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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............................................................. LIABILITIES 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 ............................................................ 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 2,206,392.75 18,390.41 11,630.22 17,083,631.60 51,065.57 1.074.100.00 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 $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 $142,153,426.83 *1*1*067.57 100, 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
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