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SEVENTH ANNUAL REPORT F e d e r a l r e s e r v e B a n k o f M in n e a p o l is Minneapolis, January 1, 1922. TO OUR SH A R E H O L D E R S : W e present herewith a statement covering the condition of your bank as at close of business December 31, 1921. The figures shown include those of our ^elena, Montana, branch opened on February 1, 1921. sition thereof. Gross earnings for the year are given with the dispo Volume of our more important functions is also given and comparisons made with one year ago. You will shortly be forwarded by the Chairman of our Board of Directors, a detailed report covering all our operations for the year 1921. W e wish at this time to thank our member banks for the splendid co-operation given during the trying year just ended. Respectfully, R. A. YOUNG, Governor. STATEM ENT OF CONDITION, DECEMBER 31, 1921 RESOURCES Bills Discounted and Collateral Loans to Members...................................... Bankers* Acceptances Purchased........................................................................ Municipal Warrants............................................................................................... United States Securities........................................................................................ Accrued Interest on United States Securities................................................. Furniture and Equipment (including vault and safes).................................. Bank Premises.................................................... .................................................... Expenses Paid in Advance..................................................................................... Disbursements for Treasury Department (to be reimbursed)....................... Due from Federal Reserve Banks and other Banks and Bankers.............. Due from Treasury Department.................. ................. .................... ............ National Bank Notes and Notes of other Federal Reserve Banks................ Five Per Cent Redemption Fund for Federal Reserve Bank Notes............. Our Federal Reserve Bank Notes on hand......................... ............................. Federal Reserve Notes on hand.......................................................................... Mutilated Federal Reserve Notes forwarded for redemption....................... Other Lawful Money............................................................................................ Gold Certificates and Gold C o in ...,................................................................. Gold held with Foreign Agencies........................................................................ Gold held in New York Assay Office................................................................... Gold in Settlement Fund...................................................................................... Gold with Federal Reserve Agent...................................................................... Total ......................... ...................................................................................... Condition Condition Dec. 31, 1921 Dec. 31, 1920 $51,211,618.68 $81,653,725.82 .................... 1,313,331.39 88,995.60 ............................... 4,565,561.00 8,595,561.00 45,729.34 85,654.66 1.00 1.00 763,456.96 590,000.00 17,848.60 10,814.12 8,737.05 54,306.77 13,750,422.94 20,680,421.87 124,655.01 ............................... 279,300.00 665,615.00 201,150.00 480,150.00 102,544.00 174,030.00 2,355,640.00 743,780.00 1,332,400.00 1,144,500.00 1,961,875.45 608,109.36 11,904,455.93 10488,148.00 .................... 89,100.00 .................... 1,740*126,84 31,115,656.9i 8,455,953.55 16,856,240.00 25,904,820.00 $136,686,288.47 $163,478,149.38 Condition Dec. 31, 1921 $3,568,950.00 7,468,477.80 460,218.35 54,775.55 928.42 Condition Dec. 31, 1920 $3,460,850.00 6,979,948.18 548,737.67 53,802.56 688.86 100,000.00 19,534.01 LIABILITIES Capital....................................................................................... Surplus ..................................................................................... Discount and Interest Unearned........................................... Discount and Premium on United States Bonds.......... Reserve for Sundry Expenses............................................... Reserve for Depreciation New Building............................. Reserve for Taxes other than Franchise T ax...................... Special Reserve........................................................................ Government Deposits............................................................. Cashier’s Checks......... ..................... ..................................... Due to Member Banks—Reserve Account......................... Due to Non-member Banks.................................................. Due to Foreign Governments and Banks............................. Due to other Federal Reserve Banks and Member Banks. Deferred Credits ............................................. .............. Federal Reserve Bank Notes Outstanding......................... Federal Reserve Notes Outstanding........................... ......... Total ................................................................................................................ 100,000.00 10,158.08 500.000.00 3,477,539.71 99,367.19 43,524,104.65 157,514.01 216.000.00 * 2,393,579.02 288,021.36 43,520,054.69 202,658.22 108,000.00 12,248,814.71 4,322,200.00 60,477,240.00 16,587,254.81 7,829,200.00 81,385,820.00 $136,686,288.47 $163,478,149.38 PROFIT AND LOSS ACCOUNT, DECEMBER 31, 1921 Gross Earnings, January 1, 1921 to December 31, 1921....................... ................................... $4,983,991.86 Less: Assessment for expenses Federal Reserve Board................................................... Cost of Federal Reserve Currency.......................................................................... Taxes on Federal Reserve Bank Note circulation................................................... Expended for Furniture and Equipment................................................................. Bond Department Expense assumed since July 1................................................. Operating Expenses ...................................................... ..................................... ....... $25,553.89 141,135.82 26,979.64 53,368.10 35,622.28 1,044,904.25 1,327,563.98 Excess of Earnings over Current Expenses. $3,656,427.88 Disposition of Excess Earnings: Reduction of Bank Premises—Helena........................ ...................................... Reduction of New Building Account—Minneapolis. ...................................... Transferred to Special Reserve................................ ......................... ............ Dividends for year 1921............................................... ...................................... Transferred to Surplus. ...................................... Paid to Government as a Franchise T a x ................................................................. Total ................................................................................................................ $1,893.23 3,381.40 500,000.00 211,657.03 488,529.62 2,450,966.60 $3,656,427.88 (Figures For Minneapolis and Helena Combined) GROSS EARNINGS BY MONTHS 1921 January .............................$512,697.90 February ......................... 446,411.90 March ............................... 423,170.48 April ................................ 427,274.98 M a y .................................... 445,638.45 June .................................. 423,190.52 Total Earnings, 1921....................... 1920 $339,915.12 320,333.60 352,255.08 387,157.76 423,311.14 433,187.63 $4,983,991.86 1921 J u ly .................................... $424,100.14 August ............................. 425,657.05 September ....................... 400,350.82 October ............................. 400,168.94 November ....................... 348,948.94 December ......................... 306,381,74 Total Earnings, 1920....... .............. 1920 $495,251.83 503,593.68 508,293.72 534,967.07 495,351.44 515,750.70 $5,309,368.77 VOLUME OF RE-DISCOUNTS 1921 No. Pieces Minnesota Re-discounted 1921 40,644 1920 36,268 Total amount re-discounted 1921 $474,338,000 1920 735,151,000 North Dakota 14,945 8,546 South Dakota 24,395 12,939 Montana 19,718 13,032 $67,058,000 50,331,000 $91,838,000 87,875,000 $65,498,000 53,592,000 Wisconsin 3,717 2,108 $20,397,000 19,516,000 Michigan 815 382 Total 104,234 73,275 $11,530,000 6,924,000 $730,659,000 953,389,000 COLLECTION OPERATIONS 1921 1920 Number of Items Received.................................................... .............................................. .282,189 154,923 Number of Items Collected............................................................................................... 266,834 148,749 Amount C ollected................................................................................................................ $109,689,726 $125,044,297 VOLUME OF CURRENCY HANDLED (Number of Bills) Number Received and Counted....................................................................................................................... Sent Treasurer for Redemption....................................................................................................................... Paid out by Bank........................... ..................................................................................................................... Total Number Bills H andled.......................................................................................................................... Number of Currency Shipments to Member Banks..................................................................................... 36,288,000 13,400,000 19,100,000 68,788,000 7,403 CLEARING STATISTICS Number and Amount of Items Handled During 1921 Within District Number Amount Clearings ........................ 3,257,494 $1,479,298,551.37 Member & Non-member. 18,721,095 1,108,032,258.33 Paid for U. S. Gov’t ....... 543,685 75,225,491.59 Other Districts Number Federal Reserve Banks.. 1,098,602 Sent direct by Member B an k s........................... 1,262,222 Total ........................... 22,522,274 $2,662,556,301.29 Total ........................... 2,360,824 Amount $278,069,081.71 197,917,351.50 $475,986,433.21 1920, 71,015; 1921, 77,956. Daily average number of items handled: 1919, 35,354; Twin City Clearings handled through Federal Reserve Bank in 1921......................................... $2,397,663,683.28 Wire Transfers, 1920, number, 16,130; amount, $1,373,289,000; 1921, number, 22,380; amount, $1,298,000,000. Amount of Balances settled through Gold Settlement Fund ........................................................$3,109,674,836.04 Securities handled by Custody Department................................................................................................ $483,000,000 FISCAL AGENCY DEPARTMENT Treasury Certificates and Notes Sold Through This Bank During 1921 Total Nuniber of Issues.. Total Number Subscribing Amount Sold .................... 18 1,779 $87,635,600 federal Reserve bank M in n e a p o l is of NINTH DISTRICT O F F IC E R S D IR E C T O R S R . A . YOUN G, Governor JOHN H . R IC H , Chairman and F ederal R eserve A gen t W . B. G E E R Y , D ep u ty Governor W . H . LIGHTNERy D eputy Chairman S. S. COOK, D eputy Governor J. C. B A S S E T T , Aberdeen, South D akota F R A N K C. DUNLOP, Controller C. H , B E N E D IC T , L ake Linden, M ichigan B. V . M OORE, Cashier F . R . B IG E L O W , St. P aul, M innesota G R A Y W A R R E N , A ssista n t Cashier F . P . H IX O N , L a Crosse, W iscon sin F . G. NORTON, A ssista n 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 . F . B R O W N , A ssista n t Cashier T H E O D O R E W O L D , M inneapolis, M innesota CURTIS L . M O SH ER , J. F . E B E R S O L E , A ssista n t F ederal R eserve A g e n t A ssista n t F ederal R eserve A ge n t HARRY YEAGER, F . M. B A IL E Y , F ield R epresentative M anager B ank E xam ination D epartm ent C. T . J A F F R A Y , M inneapolis, ANDREAS UELAN D, M ember A dv isory Council L e g a l Counsel H elena B r a n c h (H O F F IC E R S elena , Montana) D IR E CTO R S O. A . CARLSON, M anager L . M. F O R D , G reat F a lls, M ontana R . E . T O W L E , Cashier R . O. K A U F M A N , H elena, M ontana L. E . R A S T , A ssista n t Cashier CH AS. J. K E L L Y , Butte, M ontana H . L . Z IM M E R M A N , A uditor and A ssista n t T HOM AS M A R L O W , H elena, M ontana F ederal R eserve A gen t H . W . R O W L E Y , B illin g s, M ontana
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