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FOURTH A N N U A L REPORT F ed er a l Re se r v e Ba nk of Min n e a p o l is Minneapolis, January 1, 1919. TO SHAREHOLDERS: We are submitting herewith a statement of your bank at the close of business on December 31, 1918, including- a report of the earning’s for the calendar year 1918. 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. We take this opportunity of thanking our member banks for their co-operation in all our various activities, especially as relates to the work which we were called upon to perform as fiscal ag'ents of our Government. Respectfully, THEODORE WOLD, Governor. STA TEM EN T OF CO N D ITIO N , DECEM BER 31, 1918. RESOURCES. Bills Discounted and Collateral Loans to M embers...................................... Bankers’ Acceptances and Rediscounts for other Federal Reserve Banks. United States Securities .................................................................................... Municipal W arrants ............................................................................................ Accrued Interest on United States S e c u ritie s.................... ........................ Furniture and Equipment (including vault and safes)................................ Cost of Unissued Federal Reserve Currency................................................... Expenses Paid in Advance......... ................... .................................................. Disbursements for Treasury Department (to be reim bursed)..................... Due from other Federal Reserve Banks................................................. ........ Due from Banks and Bankers, also deferred debits to member b a n k s.... National Bank Notes and Notes of other Federal Reserve B anks............. Five Per Cent Redemption Fund for Federal Reserve Bank N otes............. Federal Reserve Bank Notes on hand.............................................................. Federal Reserve Notes on hand....................................................................... Mutilated Federal Reserve Notes forwarded for redem ption..................... Other Lawful M o n e y .......................................................................................... Gold Certificates and Gold Coin....................................................................... Gold held with Foreign Agency....................................................................... Gold in Settlement Fund .................................................................................. Gold with Federal Reserve A gent................................................................... Total ......... ; ......................................................................................... Condition Dec. 31,1918 $6,220,023.91 48,368,612.63 5,267,030.00 Condition Dec. 31,1917 $8,082,327.78 12,154,798.99 3,228,490.00 25,380.00 17,841.63 29,501.00 12,915.48 2,127.12 54,126.89 13,247,610.72 4,403,830.21 169,361.00 ” i6,659.09 1.00 *2,878.74 162,212.34 4,948,934,00 7,877,759.73 375,135.00 236,200.00 463,454.00 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 1,420,865*66 171,000.00 413,165.61 15,837,955.00 2,100,000.00 19,486,500.00 32,909,950.00 $169,313,386.18 $113,767,746.43 Condition Dec. 31,1918 $2,931,200.00 726.371.82 Condition Dec. 31,1917 $2,620,150.00 L IA B IL IT IE S. Capital ....................................................................... Surplus ...................................................................... Profit and Loss ........................................................ Discount and Interest Unearned..................... Discount and Premium on United States Bonds. Reserve for Franchise T a x ..................................... Reserved for Sundry E x p e n s e s.............................. Government Deposits ............................................. Cashiers' Checks ...................................................... Due to other Federal Reserve B anks..................... Due to Member Banks............................................. Due to Non-Member Banks.................................... Federal Reserve Bank Notes O utstanding......... Federal Reserve Notes O utstanding...................... Total ............................................................ * *7 5 ,1 5 7 . i 3 *i55,1*02.02 47,430.48 688.871.82 23,299.21 5,347,546.30 367,634.47 4,513,330.70 51,126,389.36 29,800.00 4,632,000.00 98,724,410.00 $169,313,386.18 94,280.60 20,682.39 *6,500.66 8,716,529.47 31,488.47 10,524,486.54 40,603,711.83 68,810.00 51,605,950.66 $113,767,746.43 P R O F IT AND LOSS ACCOUNT, DECEM BER 31, 1918. Gross earnings, January 1, 1918, to December 31, 1918...............................................................................$2,049,954.07 Less: Assessment for expenses Federal Reserve Board............................................................. $14,116.77 Cost of Fed. Res. Notes and Fed. Res. Bank Notes during year................................. 125,021.66 Operating expenses ................................................................................................................ 325,269.80 464,408.23 Excess of Earnings over Current Expenses.................................................................................................. 1,585,545.84 Less the following items charged off: Vault Account ...................................................................................................................... Reserved for Abrasion on Gold, e tc .................................................................................. Dividends for period January 1, 1918, to December 31, 1918 .................................. Transferred to Surplus...................................................; .................................................. Transferred to Account “Reserve for Franchise Tax” ............................................. Total $29,500.00 10,199.23 168,102.97 688,871.82 688,871.82 $1,585,545.84 GROSS EARNINGS BY MONTHS. January .......................... February ........................ M a r c h .............................. April ................................ M a y .................................. J u n e ................................. 1918 1917 1918 1917 $87,961.88 82,443.09 79,780.38 109,529.86 138,007.07 158,682.75 $32,120.87 31,310.36 31,094.02 34,081.81 43,184.05 39,952.37 $234,197.55 250,147.62 288,150.06 236,362.03 182,225.19 202,466.59 $49,421.86 60,826.02 70,234.08 58,688.36 83,835.51 93,589.13 July .......................... August .................... September ............... October ................... November ............... December ........ Total Earnings 1917...................... $2,049,954.07 Total Earnings 1918. $628,338.44 VOLUME OF RE-DISCOUNTS FOR 1918. Minnesota N orth Dakota South Dakota Wisconsin Montana Michigan Total 4,649 32,226 5,070 4,999 1,205 340 15,963 No. pieces re-discounted. Total amount re-discounte d ............................... $358,768,785 $17,518,176 $31,766,675 $10,284,681 $11,794,375 $3,659,108 $433,791,800 481,822 80,154,715 3,060,613 2,357,925 1,204,175 2,815,187 Total amount 1917......... 70,234,993 27,501 157,801 215,893 527,890 768,393 5,982,068 4,284,590 Total amount 1916......... CLEARING STATISTICS. Number of Items and Amount Handled During 1918. Other Districts. Within District. No. of Item s No. of Items Total Twin City Banks........... 855,285 $1,069,666,389.13 Member and Non-Mem ber ................................ 4,714,570 500,886,994.75 Paid for U. S. Govern ment ............................ 194,551 52,432,508.66 Total Federal Reserve B a n k s .... 280,391 $461,997,594.58 Direct to Member B anks.. 2,929 27,910,725.20 Total ................................. 283,320 $489,908,319.78 Total ............................ 5,764,406 $1,622,985,892.54 Total Volume of Transactions Handled in Bank During 1918............................................................ $12,073,344,000 1,235,646,000 Total Deposits to Credit of U. S. Government 1918---- ..................................................................... FISCAL AGENCY DEPARTMENT. Treasury Certificates of Indebtedness Sold Through This Bank During 1918. Total Number of I s s u e s ................................................................................................................................... Total Number S ub scrib in g.............................................................................................................................. Amount Sold ...................................................................................................................................................... 21 4 3,916 $283,717,000 LIBERTY LOAN BONDS. Third Loan. Fourth Loan. Ninth District’s Q uota............................ $105,000,000 Subscription ............................................... 180,826,350 Number of Subscribers .......................... 1,217,400 Ninth District's Q u o ta ......... .................. $210,000,000 Subscription ............................................... 242,046,050 Number of Subscribers............................ 1,301,856 F ed eral R eserv e Ban k of Min n e a p o l is NINTH DISTRICT O F F IC E R S TH EO D O R E* W O L D , G overnor R , A . Y O U N G , D e p u ty G o v e r n 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 t . C a sh ie r G R A Y W A R R E N , A s s t . C a sh ie r R . E . T O W L E , A s s t . C a sh ie r L . E . R A S T , A s s 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 IC H , C h a irm a n a n 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 F . R . B I G E L O W , S t. P a u l, M in n . J O H N W . B L A C K , H o u g h t o n , M ic h . E . W . D E C K E R , M in n e a p o lis , M in n . L. B. H A N N A , F argo, N. D . F . P . H I X O N , L a C r o 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 . 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 E M B E R A D V I S O R Y C O U N C IL J O H N R . M I T C H E L L , S t. P a u l COU NSEL A. UELAND
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