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NINTH A N N U A L R E PO R T

FEDERAL RESERVE BANK OF MINNEAPOLIS

Minneapolis, January 1, 1924

T O A L L M EM BER BANKS IN FED ERAL RESERVE D ISTRICT NUM BER N IN E:
W e submit herewith statement showing condition of the Federal Reserve Bank of
Minneapolis as at close of business December 31, 1923.

The figures cover operations at both

Minneapolis and our Helena Branch. Comparisons are made in the more important functions
with the volume in previous years.
A later report covering the detail of operations for the year 1923 is being compiled
and will be forwarded by the Chairman of our Board of Directors.




W e thank you for your co-operation during the past year.
Respectfully,
R. A. YOUNG,
Governor.

STATEM ENT OF CONDITION, DECEMBER 31, 1923
RESOURCES

Bills Discounted and Collateral Loans to M embers...............................
Bankers’ Acceptances ...................................................................................
Municipal Warrants ......................................................................................
United States Securities ................. ^
............................................................
Premium on United States Securities........................................................
Accrued Interest on United States Securities..................... ...................
Furniture and Equipment (Including Vault and S a fes).......................
Bank Premises ..............................................................................................
Expenses Paid in A dvance...........................................................................
Disbursements for Treasury Department (to be reim bursed)...........
Due from Federal Reserve Banks and Other Banks and B ankers.. . .
Due from Treasury Department ........................................ ................... ..
National Bank Notes and Notes of Other Federal Reserve Banks.
Five Per Cent Redemption Fund for Federal Reserve Bank N otes..
Our Federal Reserve Bank Notes on H and..........................................
Federal Reserve Notes on H and.......................................... ..................
Mutilated Federal Reserve Notes Forwarded for Redem ption............
Other Lawful Money ..................... .............................................................
Gold Certificates and Gold C oin.................................................................
Gold in Settlement Fund...............................................................................
Gold with Federal Reserve A gen t.............................................................

Condition
Dec. 31, 1923
$18,656,627.54
623,501.13

Condition
Dec. 30,1922
$21,916,306.67
38,664.58
13.071.461.00
4,827.28
149,487.95

10.036.411.00
90,620.84

1.00

1.00

$142,153,426.83

Condition
Dec. 31, 1923
$3,498,350.00
7,484,218.79
149,494,52
45,975,62
12,306.24
100, 000.00
32,402.04
700,000.00
146,913.20
2,655,810.13
252,355.84
46,903.570.69
94,821.40
55,377.22
12,856,449.38
69,167,590.00

Condition
Dec. 30, 1922
$3,534,600.00
7.472.946.54
173,310.66

$144,155,635.07

Capital .................................................................................................................
Surplus .................................................................................................................
Discount and Interest Unearned........................................................ .............
Discount on United States B onds...................................................................
Reserve for Sundry Expenses.........................................................................
Reserve for Depreciation New Building.............................. . . . .................
Reserve for Taxes other than Franchise T a x ..........................................
Special Reserve ................................................ . ................................................
Depreciation Reserve to Offset Bonds Carried at P ar.............................
Government Deposits .....................................................................................
Cashiers* Checks ................................................................................................
Due to Member Banks— Reserve A ccoun t..................................................
Due to Non-Member Banks.............................................................................
Due to Foreign Governments and Banks......................................................
Due to Federal Reserve Banks and Member Banks Deferred: Credits.
Federal Reserve Notes Outstanding ............................................................

72*900*00
3.604.905.00
610,800.00
1,036,075.50
10,881,850.92
23,545,141.59
54.551.590.00

1,044,114.49
20,887.96
28,346.75
18,310,265.03
258,475.34
887.289.00
196.150.00
273.419.00
3,177,335.00
720.400.00
1,227,617.91
10,957,956.29
23,498,501.58
46.371.920.00

$144,155,635.07

LIABILITIES

2,206,392.75
18,390.41
11,630.22
17,083,631.60
51,065.57
1.074.100.00

$142,153,426.83

***067.57
11
100, 000.00
25,772.08
500,000.00
93,057.80
1.050.214.54
711,571.72
49,309,575.67
156,072.50
27,000.00
16,355,317.75
62,632,920.00

PROFIT AND LOSS ACCOUNT DECEMBER 31, 1923
Gross Earnings, January 1, 1923, to December 31, 1923..............................................................

$1,749,253.46

Less:
Assessment for Expenses Federal Reserve B oard..........................................................
Cost of Federal Reserve Currency ...................................................................................
Taxes on Bank Property ......................................................................................................
Expended for Furniture and Equipment...........................................................................
Bond Department Expense .................................................................................................
Cafeteria ....................................................................................................................................
Operating Expenses ..............................................................................................................

$23,703.66
40,005.46
33,991.55
23,328.73
45,273.42
4,954.20
975,142.87 1,146,399.89

Excess of Earnings Over Current Expenses..................................................................................................

$602,853.57

Disposition of Excess Earnings:
Depreciation Allowances on Bank Property................................................. *...................
Addition to Depreciation Reserve to Offset Bonds Carried at P ar.........................
Special Reserve ........................................................................................................................
Dividends for Year 1923......................................................................... .................................
Transfer to Surplus ..............................................................................................................
Paid to Government as Franchise T a x ...............................................................................




$23,542.99
53,855.40
200,000.00
212,732.68
11,272.25
101,450.25 $602,853.57

(Figures for Minneapolis and Helena Combined)
GROSS EARNINGS BY MONTHS
1923
January ..........................
February ........................
March ............. ................
April ...............................
May ......................... .
June .........................
Total Earnings, 1923

1922

1923

$142,635.49$231,886.48
, 116,049.49184,335.59
140,454.71177,334.98
. 131,463.55156,131,34
, 155,611.33172,952.88
158,094.64154,585.99
....................... $1,749,253.46

1922

July ............................................ $155,973.48
$157,828.56
August .......................................... 170,394.37
153,559.44
September , .................................. 162,572.12
154,306.58
October ...................................... 166,561.49
152,724.31
132,398.20
November .................................... 123,370.43
December ..................................... 126,072,36.... 141,203.33
Total Earnings, 1922........................ $1,969,247.68

VOLUME OF RE-DISCOUNTS, 1923
No. Pieces
Re-Discounted

Total amount
re-discounted
1923
1922
1921
1920

North
Dakota
5,982
6,633
14,945
8,546

South
Dakota
8,518
11,014
24,395
12,939

$19,592,000
20,768,000
67,058,000
50,331,000

$14,274,000
27,885,000
91,838,000
87,875,000

Minnesota
1923 10,204
1922 13,655
1921 40,644
1920 36,268

$232,202,000
97,457,000
474,338,000
735,151,000

Montana
9,501
14,403
19,718
13,032

Wisconsin
977
1,750
3,717
2,108

Michigan
210
478
815
382

Total
35,392
47,933
104,234
73,275

$3,581,000
10,353,000
20,397,000
19,516,000

$2,408,000
8,181,000
11,530,000
6,924,000

$290,054,000
193,014,000
730,659,000
953,389,000

$17,997,000
28,370,000
65,498,000
53,592,000

COLLECTION OPERATIONS
1923
Number of Items Received ...................................................................... ..
341,327
Number of !Items Collected .............................................................................
327,135
Amount Collected .............................................................................................. $140,052,864

1922
327,486
313,715
$133,640,328

1921
282,189
266,834
$109,689,726

VOLUME OF CURRENCY HANDLED
(Number of Bills)
Number Received and Counted .........................................................................
Sent Treasurer for Redemption ...........................................................................
Paid Out by Bank................. ..................................................................................
Total Number of Bills Handled .........................................................................
Number of Currency Shipments to Member Banks........................................

19231922
1921
32,056,006
27,018,545
25,275,908
12,050,281
11,938,997
13,400,000
26,938,459
22,959,995
19,100,000
71,044,746
61,917,537
57,775,908
13,95811,020
7,403

CLEARING STATISTICS
Number and Amount of Items Handled During 1923
Other Districts

Within District
Number

Amount

Number

Amount

Clearings .......................... 3,691,960 $1,732,809,548.65
Member & Non-Member 21,746,566 1,230,226,956.88
Paid for U. S. Govt.......
769,472
93,684,808.28

Federal Reserve B a n k s... 1,216,847 $328,929,631.37
Sent Direct by
Member Banks ............ 1,425,898 199,636,504.23

26,207,998 $3,056,721,313.81

2,642,745 $528,566,135.60

Daily Average number of items handled: 1923, 90,325;
1922, 83,280;
1921, 77,956.
Twin City Clearings, handled through Federal Reserve Bank, in 1923, $2,715,580,890.99; 1922, $2,404,629,516.85.
W ire transfers 1923, number 33,134; amount, $1,786,185,816; 1922, number 28,150; amount, $1,640,524,000.
Amount of balances settled through Cold Settlement Fund in 1923, $3,495,033,499.11; 1922, $3,237,855,942.56.

Securities Handled by Custody Department During 1923, $219,000,000. During 1922, $433,000,000.




FISCAL AGENCY
Treasury Certificates and Notes Sold Through This Bank
1923

1922

Total Number of Issues ...................................................................................................................
8
13
Total Number of Subscribers .......................................................................................................
4,133
4,335
Amount Sold .................................................................................................................................... . $62,381,800 $104,883,200
Amount Redeemed ..........................................................................................................................

19,797,500

19,531,000

During 1923 we handled 2263 repurchases and 1880 resales totaling.................................. 248,457,400 .................
During 1922 we handled 781 repurchases and 571 resales totaling ..................................................... $127,186,300

Number of
Stamps
Amount of
Stamps

Coupons, W ar Savings Stamps, Treasury Savings Stamps and Thrift
Redeemed ....................................................................................................................
5,659,692
3,463,050
Coupons, W ar Savings Stamps, Treasury Savings Stamps and Thrift
Redeemed ............................................................................................................... $29,259,531.49 $15,526,442.73

F ed eral Reserv e B ank

of

Min n e a p o l is

NINTH DISTRICT

O F F IC E R S

D IR E CTO R S
JOHN H . R IC H , Chairman and Federal R eserve A gen t

R . A . YOUN G, Governor
W . B. G E E R Y , D eputy Governor

H O M E R P. C L A R K , D eputy Chairman

B. V . M OORE, D eputy Governor

J. C. B A S S E T T , Aberdeen, South D akota

H A R R Y Y A E G E R , A ssista n t D ep u ty Governor

G E O R G E W . M cCO R M lC K , Menominee, M ichigan

F R A N K € . DUNLOP, Controller

F . R . B IG E L O W , St. Paul, M innesota

G R A Y W A R R E N , Cashier

F . P. H IX O N , L a Crosse, W iscon sin

Li. E . R A S T , A ssistan t Cashier

N. B. H O L T E R , H elena, M ontana

H . C. CORE, A ssista n t Cashier

W . C. M cD O W E L L , M arion, North D akota

H . I. Z IE M E R , A ssista n t Cashier

T H E O D O R E 1 W O L D , Minneapolis, M innesota

W . C. LANGDO N, A ssista n t Cashier
A . R . L ARSON , A ssista n t Cashier
CURTIS L . M O SH ER

GEOR GE H . P R IN C E , St. Paul

A ssista n t Federal R eserve A gen t

M ember A d v isory Council
F . M. B A IL E Y ,

M anager B ank E xam ination D epartm ent
J. F . E B E R S O L E ,
A ssistan t Federal R eserve A gen t

ANDREAS UELAND,
L egal Counsel

H E L E N A BR A N C H (H E L E N A , MONTANA)
O F F IC E R S

D IR E C T O R S

R . E . T O W L E , M anager

L. M. F O R D , Great F a lls, M ontana

H . F . B R O W N , Cashier

R. O* K A U F M A N , H elena, M ontana

R . E . SCHUM ACHER* A ssista n t Cashier

CHAS. J. K E L L Y , Butte, M ontana

H. L. Z IM M E R M AN N , A uditor and A ssista n t

TH OM AS M A R L O W , H elena, M ontana

Federal R eserve A&ent




H. W . R O W L E Y , B illin gs, M ontana


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102