Full text of Annual Report of the Federal Reserve Bank of Minneapolis : Sixth Annual Report of the Federal Reserve Agent of the Ninth Federal Reserve District to the Federal Reserve Board, Covering the Calendar Year 1920

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Federal Reserve Bank
of Minneapolis

1920

SIXTH ANNUAL REPORT
OF THE

FEDERAL RESERVE AGENT
TO THE

FEDERAL RESERVE BOARD

SIXTH ANNUAL REPORT
OF THE

FEDERAL RESERVE AGENT
OF THE

NINTH FEDERAL
RESERVE DISTRICT
TO THE

FEDERAL RESERVE BOARD

COVERING THE CALENDAR YEAR
1920
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LETTER OF TRANSMITTAL
Minneapolis, Minn., February 11, 1921.
Sir: I have the honor to submit herewith the Sixth Annual
Report of the Federal Reserve Rank of Minneapolis, covering the
operations for the period from January 1, 1920. to December 31,
1920.
Respectfully yours,

IS
Chairman and Federal Reserve Agent.
Hon. W. P. G. Harding,
Governor, Federal Reserve Board,
Washington, D. C.

DIRECTORS AND OFFICERS
of the
FEDERAL RESERVE BANK OF MINNEAPOLIS
as of December 31, 1920
DIRECTORS*
Class A

Class B

W. C. McDowell (1921)
Marion, North Dakota
Theo. Wold (1922)
Minneapolis, Minnesota
J. C Bassett (1923)
Aberdeen, South Dakota

F. P. Hixon (1921)
La Crosse, Wisconsin
F. R. Bigelow (1922)
St. Paul, Minnesota
X. B. Holter (1923)
Helena, Montana
Class C

W. H. Lightner (1921)
St. Paul, Minnesota
C. H. Benedict (1922)
Lake Linden. Michigan
John H. Rich (1923)
Minneapolis, Minnesota
•Terms expire on December 31 of the rears shown in paientheses.

OFFICERS
Tohn II. Rich, Chairman and Fed', e r f' Reserve Agent
W. H. Lightner, Deputy Chairman
Curtis L. Mosher, Secretary and
Assistant Federal Reserve Agent
^R^ser^A^nt^8'543"* Federal
Harry Yaeger, Field Representative
Fred M. Bailey. Manager Bank
Examination Department
Andreas Ueland,

R. A. Young, Governor
Deputy Governor •
B G
, _ , _
„
- ^ C o o k . Deputy Governor
F. C. Dunlop, Controller
B- V. Moore, Cashier
Gray Warren, Assistant Cashier
p. G. Norton, Assistant Cashier
. •
Cnshier
T F
R
L E
' ' R a s t ' A s s i s t a n t Cashier
Legal Counsel
w
s

Member of Federal Advisory Council
C. T. Jaffray, President. First National Bank, Minneapolis, Minnesota
HELENA BRANCH (HELENA, MONTANA)
Directors
T. A. Marlow, Helena, Chairman
Lee M. Ford, Great Falls
C. J. Kelly, Butte
R. O. Kaufman, Helena
H. W. Rowley, Billings
Officers
O. A. Carlson, Manager
L. W. Long, Assistant Federal Reserve Agent

R. E. Towle, Cashier

TABLE OF CONTENTS
Part I
Part II

Text of Report
Statistical Tables and Charts
PART I

TEXT OF REPORT

Introduction
Business Conditions in 1920
Financial Conditions in 1920
Loans and Discounts
Federal Reserve Notes
Federal Reserve Bank Notes
Currency Movement
•Gold Position of the Bank
Balance Sheet and Earnings
Checks, Collections, Clearings and Transfers
Liberty Bonds
Deposits of Treasury Funds with the Bank
Subtreasury Functions
Membership
Fiduciary Powers
Bank Examination Department
Changes during the Year in Official Staff
Helena Branch
PART II

Pages
7-27
29-61

7
7-8
9-10
10
10-13
13
13-14
14
14-15
15-17
17-20
20-21
21
22—25
25
25
26
26-27

S T A T I S T I C A L T A B L E S AND C H A R T S

Summary of Tables
Tables:
1. Total Accommodation to Ninth Federal Reserve District.
Including Lending Relation with Other Federal Reserve
Banks
2. Interest Rates Prevailing in Minneapolis 1920
3. Changes in Discount Rates
4. Classification of Paper Discounted and Bought During 192(1,
Exclusive of Rediscounts for Other Federal Reserve Banks
or Purchases from Them
5. Discount Operations by States
6. Discount Operations by Months
7. Federal Reserve Notes Received and Issued Since 1914. with
Statement of Gold and Collateral Held by Federal Reserve
Agent on Closing Dates of 1919 and 1920
8. Federal Reserve Notes Received and Issued During 1920
9. Federal Reserve Notes Issued and Destroyed Monthly Since
Organization
10. Federal Reserve Notes Received From and Returned to Other
Federal Reserve Banks During 1920—
A. By Banks
B. By Months
11. Denominational Distribution of Federal Reserve Notes
12. A. Federal Reserve Bank Note Issues in 1920
B. Federal Reserve Bank Note Issues Since Sept. 20, 1 9 1 8 . . . .
13. Currency Receipts from and Shipments to Member and NonMember Banks, by Months, During 1920 and 1919
14. Gold Holdings of the Bank and the Federal Reserve Agent,
at Close of Business, December 31, 1920 and 1919
'.
15. Federal Reserve Bank Clearings Through Gold Settlement
Fund, 1920—
A. By Months
B. By Banks
16. Resources and Liabilities of the Minneapolis Federal Reserve
Bank at Close of Business, December 31, 1917-1920
4

30
31
32
33
34
35
35
36
37
37
37
38
39
39
40
41
41
41
42

17.
18.
19.

20.

21.
22.
23.
24.
25.

26.
27.

28.
29.
30.

31.
32.
33.
34.
35.

36.
37.
38.
39.
40.

Page
Earnings and Expenses of the Federal Reserve Bank of Minneapolis, 1920
43
Penalties for Deficient Reserves
43
Number of Member Banks and Clearing Non-Member Banks
Making Use of the Clearing and Collection Facilities of the
Federal Reserve Bank of Minneapolis as of December 31,
1919 and 1920
43
Operations of Check Clearing and Collection Department—
Detailed Classification of number and amount of items
handled, by months, during 1920, with totals for 1920, 1919,
1918, and 1917
44
Number of Items Received for Collection by Federal Reserve
Bank of Minneapolis During the Years 1919-1920, by Months
45
Collection Operations, 1920
45
Twin City Clearings Through Federal Reserve Bank, Minneapolis, "Minnesota, 1920
45
Mail and Wire Transfers Bought and Sold, 1920
46
A. Temporary' Bonds Surrendered for Exchange or/and Conversion, Year Ending December 31, 1920
47
B. Permanent Bonds Surrendered for Conversion, Year Ending December 31, 1920
47
C. Permanent Bonds Delivered, Year Ending December 31,
1920
47
Registered—Coupon Exchanges, Year Ending Dec. 31, 1920—
A. Registered Bonds Exchanged for Coupon Bonds
48
B. Coupon Bonds Exchanged for Registered Bonds
48
Exchange of Taxable and Tax-exempt Victory Notes, Year
Ending December 31, 1920—
A. 334% Tax-exempt Notes Exchanged for 4-}4% Taxable
Notes
48
B. WA% Taxable Notes Exchanged for 3}$% Tax-exempt
Notes
48
Denominational Exchange of Bonds
49—51
United States Coupons Paid Through Federal Reserve Bank
of Minneapolis, 1919-1920
52
United States Liberty Loan Interest Coupons Paid During
1920
52
United States Certificate of Indebtedness Interest Coupons
Paid During 1920
52
United States Certificates of Indebtedness Issued During the
Year 1920
53
United States Certificates of Indebtedness Repurchased and
Resold During the Year 1920
54
Treasury W a r Savings Operations, 1920
54
Amount of Securities Pledged Against W a r Loan Deposits as
of End of Each Month During the Year 1920
54
Fiscal Agency Department Expenses of the Federal Reserve
Bank of Minneapolis, Amounts Reimbursed by the Treasury
Department and Balances Reimbursable at the End of the
Calendar Year 1920
54
Account with Treasurer of the United States
55
Summary of Member Banks in Ninth District
55
Member"Banks Liquidated During 1920
55
State Member Banks as of December 31, 1920
56-57
Part A—Movement of the Principal Assets of the Federal
Reserve Bank of Minneapolis During the Calendar Year 1920
58
Chart—Movement of Earning Assets During 1920
59
Part B—Movement of Demand Liabilities and Cash Reserves
of the Federal Reserve Bank of Minneapolis During the
Calendar Year 1920
60
Chart—Net Deposit Liability, F. R. Note Circulation, Cash
Reserves, and Reserve Ratios, 1920
61
5

SIXTH ANNUAL REPORT OF THE
FEDERAL RESERVE BANK OF
MINNEAPOLIS, MINNESOTA

•/ '

Unusual problems confronted the Federal Reserve Bank of
Minneapolis throughout the entire year. The very unsatisfactory
transportation conditions during the last quarter of 1919 continued
throughout the early part of 1920, and did not begin to improve
until late in the year.
Agricultural and live stock production predominates in the Ninth
Federal Reserve District. Bad transportation conditions delayed
the seasonal movement of the crops late in the previous year and
continued without much change until the latter part of 1920. Heavy
credit extensions by the Reserve Bank for crop moving purposes
were not reduced in the normal manner but remained high throughout the first part of the year, and then increased as a result of
harvesting and crop moving in the fall. The strain upon all banks
was increased by the absence from the farm mortgage market of
insurance companies, trust companies, the Federal Farm Land Bank,
and dealers and brokers in this class of investments, through which
the capital requirements for agriculture and live stock have been
largely taken care of in previous years. Further strain on credit
was created by the sudden downward drift of prices for all agricultural products, live stock and commodities, which was coincident
with the beginning of the crop marketing period. The resulting
dissatisfaction tended seriously to delay marketing, increase country
bank loans, and prevent the usual increase of bank deposits and
liquidation of maturing notes resulting from an orderly marketing
of the crop. Pressure on credit reached its high point in late
November, but relaxed somewhat toward the end of the year.
Traffic conditions improved by October to a point which enabled
grain carrying lines to meet their car orders with the equipment
available for the crops. Cases of elevator congestion were comparatively few and there were no terminal blockades. Abnormal shipments of cattle during November created an acute shortage of cattle
cars, but it was of a temporary nature.
BUSINESS CONDITION'S IN 1920

Crop results for the year were satisfactory. Spring planting
conditions generally were good both as to soil and moisture. There
was some damage to wheat in June which was covered by reseeding
to flax; but later, localized areas of black rust developed which made

it impossible to realize as large a crop as had been expected. This
district enjoyed the largest corn crop in its history. The total
production for each of the grain crops as well as of potatoes and
hay were larger than last year, except in the case of rye. The
combined corn and oat crop exceeded one-half billion bushels. The
total value of these crops taken at midsummer prices and adding
the dairy and fruit products, totaled in value more than one and
one-quarter billions of dollars. Shipments of grain to terminals
were not as large during the fall months as in the preceding year.
The movement of wheat alone was about 7 per cent less than in the
preceding year. This is explained by a reluctance to sell upon a
lower market basis.
The peak of prices both at wholesale and retail was reached
about May 1, when the buying wave ended, that had prevailed since
the Armistice. Special and secret price reductions developed rapidly
in June, particularly at retail; and the prices for grains, live stock,
wool, and other products, declined considerably by the end of the
year. In the endeavor to secure the old prices for grain, particularly
wheat, many farmers withheld their stocks from market or exchanged their wheat only for storage tickets, thereby delaying the
payment of their own obligations and impairing the ability of their
local bankers to finance other producers who were less fortunate in
crop returns. This resulted in thirty bank failures in North Dakota,
and a few in nearby states.
Cattle conditions were particularly unfavorable during the
winter in Montana, and heavy losses were realized before spring
opened. The very favorable moisture conditions of this year, however, were some recompense, as pasture was excellent and stocks of
hay increased. The receipts of cattle at the South St. Paul market
were much less than in the preceding year until a large movement
of cattle began in November, which had a depressing influence on
prices.
Business conditions which had appeared so favorable, although
somewhat excited and feverish, in January were much depressed by
the end of the year. There was recorded in the closing months a
substantial reduction in the activities of the mines, lumber companies,
building trades, flour mills-, and other manufacturing concerns. A
similar decline took place in the demand for labor. Business failures
amounted to record-breaking totals in November and December.
Peculiarly, the year's record for iron ore shipments down the lakes
was a good one; the volume of which, as compared with the preceding year, exhibited an increase of more than 20 per cent.

FINANCIAL CONDITIONS IN 1920

There was a sharp turning point in the financial history of the
Northwest during the latter part of March. The expansion and
enthusiasm prevailing since the Armistice terminated. Confidence in
financial stability was not shaken but optimism as to continuity of
turnover and profits came to an end.
Member banks experienced a withdrawal of deposits between
March 19 and December 31 of more than 29 per cent when measured
by the experience of 35 selected member banks located in the larger
cities. Meanwhile there was a slight increase in time deposits,
gradual selling of holdings of Government securities, and a moderate
amount of collections on customers' loans; but the greater part of
the burden was transferred to the Federal Reserve Bank through
liberal rediscounting of customers' paper. There were seasonal
increases in the accommodation given to customers by these member '
banks in the spring and fall months and a very moderate reduction
in the summer months and after the 12th of November, so that
their rediscounts at the end of the year were practically equal to the
volume existing at the end of January. These seasonal demands for
accommodation by customers during the spring and fall months
were transferred through rediscounting to the Federal Reserve
Bank. Owing to these increased demands, there was a tendency to
skimp or economize on reserves maintained with the Federal Reserve
Bank. Penalties for deficient reserves were assessed on 698 different
banks during the year.
The Federal Reserve Bank experienced an orderly reduction of
its loans to member banks from the beginning of the year until the
week beginning March 20. Thereafter the volume expanded very
rapidly until the end of May. After a small reduction during the
summer months, there was a rapid increase in the accommodation
granted for crop moving purposes between the 13th of August and
the 22nd of October. Thereafter the crop movement, although
considerably delayed, brought some reduction so that on December
31 the total accommodation to the district (including funds of other
Federal Reserve Banks borrowed) was down to the amount at the
end of the spring planting season, but about eleven million dollars
larger than on the same date a year previous.
The general decline which took place throughout the district in
the volume of business and in prices beginning in April was reflected
in our note issues, as they are freely elastic. The total of outstanding

circulating notes at the end of the year was about 7 million dollars
less than at the beginning of the year, or a decline of 8 per cent.
LOANS AND DISCOUNTS

About 70 per cent of the member banks of the district were
accommodated with rediscounts during the year. Of the 1,009
member banks on December 31, 704 had exercised the rediscount
privilege during the year. The total amount of paper discounted
was $953,391,763.10, of which slightly less than one-half was secured
by Government war obligations. The total amount of discounts
handled was about 45 per cent larger than during the preceding
year. When the purchased paper is added to the discounted paper,
the total for the year 1920 is over 971 million dollars.
The greatest turnover of discounted paper took place in the
months of June and December, although April, May, October, and
November exhibited substantial amounts. The number of rediscounts handled during the year totaled 73,275, of which more than
10,000 were received in the month of December alone, and more
than 8,000 in each of the months of June, October and November.
Discount rates for paper secured by certificates of indebtedness
were increased slightly on January 2, 1920, and rates for all other
kinds of paper were advanced substantially on January 26. On
April 22, rates were advanced slightly for notes secured by certificates of indebtedness, and on May 1, they were advanced slightly for
notes secured by Liberty Loan bonds. On June 1 rates were
advanced substantially on all eligible paper, including trade acceptances, except notes secured by Liberty Loan bonds. Subsequent to
June 1 there was no change made in rates. At that time the rates on
eligible paper other than agricultural and live stock over ninety days
and that secured by Liberty bonds, Victory notes, and certificates
of indebtedness were fully two per cent higher than at the beginning
of the year. On June 1 the rates of discount were 5^2 per cent for
notes secured by certificates of indebtedness, 6 per cent for notes
secured by Liberty bonds and Victory notes, 6J/2 per cent for trade
acceptances, and 7 per cent for agricultural and commercial paper,
both secured and unsecured. These changes in rediscount rates
reflect the changes that took place in local market interest rates
during the year.
FEDERAL RESERVE NOTES

The events of the year have demonstrated the elastic quality of
the Federal Reserve Note. The net amount that had been issued to

the Bank by the Federal Reserve Agent at the beginning of the year
was $88,442,605, and at the close of the year, $81,385,820, or a
reduction of 87,056,785. During the year the Federal Reserve
Agent issued to the Bank, in the aggregate, $39,450,000, and the
Bank returned fit-for-use notes to the Agent totaling $5,740,000.
The notes unfit for circulation were redeemed and destroyed at
Washington, and totaled during the year $40,766,785. The amount
of notes issued by the Agent to the Bank, when considered by
months, exhibits the seasonal fluctuations in the demands for currency. Of the total issue indicated of about $40,000,000, more
than $8,000,000 was issued in the month of September, more than
$4,000,000 in the months of October and December, and more than
$3,250,000 in each of the months of March and August. These
months include spring planting, harvesting, and the Christmas buying
period. The return of fit-for-use notes to the Agent was confined
practically to the month of January, midsummer, and late December.
The supply of new and fit-for-use notes held by the Agent and
available for issue to the Bank totaled $9,890,000 on December 31,
1920, as compared with $7,560,000 a year previous. It was considered advisable by the Federal Reserve Agent to keep a larger
supply on hand as our practice of keeping an extra 10 million dollars
in the Subtreasury at Chicago was discontinued on November 4,
1920.
As security for these note issues the Federal Reserve Agent
held on December 31, 1920, $25,904,820 in gold and $66,263,748.75
in eligible paper. In addition to the gold held by the Agent on
December 31, 19-0, as specific security for the notes, the Bank had
gold in its own vault, or elsewhere, totaling about 820,000,000, which
is included when computations are made concerning the requirement
that gold be held to the extent of 40 per cent of the amount of
Federal Reserve Xotes outstanding, and that gold or lawful money
be held to the extent of 35 per cent of member bank deposits. The
excess of eligible paper held above the requirements of the law is
accounted for by the fact that the Bank has found it more convenient in practice to pledge all its paper rather than to make a selection
of notes to be pledged for this purpose. A year ago the security
held by the Agent consisted of gold totaling 835,846,605 and of
eligible paper totaling $74,160,777.53. Of the gold held by the
Agent December 31, 1920, slightly more than one-half was in the
form of coin and certificates in our own vaults and the remainder
was in the form of credit balances in the central gold reserves held
by the Federal Reserve Board at Washington. The amount of

Federal Reserve Notes received from the Agent by the Bank and
held on hand unissued, amounted to $743,780 on December 31, 1920.
Owing to the requirement of the Federal Reserve Act that all
Federal Reserve Banks shall return the notes of other Federal
Reserve Banks directly for redemption, there is a large turnover of
Federal Reserve Notes that is not included in the totals given for
notes issued to the Bank by the Agent nor in the total of notes
redeemed and destroyed at Washington. The amount of our own
notes received from other Federal Reserve banks during the year
totaled $42,784,900, of which slightly more than one-half were
returned by the Chicago Federal Reserve Bank and about S5,000,000
each by the banks of New York and San Francisco. The amounts
so received were largest in January, with $5,000,000; and least in
February, with $2,700,000. Our shipments of their notes to other
Federal Reserve banks have not equalled our receipts of our own
notes from them. The total amount which we returned during the
year was $29,273,850, of which more than one-half were returned to
Chicago, and about $3,000,000 each to San Francisco and New
York. Our returns to them were largest in the months of January
and June, and least in February. From the foregoing it appears that
there exists a tendency for our notes to flow to the larger centers of
population as a means of payment to a greater extent than the notes
from the urban districts appear in our district. Although conclusions from these figures are hazardous, owing to the lack of information concerning other forms of money that are circulating and
moving, it would appear that residents of our district are personally
spending more in urban centers than urban citizens are spending in
our district, the net differences being over $5,000,000 in the case of
Chicago, over $3,000,000 in the case of New York, and over $1,500,000 in the San Francisco district, which includes Los Angeles. This
excess of receipts over shipments was $13,511,050 in 1920, and but
$9,903,135 in 1919.
The experience of the Minneapolis Federal Reserve Bank with
Federal Reserve Notes indicates that the $10 denomination provides
the greater part of the elasticity, as it is this note which reacts most
readily when currency is retired. The quantity (both in number and
value) of this denomination returned to the Federal Reserve Agent
in 1920, when compared with the total returned, was greater than
that of any other denomination. Second in importance in providing
elasticity is the $20 note, although this denomination represented
more than 40 per cent of the total value outstanding on December
31, 1920. The low destruction rate and small volume of issues of
12

the notes larger than $20, indicate that they are probably used almost
entirely for bank reserve requirements, and seldom pass into the
hands of the public at large.
The most popular denomination for hand to hand use is the
$5 note. This denomination constituted nearly 54 per cent of the
total number of bills issued from the date on which the Bank
opened to December 31, 1920, and nearly 60 per cent of the total
number of notes destroyed at Washington during the same period,
and was the only denomination whose ratio of destruction to the
total number of bills destroyed was greater than its ratio of issue to
the total number of bills issued. These facts indicate that its
velocity in hand to hand use is the greatest of all the denominations
issued. The $5 note has shown less elasticity than the larger denominations. Of the total notes returned to the Federal Reserve Agent
in 1920, the $5 denomination was but 26 per cent of the number
returned and 10 per cent of the value returned as compared with
the corresponding issue figures of this denomination of 54 per cent
in number and 30 per cent in value. This lack of elasticity and high
velocity of turnover indicates that the $5 note is in the same class
as the $1 and $2 notes and subsidiary coins commonly known as
"small change."
FEDERAL RESERVE BANK NOTES

In order to assist the Government in securing silver for shipment to the Orient during the war by retiring silver certificates,
and to provide notes of small denomination for the needs of trade
(owing to the retirement of the silver certificates), Federal Reserve
Bank notes were issued beginning September 20, 1918, secured by
deposits of Government securities and a five per cent redemption
fund. Altogether a total of $18,096,000 were issued, of which
$10,266,800 were returned to Washington for destruction. The
net outstanding on December 31, 1920, allowance being made for a
small quantity on hand, was $7,655,170. Of this amount in circulation $4,693,092 were of one dollar denomination, $2,224,660 of five
dollar denomination, and $737,418 of two dollar denomination. As
compared with the issue outstanding on December 31, 1919, there
has been a reduction in the total of more than $630,000. There was
an increase in the quantity of five dollar notes but not sufficient to
offset the substantial decreases in the amount of one and two dollar
denominations.
CURRENCY MOVEMENT

Currency receipts in 1920 totaled $64,860,000 as compared with
13

$57,347,000 in the preceding year, or an increase of 13.2 per cent.
The total shipments in 1920 were $78,996,000, as compared with
$52,826,000 the preceding year, or an increase of 49.3 per cent. The
more active condition of business in the early part of the year was
reflected in a reduction in monthly receipts as compared with
January to July inclusive of the preceding year. The reduced volume
of currency needed after the decline in prices which began in the
spring was reflected in enlarged receipts in the later months, particularly in November and December, which totaled respectively
87,535,000 and $11,820,000. Shipments were larger in each month
of 1920 than in the same months of 1919, the month of September
having shipments exceeding $11,300,000 and December exceeding
$9,300,000. Crop moving demands in the fall always bring a need
for more currency, the shipments in September being about
$5,000,000 more than in August.
GOLD POSITION' OF THE BANK

The gold holdings of the Bank on December 31, 1919, when
combined with those of the Federal Reserve Agent, totaled
$52,745,348, at which time this Bank was not rediscounting with
other Federal Reserve banks. At the close of business December 31,
1920, the combined holdings of the Bank and Federal Reserve Agent
were but $46,678,148, or a reduction for the year of $6,067,200.
Of this total then held, about $25,000,000 was in the Gold Settlement Fund and Gold Redemption Fund at Washington, and practically all of the remainder in our own vaults. Of our vault holdings,
about one-fourth was in the form of gold coin and bullion and
three-fourths in the form of gold certificates which have been found
more convenient with the limited vault space available.
The Gold Settlement Fund at Washington has facilitated
exchanges to an extent not fully appreciated either by bankers or
by the public generally. The volume handled through it is greater
in each succeeding year. Amounts paid to other Federal Reserve
banks through the daily settlements, exclusive of transfers largely
on account of Treasury operations and rediscount transactions, were
$1,914,594,315, in 1920, as compared with $1,320,379,539 in 1919.
About one-half of the volume was occasioned by transactions with
the Chicago District and about one-fourth with the New York
District.
BALANCE SHEET AND EARNINGS

The statement of resources and liabilities on December 31, 1920,
exhibits some interesting changes since December 31, 1919. The
14

capital paid in, which is three per cent of the capital and surplus of
member banks, increased from $3,074,000 to $3,461,000, while the
surplus increased from $2,320,000 to $5,178,000. Our liability to
member banks on their reserve balances decreased from $53,828,000
to $43,520,000, and our liability on Federal Reserve Notes and
Federal Reserve Bank Notes in actual circulation decreased from
$95,387,000 to $87,153,000. The total reserves of gold and legal
tender decreased from $52,811,000 to $46,928,000.
The net amount invested in uncollected transit items and nonreserve cash decreased from $10,144,000 to $4,113,000. The ratio
of total reserves to net deposits and Federal Reserve Note liabilities
combined, declined from 39.5 to 38.7 per cent. The total of bills
discounted and bought and held in our own assets decreased from
$86,456,000 to $82,967,000. However, these figures for loans and
discounts do not include the notes which were sold by us to other
Federal Reserve banks (known as rediscounts) which totaled on
December 31, 1920, 814,340,020, as compared with none on December 31, 1919.
The total gross earnings for the year 1920 were $5,307,380.60,
of which $4,734,258.72 was collected as discount on bills, the
remainder being earned by holdings of United States securities,
discount on purchased bills and from other sources. The expenses
of operation totaled $1,015,198.00, of which more than $115,000
was due to taxes and costs of bank note circulation. The current
net earnings were therefore $4,292,182.60 after setting aside
amounts for depreciation of buildings and equipment and the
payment of a 6 per cent dividend to stockholding member banks
amounting to $195,870.65, and the transfer of $3,410,948 to surplus.
CHECKS, COLLECTIONS, CLEARINGS AND TRANSFERS

During the year there was a phenomenal increase in the volume
of checks handled and a substantial increase in the collection items
handled. This may be accounted for largely by the fact that North
Dakota, Montana and northern Michigan were placed on the par
list January 2; South Dakota in February, and Minnesota on April 1,
of this year.
At the close of 1920, there were 291 banks using our Transit
Department daily, of which six were non-members. During the
year 21,588,684 items were handled, amounting to $3,908,856,000.
This represents an increase of 101.1 per cent in the number of items

and 41.0 per cent in the amount as compared with the totals of 1919.
Of the total handled in 1920, there were 20,141,701 items, amounting to $3,352,953,000, which were drawn on banks in our own district, or approximately 94 per cent and 86 per cent, respectively, of
the total handled.
The Collection Department received 154,923 items in 1920 as
compared with 100,652 in 1919. The number of city collections
was practically the same as in 1919, but a considerable increase took
place in the collections drawn on country banks, particularly after
September 1, when difficulties were experienced by northwestern
banks having a large number of certificates of deposit maturing
which had been purchased by eastern and western banks for temporary investments. The number of country collections were 7^4
per cent of the total in 1919 and 39.5 per cent of the total in 1920.
When measured in dollar values the total for 1920 was
$129,393,577.49, of which the country items were 43.6 per cent and
city items 56.4 per cent. The collections realized (i. e., not returned
unpaid) were 148,749 in number and $125,044,297.13 in amount or
96.1 per cent and 97 per cent respectively of the total received.
Twin City (Minneapolis and St. Paul) clearings through this
Federal Reserve Bank totaled $3,244,120,869.24 in 1920. of which
the largest sums were handled in the months of March and October
with more than $300,000,000 each, and the least in February with
over $100,000,000. The total in 1919 was but $2,899,427,833.80,
showing an increase for 1920 of 12.1 per cent. All months in 1920,
except February and December, were larger than in 1919. The
decrease in February, 1920, was due to the general tie-up of transportation facilities and stoppage of shipments, while the December
decline is readily recognized as resulting from the diminished volume of trade that set in during the fall months, owing to business
conditions that prevailed nationally, particularly to price declines
and the holding of products and merchandise in the hope of securing the old prices for the same.
The private wire system of the Federal Reserve Board enables
us to give immediate and economical service to our member banks
in transferring funds to different parts of the country. There were
7,543 wire transfers bought in 1920, totaling $813,859,341, as compared with $623,197,000 in 1919. The mail transfers bought in
1920 totaled over $172,375,000 as compared with over $168,202,000
in 1919. There were 8,587 wire transfers sold in 1920, totaling
$559,430,000. There is a growing appreciation of this service. The
16

wire transfers were sold at par. Purchases of such transfers were
made at par when wires were sent and received on the same day;
otherwise a discount was necessary, as with mail transfers bought,
equal to twenty cents per thousand dollars per day.
LIBERTY BONDS

All of the bonds for the Second, Third and Fourth Liberty
Loans were originally issued in a temporary form with but four
coupons. This necessitated a large amount of work during the
past year in making exchanges for permanent bonds having coupons extending to maturity. In addition, the conversion of low
interest rate bonds into higher interest rate bonds has continued,
the 4 per cent being convertible into 4% per cent bonds. The total
quantity surrendered for conversion into either permanent bonds
bearing the same rate or into permanent bonds bearing a higher
rate, totaled more than $150,000,000 during the year 1920. Altogether 1,096,003 bonds were surrendered for these conversions and
896,835 bonds were delivered. It is very interesting to note that
denominations requested in making the exchanges were different,
and the differences are significant. Of the bonds surrendered for
conversion, 62.2 per cent of the total value consisted of bonds of
the $50, $100, and $500 denominations, while the bonds delivered
of these same three denominations were but 53.6 per cent of the
total value. The decline was greatest in the case of the $50 bonds.
It appears that there was a preference for bonds of the $1,000,
$5,000 and $10,000 denominations. There were surrendered
$18,370,000 in the $5,000 and $10,000 denominations and $28,865,000
issued in these denominations. Whereas about 12 per cent of the
value of the bonds surrendered were in these large denominations,
more than 19 per cent of the value were delivered in the same sizes.
Doubtless many banks have found it more convenient to use the
larger denomination, either for collateral or for safekeeping purposes.
Next in importance to the handling of conversions was the
denominational exchange of bonds. 442,525 pieces were received
and their equivalent value taken in 45,288 pieces, or a reduction in
number from about 10 to 1. Of the bonds received for denominational exchange totaling- $42,251,050, 73.3 per cent were of the $50
and $100 denominations. Of the bonds issued, 80.2 per cent were
in the $1,000 denomination, and 14.9 per cent in the $5,000 and
$10,000 denominations.

Another interesting development in the exchange of bonds is
the tendency to procure the registration of coupon bonds. The
coupon bonds exchanged for registered bonds during the year
totaled $4,667,750, while the registered bonds exchanged for coupons totaled but $2,484,850. The exchanges were particularly heavy
in the case of the 4J4 per cent Fourth Liberty Loan temporary
bonds, as this was the largest issue. The exchanges of the Third
Liberty Loan bonds were much larger, both in number and in
value, than of the Fifth Victory Loan notes, as many of the latter,
no doubt, have been purchased only for temporary investment.
This is further evidenced by the fact that more registered bonds
were surrendered of the Fifth Victory Loan for the coupon form
than there were surrendered of the coupon form to be registered.
Another striking condition was the exchange of First 3 ^ per cent
bonds which had been registered for the coupon form; because the
exchanges of registered for coupon form were about four times
as large as the coupon exchanged for registered form. Evidently
there was either a liquidation of these holdings by persons no longer
needing tax exemption, or the owners found by experience that the
coupon forms were more convenient as collateral to loans. The
coupon bonds surrendered for exchange totaled 26,383, and the
registered form, 9,630; and it is interesting to note that the average
size of coupon bond surrendered for registered was about $177, and
the average size of registered bond surrendered for coupon form
was $258. It might reasonably be concluded that the large holders
of substantial blocks of registered bonds have been converting to
forms more fully negotiable or available for collateral, and that the
holders of smaller denominations in coupon form who have not sold
their bonds, are more fully committed to holding them to maturity,
and wish to have them secured by registration.
The interchange of taxable and tax-exempt Fifth Victory Loan
was not large. There were $324,050 of the 3^4 per cent tax-exempt
notes exchanged for the 4^4 per cent taxable notes, while but
$219,000 of the 4% taxable notes were exchanged for the 3^4 per
cent tax-exempt. Apparently the tax-exempt form was not found
to be as necessary as had been earlier expected when purchases
were made. The decline in current business profits and rise in
yield of other investments may account for this to a considerable
extent. The great majority of the taxable notes that were exchanged
for tax-exempt were of the denominations of $50 and $100, although
they do not make up a large part of the total amount. A comparatively small number of the large denomination notes, of the tax

exempt form, account for much of the exchange into taxable notes.
Altogether, 676 taxable and 308 tax-exempt bonds were surrendered.
The total number of bonds handled is the best index of the
burden carried by the Bond Section of the Fiscal Agency Department. The total number received during the year was 1,565,587,
and the total delivered, 952,053, giving a grand total for both
receipts and deliveries of 2,517,640 pieces.
*
The tendency that prevailed in 1920 to convert bonds into
larger denominations was also illustrated by the coupons paid by
this Federal Reserve Bank. The number of coupons in 1920 was
5,089,141 as compared with a total for 1919 of 5,192,950, while the
amount of those paid in 1920 was $16,418,820.21, and in 1919 but
$14,356,128.76. The largest volume handled in 1920 was in the
month of April, with October and December holding positions next
in importance. There was a more even distribution among the
months in 1920 than in 1919. Of the total coupons handled in 1920
there were 16,661 on account of certificates of indebtedness which
totaled $975,299.49.
The temporary financing of the United States Treasury has
been accomplished by the use of numerous issues of short-term
certificates of indebtedness. The volume was not as large in 1920
as in 1919. The subscriptions handled by this Fiscal Agency Department in 1920 totaled $72,082,000 for 18 different issues with a total
of 4,196 subscriptions, whereas there were 23 issues in 1919 totaling
$310,133,500 with subscriptions that numbered 16,292. The number
of different banks subscribing for certificates during the year 1920
in the Ninth Federal Reserve District, totaled 1,153, which is a
very favorable showing when compared with our total membership
on December 31, 1920, of 1,009 banks. The great bulk of the subscriptions were for sums of $25,000 and less. These small allotments constituted about 90 per cent of the total number handled,
although only about 33 per cent of the total amount. This exhibits
a very satisfactory distribution and evidences a widespread interest
that has been created in these issues as a temporary short-time
tax-exempt investment for banks, and for individuals and corporations with large tax payments to be made.
The total amount of certificates of indebtedness redeemed during the year was $248,882,500 or more than $176,800,000 in excess
of the purchases by member banks. In view of the pressure for
accommodation that developed from the agricultural sections, these
investments in certificates of indebtedness were found to be particularly satisfactory during the year.
19

A particularly interesting phase of the service rendered member banks of this district by the Federal Reserve Bank is shown in
the repurchase and resale of these certificates after they have been
bought by banks. The willingness of the Federal Reserve Bank
to assist in reselling certificates which have been bought and which
the banks have found it inconvenient to hold, has helped to give
these certificates a greater liquidness than that which they already
enjoyed, because of their short maturity and infallible payment at
maturity. In the eight months ending December 31, 1920, these
repurchases and resales totaled $10,475,000 and were largest in the
months of September, November and December. The repurchases
number 553, and the resales 415. During the first four months of
the year for which figures have not been included, practically all of
the repurchases and resales were made for the account of the War
Finance Corporation. It should be noted that in addition to the
total of more than $10,000,000, which were handled through our
books, negotiations were conducted whereby precisely $5,000,000
additional were resold for our member banks to other Federal
reserve districts. At the same time that these certificates are being
repurchased to assist holding banks, other banks are assisted in
securing a very desirable and profitable form of investment.
Gains were made in 1920 in the sales of Treasury savings
certificates and War savings certificate stamps. Of the Treasury
savings certificates, 972 pieces were sold, totaling $151,200, and 19
pieces redeemed, totaling $1,900. Of the War savings certificate
stamps, 15,929 pieces were sold, totaling $79,645, and 1,099 were
redeemed, totaling $5,495. Redemptions of Thrift stamps exceeded
the sales, such reductions being utilized in making purchases of
War savings certificate stamps. The redemptions of Thrift stamps
totaled $12,475.50, and the new sales $9,412. The total disbursements for the operation of the Fiscal Agency Department for the
calendar year of 1920 were $251,719.20.
DEPOSITS OF TREASURY FUNDS WITH THE BANK

The termination of war bond-issue financing and the reduction
in the number of certificates of indebtedness sold in this district
during the year reduced the volume of the deposits and withdrawals
made by the Treasury of the United States. The aggregate deposits
during the year were over $439,000,000, as compared with over
$1,053,000,000 in 1919. The withdrawals were approximately the
same in both cases. The average of end of month balances was
reduced from about $2,000,000, in 1919, to about $600,000, in 1920.

In fact, overdrafts existed at the close of February and March, 1920.
The month of largest turnover in 1920 was March, in which month
more than one-fourth of the total transactions for the year took
place.
SUBTREASURY FUNCTIONS

An Act of Congress, approved May 29, 1920, provided for the
discontinuance of the several subtreasuries of the United States
and of the offices of the several Assistant Treasurers located at the
subtreasuries, to take effect on July 1, 1921, or such earlier date or
dates as the Secretary of the Treasury should decide, and the Secretary was authorized to utilize the Federal reserve banks for the
purpose of performing any or all of the duties of such subtreasuries
and Assistant Treasurers.
On August 30, 1920, an announcement was made by the Secretary of the Treasury regarding the making of exchanges and
replacements of United States paper currency by Federal Reserve
banks upon the discontinuance of the sub-treasuries. A similar
announcement was issued on October 19, 1920, with reference to the
receipts of United States gold and silver coin and subsidiary silver
and minor coinage and the exchange and replacement thereof.
Owingto the limited vault capacity here, the stock of silver received
from the Treasury was placed for safe-keeping in vaults especially
rented in the Twin Cities, and plans made for constructing a silver
vault in the bank to handle the daily turnover of receipts and shipments. The handling of this coin and currency will be assumed as
a banking function so far as possible, which means that the supply
of coin or currency on hand will be treated as bank reserves. Any
excess or deficiency in the amount on hand will be rectified by shipments to and shipments from the Treasury at Washington. These
subtreasury functions, particularly the redeeming of all kinds of
United States notes, and making exchanges of such notes and converting gold certificates and silver certificates for coin and vice versa,
will necessitate a considerable addition to the number of employees
who are experienced in the counting, sorting, and handling of currency. One important result of this taking over of subtreasury
functions will be an improvement in the quality of our coin and currency in local circulation, as light weight coin will be more easily
and more quickly retired, and unfit notes will be exchangeable for
new currency with much smaller shipping charges than heretofore.

MEMBERSHIP

At the close of the year there were 1,009 member banks of the
Federal Reserve Bank of Minneapolis, as compared with 915 at
the beginning of the year, or a gain of more than 10 per cent. As
the Federal Reserve Act requires a payment for our capital stock
equal to three per cent of the combined capital and surplus of
member banks, our capital increased $386,900, showing that these
gains in membership represented banks having a combined capital
and surplus of nearly $13,000,000. The net gains consisted of 62
national banks and 39 state banks and trust companies. The larger
part of these banks had not been organized during the year but were
organizations which had been considering the advisability of membership for some time, and had concluded that the advantages could
no longer be overlooked. The total membership at the close of 1920
was divided into 888 national banks and 121 state banks. At the
close of the year there were 14 state bank membership applications
progressing in the various steps of preparation, approval and acceptance. Thirty state banks became members by conversion into
national institutions during the year. The new members are:
MICHIGAN
Banks
Caspian National Bank
Crystal Falls National Bank
Merchants & Miners State Bank
The Manistique Bank
South Range State Bank

Town
Caspian
Crystal Falls
Ironwood
Manistique
South Range

Shares
Subscribed
17
38
67
51
36

MINNESOTA
First National Bank
First National Bank
First National Bank
Clinton State Bank
Minnesota National Bank
Security National Bank
First National Bank
First National Bank
First National Bank
First National Bank
Farmers State Bank
First National Bank
Farmers & Merchants National Bank
First National Bank
First National Bank
Farmers National Bank
First National Bank
First National Bank
Minneapolis National Bank
Payday National Bank
First National Bank
American National Bank

Barnum
Big Lake
Buhl
Clinton
Duluth
Faribault
Farmington
Forest Lake
Good Thunder
Granada
Hayfield
Holland
Ivanhoe
Kilkenny
Littlefork
Mahnomen
Marble
Menah'ga
Minneapolis
Minneapolis
Motordale
Nashwauk

18
16
30
19
432
144
21
15
17
18
24
18
29
18
17
18
17
18
180
63
IS
17

•••"

• • • • • - • • ' •

Banks
First National Bank
First National Bank
First National Bank
Rice National Bank
Roseau County National Bank
First National Bank
Peoples National Bank
American National Bank
Twin Cities National Bank
Wabash National Bank
Citizens State Bank
First National Bank
First National Bank
First State Bank

•

Town
Pine City
Pine River
Rice
Rice
Roseau
Rosemount
Shakopee
St. Cloud
St. Paul
St. Paul
St. Peter
Watertown
Warroad
Walnut Grove

MONTANA
Belgrade State Bank
Belgrade
First National Bank
Belt
State Bank of Belt
Belt
Farmers & Miners State Bank
Belt
American National Bank
Billings
Bank of Boulder
Boulder
First National Bank
Broadus
Stockmen's State Bank
Browning
Metals Bank & Trust Co
Butte
Miners Savings Bank & Trust Co
Butte
Citizens State Bank
Culbertson
East Helena State Bank
East Helena
Edgar State Bank
Edgar
Farmers & Merchants State Bank
Eureka
Clarks Fork Valley Bank
Fromberg
Bank of Commerce
Forsyth
Hardin State Bank
Hardin
Banking Corporation of Montana
Helena
Montana Trust & Savings Bank
Helena
Huntley State Hank
Huntley
First National Bank
Jordan
Joliet State Bank
Joliet
Bank of Commerce
Kalispell
Security National Bank
Lima
First National Bank
McCabe
Philipsburg State Bank
Philipsburg
State Bank of Plentywood
Plentywood
First State Bank
Richey
First National Bank
Rosebud
Farmers & Merchants State Bank
Saco
First State Bank
Stevensville
Willow Creek State Bank
Willow Creek
First State Bank
Wolf Point
Farmers State Bank
Worden
Little Horn State Bank
Wyola
NORTH DAKOTA
National Bank of Fairmount
Fairmount
Northern National Bank
Fargo
Security National Bank
Fargo
First State Bank
Golden Valley
Live Stock National Bank
Hettinger
Security Savings Bank
Jamestown
City National Bank
Urtton
First National Bank
Max
First National Bank
Mooreton
First National Bank
Thompson
First National Bank
Wilton
23

S h a r e s

Subscribed
34
18
17
17
10
21
17
66
144
150
42
18
18
32
60
20
30
37
105
45
17
30
300
150
21
37
19
•.. .. 23
16
69
51
311
135
21
17
21
71
15
17
33
21
18
20
16
30
24
26
18
20
26
75
69
17
27
36
21
17
17
18
17

SOUTH DAKOTA
Banks
Security National Bank
First National Bank
First National Bank
Security National Bank
First National Bank
Citizens Bank & Trust Co
Farmers National Bank
Citizens National Bank
National Bank of Commerce

Town
Emery
Eureka
Garden City
Mobridge
Onida
Rapid City
South Shore
Tyndall
Yankton

Shares
Subscribed
23
45
18
30
24
36
17
17
33

WISCONSIN
Hurley National Bank
Iron Exchange Bank
Pioneer National Bank
Oneida National Bank
First National Bank

Hurley
Hurley
Ladysmith
Rhinelander
St. Croix Falls

33
48
30
75
18

Since the date of organization of the Federal Reserve Bank of
Minneapolis, 128 state banks have acquired membership by conversion, and 121 have taken and retained membership as state banks,
making a total of 249 state institutions which have entered the system. An increasing percentage of the state banks that are eligible
for membership have joined the system. On June 30, 1919, there
were 765 eligible banks (including 75 members), and on Tune 30.
1920, 877 eligible banks (including 107 members). The percentage
of members to eligible banks between these two dates increased
from 9.8 per cent to 12.2 per cent. The gain when measured by
the total capital and surplus of the member banks, as compared
with the eligible banks, increased from 17 per cent to 19.5 per cent;
although when measured by total resources, the percentage of member banks to eligible banks decreased from 19.6 per cent to 19.1
per cent. Between June 30. 1920, and December 31, 14 eligible
state banks became members, while it is certain that an equal number of state banks did not become eligible during the same period.
It would follow, therefore, that the gains were really much larger
on December 31, 1920, than shown by these percentages for
June 30, 1920.
In the different states of this district the progress made in
securing state bank members has varied considerably. The number
of state banks on June 30, 1920, that were members, when compared with the number of eligible non-member state banks, was
72 per cent in northern Michigan, 36 per cent in Montana, 17 per
cent in northern and northwestern Wisconsin. 10 per cent in Minnesota, 7 per cent in South Dakota, and 3 per cent in North Dakota.
When a comparison is made on the basis of the total resources of
the same banks, the percentages are 86 per cent in northern Mich24

igan, 44 per cent in Montana, 21 per cent in both Minnesota and
northern Wisconsin, 20 per cent in South Dakota, and 7 per cent in
North Dakota. Definite effort has been made to place at the disposal
of state bankers through letters, pamphlets, addresses and personal
calls, the exact facts regarding the advantages of membership as
contrasted with the alleged disadvantages. Evidence and facts
speak strongly themselves, although it is necessary to have representatives in the field occasionally to see that only the facts are presented and proper conclusions drawn.
FIDUCIARY POWERS

National bank members have shown much interest in the
authority granted to the Federal Reserve Board under Section 11-K
of the Federal Reserve Act to authorize the exercise of trust
powers subject to certain limitations. Applications received and
approved by the Federal Reserve Board during 1920 include the
following:
Name of Bank
Yellowstone National Bank
First National Bank
Merchants National Bank
First National Bank
Minneapolis National Bank
Northfield National Bank
United States National Bank
First National Bank

Date
Capital
Location
Granted
Stock
Billings, Mont
1-14-20 $100,000
Chatfield, Minn
1-29-20
50,000
Fargo, N. D
1-24-20 100,000
Little Falls, Minn.. .8-12-20
50.000
Minneapolis, Minn.. .9-17-20
100.000
Northfield, Minn
1-8-20 100,000
Superior, Wis
9-17-20 200,000
Vermillion, S. D
2-10-20
50,000

BANK EXAMINATION DEPARTMENT

During the year this department made 68 examinations, consisting of 53 state member banks, 14 national banks, and one state
bank examined for prospective membership. The assets of these
examined banks totaled $56,339,567. As many of these examinations were conducted jointly with representatives of state banking
departments, it should be stated that the co-operation of these
departments has been very cordial and greatly appreciated by our
Examiner. Owing to the great distances prevailing in this district,
it was necessary for the Examiner to travel 28,094 miles during the
year, including travel by rail, team or otherwise. Some of the banks
are located at considerable distances from railroads, the greatest
distance being 90 miles. Owing to the increases in membership and
distances to be covered, plans were made during the year for
expanding the Examination Department early in the year 1921.
The manager of this department, Mr. O. A. Carlson, has been made
manager of the new Helena Branch.

CHANGES DURING THE YEAR

In the annual fall election member banks elected Mr. J. C.
Bassett of Aberdeen, South Dakota, as Class A Director to succeed Mr. L. B. Hanna of Fargo, North Dakota, who resigned, and
re-elected Mr. N. B. Holter of Helena, Montana, as Class B Director. The Federal Reserve Board announced the reappointment of
Mr. John H. Rich as Director to serve with the above directors for
a three-year term beginning January 1, 1921.
The official staff was increased during the year by the addition
of Mr. J. F. Ebersole as Assistant Federal Reserve Agent, beginning on April 1 ; of Mr. W. B. Geery, then Vice President of the
Capital National Bank, St. Paul, as Deputy Governor, beginning
September 1; and Mr. B. V. Moore of Fargo, N. D., as Cashier,
beginning November 1.
Promotions were made in the middle of the year of Mr. S. S.
Cook, formerly Cashier, as Deputy Governor; Mr. F. C. Dunlop,
formerly Assistant Cashier, as Controller; and Mr. F. G. Norton,
formerly Manager of the Discount Department, as Assistant Cashier. Some adjustment and rearrangement of functions improving
the efficiency of the work and supervision have been made possible
by these changes, and authority and responsibility have been definitely outlined.
During the latter part of December the Federal Reserve Board
announced the reappointment of Mr. John H. Rich as Chairman and
Federal Reserve Agent, the redesignation of Mr. William H. Lightner of Saint Paul, as Deputy Chairman, and the redesignation of
Mr. Curtis L. Mosher and Mr. J. F. Ebersole as Assistant Federal
Reserve Agents.
Mr. C. T. Jaffray, member of the Advisory Council, was
re-elected to serve for the year 1921.
The complete staff of the Federal Reserve Bank of Minneapolis
on December 31, 1920, numbered 459 persons, as compared with
287 a year previous, or an increase of 58 per cent. The number in
the Transit Department nearly doubled, while the increase in the
Banking Department was 42 per cent, and in the Fiscal Agency
Department, 36 per cent.
HELENA BRANCH

Early in the year property was bought in Helena to house the
Branch. It was necessary to remodel the building for banking

purposes and to construct proper vaults. Although vault doors
and chests to be used in the vault were ordered early in the year,
the delays in transportation and interruptions to manufacture which
prevailed during the year made it impossible to open the Branch as
early as had been expected. However, a skeleton staff was arranged
for from the selected employees of the main bank and provision
made for training persons to take their places at the time of departure. All the plans and records for the Branch were completed by
the end of the year. The Helena Branch will have as its territory
the whole State of Montana, and member banks of that State will
transact their business with the Branch instead of with the Head
Office. The vault is one of the best in the West and in strength
and safety is practically the same as the main cash vault in the Head
Office.
The following were designated as members of the Board of
Directors of the Branch Bank: Thomas A. Marlow, Helena, Chairman ; Lee M. Ford, Great Falls; R. O. Kaufman, Helena; Charles
J. Kelly, Butte; H. W. Rowley, Billings. Mr. O. A. Carlson, formerly Federal Reserve Bank Examiner, was appointed as Manager
of the Branch. Mr. R. E. Towle, formerly Assistant Cashier of
this Bank, was made Cashier, and Mr. Louis W. Long, formerly
Auditor of the Head Office, was designated as Assistant Federal
Reserve Agent.

SUMMARY OF TABLES.
Subject—
Table Numbers
Loans and Discounts
1-6
Federal Reserve Notes
7-11
Federal Reserve Bank Notes
12
Currency Movement
13
Gold Position of the Bank
14-15
Balance Sheet and Earnings
16-18
Checks, Collections, Clearings, and Transfers
19-24
Fiscal Agency Operations, including Libert}' Bonds.. 25-35
Deposits of Treasury Funds with the Bank
36
Membership
37-39
Weekly Movement of Earning Assets and Liabilities 40 & Charts

Pages
30-35
35-38
39
40
41
42-43
43-46
47-54
55
55-57
58-61

Table No. I
Total Accommodation to Ninth Federal Reserve District, Including
Lending Relation With Other Federal Reserve Banks
Earning Assets Loaned to Other
Minus U. S. Sec. Federal Reserve
Owned
Banks

1920
1-2
1-9
1-16
1-23
1-30
2-6
2-13
2-20
2-27
3-5
3-12
3-19
3-26
4-1

4-9
4-16
4-23
4-30
5-7
5-14
5-21
5-28
6-4
6-11
6-18
6-25

. .

....

7-2

7-9
7-16
7-23
7-30
8-6
8-13
8-20
8-27
9-3
9-10
9-17
9-24
10-1
10-8
10-15
10-22
10-29
11-5
11-12
11-19
11-26
12-3
12-10
12-17
12-23
12-30

$83,441,379.90
77,848,232.99
73,796,032.49
72,726,204.87
70,806,685.18
74,669,663.13
76,151,179.73
73,183,971.71
72,865,248.93
72,982,437.82
73,114,403.58
60,907,855.01
70,997,186.61
70,881,841.96
75,297.732.01
74,212,039.26
80,007,889.02
81,595,510.58
80,318,451.43
80.692,367.53
80,100,791.23
80.177,728.83
80,614,235.79
79,467,429.53
68.977,140.13
76,330,196.97
79,786,489.57
81,060,731.44
79,180,492.82
82,364,038.35
81,683,857.21
83,511,882.42
78 263 268.40
79,490,764.77
79,144,585.40
84,533,073.07
86,156,372.31
85,780,739.05
85,639,202.01
86,232,013.08
88,627,962.87
85,290,742.53
84 800,113.24
86.067,685.68
84 686,829.77
85,442,832.12
86 431 632.84
82,052.285.55
81,387,427.19
82,231,215.54
84,530.149.21
79.365 958.56
83.082,414.74

Borrowed From
Total
Other Federal
Accommodation
Reserve Banks To Member Banks

$ 5,000,000.00
4,274,000.00
4,000,000.00
8,734,000.00
11,415,000.00
4,900,000.00
10,029,000.00
7,529,000.00
4,947,500.00
$ 5,000,000.00
10.107,500.00
11,111,000.00
9.995,000.00
10,257,000.00
19,175.000.00
19,131,650.00
13.670,000.00
13,170,000.00
22,615,100.00
23,672,120.00
16.932,309.33
15,652,943.61
13,291,839.59
12,498,876.81
13,738,502.54
12,225 856.03
10,072,498.45
17,197,558.45
20,347,100.00
20,123,240.00
18,777,470.00
15,431.600.00
21,349,780.00
18,631,300.00
19.749,240.00
23,272,000.00
27 204,440.00
26,602,640.00
25,023,000.00
26,250,300.00
25,830,220.00
25,860,000.00
24,040,700.00
15,166.120.00
11,683,900.00
19,298.500.00
14.801,020.00

$ 83,441,379.90
77,848,232.99
73 796 032 49
7? 726 204 87
70,806,685.18
74,669,663.13
71,151,179.73
68,909,971.71
68.865,248.93
64,248,437.82
61,699,403.58
56,007,855.01
60 968 186.61
63,352,841.96
70,350,202.01
79.212,039.26
90,115,389.02
92,706,510.58
90,313,451.43
90 949,367.53
99,275,791.23
99.309,378.83
94,284,235.79
92,637,429.53
91,592,240.13
100 002,316.97
96,718,798.90
96,713,675.05
92,472,332.41
94,862,915.16
95,422.359.75
95 737 738.45
88,335,766.85
96,688,323.22
99,491,685.40
104,656,313.07
104,933,842.31
101,212,339.05
106,988,982.01
104,863,313.08
108,377,202.87
108.562,742.53
112 004 553.24
112,670,325.68
109,709,829.77
111,693,132.12
112 261 852.84
107,912.285.55
105.428,127.19
97.397,335.54
96.214,049.21
98 664,458.56
97.883,434.74

Table No. 2
Interest Rates Prevailing in Minneapolis, 1920
Jan.

3.
4.

7.
8.

6
6'A

6M 6
7

6
6

554
5'A 7

6
6

5
6'A
5'A
6'A
6
6'A 6

i%
5

4X
4'A

May

April
H.

June

6}|

7
7H

7
7

7
8 ' 7

7
7
6^ 8
8
6% 7J^ 7M 8
6% 7
6 i-s 6 A
6
TA 7

6Ji 6'A 6% 6 ^
5%
5%

6H
6)i

6y2

5H 6H 6

July

;

August

Sept.

7
iy2

7
7

7
7H

8
8
7

8
SH

7W 8
TA 8
6
6H

6Ys 6
6H
8

8
8

7K
TA

8
8

?H
18

7M 7

6%
6%

6 *

6jJ

6H
6%

6'A 8

6 )-••£

7M 8

6Y2 6
6Yx 6H

8
8

6H
6J<

8
8

7/2

8
8

7
7

8
8

7M 8
7^ 8

8
8

TA
8

8
8

7
6'A

6)1

7
7

6H
6K

7
7

6H
6M

8
7

8
8

T/i

TA
TA

6M 7

8
7
7

T/2

>o
Re x>rt

8
8

7H 7K
7H 8

TA 8

8
7

6M 5'A

Dec.

sy2

Nov.

'IPs

6j|

Oct.

00 CO

Prime commercial paper under
Federal Reserve Act—
a. .10, 60, 90 days
b. 4, 6 months
Prime commercial paper in open
market—
a. 30, 90 days
b. 4, 6 months
Inter-bank Loans
Bankers' acceptances, 60, 90 days—
a. Endorsed
b. Unendorsed
Demand paper secured by prime stock
exchange collateral or other current
collateral—
Time paper secured by collateral as in
five—
a. 3 months
b. 3 to 6 months
Paper current in city—
a. Cattle Loans
b. Terminal paper
Ordinary loans running 30, 60, 90 days.
Secured by L. B. and C. I

March

X 00

Feb.
H.

7)4 7)3
7M

7K 8
7« 8
8M
i'A 8
7M
7K 7
6
6M
8
6'A 6H 6K 6)1 7
8
TA

8
7

7«
7

6Ji
6%
TA

g
8

7H
TA

Table No. 3

1919

Dec. 13...
1920
Jan. 2
Jan. 2 6 . . .
April 2 2 . .
May 1 . . .
June 1 . . .

Days Days Days Days

Over
15
90
D a y s Days

Notes Secured
by War Finance
Corp. Bonds

Notes Secured
Certificates
of Indebtednesst

CQ S 5

oj>7 0

Days Days Days Days Days Days Days Days Days Days Days

- Banks
jtes Sec ured by
f Indebtednesst

Notes Secured
by L. L. B. and
Victory Notes

Trade
Acceptances

- Banks
)tes Sec by
1. Corp. Bonds

•355
.*«

Banks
>tes Sec
& Vic.

Commercial and
ndustrial Paper
N. E. S.

jred
gations

e Effect ve

d and
Paper

Changes in Discount Rates

6- u 6 - 3

E_->

£ ° >, S o J
15

Sou

Days Days

PerCt. PerCt. PerCt. PerCt. PerCt. PerCt. PerCt. PerCt. PerCt. PerCt. PerCt. PerCt. PerCt. PerCt. PerCt. PerCt. PerCt. PerCt. PerCt. PerCt. PerCt
4M

i'A

i%
6
6
6
7

iVl

5
6
6
6
7

6
6
6
7

6
6
7

s'A
6
6
6
7

iYi

i'A

i'A
5'A
5'A

i'A

i'A
5'A
5'A

6'A

5%
7
*
*
*

5'A
5'A
6'A

SMi
5 }/2

5'A
5'A
6
6

6
6

5 Ms
S V2

6
6

5%
7
*
*

i'A

6
7
*
*

i%
i%

i%
4%

5
iVi

i%
6
6
6
7

i'A
514

5} s & si
5 & SJ 55 &
5 & 55 &5J 5 & Si
5'A

s«

5'A

5}*2

i'A

iH
5M
i%
7
5 & 51
7
5 & 51
7
5'A

t T h e rates on April 22 and May 1 were identical with those of the certificates pledged as collateral, with a minimum of 5, and a maximum of
•These bonds matured April 1st.

Table No. 4
Classification of Paper Discounted and Bought During 1920, Exclusive of Rediscounts for Other Federal Reserve
Banks or Purchases From Them
(In thousands of dollars)
Discounted Paper, 1920

Total

Month, 1920

Sec'd by
Gov. War Bankers'
Obliga- Acceptances
tions

December

61,183
62,836
68,461
89,352
87,603
94,758
72,291
81,183
73,705
83,031
82,689
96,300

45,075
42,444
39,075
47,242
45,824
46,704
34.464
33 814
32,258
35,218
34,476
42,182

Total.
1919
1918.
1917

953,392
661 520
433,792
80,155

478,774
521 981
242,827
36,753

July. . .

September

....

None

Trade
Acceptances
165
73
174
179
400
375
336
289

166
539
222
220
3,138
565
799
364

All
Other
15,943
20,320
29,212
41,931
41,379
47,679
37,491
47 081
41,281
47 274
47,992
53,898

Bankers'
Acceptances

Total
450
3,395
2,489
2,451
2,307
1,425
2,774
553
483
538
670

18,060
471 480
1 T8 974 108 714
190 166
13 902
43,038
16,398

17,910
108 714
13,885
16,398

525

Dollar
Exchange

Trade
Acceptances

450
3,395
2,489
2,451
2,307
1,425
2,674
475
5 53
483
538
670

""Includes acceptances purchased from oilier Federal Reserve Banks.

Total Discounted and Purchased Paper

Purchased Paper, 1920

1920
61,633
66,231
70,950
91,804
89,910
96,183
75,066
81,709
74,257
83,513
83,226
96,970

100
50

971,451

150

1919
27,774
17,054
33,444
78.345
85,749
54,466
39,330
45 835
79.550
111,940
99,456
97.291
770 2i4

1918
5.463
7,328
12 446
17,884
29,775
41,828
59,680
87 230
76,958
62 280
47,269
20.256

447 694

1917*
2,649
4,252
2,991
9,167
4,743
10,498
8,819
14,149
4.442
8,194
28,957
13,866

•112,727

Table No. 5
Discount Operations b\ States

£ State
Minnesota
North Dakota
South Dakota
Montana
Wisconsin
Michigan
Total

No. Member
Banks

No. Banks
Accommodated

Dec. 31, 1920

1920

Number Pieces
Rediscounted

Total Amount Rediscounted
1920

1919

1918

1917

368
187
152
200
56
46

242
144
130
151
20
17

36,268
8,546
12,939
13,032
2,108
382

10,139
1,828
3,245
2,578
614
333

$734,318,366
55,648,699
82,985,500
52,343,626
21,189,398
6,906,176

$570,419,991
18,411,910
45,963.050
14,259,535
5,557,230
6,908,663

$358,768,785
17,518,176
31,766,675
11,794,375
10,284,681
3,659,108

$70,234,993
3,060,613
2,357,925
2,815,187
1,204,175
481.822

1,009

704

73,275

18,737

$953,391,765

$661,520,378

S433.791.900

$80,154,715

1920

1919

Table No. 6
Discount Operations by Months
Number of Banks
Served

Amount Rediscounted
(000's omitted)

Number of Items
Received

1920

1919

1920

1919

1920

January
February
March
April
May
June
July
August
September
October
November
December

228
221
275
345
441
495
502
488
410
508
587
664

168
128
142
180
235
212
151
163
164
224
280
270

2.462
1.988
2.935
5,036
6.515
8,579
7,222
6,646
5,316
8,140
8,215
10,110

754
478
467
846
1,612
1,114
817
794
1,378
3,273
2,969
4,235

$ 61.183
62.836
68,461
89,352
87,603
94,758
72,291
81,183
73,705
83,031
82,688
96.300

$ 17,317
12,490
20,981
72,958
81,152
37,862
28,553
38,193
66,851
100,613
88,806
95,743

Total

704

475

73.164

18.737

$953,391

$661,520.

Month

1919

Table No. 7
Federal Reserve Notes Received and Issued Since 1914, With Statement of Gold and Collateral Held by Federal Reserve
Agent on Closing Dates of TQTQ and ip20
Federal Reserve Notes

1920

1919

Received from Comptroller of the Currency, Gross Am't.
Sent to Comptroller of Currency for Destruction
On Hand
Outstanding

$188,120,000.00
96,844,180.00
9,890,000.00
81,385,820.00

$152,080,000.00
56,077.395.00
7.560,000.00
88,442,605.00

Gold and Collateral Pledged with Agent Against Outstanding Federal Reserve Notes
Gold Coin and Certificates on Hand
13.052.000.00
13,052,000.00
Credit Balance in Gold Redemption Fund
1.652,820.00
2,994,605.00
Credit Balance with Federal Reserve Board
19,800,000.00.
11.200,000.00
Eligible Paper
74,160,777.53
66,263,748.75

Total

$ 92,168,568.75

$110,007,382.53

Table No. S
Federal Reserve Notes Received and Issued During
(ooo's omitted)
In Hands

c*>
O\

Denoin inaLions

Tens
Fifties.
Hundreds
Totals

Received
From
December Comptroller
31, 1919
1920
(New)

Returned
by Bank
(Kit for
Use)

$1,220
4,330
960
280
400
170
200

$11,320
8,480
13,440
600
1,600
200
400

$ 515
2,295
2,050
120
190

$7,560

$36,040

Total
Received

to Bank
(New)

Issued
to Bank
(Kit for
Use)

Total

Issued

In Hands of Agent
December 31, 1920
Fit
Total
For
New
Use
$ 2,140
1,320
2,400
415
1,130
260
285

390

$10,685
13,095
13,310
565
980
110
705

100

$ 2.450
2.010
3,140
435
1,210
260
385

$ 6,860

$39,450

$ 7,950

$ 1,940

$ 9,890

$10,400
8.560
12,000
375
830
110
315

490

$13,135
15,105
16,450
1,000
2,190
370
1,090

$5,740

$49,340

$32,590

285
4,535
1,310
190
150

310
690
740
20
80

Table No. p
Federal Reserve Notes Issued and Destroyed Monthly Since
Organisation
ISSUED TO BANK

Issued in 1914. . .

Januarv

February
March
April
May
June
July
August
September
October
November
December

1916

1915

Month
$

1917

...$260,000
1918

1919

1920

$ 2,500,000 $ 500,000 $ 800,000 $ 1,360.000
150,000
1,350,000
3,240,000
1,400,000
2,150,000
452,000 "$'200,660
2,945,000
1,000,000
2,310,000
3,360,000
1,070,000
2,000,000
600,000
2.450,000
2,875,000
96,666
2,850,000
840,000
200,000
3,800,000
1,600,000
2,250,000
80,000
1,400,000
640,000
2,900,000
1,200,000
1,800,000
100,000
4,000,000
1,100,000
1,480,000
3,130,000
1,300,000
700,000
4,785,000
1,200,000
2,050,000
3,420,000
1,940,000
200,000
1,500,000
8,080,000
8,135,000
6,860,000 16,140,000
1,000,000
8,720,000
3,900,000
5,050,000
4,435,000
9,360,000
2,810,000
2,160,000
2,000,000
3,570,000
2,595,000
6,400,000
2,700,000
1,000,000
6,150,000
4,100,000
4,500,000 11,500,000
2,000,000

Total for Year.. $13,742,000

$9,880,000 $42,230,000 $57,140,000 $39,990,000 $39,450,000

DESTROYED AT WASHINGTON
January
February
March
April
May
June
July
August
September
October
November
December

Total for Year.

$135,200
49,600
64,100
78,300
89,000
90,500
82,400
97,955
112,900
96,000
$895,955

$ 471,410 $ 1,894,160 $ 4,617,395
2,110,765
3,297,800
950,025
2,689,155
3,481,335
597,405
2,448,740
3,263,090
664,060
3,109,835
3,030,695
882,330
3,584,510
3,422,265
817,480
2,838,815
3,264,555
815,760
4,050,060
3,517,300
999,995
3,194,590
2,416,000
553,600
3.870,295
3,310,350
245.950
3,723,150
3,011,100
1,047,280
3,257,730
4,134,900
1,376,245

$8,988,095

$9,421,540 $36,771,805 $40,766,785

125,550
130,610
2,131,600
1,703.750
461,400
529,600
226,810
774,700
969,220
635,700
611,850
687,305

Table Aro. 10
Federal Reserve Notes Received From and Returned to Other
Federal Reserve Banks During ip20*
A.—By Banks:
January. . .
February. .
March
April
May
June
July
August
September.
October.. . .
November.
December..

Received
Returned
From Banks To Banks
$ 4,999,215
2,717,020
3,468,050
3,152,635
3,480.740
3,734,805
3,627,560
3,467,390
3,439,165
3,682,215
3,623,070
3,393,035

Total..

I 2,747,350
1,623,000
2,366,500
2,217,500
2,106,500
2,729,000
2,669,500
2,555,500
2,543,000
2,587,000
2,541,000
2,588,000

$42,784,900 $29,273,850
B.—By Months:

Received
Returned
From Banks To Banks

Boston
$ 804.900 $ 490,000
New York
5,954,400
2,605,000
Philadelphia
504,000
634,250
Cleveland
1,466,000
1,222,000
Richmond
647,500
347,500
Atlanta
752,450
488,500
Chicago
21,853,000 16,396,500
St. Louis
1,898,935
938,500
Kansas City
3,190,900
2,395,500
Dallas
633,700
439,350
San Francisco
4,948,865
3,447,000
Total
$42.784.900 $29.273,850
*These amounts include fit-for-use notes returned direct to the bank of issue, as well
as unfit notes returned direct to Washington for destruction for the account of the issuing
bank.
37

Table No. n
Denominational Distribution of Federal Reserve Notes
In

Amounts

Fives
Tens
Twenties
Fifties
Hundreds. . . .
Thousands....
Total

Circulation
Dec. 31, 1920

Percentage
of Each
Denomination
to Total
Circulation

Percentage
Total
of Each
Destroyed at Denomination
Washington to
to Total
Dec. 31, 1920
Destroyed to
Dec. 31, 1920

$ 310,000
690,000
740,000
20,000
80,000

15.95
35.55
38.18
1.03
4.14

100,000

29.45
34.74
31.19
1.44
2.26

5.15

$1,940,000

100.00

$180,170,000

59.84
30.58
9.39

62,000
69,000
37,000

36.60
40.81
21.82

.12
.07

400
800

.24
.47

10,612,000
6,256,000
2,812,000
51.700
40,700

2.3
3.9
4
1.5

37.12
37.91
23.31

$81,385,820

100.0

$96,844,180

100.00

3,359,538
2,515.743
1,646.305
36,994
31,409

44.24
33.18
21.65

7,190,462
3,671,257
1,128,695
14,306
8,491

20.5
30.9
40.5

Percentage
of Each
Fit for
Denomination
Use Notes
to Total
Retired and
New Notes
Reissued to
Issued to
Dec. 31, 1920
Dec. 31, 1920

$ 53,060.000
62,560.000
56,240,000
2,585,000
4,070,000
340 000
1,315,000

$35,952,310
36,712,570
22,573,900
715,300
849,100
11 000
30,000

$16,797,690
25,157,430
32,926,100
1,849,700
3,140,900
329 000
1,185.000

Fit for Use
Percentage
Notes Retired
of Each
Total New
and in Hands Denomination
Notes Issued
to
of Agent on
to Total In
Dec. 31, 1920 Hands of Agent Dec. 31, 1920
on Dec. 31, 1920

.74
.88
01
.03

.19
.73

5.007,000
9.330,000
6,995,000
370,000
430,000

Percentage
of Each
Denomination
to Total Fit for

Use Issued to
Dec. 31. 1920
22.23
41.42
31.06
1.65
1.9

390,000

1.73

100.00

22,522,000

100.00

53.68
31.60
14.22

1,001.400
933,000
349,750
7,400
4,300

43.61
40.64
15.23

No. of Pieces
Fives
Tens
Twenties
Fifties.
Hundreds....

1,185

49
.41
01
.02

7,591,832

100.00

6S8

Thousands
Total Pieces

22
30

12,013,263

.26
.23

32
.18

680

100.00

100

.06

1,315

390

.02

169.300

100.00

19,774,395

100.00

2,296.240

100.00

Table No. 12
A.—Federal Reserve Bank Note Issues in 1920
Ones
Outstanding December 31, 1919
Received from Comptroller, 1920
Total
LESS
Destroyed During 1920
Outstanding or on Hand December 31,1920

Twos

Fives

Total

$ 6,460,570
4,932,000

$1,388,930
624.000

$ 438,500 $ 8,288,000
2,400,000
7,956,000

$11,392,570

$2,012,930

$2,838,500 $16,244,000

6,570,500

1,240,000

604,300

8,414,800

$4,822,070

$772,930

$2,234,200

$7,829,200

B.—Federal Reserve Bank Note Issues Since September 20, ipi8
Ones

Twos

Fives

Total

$12,464,000

$2,312,000

$3,320,000 $18,096,000

Returned to Washington for Destruction.. $ 7,641,930
128,978
On Hand December 31, 1920
4,693,092
In Actual Circulation December 31, 1920..

$1,539,070
35,512
737,418

$1,085,800 $10,266,800
9,540
174,030
2,224,660
7,655,170

$2,312,000

$3,320,000 $18,096,000

Received from Comptroller

Total.

$12,464,000

Table No. 13
Currency Receipts From and Shipments to Member and Non-Member Banks, by Months, During 1920 and
(ooo's omitted)
Receipts

Month

April
July

August
October
November
Totals—
1920
1919

From
Member Banks

Shipments

From NonMember Banks

To
Member Banks

Total Receipts

To NonMember Banks

1920

$ 6,371
3,071
3,790
3,916
4,067
4,571
5,127
4,494
4,846
4,834
7,431
11,814

$ 60
58
53
50
8
40
50
34
54
11
104
6

$ 3,262
5,330
5,819
5,094
5,310
6,178
5,718
6,601
11,310
7,429
7,280
9,285

$ 54
55
52
32
4
6
6
5
45
4
101
16

$ 6,432
3,129
3,843
3,966
4,075
4,611
5,177
4,527
4,900
4,845
7,535
11,820

64,332
56,863

528
484

78,616
52,451

380
375

64,860

1919

$ 6,992
3,145
3,843
4,878
6,899
4,903
6,589
4,307
3,362
4,855
4,258
4,116

57,347

Total Shipments
1920

$ 3,316
5,385
5,870
5,126
5,314
6,184
5,725
6,606
11,355
7,434
7,380
9,301

1919

$ 1,834
2,885
3,607
3,269
2,342
3,357
2,890
3,773
8,227
7,010
5,949
7 683

78,996
52,826

Table

No.

•"'' •'-

"'"

-'"" ' " ^

'•

Gold Holdings of the Bank and the Federal Reserve Agent, at Close
of Business, December $1, 1920 and 1919
Bank 1920

Gold Certificates
Gold with Foreign Agencies

Bank 1919

$ 2,814,522 $ 2,099,845
6,315,920
6,175,430
89,100
3,545,646
8,455,953
4,872,374
3,097,833
205,448

. .

Gold Redemption Fund

$20,773,328 $16,898,743
Agent 1920 Agent 1919

Total

$ 3,000,000 $ 3,000,000
10,052,000 10,052,000
11,200,000 19,800,000
2,994,605
1,652,820

Gold with Federal Reserve Board
Gold Redemption Fund
Total

$25,904,820 $35,846,605

Combined Holdings

$46,678,148 $52,745,348

Table No. 13
Federal Reserve Bank Clearings Through Gold Settlement Fund,
1920*

A.—By Months
Month

Paid to Other
Federal Reserve
Banks Through
Gold Settlement
Fund

Received From
Other Federal
Reserve Banks
Through Gold
Settlement Fund

January
February
March
April
May
June
July
August
September
October
November
December

S 149,259.603.01 S 154,881,920.78
119,789,951.56
120,416,182.20
191,186,629.64
190,260,857.74
171,344,240.83
149,051,432.59
163,574,962.08
148,204,007.71
176.538,562.73
160,515,450.23
157,741,528.04
143.026,539.00
153,833,321.82
134.814,887.34
167,827,672.94
155.480,365.75
184,242,462.04
162,921,304.19
149,372,870.51
154,348,292.99
129.882,510.64
144,892,821.83

Total

$1,914,594,315.84 $1,818,814,062.35

Net Loss

Loss

925,771.90
22,292,808.24
15,370,954.37
16,023,112.50
14,714,989.04
19,018,434.48
12,347,307.19
21,321,157.85

$122,014,535.57

Gain

S 5,622,317.77
626,230.64

4,975,422.48
15,010.311.19
$26,234,282.08

$ 95.780,253.49

B.—By Banks
Bank
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Kansas City
Dallas
San Francisco
Total

Paid to Other
Federal Reserve
Banks Through
Gold Settlement
Fund

Received From
Other Federal
Reserve Banks
Through Gold
Settlement Fund

Loss

69,209,039.22 S 35,447,508.39
448.226.429.93
442,647.203.98
66,728,671.10
62,027,114.40
127,089.584.53
62,456,597.48
12.422,084.74
5,749,537.97
5,770.552.81
2.974,435.90
823,203,740.50 1,054,612,943.16
50,508,699.27
23,253,842.30
155,977,664.28
74.861,052.95
4,865,881.15
10.400,063.94
150,591.968.31
44,383,761.88

S 33,761.530.83
5,579,225.95
4,701,556.70
64,632,987.05
6,672,546.77
2,796,116.91

$1,914,594,315.84 Sl,818,814,062.35

$332,723,628.94

27,254,856.97
81,116,611.33
106,208,206.43

Gain

$231,409,202.66
5,534,182.79
$236,943,385.45

$ 95,780,253.49
Net Loss
*Figures do not include amounts collected on December 31, 1919, and cleared through the
Gold Settlement Fund on January 2. 1920.

Table No. 16
Resources and Li-abilities of the Minneapolis Federal Reserve Bank
at Close of Business, December 31, 1917-1920
RESOURCES
In Thousands of Dollars

Gold Settlement Fund—F. R. Board
Gold with Foreign Agencies

1920

1919

1918

1917

$ 9.130
8,456
89

t 8,275
4.872
3.546

$ 8,323
23.774
233

$14,960
19.487
2,100

17,675

16,693

32,330

36,547

Gold With F. R. Agents
Gold Redemption Fund

25,905
3.098

35,847

32,910

206

55.868
4.949

Total Gold Reserves

46,678

52,746

93,147

70,335

Total Gold Held by Bank

. .

Legal Tender Notes, Silver, Etc
Total Reserves

...

....

Bills Discounted: (Includes Bills Rediscounted for Other F. R. Banks.) Secured
bv Government War Obligations
All Other
Bills Bought in Open Market: (Includes bankers' Acceptances Bought From Other F. R.
Banks: Without Their Endorsement.)
Total Bills on Hand
U. S. Government Bonds
U. S Victory Notes
U. S. Certificates of Indebtedness
All Other Earning Assets

Uncollected Items and Other Deductions From

878

250

413

46,928

52,811

93,220

70,748

17,093
64,561

22,331
51,526

31,528
5,144

5,780
8,251

1,313

12,599

17,994

7,167

82,967

86.456

54,666

21,198
1,888

116

121

8.480

8,480

5,146

1.340
25

91,563

95,052

59,933

24,451

668

600

21 605

17,080

24,406

13,125

480
249

400
316

236
213

198

$161,493

$173,585

$166,727

$112,477

$ 2,931
38
5,191
48.826
6,984

S 2,620

5% Redemption Fund Against F. R. Bank
Notes
All Other Resources

LIABILITIES
Capital Paid-in
Surplus
Government Deposits
Due to Members—Reserve Account
Deferred Availability Items
Other Deposits Including Foreign Government
Credits

$ 3,461
5 178
1,031
43,520
17,492
532

2,262

383

Total Gross Deposits
F. R. Notes in Actual Circulation
F. '<. Bank Notes in Circulation Net Liability.
All Other Liabilities

71,214
79,498
7,655
3.126

76,259
87,187
8,200
1.939

64,353
96,571
4.168
1,635

62.557
49.414

Total Liabilities
$161,493
Ratio of Total Reserves to Net Deposit and
F. R. Note Liabilities Combined, Per Cent..
38.7%

$173,585

$166,727

$112,476

39.5%

65.8%

76.5%

$ 3,074
2 320
513
53,828
14,262

8,717
39.348
11.807

497

Table No. 17
Earnings and Expenses of the Federal Reserve Bank of
Minneapolis, ip20
EARNINGS
Discounted Bills
Purchased Bills
United States Securities
Municipal Warrants
Transfers—Net Earnings
Deficient Reserve Penalties (Including Interest)
Profits Realized on U. S. Securities
Sundry Profits

$4,734,258.72
191,862.15
181,989.66
77,244.94
92,744.53
29,280.60

Total Earnings

$5.307.380.60

CURRENT EXPENSES
Expense of Operation—
Assessments, Account Expenses Federal Reserve Board
$22,520.12
Federal Advisory
Council (Fees and Traveling Expenses)
893.17
Governors1 Conference (Including Traveling Expenses)
451.82
Federal Reserve Agents' Conference (Including Traveling Expenses)
27.11
Salaries—
Bank Officers
• 77,636.96
Clerical Staff
363,723.61
Special Officers and Watchmen
10,766.03
All Other. Supper Money and Overtime
23,686.40
Directors' Fees
3,850.00
Per Diem Allowance
710.00
Traveling Expenses
2,144.89
Officers' and Clerks' Traveling Expenses
15,227.23
Legal Fees
3.100.00
Rent
21,759.84
Taxes and Fire Insurance
1,185.65
Telephone
2,832.43
Telegraph
13,779.57
Postage
69,405.62
Expressage
11,937.61
Insurance and Premiums on Fidelity Bonds
22,253.00
Light, Heat and Power
• Printing and Stationery
62,487.97
Abrasion on Gold Coin
7,616.56
Repairs and Alterations
22,523.44
All Other Expenses N. S. Included. Exchanges Paid
17.671.59
Cost of Currency Shipments to and from Member Banks and Non-member Banks
11,392.50
All Other
9,420.35
Total Expense of Operation
Cost of Federal Reserve Currency (Including Expressage, Insurance, Etc.)
Miscellaneous Charges, Account Note Issues
Taxes on Federal Reserve Bank Note Circulation
Furniture and Equipment

S799.003.47
62,626.86
15,959.24
36,792.03
100,816.40

Total Current Expenses
Current Net Earnings, Year 1920

$1,015,198.00
$4,292,182.60

Table No. 18
Penalties for Deficient Reserves
Amount of Penalties
Number of Different Banks Penalized
Highest Penalty Rate
High Point Member Bank Reserve, March 15, 1920
Low Point Member Bank Reserve, December 20, 1920
Graduated Penalty Rate Put Into Effect as of October 1, 1919 .

1920

1919

$92,744.53
698

$26,382.16
531

$62.327.884~03
39,815,369.78

Table No. ip
Number of Member Banks and Clearing Non-Member Banks
Making Use of the Clearing and Collection Facilities of
the Federal Reserve Bank of Minneapolis as of
December 31, 1919 and 1920
1920
Non-member Clearing Accounts
Totals

1919
257
5

285
6

262

291

Table No. 20
Operations of Check Clearing and Collection Department—Detailed classification of number and amount of items
handled, by months, during 1920, zvith totals for 1920, 1919, 1918, and
(Items handled in actual numbers;—amounts
Items Drawn on I anks in Own Dist.
Located in
F. R. Bank
and Br. Cities

-t4-

No.

J an
Feb.
Mar
Apr
May.
June
July
August... .
Sept
October. . .
Nov
Dec

Amt.

Located Outside
F, R. Bank
and Br. Cities
No.

Amt.

226.249 $141,543 881,402 $ 75,081
204,135 115,814 917,111
71.883
247.012 189,084 1,236,584 137.199
211,870 153,580 1.323,975 121,055
206,208 147,765 1,359,368 115,894
216,886 1 70,458 1,550,033 134,794
231,686 159,240 1,541,782 125,886
236,580 149,007 1,505.257 117,297
261,401 179,548 1.627,082 137,307
279,135 184,675 1,803,792 148.647
284,736 170,622 1,740,937 135.195
295,899 153,503 1,752,581 117,876

Totals
1920
2,901,797 1,914,839 17239904 1,438,114
1919
1918 .
1917.. . .

Items
Drawn on
Treasurer of
United States
No.

Amt.

17,703
13,406
25,425
40.454
29,429
35,344
27,121
14,789
33,173
47.416
39.987
48,424

$4,598
7.367
8,641
9,147
3.985
4,817
4,681
4,863
3,509
3.942
3,270
5,133

372.671

TOTALS (a)

Items Forwarded
to Other
F. R. Banks and
Their Branches
No.
64,892
54,767
71,616
82,508
76,061
88,695
94,400
100,940
104,217
117,766
106.605
111.845

63,953 1,074.312

Amt.
$42,916
34,736
53,750
40,755
39,759
40,369
38,698
38.030
42.395
47,544
38,471
34,527

in thousands of dollars)

1919

1920
No.

1,190,246
1,189,419
1,580,637
1,658,807
1 671,066
1.890,958
1,894,989
1.857,566
2,025,873
2,248,109
2,172,265
2,208,749

Amt.

No.

$264,139 695,649
229,800 628,197
388,675 883.928
324,536 861,900
307,403 845,748
350,437 849,384
328,504 861,875
309,197 833,669
362,759 938,005
384,809 1.144,244
347,558 1.026,898
311,039 1,178,160

491,950 21588684 3,908.856

1918
Amt.

$226,629
158,605
206,413
218,677
233,394
202.396
204,547
214,574
263,025
285,155
259,959
296,634

10747657 2,770,008

No.

1917
Amt.

No.

Amt.

412,081 $128,935 344,269 $ 64,221
370,292 104,793 271,945
48,628
434,721 134,846 341,613
67,586
455.124 138,325 342,576
64,014
451,809 157,808 352,259
81,837
460,760 149,846 364,358
97.570
500,173 166.975 327,728
75,831
506,327 173,928 332,805
79.990
513.389 207,568 347,944
97.474
652.912 306,244 436,719 144,534
593.679 206,160 426,115 153,610
696.459 237,465 432,575 109,382

6,047,726 2,112.893

4,320.906 1,084,677

Table No. 21
Number of Items Received for Collection by Federal Reserve Bank
of Minneapolis During the Years 1919-1920
By Months
City

Country

Total

1919
January
February....
March
April
May
June
July
August
September..
October
November...
December.. .

7,921
5,202
5,784
4,652
5.657
7.514
6,153
6,682
12.194
11.420
9.846
10,043

541
592
360
390
490
396
303
364
432
729
1,388
1,599

8.462
5,794
6,144
5.042
6.147
7.910
6.456
7,046
12.626
12,149
11,234
11.642

Totals. .

93,068

7,584

100,652

1920
January
February
March
April
May
June
July
August
September. .
October
November...
December.. .

7,875
5,151
6.150
5,888
5.819
6.760
5.393
5,792
10,972
11,780
11.887
10,177

1,573
1.334
2.139
1,869
1,508
2,358
2,466
4.179
8,341
11.465
10,519
13,528

9.448
6,485
8,289
7,757
7.327
9.118
7,859
9,971
19,313
23,245
22,406
23,705

Totals. .

93,644

61,279

154,923

Table No. 22
Collection Operations, ip20
Items Received for Collection
Items Returned Unpaid
Items Collected
Amount CoUected

154.923
6,174
148.749
S125.O44.297.13

Value of Items Received
City
$7 2.973.000.48

Ip20

Country

Total

S56.420.577.01

$129,393,577.49

Table No. 23
Tztrin City Clearings Through Federal Reserve Bank,
Minneapolis, Minnesota, 1920
Month
January
February
March
April
May

June

Amount
$271,569,689.61
111,344,733.55
331,717,216.25
284,516,351.95
259,966.645.35
289,102.025.17

Month

Amount

July
August
September
October
November
December

$273,679,753.61
245.739,938.01
298,053.770.69
315.923.956.67
293,692,893.59
268,813,894.79

Total

.$1 244,120,869.24

Table No. 24
Mail and Wire Transfers Bought and Sold, 1920
Sold

Purchased
Wire

Mail

Month
January. . .
February..
March
April
May
June
July
August. . . .
September.
October. . .
November.
December .
Total .. .

Amount

Xo.

$19,286,007.00
71
47....
13,340,595.00
57
17 905 716.00
13.945,179.00
60....
15,410,810.00
68
14.51S,667.00
69
13,515,700.00
53
11,033,129.00
51....
15,064,336.00
55....
16,300,621.00
52
12,026,766.00
58....
10,030,641.00
52
693

$172.375,167.00

Amount

No.

526....
50S
582
478
515
547....
706
633
781
821....
721
728....
7,543

$67,244,365.00
51,329,773.00
68,161.762.00
47,533.521.00
48,945,641.00
59,483,235.00
72,708,384.00
67,451,994.00
81,509,090.00
82,276,195.00
83,966,219.00
83,249,162.00
$813,859,341.00

Wire
No.

Amount

4 7 6 . . . . $46,546,732.34
446....
37,312.844.02
760....
66,839,627.93
788....
56.864,077.03
694....
52,802,353.72
770
53,254,211,32
712
38,491,086.08
755 . . . .
39.473,364.72
752....
39.882,613.07
864
49,293,367.92
795 . . . .
41,411.513.83
775
37,257,975.14
8,587

$559,429,767.12

Table No. 25
A.—Temporary Bonds Surrendered for Exchange or/and Conversion, Year Ending December 31, 1920
First 4% surrendered for exchange for 4% permanent bonds
First 4% surrendered for exchange for 4)4% permanent bonds
First 4)4% surrendered for exchange for 4)4% permanent bonds
First L. L. Second Conv. surrendered for exchange for Per. Sec. Conv
Second 4% surrendered for exchange for 4% permanent bonds
Second 4% surrendered for exchange for 4J4% permanent bonds
Second O4% surrendered for exchange for 4)4% permanent bonds
Third 4%% surrendered for exchange for 4)4% permanent bonds
Fourth 4)4% surrendered for exchange for 4)4% permanent bonds
Totals (pieces)

$50

$100

$500

$1,000

25
16,677
8,251
29
473
142,597
56,880
342,199
15,021

21
11,429
8,881
11
315
88.081
58,347
280,334
15.106

889''
1,549
3
18
6,190
9,822
21,683
1,387

2
404
1,691
1
36
3,542
14,031
18,814
1,318

582,152

462,525

41,541

39,839

$5,000

$10,000

Total

4
50

72
766
920
101

13
444
450
36

5,350
2,845,250
4,256,150
5,050
100,150
23,064,950
35,890,700
83,898,850
5,138,150

1,913

967

$155,204,600

B.—Permanent Bonds Surrendered for Conversion, Year Ending December J I , 1920
$100

$50

$5,000

$10,000

Total

5
6

7
7

3
5

$ 3,950
7,000

$10,950

First 4% surrendered for conversion into 4)4% bonds
Second 4% surrendered for conversion into 4)4% bonds
Total (pieces)

$1,000

$500

C.—Permanent Bonds Delivered, Year Ending December 51, 1920
$50
22
First 4% delivered in exchange for temporary 4% bonds surrendered
14,120
First 4)4% delivered in exchange for temporary 4% bonds surrendered
1
First 4)4% delivered in exchange for permanent 4% bonds surrendered
6,529
First 4)4% delivered in exchange for temporary 4)4% bonds surrendered
21
First L. L. Second Conv. 4)4 % delivered in exchange for Tern. Second Con. Sur.. . .
278
Second 4% delivered in exchange for temporary 4% bonds surrendered
111,906
Second 4)4% delivered in exchange for temporary 4% bonds surrendered
5
Second 4)4% delivered in exchange for permanent 4% bonds surrendered
42.044
Second 4)4% delivered in exchange for temporary 4)4% bonds surrendered
246,1 ->7
Third 4)4% delivered in exchange for temporary 4)4% bonds surrendered

Total (pieces)

420,993

$100

$500

$1,000

22
10,957
4
7,605
14
251
82,503
7
47,764
241,067

989
1
( 1,433
l»
3
,«'
29
j 7,095
tr
2

8,314
23,338

2
473
3
1.663
1
46
4,430
5
12,623
21,127

$5,000

1,013
1.126

390,194

41,204

40,373

2.369

129'

Total

$10,000

53
712"
902
1,702

5,300
2,839,200
3,950
4,251,450
4,950
99,500
22,998,100
6,950
35,843,600
83,856,050

$149,909,050

Table No. 26
Registered—Coupon Exchanges, Year Ending December 31, 1920
A. REGISTERED BONDS EXCHANGED FOR COUPON BONDS:
No. Pieces

Amount

152
2

$ 285,400
200

29,250
7,700

Second 4XA% Exchanged for Permanent Coupon Bond
Third 4M% Exchanged for Temporary Coupon Bonds
Third 4}4% Exchanged for Permanent Coupon Bonds
Fourth 4H% Exchanged for Temporary Coupon Bond

Total.

377

274,750

2,339
3,987
2
2.645

464,200
886.450
1.000
535.900

9.630

S2.484.850

B. COUPON BONDS EXCHANGED FOR REGISTERED BONDS:
No. Pieces
First 3 H % Exchanged for Registered Bonds
First 4% Temporary Exchanged for Registered Bonds
Fi
First Sec. Conv. 4\i% Temporary Exchanged for Registered
SeSeco
Second 4}4% Permanent Exchanged for Registered Bonds. .

Total. .

Amount

211
22
2
204
51
10
99

$76,200
1,450
200
34,300
11,750
550
14,100

1,754
745
8,942
1.854
8,663
2
3,824

369,150
207.600
1,183,100
441,550
1,830,050
1,000
496,750

26,383

$4,667,750

Table No. 27
Exchange of Taxable and Tax-Excmpt Victory Notes, Year Ending
December 31, ip20
TAX-EXEMPT NOTES EXCHANGED FOR 4Ji% TAXABLE NOTES:

Denomination
$

50
100
500

1,000
5,000
10.000
Total.

Number

Amount

3
5

350
3,700
1,000
254,000
15,000
50,000

308

S324.O5O

7
37
2
254

B. Wt% TAXABLE NOTES EXCHANGED FOR 3»A% TAX-EXEMPT NOTES:
Denomination
$

50
100

500
1,000
5,000
Total

Number

Amount

288
226
40

112
10

$ 14,400
22,600
20,000
112,000
50,000

676

$219,000

Table No. 28

Denominational Exchange of Bonds

(Exchanges for different denomination of same issue at same interest rate)
Temporary 4% First Liberty Loan, 1932-1947 Converted
No. of Pieces
Received
for Exchange

Denomination

$ 50
100
500

Amount
Received
for Exchange

906
426
21

$45,300
42,600
10,500

1,353

$98,400

1 000
Total

No. of Pieces
Issued on
Exchange

Amount
Issued on
Exchange

14
12
91

$ 1,400
6,000
91,000

117

$98,400

Temporary i]4% First Liberty Loan, 1932-1947 Converted
No. of Pieces
Received
for Exchange

Denomination

50
100
500
1,000
Total

Amount
Received
for Exchange

No. of Pieces
Issued on
Exchange

Amount
Issued on
Exchange

552
452
41
2

$27,600
45,200
20,500
2,000

40
23
10
86

$ 2,000
2,300
5,000
86,000

1,047

$95,300

159

$95,300

Temporary 4% Second Liberty Loan, 1927-1942
Denomination

50
100
500
1,000
5 000
10,000

No. of Pieces
Received
for Exchange

Amount
Received
for Exchange

8,120
3,610
163
6

Total

No. of Pieces
Issued on
Exchange

$406,000
361,000
81,500
6,000

Amount
Issued on
Exchange

32
49
132
782

1,600
4,900
66,000
782,000

10,666

10,000

11,900

$864,500

996

$864,500

Temporary 4H% Second Liberty Loan, 1927-1942 Converted
Denomination

50
100
500
1,000 .
5 000
10,000
Total

No. of Pieces
Received
for Exchange

Amount
Received
for Exchange

No. of Pieces
Issued on
Exchange

5,518
3,982
420
78
14
9

$ 275,900
398,200
210,000
78,000
70,000
90,000

58
192
196
867
13
7

10,021

$1,122,100

1,333

Amount
Issued on
Exchange

2,900
19.200
98,000
867,000
65,000
70,000

$1,122,100

Temporary 4,H% Third Liberty Loan, 1928
Denomination

50
100
500

1,000
5,000
10.000

Total

No. of Pieces
Received
for Exchange

Amount
Received
for Exchange

No. of Pieces
Issued on
Exchange

$1,274,400
1,440,700
361,500
37,000
15,000
30,000

42
70
165
2,797
26
14

$3,158,600

3,114

$3,158,600

25,488
14,407
723
37
3
3
40,661

Amount
Issued on
Exchange

2,100
7,000
82.500
2.797,000
130,000
140,000

Table No. 28—Continued
Denominational Exchange of Bonds
Temporary 4%% Fourth Liberty Loan, 1933-1938
No. of Pieces
Received
for Exchange

Denomination

Amount
Received
for Exchange

83,466
72 387
3,910
672
80

100

500
1 000
5,000
10,000

Total

160,583

No. of Pieces
Issued on
Exchange

Amount
Issued on
Exchange

S 4.173,300
7 238 700
1.955,000
672,000
400,000
680,000

444
643
657
11,984
314
115

22,200
64 300
328,500
11,984.000
1 570 000
1,150,000

$15,119,000

14,157

S15,119,000

Permanent 3 H % First Liberty Loan, 1932-1947
No. of Pieces
Received
for Exchange

Denomination

50
100

Amount
Received
for Exchange

4,177
2,213
269

500

1.000

Total

No. of Pieces
Issued on
Exchange

Amount
Issued on
Exchange

S2O8.85O
221,300
134 500
92,000

17
28
138

584

850
2,800
69 000
584,000

6,751

$656,650

767

$656,650

Permanent i'4% First Liberty Loan. 1932-1947 Converted
No. of Pieces
Received
for Exchange

Denomination

$ 5 0

100

500
1,000
5,000
Total

Amount
Received
for Exchange

No. of Pieces
Issued on
Exchange

Amount
Issued on
Exchange

892
719
110
28

$ 44,600
71,900
55,000
28,000

84
158
63
138
2

$ 4,200
15,800
31,500
138,000
10,000

1,749

$199,500

445

$199,500

Permanent 4% Second Liberty Loan. 1927-1942
Denomination

No. of Pieces
Received
for Exchange

50
100
500
1,000 .
Total

Amount
Received
for Exchange

36
62
9

$ 1.800
6.200
4,500

107

$12,500

No. of Pieces
Issued on
Exchange

Amount
Issued on
Exchange

5
4
10

500
2,000
10,000

$12,500

1 t

Permanent 4 4 r; Second Liberty Ix)an. 1927-1942 Converted
Denomination

50 .
100
500
1,000
5,000
10,000
Total

No. of Pieces
Received
for Exchange

Amount
Received
for Exchange

No. of Pieces
Issued on
Exchange

Amount
Issued on
Exchange

9.007
7,657
689
481
56
37

$ 450,350
765.700
344.500
481,000
280,000
370,000

1.037
1,137
366
1.738
59
31

17,927

$2,691,550

4,368

$2,691,550

51,850
113,700
183,000
1,738,000
295,000
310,000

Table No. 28—Concluded
Denominational Exchange of Bonds
Permanent 4J4% Third Liberty Loan, 1928
Denomination

No. of Pieces
Received
for Exchange

Amount
Received
for Exchange

S 857,850
1,713,000
612,000
523,000
395,000
480,000

36,161

S4.580.850

17,157
17,130
1,224
523
79

50
100
500

1,000
5 000
10,000
Total

No. of Pieces
Issued on
Exchange

Amount
Issued on
Exchange

34,250
114,600
200,000
3,512.000
37P.OOO
350,000

5,852

$4,580,850

685

1,146

400

3,512
74

Permanent 3 % % Victory Loan, 1922-1923
Denomination

50
100
500

1,000 .
5 000
10,000
Total

No. of Pieces
Received
for Exchange

Amount
Received
for Exchange

138
86
19
1
10
20

S 6,900
8,600
9,500
1,000
50.000
200,000

274

$2 76,000

No. of Pieces
Issued on
Exchange

Amount
Issued on
Exchange

20
4

$ 2,666

272

2,000
272,000

296

$276,000

Permanent A%% Victory Loan. 1922-1923
Denomination

50
100
500
1,000
5.000
10,000

No. of Pieces
Received
for Exchange

Amount
Received
for Exchange

84,306
66.263
3,001
299
97

Total

No. of Pieces
Issued on
Exchange

Amount
Issued on
Exchange

790
771
805
11,002
223

$ 4.215.300
6,626,300
1,500,500
299.000
485,000
250,000

39,500
77,100
402,500
11.002.000
1,115,000
740,000

153,991

S13.376.100

13,665

$13,376,100

Recapitulation bv Denomination
Denomination
S

No. of Pieces
Received
for Exchange

50 .

100

500
1,000..
5,000
10.000

Total

Denomination
$

50
1 000
5 000
10,000

Total

Percent of Total
Amount
Received

239,763
189,394
10.599
2,219
339
211

S11.988 150
18,939,400
5.299.500
2,219,000
1,695,000
2,110,000

28 4
44.9
12.5
5.2
4.0
5.0

442,525

$42,251,050

100.0

No. of Pieces
Issued on
Exchange

100
500

Amount
Received
for Exchange

Amount
Issued on
Exchange

Percent of Total
Amount
Issued

3,229
4.256
2,952
33,863
711
277

161,450
425,600
1,476,000
33,863,000
3,555,000
2,770,000

.4
1.0
3.5
80.2
8.4
6.5

45.288

$42,251,050

100.0

Table No. 29
United States Coupons Paid Through Federal Reserve
Bank of Minneapolis, 1919-1920
1920
Number of
Coupons

Amount

January. . . .
February...
March
April
May
June
July
August
September..
October....
November..
December. .

521,670
180.336
456.408
629.028
449,900
470,358
378.027
191,226
275,103
540,219
444.072
552,794

S 1,223,084.34
438.799.67
1.421,341.84
1,948.993.64
1,440,949.87
1,737.417.89
1.072,885.33
474,947.06
1.124,442.20
1.933,432.79
1.365,017.35
2.237,508.23

Tot:

5.089,141

$16,418,820.21

1919
181,003
76.955
349.491
666,385
714,818
381.017
244.486
124.368
340.184
805.074
532,063
777,106

January
February. . .
March
April
May
June
July
August
September..
October
November..
December. .

5,192,950

Total.

347,804.38
137,717.86
976,501.73
1.759.982.15
1,838,626,83
948.068.37
524.450.85
235.511.59
1,028,867.74
2,274.460.20
1,487,472.55
2,796,664.51

$14,356,128.76

Table No. 30
United States Liberty Loan Interest Coupons Paid During 1920
Number of Coupons
5,072,480

Amount
S15,443,520.72

United States Certificate of Indebtedness Interest Coupons
Paid During 1920
Number of Coupons
16,661

Amount
.$975,299.49

Table No. 31
United States Certificates of Indebtedness Issued During the Year 1920
Allotment
25M
and Less

No. Allot. 500M No.
of
of
to a Million
Subs. and Over Subs.

No.
of
Subs.

Allotment
25M
to 50 M

No.
of
Subs.

Allotment
50M
to 100M

No.
of
Subs.

Allotment
100M
to 250M

No.
of
Subs.

Allotment
25OM
to500M

1-2 TD
$4,094,000
2-2
4,149,000
3-15 T M . . . . 1,347,000
4-1 E
2,902,500
4-15 F
1,645,000
4-15 G
1,457,500
5-17 H
786,000
6-15 TJ
745,500
6-15 A
532,500
7-15 B
461,500
7-15 T M 2 . . .
332,500
8-16 C
1,166,500
9-15 TM3. .
335,500
9-15 TS
916,500
10-15 TM4. . .
565,000
11-15
695,000
12-15 T J 2 . . .
448,500
12-15 TD
1,096,500

458
468
186
350
202
247
138
156
70
96
92
333
52
260
156
146
58
300

$470,000
984,500
235,000
597,500
195,000
35,000

15
30
7
18
6
1

29
31
9
15
5
7

$6,546,000

250,000
490,000
305,000

1
1
1

500,000
500,000

3
3
2
1
2
8
4
1
3
8

300,000

47,000
70,000
295,500
145,000
33,000
100,500
316,500

18
17
8
9
9
5
2
8
6
1
2
5
6
6
5
10
2
7

$ 700,500

93,000
92,000
60,000

$1,550,000
1,754,000
484,500
775,000
250,000
412,500
355,000
150,000
260,000
100,000

250,000
1,100,000
500,000
1,126,000
1,020,000
1,300,000

1
4
1
4
3
4

1,509,500
505,000
2,581,000

Totals... . $23,676,500

1768

$3,769,500

126

$7,341,500

$13,461,500

Date
of
Issue

112

150,000
404,000
53,500
275,000
455,000
326,000
378,000

3
6
1
4
9
6
6

$2,154,500
2,082,000
941,000
1,000,000
1,084,500
508,500
200,000
1,290,000
830,000
100,000
400,000
729,500
805,000
801,000
565,000
1,056,500
200,000
953,000

$8,132,500

148

$15,700,500

Total Allotment all Groups
Total Subscriptions all Groups
Number of Banks Subscribing
Total Amount of Certificates of Indebtedness Redeemed During 1920

5
2

500,000

820,000

Total
Each
Issue

$15,515,000
8,969,500
3,257,500
6,265,000
1
3,979,500
1
2,413,500
1,341,000
2,278,500
......
2,214,500
721,500
1,032,500
2,093,000
1,864,500
3,986,500
1
2,050,000
4,875,000
3
2,600,000
1
6,625,000
3
7

Total
Subs.
Each
Issue
530
546
211
394
224
260
147
170
85
101
95
342
67
280
170
173
73
328

$ 72,082,000.00
4,196
1,153
$248,882,500.00

Table No. 32
United States Certificates of Indebtedness Repurchased and Resold
During the Year 1920
Re-purchases

Month

Number
^January
*February
*March
*April
May
June
July
August
September
October
November
December

Amount

21
40
43
29
113
85

414,500
,277,500
,128,000
444,500
,723,500
926,500
,978,500
,582,000

553

$10,475,000

146
76

Total

Re-sales
Number

57
62
62
38
34
53
62
47

Amount

414.500
1,277,500
1,128,000
444,500
2,723,500
926,500
1.978,500
1,582,000

$10,475,000

*See text of this report.

Table No. 33
Treasury War Savings Operations, 1920
Sold
No . Pieces
Treasury Savings Certificates. . .
War Savings Certificate Stamps.
Thrift Stamps

972
15,929
37,648

Amount
$151,200
79,645
9,412

Redeemed
No. Pieces

Amount

19 $ 1,900.00
1,099
5,495.00
49,902 12,475.50

Table No. 34
Amount of Securities Pledged Against War Loan Deposits as of
End of Each Month During the Year 1920
Amount

Month

$24,726,665.00
18,853,465.00
9,580,865.00
14,427,765.00
11,650,200.00
9,836,150.00

January
February
March
April
May

June

July
August
September
October
November
December

Number of Special War Loan Depositaries—December 31, 1920
Number of Custodians of Collateral for War Loan Deposits—December 31, 1920

Amount
$ 6,985.300.00
6,742,800.00
8,677,400.00
8,423,000.00
8,053,100.00
11,256,050.00
1,746
1

Table No. 35
Fiscal Agency Department Expenses of the Federal Reserve Bank
of Minneapolis, Amounts Reimbursed by the Treasury
Department and Balances Reimbursable at the
End of the Calendar Year 1920
Total disbursements during 1920
Amounts reimbursable January 1, 1920

$251,719.20
129.285.17

Total
Reimbursements received during 1920

$381,004.37
326,697,60

Balance reimbursable January 1, 1921

$ 54 306 77

Table No. 36
Account With Treasurer of the United States
Month—1920

Deposits

January
February
March
April
May

June

July
August
September
October
November
December
Totals.

Withdrawals

S61,478,548.25
31,860,090.80
112,166,118.75
44,16.1,892.82
11.264,439.90
50,467.423.98
18,994,055.02
10.250.355.17
28,733,415.96
11,896,558.62
17,892,820.39
39,895,794.07

$60,470,602.38
34,012,060.31
111,655,031.44
43,324,736.30
11,250,255.26
50,937,339.19
18,955,348.92
9.995,462.49
28,069,210.35
12.383,418.82
17.977,314,40
38,991,176.60

$439,063,513.73

$438,021,956.46

Balance
End of Month
$1,521,132.98
630,836.53*
119,749.22*
719,407.30
733,591.94
263,676.73
302,382.83
557,275.51
1.221.481.12
734,620.92
650,126.91
1,554,744.38

•Overdrafts

Table No. 3/
Summary of Member Banks in Ninth District
Number of member banks December 31, 1919
New national banks organized

915
62

State banks and trust companies admitted

Total

1,016

Liquidated during 1920

Number of member banks December 31, 1920

1,009

Capital stock paid in, December 31, 1920
Capital stock paid in, December 31, 1919
Increase

S3,460,850
3,073.950
$386,900

Table No. 38
Member Banks Liquidated During 1920
NATIONAL. BANKS
Name of Bank

Location

Disposition

Vienna, S. D
Succeeded by a State B a n k . . . .
First National Bank
National Bank of Commerce.. St. Paul, Minn.... Consolidated with Cap. Nat. Bk.
Mahnomen, Minn. Absorbed by a State Bank
Farmers National Bank

Shares
Surrendered
18
300
18

STATE BANKS
Name of Bank

Location

Disposition

Hettinger State Bank
Hettinger, N. D . . Succeeded by Live Stock Nat. Bk.
Midland Trust & Savings Bank St. Paul, Minn
Withdrawal
Lincoln County Bank
Merrill, Wis
Withdrawal
Northern Savings Bank
Fargo, N. D
Succeeded by Northern Nat. Bk.

Shares
Surrendered
18
171
81
75

Table No. jp
Stale Member Banks as of December 31, ip20
MICHIGAN—10 State Member Banks
Gladstone State Savings Bank
Gladstone
Gwinn State Savings Bank
Gwinn
Commercial Bank
Iron Mountain
Merchants & Miners State Bank
Ironwood
State Savings Bank
Laurium
Manistique Bank
Manistique
Commercial Bank
Menominee
Central Savings Bank
Sault Ste. Marie
Sault Savings Bank
Sault Ste. Marie
South Range State Bank
South Range
MINNESOTA—28 State Member Banks
Swift County Bank
Benson
Clarkfield State Bank
Clarkfield
Clinton State Bank
Clinton
Farmers State Bank
Hayfield
State Bank of Jeffers
Jeffers
Lake City Bank of Minnesota
Lake City
Security State Bank
Lewiston
Rock County Bank
Luverne
State Bank of Madelia
Madelia
North American Bank
Minneapolis
St. Anthony Falls Bank
Minneapolis
Wells-Dickey Trust Co
Minneapolis
State Bank of New Richland
New Richland
First Security State Bank
Red Wing
State Bank of Revere
Revere
Central Bank
St. Paul
Peoples Bank
St. Paul
Citizens State Bank
St. Peter
Drovers State Bank
So. St. Paul
Exchange State Bank
So. St. Paul
Farmers State Bank
Spring Valley
First State Bank
Spring Valley
Farmers State Bank
Waconia
First State Bank
Walnut Grove
Citizens State Bank
Westbrook
Kandiyohi County Bank
Willmar
Deposit Bank
Winona
Merchants Bank
Winona
MONTANA—54 State Member Banks
Belgrade State Bank
Belgrade
Farmers & Miners State Bank
Belt
State Bank of Belt
Belt
Security Trust & Savings Bank
Billings
"Bank of Boulder
Boulder
Gallatin Trust & Savings
Bozeman
Security Bank & Trust Co
Bozeman
Powder River County Bank
Broadus
Stockmens State Bank
Browning
Metals Bank and Trust Co
Butte
Miners Savings Bank & Trust Co
Butte
Citizens State Bank
Culbertson
Denton State Bank
Dcnton
Beaverhead State Bank
Dillon
Security State Bank
Dillon
East Helena State Bank
East Helena
Farmers & Merchants State Bank
Eureka
Edgar State Bank
Edgar
Southern Montana Bank
Ennis
Bank of Commerce
Forsyth
Clarks Fork Valley Bank
Fromberg
Ravalli County Bank
Hamilton

Table No. jp—Concluded
State Member Banks as of December 31, 1920
Hardin State Bank
Hardin
Banking Corporation of Montana
Helena
Conrad Trust & Savings Bank
Helena
Montana Trust & Savings Bank
Helena
Union Bank & Trust Co
Helena
Hingham State Bank
Hingham
Valley County Bank
Hinsdale
Huntley State Bank
Huntley
Inverness State Bank.
Inverness
Joliet State Bank
Joliet
Bank of Commerce
Kalispell
American Bank
Laurel
Bank of Fergus County
Lewistown
Empire Bank & Trust Co
Lewistown
Lewistown State Bank
Lewistown
American Bank & Trust Co
Missoula
State Bank of Nashua
Nashua
First State Bank
Opheim
Park City State Bank
Park City
Philipsburg State Bank
Philipsburg
State Bank of Plenty wood
Plentywood
Reed Point State Bank
,
Reed Point
First State Bank
Richey
Citizens State Bank
Roundup
Farmers & Merchants State Bank
Saco
Yellowstone Valley Bank & Trust Co
Sidney
First State Bank
Stevensville
The Central State Bank
White Sulphur Springs
Willow Creek State Bank
Willow Creek
First State Bank
Wolf Point
Farmers State Bank
Worden
Little Horn State Bank
Wyola
NORTH DAKOTA—4 State Member Banks
Enderlin State Bank
Enderlin
First State Bank
Golden Valley
Security Savings Bank
Jamestown
Security State Bank
Noonan
SOUTH DAKOTA—IS State Member Banks
Butte County Bank
Belle Fourche
Bank of Brookings
Brookings
Little Missouri Bank
Camp Crook
Brule State Bank
Chamberlain
Brown Co. Banking Co
Groton
Farmers & Merchants State Bank
Hecla
Commercial Trust & Savings Bank
Mitchell
Reclamation State Bank
Newell
Citizens Bank & Trust Co
Rapid City
Commercial & Savings Bank
Sioux Falls
Sioux Falls Savings Bank
Sioux Falls
South Shore Bank
South Shore
First State Bank
Stratford
Stockgrowers State Bank
Timber Lake
Security Bank & Trust Co
Webster
WISCONSIN—10 State Member Banks
Bank of Arcadia
Arcadia
Polk County Bank
Balsam Lake
Bank of Boyceville
Boyceville
Bank of Ellsworth
Ellsworth
First State Bank
Glenwood City
F"irst Bank of Grantsburg
Grantsburg
Iron Exchange Bank
Hurley
Bank of New Richmond
Xew Richmond
La Crosse County Bank
West Salem
State Bank
Whitehall
DigitizedPeoples
for FRASER
57

Table No. 40, Part A
Movement of the Principal Assets of the federal Reserve Bank of
Minneapolis During the Calendar Year 1920
(Amounts in Thousands of Dollars)
Total

Date

Earning
Assets

u .
January 2. .
January 9. .
January 16..
January 23. .
January 30. .
February 6.
February 13.
February 20.
February 2 7.
March 5
March 12....
March 19
March 26....
April 2
April 9
April 16
April 23
April 30
May 7
May U
May 21
May 28
June 4
June 11
June IS
June 25
July 2
July 9
July 16
July 23
July 30
August 6 . . .
August 1 3 . . .
August 2 0 . . .
August 27 . . .
September 3
September 10
September 17
September 24
October 1...
October 8.. .
October 15.. .
October 22...
October 29...
November 5
November 12
November 19
November 26
December 3.
December 10.
December 17.
December 23.
December 30.

$93,037
86,444
86,467
81,322
79,403
83,266
84,747
81.780
81.462
81.578
81.710
78.504
79,593
81,535
85,897
82,811
88,625
90,207
88,932
89.295
88.704
88,781
89,218
88,070
77,579
84,932
88,401
89,669
87,785
90.963
90,280
92.109
86.860
88,088
87,741
93,130
94,753
94,382
94,236
94,829
97,225
93.923
93,398
94,665
93.283
94.040
95,034
90,664
89,984
90,828
93,126
87,962
91,678

Total
Held

DISCOUNTED BILLS
Rediacounted Disc. for Member Bks. in
with Other
this Dist.
2 Secured by
Federal
Gov't War Per Cent
Reserve
(1)
Banks'
Total Obligations (2 -f- 1)

$71,380
67,619
65,387
64,742
65,116
69,737
71,614 '—5,000 '
70,172 —4,274
68,756 —4,000
68,169 —8,734
67.230 —11,415
55,024 —4,900
65.382 —10,029
65,536 —7,529
70,037 —4,948
68,180
5,000
73,503
10,108
75,359
11,111
75,068
9,995
76.043
10.257
75,627
19.175
75.837
19,132
76,349
13,670
75,593
13,170
64,947
22,616
72,125
23 672
77,403
16,932
78,449
15,653
75,124
13,292
78,102
12.499
78,524
13,738
80,607
12,226
77.033
10,073
78,557
17,197
78,209
20.347
83,495
20,123
85,118
18,777
84.542
15,432
84,251
21,349
84,734
18,631
87,220
19,749
83,933
23,272
83,590
27,204
84,670
26.603
83,277
25,023
83,894
26,250
85,142
25,830
80.562
25,860
79,904
24,041
80,696
15,166
83,227
11,684
78,163
19,299
81,669
14,801

$71,380
67,619
M 387
64,742
ftS 116
69,737
66,614
63,898
64,756
59,435
55,815
50,124
55,353
58,007
65,089
73,180
83,611
86,470
85,063
86,300
94,802
94,969
90,019
88,763
87,563
95,797
94,335
94,102
88,416
90,601
92,262
92,833
87.106
95,754
98,556
103,618
103,895
99,974
105,600
103,365
106,969
107,205
110,794
111.273
108,300
110,144
110.972
106,422
103.945
95,862
94,911
97,462
96,470

$21,228
20,363
20,519
22,451
23 883
24,813
24,144
24,199
24,252
22,142
22,880
21,627
21,851
22,173
22,546
26,743
28,158
26,869
26,482
26,702
28,406
28,258
27.079
26,626
23,964
24,268
20,952
19,184
16.380
18,826
18,743
18,880
18.463
19,328
20,574
20,198
19,233
18,116
18,728
18,474
18.700
19.063
20,347
20,751
21,753
21,539
21,315
21,607
22.177
22,003
24.842
24.734
24,222

29.7
30.1
31 4
34.7
36 7
35.6
36 2
36.7
37.4
37.3
41.0
43.1
39.5
38.2
34 6
36.5
33.7
31.1
31 1
30.9
30 0
29.8
30.1
30.0
27.4
25 3
22.2
20.4
18.5
20.8
20 3
20.3
21.2
20.2
20.9
19.5
18.5
18.1
17.7
17.9
17.5
17 8
18.4
18.6
20.1
19.6
19.2
20.3
21.3
22.9
26.2
25.4
25.1

Bills
Purchased
in
Open
Market"
$12 061
10,229
8,409
7,984
5 691
4,933
4.537
3,012
4,110
4,813
5.884
5,884
5.615
5.345
5.261
6,032
6,505
6,237
5,251
4,649
4,474
4.341
4,266
3.874
4,030
4,205
2,384
2,612
4,056
4,261
3,159
2,905
1,230
934
935

1,038
1,038
1,238
1,388
1,498
1,408
1,358
1,210
1.398
1.409
1,549
1,290
1,490
1,483
1,535
1.303
l,»03
1,413

iMinus sign indicates paper discounted for other Federal Reserve Banks.
2
There were no purchases from'other Federal Reserve Banks during year.

U. S.
Securities

$ 9.596
8,596
12,671
8,596
8,596
8,596
8,596
8,596
8,596
8,596
8,596
17,596
8.596
10,654
10,599
8,599
8,617
8,611
8.613
8,603
8,603
8,603
8,603
8,603
8,602
8,602
8,614
8,608
8.605
8.600
8.597
8.597
8,597
8,597
8,597
8,597
8,597
8,602
8,597
8.597
8.597
8.632
8.598
8,597
8,597
8,597
8,602
8,612
8.597
8,597
8,596
8,596
8,596

RESERVE BANK OFMIlWEAfVLlS.
11FEDERAL
MOVEMENT OFEARfilNG ASSETS
PUR

Iti61920.

25
0

UNITED STATES SECURITIES

2S
PURCHASED

BILLS

HELD

100

40
20

20
PERCENTAGE OF WAR PAPER TO TOTAL DISCOUtiTS FOR BANKS MDISTRICT.

IZS

I2S
100
PS

so
2S
0

DISCOUNTED BILLS. (SEE NOTE BELOW)

0
I2S

w
PS

so
25
TOTAL EARNING ASSETS
JAN. FEB. MAR\APR. MAY JUNE JULY AUG SEPf] OCT. NOV. DEC.

secured by 6orernmenbW&r Obligations discotinted/brJ8an/CS ui&ustfict.
^ U d i J S S i i
C J S S t y U L
SluvccbctiveefilinesBandCrepresents
-whereaboveluteB-Jajierdiscoanted-for,
Ond-whcrebeloH'UncJS-J'afierrediscoaTibedwitfi, otherJederaltfeserreJ&utJCs.

Table No. 40, Part B
Movement of Demand Liabilities and Cash Rese>-ves of the Federal
Reserve Bank of Minneapolis During the Calendar Year 1920
/Amounts in Thousands of Dollars)
Date

January 2
January 9
January 16
January 23
January 30
February 6
February 13
February 20
February 27
March 5
March 12
March 19
March 26
April 2
April 9
April 16
April 23
April 30
May 7
May 14
May 21
May 28
June 4
June 11
June 18
June 25
July 2
July 9
July 16
July 23
July 30
August 6
August 13
August 20
August 27
September 3
September 10
September 17
September 24
October 1
October 8
October 15
October 22
October 29
November 5
November 12
November 19
November 26
December 3
December 10
December 17
December 23
December 30

Reserve Percentages

F. R.
Notes
Circulation

Net
Deposits

$87,106
85,566
83,474
82.468
81,635
81,645
82,386
82,141
81,787
82,141
82,119
82.161
" 81,906
82,043
82,352
81,918
81,606
80,954
81,008
80.529
79,799
79,183
79.165
78.873
78.486
77,728
77,905
79.116
78,337
77.268
76.374
76,052
75,799
75,849
75,901
77,918
79.522
80,439
81,668
81.964
82,958
82,824
83,190
82,714
83,190
82,729
82,609
82.137
82,036
81,404
81,501
81.493
80.067

S45.482
47,173
52,750
48,360
49,036
53,966
48,356
49,965
48,233
53,246
50,028
51,004
47,087
49.251
50.976
42,611
45,710
46,445
48,130
45,543
47,763
46,737
47,211
45.430
34,078
41.189
43.572
41.988
44,628
45,527
47,180
48,989
42,231
43,402
42,255
47,915
47,836
44.955
44,337
44,870
45,467
43,521
40,720
43,531
42,419
42,806
43,867
38,080
42,741
43,211
43,434
37,916
42.204

Total
Cash
Reserves
Actual
$53,871
60.746
64,363
64,013
65,654
66,730
60,576
64,446
62,868
67,808
64,013
67,885
62,344
62.894
60.484
54.702
51,775
50,223
53,890
50,720
52,924
51,575
51.650
50,825
49,815
48,921
48.790
47,500
51,378
48,143
49,896
49,637
47,934
48,175
47,240
49.773
49,873
48,266
49,264
49,687
49,140
50,251
48,306
49,438
50,296
49.264
49.320
47.500
52.715
51.564
49,924
49,672
48.704

40.6
45.8
47.2
48.9
50.2
49.2
46.3
48.8
48.4
50.1
48.4
51.0
48.3
47.9
45.4
43.9
40.7
39.4
41.7
40.2
41.5
41.0
40.9
40.9
44.3
41 .1
40.2
39.2
41.8
39.2
40.4
39.7
40.6
40.4
40.0
39.
39.2
38. 5
39.1
39.2
38.3
39.8
39.0
39.2
40.0
39.2
39 0
39.5
42.2
41.4
40.4
41.6
39.8

Adjusted'
40 6
45.8
47.2
48.9
50.2
49.2
50.2
52 0
51 .4
56.5
57.1
54.6
56.1
53.6
49.1
39.9
32.7
30.7
33.9
32.1
26.5
25.8
30 1
30.3
24.2
21.2
26.2
26.3
31.0
29.0
29 3
29.9
32.1
26.0
22.8
23.6
24.4
26.2
22.2
24.5
22.9
21.4
17.0
18.1
20.1
18.3
18.6
18.0
23 0
29.2
30.6
25.4
27.7

'Adjusted percentages are calculated after increasing or reducing reserves held by
the amount of accommodation extended to or received from other Federal Reserve Banks.

FEDERALRESERVE BANK OF MINNEAPOLIS
NET DEPOSIT LIABILITY,
FR.NOTE CIRCULATION,
CASH RESERVES.AND RESERVE RATIOS. 1920.
70
60

X)
60
SO

K *\

10
0

RESERYE PERCENTAGES. ACTUAL •A:A£UUSTEP-B: SEEHOTEBELOW.
SO i

1 SO

PR. NOTE ORCULAT/OH
160

160

DEPOSIT AM fR.NOTE UABIUT!ES;L; AND TOTAL RESERVESrC:
JAN. FEB. MAR. APR. MAY JUNE JULY AU6 SEPT. OCT. nOV. DEC
~foylisted jvertxntages cure calculated, after increasing or
reducing reserpasheld-by ffusamountof'accommodation,
extended to or rceeiyedfrom,other•JederalSteserre&mJGs.