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SIXTH AN N U A L REPORT F e d e r a l Res er v e Ba n k of M in n e a p o l is Minneapolis, January 1, 1921. TO SH AREH OLDERS: W e are submitting herewith a statement of your bank at the close of business on December 31, 1920, including a report of the earnings and the disposition thereof for the calendar year 1920. Other information on the volume of our business is also given. 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. W e take this opportunity of thanking our member banks for their co-operation in all our activities. Respectfully, R. A. Y O U N G , Governor. STATEM ENT OF CONDITION, DECEMBER 31, 1920 RESOURCES C ondition D ec. 31,1920 $81,653,725.82 1,313,331.39 8,595,561.00 85,654.66 Condition D ec. 31,1919 $73,857,091.69 12,599,452.47 8,595,561.00 79,271.98 590,000.00 10,814.12 54,306.77 20,680,421.87 665,615.00 480,150.00 174,030.00 743,780.00 1,144,500.00 608,109.36 10,488,148.00 89,100.00 1,740,126.84 8,455,953.55 25,904,820.00 500,000.00 7,685.42 131,794.07 23,698,127.80 578,275.00 400,350.00 87,925.00 896,665.00 359,250.00 199,759.75 8,480,723.00 3,545,645.72 . $163,478,149.38 $174,736,558.46 C ondition Dec. 31,1920 Capital ...................................................................................................................................... $3,460,850.00 Surplus ..................................................................................................................................... 6,979,948.18 D iscount and Interest U n earn ed.................................................................................... 548,737.67 D iscount and Premium on United States B o n d s................................................. ! ! ! 53*802.56 Reserve for Federal Reserve Board A ssessm en t....................................................................... \ ......... Reserve fo r Sundry E x p e n s e s ...................... ................................................................. 688.86 Reserve fo r D epreciation N ew B u ild ing.................................................................... 100,000!00 Reserve fo r T axes other than Franchise T a x ............................................................ 19,534.01 Governm ent D eposits ......................................................................................................... 2 393 579 02 Cashier’s C h e c k s .............................................................................................................* ] * 288,021.36 Due to M em ber Banks— Reserve A c c o u n t................................................................ 43,520,054.69 202,658.22 Due to N on-m em ber Banks ............................................................................................ Due to Foreign G overnm ents and B an k s.................................................................... 108,000.00 Due to other Federal Reserve Banks and M em ber Banks— Deferred C r e d it s ........................................................................................................... 16,587,254.81 Federal Reserve Bank N otes O utstanding.................................................................. 7,829,200.00 Federal Reserve N otes O u tsta n d in g ............................................................................ 81*385*820!00 C ondition D ec. 31,1919 $3,073,950.00 3,569,000.08 408,542.58 53,610.82 16,607.37 18,813.39 T otal .................................................................................................................................. *163,478,149.38 $174,736,558.46 Bills D iscounted and Collateral L oans to M em bers............................. Bankers’ A cceptances ....................................................................................... United States Securities.................................................................................. A ccru ed Interest on United States Securities........................................... Furniture and Equipm ent (including vault and s a fe s )........................... Bank P r e m is e s .................................................................................................... Expenses Paid in A d v a n ce .............................................................................. Disbursem ents for Treasury Departm ent (to be reim b u rsed).......... Due from Federal R eserve Banks and other Banks and B a n k e r s ... N ational Bank N otes and N otes o f other Federal Reserve B a n k s.. Five Per Cent R edem ption Fund for Federal Reserve Bank N otes. Federal Reserve Bank N otes on h and........................................................ Federal Reserve N otes on h an d .................................................................... Mutilated Federal Reserve N otes forw arded for redem ption ............. Other Law ful M o n e y ........................................................................................ 1.00 . G old held with F oreign A g en cies. G old with Federal Reserve A g en t. . 1.00 4,872,374.56 35,846,605.00 L IA B IL IT IE S 711,043.56 192,982.87 53,827,751.78 151,300.00 1,951,939.52 14,030,411.49 8,288,000.00 88,442,605.00 PROFIT AND LOSS ACCOUNT, DECEMBER 31, 1920 Gross Earnings, January 1, 1920, to D ecem ber 31, 1920.................................................................................... $5,309,368.77 L ess: Assessm ent for expenses Federal Reserve B o a rd ............................................................ Cost o f Federal Reserve Currency including depreciation on printing equipment T axes on Federal Reserve Bank N ote circu lation ............................................................ Expended fo r Furniture and M achin ery........................................................................... ’ O perating Expenses ................................................................................................................... $5,912.75 78,586.10 36,792.03 100*816!40 778 47L52 1,000,578.80 E xcess o f Earnings over Current E xpen ses.......... $4,308,789.97 D isposition o f E xcess E arnings: R eserve for depreciation N ew B u ild in g................................................................................ R eduction o f Bank Prem ises— H elena B ra n ch .................................................................... D ividends for period January 1, 1920, to D ecem ber 31, 1920.....................................! 1 Transferred to Surplus................................................................................ .............................. Paid to G overnm ent as a Franchise T a x ........................................................................ ’ ’ . $100,000.00 77,737.64 195,870.65 3,410,948.10 '52A,23Z.5% T ota l ........................................................................................................................................................................... $4,308,789.97 GROSS. EARNINGS BY MONTHS January ............................... 1920 1919 1920 1919 $339,915.12 $204,303.07 J u l y ....................................... $495,251.83 $239,951.97 February ............................ 320,333.60 193,851.28 A ugust ................................. 503,593.68 216,553.48 Septem ber 508,293.72 241,665.85 534,967.07 300,368.89 M a r c h ................................... 352,255.08 224,984.96 A p r i l ..................................... 387,157.76 259,044.81 M ay ..................................... 423,311.14 240,427.63 N o v e m b e r .......................... 495,351.44 299,548.88 433,187.63 229,249.42 D ecem ber ........................... . , 515,750.70 357,090.48 June ..................................... T ota l Earnings, 1920.. ......................... $3,007,040.72 T ota l Earnings, 1919.. $5,309,368.77 VOLUME OF RE-DISCOUNTS FOR 1920 M innesota No. pieces re-discounted N orth South Dakota D akota 36,268 8,546 12,939 M ontana W iscon sin 13,032 M ichigan T ota l 382 73,275 2,108 T ota l amount re-discounted.$735,151,853.61 $50,331,395.64 $87,875,616.47 $53,592,374.96 $19,516,346.19$6,924,176.23 $953,391,763.10 T otal amount, 1919 ............ 570,359,414.15 T o t ’la m ’t 1918 358,768,785.00 T o t ’la m ’t 1917 70,234,993.00 18,664,910.41 17,518,176.00 3,060,613.00 45,860,050.36 14,170,110.95 31,766,675.00 11,794,375.00 2,357,925.00 2,815,187.00 5,557,229.75 10,284,681.00 1,204,175.00 6,908,662.75 3,659,108.00 481,822.00 661,520,378.37 433,791,800.00 80,154,715.00 CLEARING STATISTICS Number and Amount of Items Handled During 1920 Within District N um ber Other Districts A m oun t T w in City B a n k s............ 2,901,797 $1,914,838,005.85 M em ber & N on-m em ber. 17,239,904 1,438,116,862.32 Paid for U. S. G overnment ............................... 370,67263,953,177.08 --------------- ------------------- ------T ota l ...............................20,512,373 $3,416,908,045.25 D aily average num ber o f items handled: N um ber Federal Reserve B a n k s .. . . 1,259,029 Sent direct b y M em ber B a n k s ...................................1,019,665 ----------------------T ota l ................................... 2,278,694 1918, 19,923; 1919, 35,354; A m oun t $594,660,255.68 312,159,343.52 -------------------- $906,819,599.20 1920, 71,015. T w in City Clearings handled* through Federal Reserve Bank in 1920 ............................................... $3,244,120,869.24 FISCAL AGENCY DEPARTMENT Treasury Certificates of Indebtedness Sold Through This Bank During 1920 T ota l N um ber o f Issu es.................................................................................................................................................... 18 T ota l N um ber Su bscribin g.............................................................................................................................................. 4,215 A m oun t Sold ......................................................................................................................................................................... $72,082,000 Federal reserve Bank o f M in n e a p o l is NINTH DISTRICT O F F IC E R S R . A . Y O U N G , G overn or W . R . G E E R Y , D e p u ty G o v e r n o r S, S. C O O K , D e p u ty G o v e r n o r F R A N K C. D U N L O P , C o n tr o lle r R . V . M O O R E , C a sh ie r G R A Y W A R R E N , A s s is t a n t C a sh ie r R . E . T O W L E , A s s is t a n t C a sh ie r L . E . R A S T , A s s is t a n t C a sh ie r F . G . N O R T O N , A s s is t a n t C a sh ie r L . W . L O N G , A c tin g ' A u d ito r D IR E C T O R S J O H N H . R I C H , C h a ir m a n an 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 , D e p u ty C h a ir m a n C. H . B E N E D I C T , L a k e L in d e n , M ic h ig a n F . R . B I G E L O W , St. P a u l, M in n e s o ta L . B . H A N N A , F a r g o , N o r th D a k o ta F . P . H I X O N , L a C ro sse , W is c o n s in N . B . H O L T E R , H e le n a , M o n ta n a W . C. M c D O W E L L , M a rio n , N o r th D a k o ta T H E O D O R E W O L D , M in n e a p o lis , M in n e s o ta 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 J. F . E B E R S O L E , A s s is t a n t F e d e r a l R e s e r v e Assent HARRY YEAGER, F ie ld R e p r e s e n ta tiv e M E M B E R A D V I S O R Y C O U N C IL C. T . J A F F R A Y , AftUHeapQlig COUN SEL A . UELAND
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