138,773
119,940,993.71
152,646
143,705,819.48
173,209
147,991.885.50
199,121
135,241,282.64
203,491
158,623,510.26
228,729
1,865,012 $1,502,509,472.59
Grand Total of Items
Member and
Non-Member
Number
Amount
539,237
479,289
645,683
630,577
632,728
652,911
655,394
624,143
699,024
852,108
742,959
867.252
8,021,305
$53,298,032.42
40,560,579.92
60,149.460.29
54,066,446.50
61,281,463.18
63,121,324.21
63,979,953.55
60,188,915.21
72,555,608.57
87,011,231.24
75,530,654.13
80.915,934.78
$772,659,604.00
10,747,657
Other Reserve
Banks
Number
31,189
25,927
36,302
36,868
38,850
38,221
42,458
41,092
43,603
51,914
54.421
61.169
502.014
Amount
$33,147,718.85
27,997,455.34
26,050,742.92
35,535,407.23
36,080,495.70
28,687,774.25
20,571,200.15
26,709,186.56
40,675,320.22
43,333,132.42
40,536,654.20
47,120,245.87
$406,445,333.71
Direct to Members
of Other Districts
Number
186
145
133
174
192
120
90
109
49
127
80
41
1,446
Grand Total of Amounts
Amount
$2,266,330.55
1,558,805.76
1,764,099.02
1,793,408.28
2,158,552.02
1,650,794.29
1,786,028.62
2,447,069.88
929,854.95
2,439,039.02
1,784,468.67
855,427.69
$21,433,878.75
Treasurer of the
United States
Number
30,225
19,943
31,962
56,378
39,628
28,895
25,160
15,679
22,120
40,974
25,947
20,969
357,880
Amount
$5,654,991.48
^5,260,541.87
4,887,063.20
4,801,552.75
5,547,063.73
4,490,129.95
5,508,244.25
5,288,222.50
5,157,998.58
4,379,514.86
6,866,056.63
9,118,968.61
$66,960,348.41
$2,770,008,637.46
Schedule No. 26
Twin City Clearings Through Federal Reserve Bank, 1919
Amount
Month
$247,838,955.31
161,690.573.52
212,074,817.15
220,760,109.37
233,049,784.37
218,756,638.00
245,565,669.12
January
February
March
April
May
June
July
Amount
Month
August
September
October
November
December
$236,293,675.60
272,523,837.23
288,211,869.10
262,198,959.45
300,462,945.58
Total
$2,899,427,833.80
Schedule No. 27
United States Certificates of Indebtedness
Issued During the Year 1919
Date of Issue
Allottment No. Allottment
$25,000 and of
$25,000 to
Less
Subs.
$50,000
Jan. 2
$10,631,500 1322
Jan. 16
10,147,500 1448
Jan. 16 Tax.. .
1,060.500 197
Jan. 30
11,283,000 1539
Feb. 13
12,124,000 1628
Feb. 27
8,709,000 1197
Mar. 13
7,023.500 995
Mar. 15 Tax..
1,843,000 242
April 10
7,548,000 991
May 1
5,637.000 729
June 3 T-4....
2,972.000 298
June 3 T-5... .
1,030,500 140
July 1 T-6
2,608,000 247
July 1 T-7....
3,011.500 270
July 15 T-8...
2,412,500 248
Aug. 1
6,025,000 616
Aug. 15
5,667,000 592
Sept. 2
5,221,500 555
Sept. 15 T-10.
1,333,000 168
Sept. 15 T-9..
2,046,000 231
Dec. 1 D-20...
2,281,500 225
Dec. 1 TM-3..
1.410,000 157
Dec. 15TJ. ..
2.842,500 300
Totals
Date of Issue
Jan. 2
Jan. 16
Jan. 16 Tax...
Jan. 30
Feb. 13
Feb. 27
Mar. 13
Mar. 15 Tax..
April 10
May 1
June 3 T-4
June 3 T-5
July 1 T-6....
July 1 T-7
July 15 T-8...
Aug. 1
Aug. 15 .
Sept. 2.
Sept. 15 T-10.
Sept. 15 T-9..
Dec. 1 D-20. .
Dec. 1 TM-3..
D e c . 15 T J . . .
Totals
No. Allottment
$50,000 to
of
Subs. $100,000
Allottment
No.
$100,000 to
of
$250,000
Subs.
No.
of
Subs.
$1,616,000
1.702,000
290,000
1,856,000
1,582,000
974,000
1,071,500
573,000
861,500
891,000
858,500
420,000
660,000
1,199,500
530,000
1,061,500
767,000
1,077,000
305,000
375,000
473,000
413,000
1,217.500
47
49
9
55
45
28
30
16
26
26
25
11
20
35
15
31
22
33
9
11
14
13
23
• !,233,OOO
'.569,000
465,000
1,373,500
!,176,500
!,337.OOO
,660,000
684,000
1,689,000
!,237,OOO
1,587,000
320,000
1,205,000
,968,000
1.120,000
1,875.000
,905,000
1,926,000
822,000
679,000
755,000
560,000
1,206,000
39
47
8
62
57
42
29
12
30
40
26
6
22
34
19
35
36
36
15
13
15
11
22
$2,953,000
2,615,000
1,214,500
3,828,000
1,600,000
1,600,000
1,501,500
402,000
1,000,000
1,100,000
2,346,000
540,000
1,675,000
1,985,500
1,150,000
2,502,500
1,800,000
2,275,000
1,045,000
400,000
950,000
1,250,000
2,434,000
24
21
10
32
13
15
14
3
10
10
19
4
13
16
11
22
17
17
9
4
8
11
19
$114,868,500 14335 $20,774,000
593
$36,352,000
656
$38,167,500
322
No.
Subs,
of
Total
Allottment
Each
Issue
Total
No.
Subs.
Issue
$26,500,000
27,760,000
3,030,000
24,600,000
23,610,000
18,720,000
18,000,000
3,502,000
18,310,000
14,615,500
10,468,500
2,600,500
10.000,000
10,000,000
8,866,500
17,514.000
17,300,000
16,000,000
7.750,000
4,750,000
8,300,000
5,133,000
12,803,500
1447
1578
324
1696
1750
1289
1078
273
1196
813
373
162
308
360
300
712
674
646
206
262
268
195
382
Allottment No. Allottment No. Allottment
$250,000 to Subs, $500,000 to Subs.
Over a
$1,000,000
$500,000
$1,000,000
of
of
$2,624,000
1,127,000
8
4
$2,826,000
4,497,500
5
7
$3,117,000
5,105,000
2
2
831,000
341,000
550,000
872,500
3
1
2
3
1,201.000
1,565,500
3,500,000
3,294,000
2
3
4
5
2,227,000
3,221,000
1,050,000
2,577,000
2
3
1
2
265,000
550,000
575,000
290.000
575.000
1,836,000
950,000
1,050,000
1
2
2
1
2
5
4
3
5.446,500
4,200,000
2,130,000
7
6
3
1.500.000
1
2
1,088,000
2
2.189,000
2
5
3
4
2
2
5
3
3
1,004,000
1
6,151,000
2,000,000
2,945.000
4
1
2
73
300,000
250,000
1
1
700,000
3
1,750,000
5.000,000
1,010,000
3,500,000
1,000.000
1,000,000
2,800,000
1,500,000
1,902,500
$13,686,500
46
$49,211,000
Total Allotment, all Groups. . .
Total Subscription, all Groups.
1,040,500
1
2,501,000
2
$36,627,500
26
$310,133,500
16292
40
Schedule No. 28
Liberty Loan Interest Coupons Paid to January 1, 1920
1917
December
Number of Coupons
Amount
45,089
$136,615.27
36,368
$98,593.96
1918
January
February
March
April
May
June
July
August
September.
October
November
December
10,492
9,290
7,193
225,912
27,604
30,377.87
13,926.13
22,759.59
758,135.99
485,700.48
187,363.00
79,989.61
538.951.89
498,258.93
914,196.85
692,329.08
1.669,597
§4,320,943.38
181,003
76,955
349,491
666,385
714,818
381,017
244,486
124,368
340,184
805,074
532,063
777,106
S347.804.38
137,717.86
976,501.73
1,759,982.15
1,838,626.83
948,068.37
534,450.85
235,511.59
1,028,867.74
2,274,460.20
1,487,472.55
2,836,807.56
,192,950
$14,396,271.81
45,089
1.669,597
5,192,950
$ 136.615.27
4,320,943.38
14,396,271.81
6,907,636
$18,853,830.46
168,707
77,663
40,178
229,574
271,468
317,148
Total
1919
January
February
March
April
May
June
July
August
September
October
November
December
Total
RECAPITULATION
1917
1918
1919
Grand Total
Schedule No. 29
Bonds Delivered During 1919
Fourth Liberty Loan, Registered
Fourth Liberty Loan Coupon
Denominations
$
50
100
500
1,000
5,000
10,000
Total
No. of Pieces
Denominations
Amount
390,259
298,067
18,110
14,121
868
875
$19,512,950
29,806,700
9,055,000
14,121,000
4,340,000
8,750,000
722,300
$85,585,650
$
50
100
500
1,000
5,000
10,000
50,000
100,000
Total
$
50
100
500
1,000
5,000
10,000
No. of Pieces
533,448
518,272
36,017
26,816
1,090
794
Total
1,116,437
Amount
Denominations
50
$26,672,400 $
100
51,827,200
500
18,008,500
1,000
26,816,000
5,000
5,450,000
10,000
7,940,000
50,000
$136,714,100 100,000
Total
%
No. of Pieces
$
50
100
500
1,000
5,000
10,000
1,628
1,316
303
1,797
201
206
Total
5,451
36,226
87,714
11,297
4,670
229
189
9
26
$1,811,300
8,771,400
5,648,500
4,670,000
1,145,000
1.890,000
450,000
2,600,000
140,361
$26,986,200
No. of Pieces
19,422
70,130
12,063
7,097
266
83
1
12
109,074
Amount
%
971,100
7,013,000
6,031,500
7,097,000
1,330,000
830,000
50,000
1,200,000
$24,522,600
Victory Liberty Loan, Registered, i%%
Victory Liberty Loan, Coupon, 7> A%
Denominations
Amount
Victory Liberty Loan, Registered, 4%%
Victory Liberty Loan Coupon 4J^%
Denominations
No. of Pieces
Denominations
Amount
50
81,400 $
100
131,600
500
151,500
1,000
1.797,000
5,000
1,005,000
10,000
2,060,000
50,000
$5,226,500 100,000
$
Total
42
No. of Pieces
17
33
9
28
9
82
3
2
183
Amount
$
850
3,300
4,500
28,000
45,000
820,000
150,000
200,000
$1,251,650
Schedule No. SO
Bond Conversions, 1919
Denomination of Bonds
Amount
First Liberty Loan, 3V£%..
.
ta
First Liberty Loan, 3 H %
• .Coupon.
First Converted, 4%
Registered
No. of Pieces
Coupon
First Converted, 4%
Registered
Second Liberty Loan, 4%
Coupon
No. of Pieces
Registered
No. of Pieces
Coupon
No. of Pieces. .
Registered
No. of Pieces
Coupon
No. of Pieces . . . .
Registered
Second Liberty Loan, 4%
Victory Loan i% to 4Ji%
Victory Loan i% to 4J£%
Victory Loan, 4J^ to 3Ji%
Victory Loan, 4Ji to S*A%
$9,50a
$100
$723,550
$90,050
$6,897,450
$514,400
$141,850
$5,000
$1,193,750
$100
50
$1,200
24
$168,450
3 369
$1,650
33
$1,768,750
35,375
$14,600
292
$31,250
625
$36,150
723
100
$3,300
33
$100
1
$237,100
2 371
$15,400
154
$2,034,200
20,342
$78,300
783
$40,100
401
$66,600
666
$100
1
500
1,000
5,000
10,000
$5,000
10
Total
Number of
Pieces
67
$127,000
254
$17,000
34
$985,500
1,971
$130,500
261
$27,500
55
$181,000
181
$31,000
31
$1,829,000
1,829
$226,000
226
$38,000
38
$5,000
$10,000
2
$25,000
5
$190,000
38
$45,000
9
$5,000
1
$11,000
22
$795,000
795
$105,000
21
6 177
$90,000
9
$20,000
2
257
59,564
1,573
1,120
$180,000
18
2.245
1
Schedule No. 31
Statement of Bond Exchange Department
3)4% First Liberty Loan, 1932-1947
Received
for Exchange,
Number of
Pieces
Denomination
$
50
100.. . .
500...
1,000....
Total
Amount
Issued
on Exchange
Number of
Pieces
Amount
6 652
4,111
487
32
$332,600
411,100
243,500
32,000
522
186
219
865
$26,100
18,600
109,500
865,000
11,282
$1,019,200
1,792
$1,019,200
4% First Liberty Loan, 1932-1947, Converted
Received
for Exchange,
Number of
Pieces
Denomination
$
50
100
500
1,000....
10,000
Total
Amount
Issued
on Exchange
Number of
Pieces
Amount
3,502
1,391
78
16
1. .
S175.1OO
139,100
39,000
16,000
10,000
330
147
116
290
$16,500
14,700
58,000
290,000
4,988
$379,200
883
$379,200
First Liberty Loan, 1932-1947, Converted
Received
for Exchange.
Number of
Pieces
Denomination
$
50..
100..
500 .
1,000..
5,000
Total .
Amount
Issued
on Exchange
Number of
Pieces
Amount
958
813
83
19
2
$47,900
81,300
41,500
19.000
10,000
152
86
39
154
2
$ 7,600
8,600
19,500
154,000
10.000
1,875
SI99,700
433
$199,700
4% Second Liberty Loan, 1927-1942
Received
for Exchange.
Number of
Pieces
Denomination
$
50
[100
500..
1.000
5,000
10.000
Total
Amount
Issued
on Exchange
Number of
Pieces
Amount
38,893
18,783
1,134
892
27
20
$1,944,650
1,878,300
567,000
892,000
135,000
200,000
15,593
4,413
850
3,756
29
17
$779,650
341,300
425,000
3.756,000
145,000
170,000
59,749
S5,616,950
23,658
$5,616,950
4,'-i% Second Liberty Loan , 1927-1942, Converted
Denomination
$
50
100
500
1,000
5 000
10,000
Total....
Received
for Exchange,
Number of
Pieces
Amount
Issued
on Exchange
Number of
Pieces
Amount
12,964
11,054
892
369
16
12
$648,200
1,105,400
446,000
369,000
80,000
120,000
1,724
1,154
506
1,874
62
13
$ 86.200
115,400
253,000
1,874,000
310,000
130.000
25,307
$2,768,600
5,333
$2,768,600
44
Third Liberty Loan, 1928
Denomination
%
50
100..
500..
1 000
5,000..
10,000
Total
Received
for Exchange,
Number of
Pieces
Amount
Issued
on Exchange
Number of
Pieces
Amount
124,394
73,136
2,625
1,040
36
71
$6,219,700
7,313,600
1,313,000
1,040.000
180,000
710,000
17,236
465
1,121
10.704
325
256
S861.800
465,000
560,500
10,704,000
1,625,000
2.560.000
201,302
$16,776,300
30,107
$16,776,300
% Fourth Liberty Loan, 1933-1938
Denomination
$
50
100
500
1,000
5-000
10,000
Total
Received
for Exchange,
Number of
Pieces
Amount
Issued
on Exchange
Number of
Pieces
Amount
147,299
113,593
4,645
1,630
119
55
$7,364,950
11,359,300
2,322,500
1,630,000
595,000
550,000
9,237
3,539
1,166
15,243
572
432
S 461,850
353,900
583,000
15.243,000
2.860,000
4,320,000
267,341
S23.821.750
30,189
523,821,750
Victory Liberty Loan, 1922-1923
Denomination
S
50
100
500
1 000
5,000
10,000
Total
Received
for Exchange,
Number of
Pieces
Amount
Issued
on Exchange
Number of
Pieces
Amount
204
193
7
8
4
1
S10.200
19,300
3,500
8,000
20,000
10,000
8
62
1
S 4,000
62,000
5,000
417
S71,000
71
$71,000
Victory Liberty Loan, 1922-1923
Denomination
$
50
100
500
1,000
5,000
10.000
Total
Received
for Exchange,
Number of
Pieces
Amount
Issued
on Exchange
Number of
Pieces
74,001
70,061
3,566
1,313
61
68
S3,7OO,O5O
7,006,100
1.783,000
1,313.000
305,000
680,000
7,433
3,200
875
8.993
393
270
149,070
$14,787,150
21,164
45
Amount
S3 71,650
320.000
437,500
8.993.000
1,965.000
2.700,000
SH.787.150
@FedFRASER