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TENTH ANNUAL REPORT
of the

FEDERAL RESERVE AGENT
of the
NINTH FEDERAL
RESERVE DISTRICT
to the

FEDERAL RESERVE BOARD

Covering the Calendar Year
1924




Federal Reserve Bank of Minneapolis,
Office of Federal Reserve Agent,
Minneapolis, Minn., January 10, 1925.
To Governor D. R. Crissinger,
Federal Reserve Board,
Washington, D. C.
Sir:
In conformity with your letter of December 18, 1924, I have
the honor to submit herewith the Tenth Annual Report of the
Federal Reserve Agent of the Federal Reserve Bank of Minneapolis, relating to operations during the twelve months which
ended December 31, 1924.




Respectfully submitted,
JOHN R. MITCHELL,
Federal Reserve Agent.

REPORT
OF THE

FEDERAL RESERVE AGENT
AT MINNEAPOLIS

1924
Agricultural and Business Conditions in 1924

The year 1924 was characterized by an improvement in the
economic position of agriculture, which because of its prominence
as the leading source of new wealth in the Ninth Federal Reserve
District, was of great importance to banking and all other classes
of commercial business. Favorable weather and moisture conditions resulted in good crops of small grains which moved
promptly from the farm and sold in the markets at prices substantially better than those of 1923. The corn crop suffered from
a cool growing season and was only fair in quantity and yield.
There was a continuation of the shift in acreages and planting
programs which was apparent in 1923, and which was the product of unfavorable prices and difficult conditions in agriculture
that had continued since 1919. The year 1924 opened with more
dairy cattle, swine and sheep on the farms than a year earlier.
During 1924 there were increases in the acreages of barley, oats,
corn, flax and fodder crops. There were reductions in the acreages of wheat, rye and potatoes. The expansion in flax, the
national production of which is largely confined to this district,
was notable and added $31,983,000 at farm prices to the return
from that crop, as compared with 1923, or an improvement in
cash returns of $45,699,000 as compared to 1922. There was
close attention given to the minor sources of farm revenue and
increased interest taken in the balancing of production, crop
rotation, improved tillage, study of markets and of dairying and
animal breeding. It was a debt-paying year and the income
resulting from good yields at satisfactory prices was applied in
large part to the payment of taxes, interest and previous obligations. In both a financial and a business sense, the position of
agriculture at the close of the year was improved and strengthened.
Prices of the small grains began to advance in July and
August and the upward trend continued to the close of the year.
Prices for livestock also strengthened.
Throughout the early part of 1924, there was a record run
of hogs shipped to market, which would probably have tapered




off in the middle of the summer had it not been for adverse
weather conditions, which made a poor corn crop inevitable. The
feed situation, therefore, became somewhat precarious for many
of those producing hogs for market, and a second record run for
all time was established by December marketings.
The fall months of 1924 witnessed the heaviest marketing
movement of grain the district has known. This began in July,
reached a peak in September and October, and brought about
congestion for a time at Duluth-Superior terminals. It was noteworthy that railroad equipment and performance was entirely
adequate at all times to meet this demand. The final crop results
indicated a 55 per cent increase of spring wheat production in
the face of a 10 per cent cut in acreage, and a 24 per cent decline
in corn production in the face of a 12 per cent increase in the
acreage of that crop.
In the cities, the volume of business, as measured by employment, manufacturing production and sales by wholesalers and
retailers, was unsatisfactory from the beginning of the year until
October, when wholesale trade and employment began to revive.
This revival became more marked in November. Retail trade in
the cities did not respond in the same degree to the rising confidence inspired by good grain prices, so that retailers were left
at the end of the year with stocks above normal. Building
activity, as measured by building permits, continued at a low
level until the months of October and November, when some improvement occurred. Building permits granted in 18 cities of
this district during 1924 had a total valuation of $59,970,900, a
decrease of 29 per cent from the volume of 1923.
Iron ore, copper and lumber production in this district were
affected by the short-lived spurt in industrial activity throughout
the United States in the first months of 1924 and by the depression which followed and continued throughout the summer. Iron
ore shipments were somewhat larger than normal during the
first few weeks of the shipping season, but declined almost continuously to a point 20 per cent below normal in the week ending August 30. From that point, there was a rather sharp
recovery to the close of navigation. Copper production was large
in the first three months of 1924, but declined moderately for the
next five months, and then recovered sharply to nearly the largest
monthly output in five years. Shipments of forest products were
especially large from the end of February to March 29, but decreased abruptly from the latter date to July 12. From that
date, there was a moderate recovery in the volume of shipments,
growing more pronounced as the year drew to a close.
For the year 1924, iron ore shipments were 28 per cent
smaller than in 1923; copper production was 5 per cent larger
than in 1923; and shipments of forest products were 5 per cent
smaller than in 1923.




Financial Conditions in 1924
Banking conditions in this district were unchanged during
the first half of the year, but improved substantially with the
approach of harvest. Loans by this Federal Reserve Bank to
member banks within this district rose slightly during the spring
months, which was entirely seasonal, but declined steadily in the
last half of the year, reaching a point as low as any reached since
the beginning of 1919. During the first half of the year, banks
in the larger cities experienced some increase in deposits and
some decline in loans. After the harvest, however, deposits increased remarkably and the loans and investments of these banks
were rapidly expanded.
This year will be memorable for the debt-paying qualities
of the crop which was harvested and marketed during the fall.
The coincidence of a good crop at a time of world shortage with
the consequent improved prices, brought about a very rapid marketing and sale of grains, which placed large cash supplies at the
disposal of northwestern farmers. Funds poured into the country banks; loans were reduced and deposits increased. These
banks were able to reduce their borrowings from the Federal
Reserve Bank and correspondent banks. Temporarily, deposits
with correspondent banks were built up, but later commercial
paper and bonds were in strong demand. The commercial paper
outstanding in this district at the end of the year reached totals
not exceeded since 1920. Indeed, the volume practically doubled
during the last half of the year.
In the cities, demand and time deposits swelled to recordbreaking totals. City correspondent banks in the Northwest at
first re-deposited a large part of the country bank funds with
their eastern correspondent banks and later their investment
holdings were expanded. Interest rates were lowered. Finally,
loans began to increase, a large proportion of which were due to
the purchase of commercial paper and loans secured by stocks
and bonds. The experience of six city correspondent banks is
typical of what took place. They had an increase of nearly 100
per cent in their deposits due to country banks between the end
of August and the high point of November. Member bank
reserve deposits with this Federal Reserve Bank, excluding those
of these selected city banks, increased nearly Zl/i millions during
the crop moving period up to December 10. The borrowings of
country banks from this Federal Reserve Bank were reduced
more than 9 million dollars from August 27 to December 17.
All the banks in the larger cities, which report their figures to
us weekly, had paid off completely all their borrowings from this
Federal Reserve Bank by November 12. Savings deposits in
these cities increased steadily during the latter part of the year,
overcoming practically all of the decline which took place during
the first six months of 1924 and bringing the total amount on
January 1, 1925 to the high point of the last four years.
5



Operations of Minneapolis Federal Reserve Bank in 1924
A.

General Survey

The operations of this bank during 1924 as reflected in the
important items of the balance sheet, fall into two parts, with the
dividing line at August 1.
The first period, from January 1 to July 30, 1924, may be
characterized as uneventful. Rediscounts for member banks
diminished slightly at the opening of the year, rose slightly in
the spring and diminished slightly during the summer. Our holdings of purchased bills rose to a peak on March 19 and declined
thereafter to a very low total at the end of the period. Our
holdings of United States securities were built up gradually,
member bank deposits declined steadily, and our reserves declined. Our note issue in circulation was practically unchanged,
except for flurries late in February and early in May. Our earning assets reached a high total for the year by the end of the
period.
In the second period, from August 6 to December 31, practically every week registered some noteworthy change. Rediscounts for our member banks fell off rapidly. Reserve deposits
of member banks increased, reaching a peak November 19. Note
issues expanded for crop moving purposes, reaching a peak
December 24; and cash reserves of this bank passed the hundred
million dollar mark on November 19, which high level was maintained to the end of the year. Our purchased bill holdings rose
and fell during this period, and our holdings of United States
securities reached the highest point of the year on November
12, but fell off thereafter. Total earning assets declined practically every week after September 17.
The net effect of these changes upon our balance sheet for
the year ending December 31, 1924, as compared with a year
earlier, was as follows: Rediscounts declined from about 19
millions to about 4 millions; while our holdings of United States
securities increased from 10 millions to nearly 26 millions. Total
earning assets at the end of the year were substantially the same
as at the beginning. Member bank deposits increased from 47
millions to 56 millions, and Federal reserve notes in circulation
from about 65 millions to nearly 72 millions, and cash reserves
from 90 millions to 101 millions.
This bank did not borrow from or lend to other Federal
reserve banks at any time during 1924.
The discount rate of this bank was changed from Ay? per
cent to 4 per cent, effective October 15, 1924.




B. Earnings and Expenses
The gross earnings of this bank during 1924 were $1,609,070,
as compared with $1,749,253 in 1923. Current expenses during
1924 were $1,065,168, as compared with $1,082,137 in 1923. The
current net earnings during 1924 were $543,902, as compared with
$667,116 in 1923. Miscellaneous additions to current net earnings during 1924 amounted to $170,570. Approximately 85 per
cent of this amount became available through an adjustment of
the reserve for depreciation on United States bonds. This adjustment was made possible by the appreciation during the year
of market prices of bonds held. Total deductions from current net
earnings amounted to $385,371. Of this amount $329,322 represented depreciation on bank premises, including 1924 taxes, maintenance and charge-offs during process of construction. The net
earnings available for dividends, surplus and franchise taxes were
$329,101. Dividends totaling $202,828 were declared at the rate
of 6 per cent per annum on our paid in capital stock and paid to
member banks. There was transferred to surplus account $12,627.
The remainder, amounting to $113,646, was paid to the United
States Government as a franchise tax, as compared with $101,450
paid in 1923.
C. Departmental Statistics of Volume
The Check Collection department handled 26,218,338 items
during 1924, amounting to $3,652,895,000, as compared with
27,433,000 items during 1923, amounting to $3,383,365,000.
The Collection department received 368,277 items during
1924, amounting to $154,613,597, as compared with 340,345 items,
amounting to $155,783,189 in 1923.
The Currency Department received and counted 31,574,880
bills, amounting to $172,153,650 in 1924, as compared with 32,174,117 bills, amounting to $179,737,214, in 1923. This department also received and counted 8,832,594 coins, totaling $2,709,244 in 1924, as compared with 9,905,604 coins, totaling $2,203,398,
in 1923.
The Vault Custody department handled 57,339 bonds left
with it for safekeeping as compared with 67,725 in 1923. Thirty
eight thousand, seven hundred and thirty-three coupons were cut
and forwarded to the owners of the securities, or turned over to
other departments for collection and credit.
Wire transfers of funds made for member banks, including
those made for the 5 per cent gold redemption fund, numbered
66,672, totaling $2,405,908,000 during 1924, as compared with
70,339, totaling $2,189,155,000 in 1923.
The Discount department received 5,662 applications during
1924 from 476 banks. This was an average of 12 applications




each from 52.5 per cent of the m e m b e r b a n k s in the district. I n
1923, 7,875 applications were received from 559 banks, an average
of 14 applications each from 57.1 per cent of the total m e m b e r ship. D u r i n g 1924, 27,527 notes w e r e discounted, a m o u n t i n g to
only $100,355,000, as compared w i t h 35,533 notes, a m o u n t i n g to
$290,054,000, in 1923.
Of the total bills discounted for all m e m b e r banks, the percentages in a m o u n t divided by s t a t e lines d u r i n g the last three
years were as follows:
1924
1923
1922
Minnesota
63.9%
80.0%
50.5%
South Dakota
13.4
6.9
14.4
North Dakota
12.0
4.9
10.8
Montana
7.4
6.2
14.7
Wisconsin
2.1
1.2
5.4
Michigan
1.2
.8
4.2

Bills purchased by this bank in the open market during 1924
numbered 1,294 amounting to $15,834,000. Bills purchased from
other Federal Reserve Banks numbered 136, amounting to
$3,006,000.
During 1924, 2,162.000 envelopes were received and dispatched, as compared with 2,775,000 in 1923.
Fiscal Agency Functions
The Fiscal Agency operated by us for the United States
Government redeemed 1,228,058 government coupons, amounting
to $10,477,787 during 1924, as compared with 1,746,766 coupons,
amounting to $10,973,995 in 1923. Other operations consisting
of the handling of issues, redemptions and exchanges of various
government securities, including Treasury savings securities,
numbered 246,701 and amounted to $107,874,675. In addition
this department handled 4,622 repurchases and 3,760 resales, totaling $329,842,450, as compared with 2,263 repurchases and 1,880
resales in 1923, amounting to $248,547,400.
This bank assisted in the allotment of the four regular offerings of treasury certificates of indebtedness and treasury bonds
during the year. In the operation of this department, 2,631 subscriptions were received and 7,414 pieces, amounting to $43,639,300, were delivered to the allotment account.
Activities of the Federal Reserve Agent's Office
A. Federal Reserve Note Issues
During 1924 the Federal Reserve Agent and his deputies at
Minneapolis and Helena received $36,560,000 of new Federal
reserve notes from the Comptroller of the Currency at Washington and $18,188,500 of fit-for-use notes from our paying tellers.
The issues of new and fit-for-use notes totaled $52,030,000, as




8

compared with $40,205,000 during the preceding year. The Federal reserve notes in actual circulation increased from $64,952,000
to $71,760,570 between December 31, 1923, and December 31,
1924. During the year 1924, Federal reserve note circulation
declined to a low point on January 30 of $61,919,695, increased
to a high point on May 14 of $71,695,185, decreased to a low point
on August 27 of $63,501,640 and reached the highest point during
the year on December 24, $73,573,555. Unissued Federal reserve
notes on hand with the Federal Reserve Agent amounted to
$14,993,500 on December 31, 1924, as compared with $12,275,000
on December 31, 1923.
As collateral security for the Federal reserve notes, there was
held by the agent on December 31, 1924, $73,528,195 in the form
of gold coin and gold certificates in bank or on deposit with the
Federal Reserve Board and $3,649,901.38 in commercial and agricultural paper, compared with $54,552,000 in gold and $17,431,000
in rediscounted paper on December 31, 1923.
B.

Membership

At the close of the year there were 906 member banks in this
district, as compared with 979 at the beginning of the year.
There was a net loss of 59 national banks and 14 state banks.
There were no voluntary withdrawals from membership in this
district by state members during 1924. Of the seventeen state
banks that relinquished their stock during the year, one was absorbed by a national bank, and the remaining sixteen were
liquidated. Of the seventy-two national banks, fourteen were
absorbed or succeeded by other banks and fifty-eight were
liquidated. The total membership at the close of 1924 was divided into 802 national banks and 104 state banks. The new
members are:
No. of Shares
Name of Bank
Town
Subscribed
Columbia State Bank
.Columbia Heights, Minn. 18
National Bank of Grey Eagle
Grey Eagle, Minn
15
Hibbing National Bank
Hibbing, Minn
75
Security Natl. Bank of West Minneapolis. .Hopkins, Minn
36
National Bank of Wadena
Wadena, Minn
45
National Bank of Anaconda
Anaconda, Mont
81
First National Bank in Hysham
Hysham, Mont
17
National Bank of Lewistown
Lewistown, Mont
108
First National Bank in Miles City
Miles City, Mont
150
Security National Bank
Taylor, North Dakota. 18
First National Bank in Alexandria
Alexandria, So. Dak.. 36
First State Bank
Buffalo, So. Dak
18
First National Bank
St. Lawrence, S. D
24
First National Bank
Sherman, S. D
17
Bradley Bank
.Tomahawk, Wis
45
First National Bank
.Washburn, Wis
18

On June 30, 1924, a special survey was made of the banks
then operating in this district. The reports received indicate that
there were 828 state banks and trust companies eligible for mem-




bership by virtue of possessing the full capital requirements, 109
of which were then members of the Federal Reserve System.
Comparisons made with a similar survey one year earlier show
that the percentage of state bank and trust company members
to the total number of state banks and trust companies 100 per
cent eligible decreased from 13.7 percent to 13.2 percent.
By an amendment to the Federal Reserve Act, adopted on
March 4, 1923, state banks and trust companies are permitted
to join the Federal Reserve System with only 60 percent of the
capital required to organize a new national bank in the same location, provided they agree to increase their capital within a period
of five years by setting aside a portion of their net earnings until
such additions bring the capital up to that required for national
bank charters. Our survey of June 30, 1924, shows that 680 additional banks were then eligible to join under this new 60 percent
rule, as compared with 808 a year previous. However, no bank
in this district has availed itself of the provisions of this amendment.
C.

Examination of Banks

During 1924, 97 examinations and credit investigations were
made by the Federal Reserve Agent's Examiners, of which 13
were examinations of national banks. 73 were made in conjunction with state banking department examiners, and 24 were made
independently. Six of these examinations were made of state
banks applying for, or considering, membership in the Federal
Reserve System. Three of these banks later became members,
and one is now in the process of admission. In the examination
work of this year, four examiners were used, who with their
assistants traveled in the aggregate 46,027 miles and examined
banks with total resources of $68,662,669. The Manager of the
Examination Department, who is included in the total of four
examiners, devoted one-half of his time to suspended banks. In
addition to the foregoing examinations and credit investigations,
special visits were made to 15 banks for the purpose of obtaining
credit information, or in connection with rediscounts or collections, or to give general assistance to member banks. Our examiners contributed a total of 55 days to assisting closed member
banks during the year.
In addition to the information obtained from the Federal Reserve Examiners, 1,611 reports of examination of national banks
were received from the Chief National Bank Examiner of this
district, and 72 reports of examination of state member banks
were received from the various state banking departments. There
were four calls for reports of condition of member national banks
«nd four calls for state member banks during the year. Also
two semi-annual statements of earnings and dividends were required from all member banks. These reports of condition and
of earnings and dividends, totaling 5,400, were received, verified
and filed.
10



During- the year, 184 applications affecting the stockholdings
of member banks in the Federal Reserve Bank of Minneapolis
were received and approved.
D. Applications for Fiduciary Powers
National banks have continued to apply for trust powers
under Section 11-K of the Federal Reserve Act. Applications received and approved by the Federal Reserve Board during- 1924
include the following:
Name of Bank
Location
First National Bank
Fergus Falls, Minn
Lake City Bank of MinnesotaLake City, Minn
First National Bank
Park Rapids, Minn
First National Bank
Rochester, Minn
Merchants National Bank
St. Cloud, Minn
Twin Cities National Bank. .St. Paul, Minn
First National Bank
Deadwood, S. Dak
First National Bank
Miller, S. Dak
First National Bank
Menomonie, Wis

Date 12-31-24
Approved Capital
1-31-24 $100,000
6-30-24
50,000
8-14-24
50,000
6-25-24
100,000
10-24-24 100,000
4- 3-24 200,000
5-29-24
150,000
8- 7-24
50,000
3- 4-24 200,000

E. Reviews of Agricultural and Business Conditions
During the year, twelve monthly reviews were prepared for
the Federal Reserve Board and later published, containing a
total of 104 pages of printed material, compared with 96 pages in
1923. The average number printed each month during 1924 was
5,232.
In connection with this review, a summary of national business conditions prepared by the Federal Reserve Board was published monthly, and a number of special studies were published
in the monthly reviews during the year as follows:
Statistical Abstract of the years 1919 to 1923 in the Ninth
Federal Reserve District. (January 28.)
The Menace of Weeds to Spring Wheat Raising. (January
28.)
Prices During and After the Civil War and the World War.
(February 28.)
Why Farmers Should'Grow Alfalfa. (March 28.)
Graphic Summary of Urban Business Conditions in the
Northwest. (April 28.)
Livestock and Feed Prices in the Ninth Federal Reserve
District Since the War. (May 28.)
Variations in Interest Rates on Time Deposits in the Ninth
Federal Reserve District. (Accompanied by a map showing
rate paid in each county.) (June 28.)
Flax Acreages in the Ninth Federal Reserve District in 1919
and 1923. (A map study showing the growth of the importance
of flax in certain sections.) (July 28.)
11



A Survey of the Rural Bank Credit Situation on June 30,
1922, 1923 and 1924. (This survey was based on replies to questionnaires sent to all banks in this district, and was accompanied
by two maps.) (August 28.)
Corn Acreages in the Ninth Federal Reserve District in 1919
and 1923. (A map study showing the growth of the importance
of corn in certain sections.) (August 28.)
Graphic Survey of Agricultural and Financial Conditions in
the Ninth Federal Reserve District. (This was issued as a twelve
page supplement to the 116th Monthly Review. Twenty-four
maps of this district showing a great variety of agricultural and
financial data by county lines were reprinted in this supplement.)
(September 27.)
F. General Service
There is a continuous and insistent demand that this Federal
Reserve Bank furnish speakers for various public meetings and
that they describe the operations of the Federal Reserve System
and its relation to agriculture, commerce and industry. In response to this demand during the year 1924, officials and representatives of the Federal Reserve Bank addressed 60 different
groups with a total attendance of 8,368 persons, as compared
with 96 addresses and an attendance of 14,363 in 1923. In addition, many requests were received through personal calls or letters for specific information regarding the banking system, all of
which have been met with such information as could be obtained
from our library and office files. During the year 1923, the number of volumes in our library increased from 876 to 975. The
number of newspapers and periodicals received was practically
unchanged and was comprised chiefly of those having current
interest and also known to be of permanent value for reference
purposes.
Changes in Personnel
Early in January, the Federal Reserve Board announced the
re-appointment of Mr. Thomas A. Marlow and Mr. Lee M. Ford
as members of the Board of Directors of the Helena Branch for
the year 1924. Re-appointments of Messrs. H. W. Rowley, Chas.
J. Kelly and R. O. Kaufman as Directors of the Helena Branch
were announced by this bank. Mr. Marlow was designated as
Chairman, and Mr. Kaufman as Deputy chairman.
Mr. George H. Prince was re-appointed by our Board of
Directors as a member of the Federal Advisory Council to serve
for the year 1924.
On January 21, Mr. \V. A. Cutler, Jr., was appointed Assistant Cashier of the Helena Branch. Mr. Sigurd Ueland was appointed Assistant Counsel for the bank.
12



The death on May 20 of John Harrison Rich, Chairman of
the Board and Federal Reserve Agent since the organization of
the bank, was a sincere grief to all of the officers and employees,
and a loss to the institution and its district. Mr. Rich was a
banker and manufacturer in his earlier life, an advocate of banking reform, leader of the organized effort in the Northwestern
states for the adoption of the Federal Reserve Act, and after the
creation of the Federal Reserve Bank of Minneapolis, an officer
loyally devoted to its success. He was chairman of the building
committee which planned and supervised the construction of the
new home for the bank.
On September 10, the Federal Reserve Board appointed
Mr. John R. Mitchell of St. Paul, Minnesota, as Class G Director, Chairman of the Board and Federal Reserve Agent to fill
the vacancy caused by the death of Mr. John H. Rich.
In the annual fall election, member banks re-elected Mr.
Wesley C. McDowell of Marion, North Dakota as a Class A Director, and Mr. F. P. Hixon of LaCrosse, Wisconsin as a Class
B Director. The Federal Reserve Board re-appointed Mr. Homer
P. Clark of St. Paul, Minnesota, as a Class C Director and Deputy
Chairman of the Board of Directors. These three members will
serve for three years beginning January 1, 1925.
Mr. E. C. Kibbee, Director of the Fiscal Agency Department
of the Federal Government operating on the premises of the
bank, resigned, effective December 1.
The complete staff of the Federal Reserve Bank of Minneapolis on December 31, 1924, numbered 382 persons, as compared
with 488 persons a year previous, or a decrease of nearly 22 per
cent.




13

Resources and Liabilities of the Federal Reserve Bank Of
Minneapolis at Close of Business December 31,
1924-1923-1922

(In thousands of dollars)
RESOURCES

Gold with Federal Reserve Agent
Gold Redemption Fund with U. S. Treasury

Dec. 31
1924
$ 73,528
908

Dec. 31
1923
$ 54,552
2,053

Dec. 31
1922
$ 46,372
3,423

Gold held exclusively against F. R. notes
Gold settlement fund with F. R. Board
Gold and gold certificates held by bank

$ 74,436
19,569
5,867

$ 56,605
23,545
8,828

$ 49,795
23,499
7,535

Total gold reserves
Reserves other than gold

$ 99,872
1,608

$ 88,978
955

$ 80,829
1,190

Total reserves
Non-reserve Cash

$101,480
1,027

$ 89,933
943

$ 82,019
•

229
4,223

3.289
15,368

2.5.39
19,377

4,452

$ 18,657
623

$ 21,916

8,857
13,145
3,786

7,121
2,750
165

4,523
8,049
499

Total U. S. Government securities
Foreign loans on gold
Municipal warrants

$ 25,788
216

$ 10,036

$ 13,071

Total earning assets
5 % redemption fund—F. R. bank notes
Uncollected items
Bank premises
All other resources

$ 30,464

$ 29,316

13,942
2,901
3,495

14,507
2,103
3,526

$ 35,026
196
18,166
942
1,809

$153,309

$140,328

$138,158

$ 71,760

$ 64,952

$ 58,735

55.967
1,636
422

46,904
2,416
497

49,310
800
916

Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities

$ 58,025
11,883
3,270
7,497
874

$ 49,817
13,482
3,498
7,484
1,095

$ 51,026
16,588
3,535
7,473
801

Total Liabilities
Ratio of total reserves to deposit and F. R. note
liabilities combined
Contingent liability on bills purchased for foreign
correspondents
*Not shown separately prior to 1923.

$153,309

$140,328

$138,15&

Bills discounted:
Sec. by U. S. Government obligations.
Other bills discounted
Total bills discounted
Bills bought in open market

$

U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness

3.
"'

Total Resources
LIABILITIES
F. R. notes in actual circulation
Deposits:
Member bank reserve account
Government
Other deposits




,
,

14

78.2%
1,537

78.4%/
646

74.7%
929

Earnings and Expenses of the Federal Reserve Bank of Minneapolis
1924, 1923, 1922
EARNINGS
1924
$578,447
84,269
848,070
40,175
58,109

Total earnings

1923
$1,088,899
31,414
520,724
91,943
16,273

1922
$1,451,659

$1,609,070

Discounted bills
Purchased bills
United States securities
Deficient reserve penalties
Miscellaneous

$1,749,253

$1,969,248

$121,350
429,493
25,576
67,148
566
246
1,087
9,051
52,454
21,867
23,463

$113,236
460,128
24,041
35,756
606
90
1,195
9,507
32,649
23,704
14,149

$107,977
463,390
22,281
16,446
467
267
1,140
11,407
21,470
24,945
11,592

29,600
16,175
1,580
1,468
426
43,399
20,891
38,064
7,310
23,998

30,474
11,409
1,593
1,836
196
46,699
23,860
36,757
6,988
25,757

25,792
9,497
1,578
902
1,667
44,038
21,954
42,515
7,090
21,697

74,683

90,303

10,093

7,955

6,796
1,738

40,005
10,622

36,646

32,622

383,531
128,087
5,971

CURRENT EXPENSES
Salaries:
Bank officers
Clerical staff
Special officers and watchmen
All other
Governor's conferences
Federal Reserve Agent's conferences
Federal Advisory Council
Directors' meetings
Traveling expenses*
Assessments for Federal Board expenses
Legal fees
Insurance (other than on currency and security
shipments)
Insurance on currency and security shipments. .
Taxes on banking house
Light, heat and power
Repairs and alterations, banking house
Rent
Office and other supplies
Printing and stationery
Telephone
Telegraph
Postage (other than on currency and security
shipments)
.
Expressage (other than on currency and security
shipments)
Federal reserve currency
Original cost, including shipping charges....
Cost of redemption, including shipping charges
Taxes on Federal reserve bank-note circulation
All other expenses

"
1
\
J

95,002

53,334
16,765
14,260
47,469

Total current expenses
$1,065,168
$1,082,137
$1,084,942
•Other than those connected with governors' and agents' conferences and meetings
of directors and of the advisory council. Of this amount $44,251 and $21,579 was
incurred by the closed bank department in 1924 and 1923 respectively.

Earnings
Curent expenses

PROFIT AND LOSS ACCOUNT
1924
$1,609,070
1,065,168

Current net earnings
Miscellaneous additions to current net earnings. .
Deductions from current net earnings:
Depreciation allowances on bank premises...
Reserve for probable losses
Reserve for depreciation on United States
bonds
Furniture and equipment
All other
Total deductions
Net deductions from current net earnings
Net earnings available for dividends, surplus and
franchise tax
Dividends paid
Transferred to surplus account
Franchise tax paid United States Government..

1923
$1,749,253
1,082,137

1922
$1,969,248
1,084,942

$543,902
$170,570

$667,116
$8,327

$884,306
$41,231

$310,862

$40,405
200,000

$14,913

48,938
25,571

53,856
23,328
32,399

78,058
24,640
25,231

$385,371
$214,801

$349,988
$341,661

$142,842
$101,611

$329,101
$202,828
12,627
113,646

$325,455
212,733
11,272
101,450

$782,695
213,774
*56,892
*512,029

*Bank also charged its surplus account and paid the United States Government
$52,423 as an additional franchise tax for 1921.




IS

DIRECTORS AND OFFICERS
FEDERAL RESERVE BANK OF MINNEAPOLIS
JANUARY 1, 1925
DIRECTORS
Class A
THEODORE WOLD, (1925)

St. Paul, Minn.

Minneapois, Minn.
J. C. BASSETT (1926)

N. B. HOLTER (1926)

Helena, Mont.

Aberdeen, S. D.
WESLEY C. MCDOWELL

Class C

Class B
F. R. BIGELOW (1925)

(1925)
Menominee, Mich.
J. R. MITCHELL (1926)

F. P. HIXON (1927)

(1927)
Marion, N. D.

GEO. W. MCCORMICK

LaCrosse, Wis.

Minneapolis, Minn.
HOMER P. CLARK (1927)

St. Paul, Minn.
OFFICERS

J. R. MITCHELL, Chairman and Fed-

eral Reserve Agent.
HOMER P. CLARK, Deputy Chairman
CURTIS L. MOSHER, Secretary Board

of Directors, and Assistant Federal Reserve Agent.
J. F. EBERSOLE, Assistant Federal Re-

serve Agent.
FRED M. BAILEY, Manager, Bank Ex-

amination Department.
AXDREAS UELAND, Legal
SIGURD UELAND, Assistant

Counsel.
Counsel.

R. A. YOUNG
Governor
W. B. GEERY - Deputy Governor
B. V. MOORE
Deputy Governor
HARRY YAEGER, Asst. Dep. Governor
FRANK C. DUNLOP
Controller
GRAY WARREN Cashier
L. E. RAST
Assistant Cashier
Assistant Cashier
H. C. CORE Assistant Cashier
HARRY I. ZIEMER
Assistant Cashier
W. C. LANGDON
Assistant Cashier
A. R. LARSON

MEMBER OF FEDERAL ADVISORY COUNCIL
GEORGE H. PRINCE, Chairman Board of Directors, Merchants National Bank,
St. Paul, Minn.
HELENA BRANCH—(HELENA, MONTANA)
DIRECTORS
T. A. MARLOW, Chairman
- Helena
LEE M. FORD
Great Falls
H. W . ROWLEY
.
.
.
Billings

R. O. K A U F M A N , Deputy
Helena.
C. J. KELLY
-

Chairman,
Butte

OFFICERS
R. E. TOWLE
Manager
H. F. BROWN
Cashier
R. E. SCHUMACHER, Assistant Cashier
W. A. CUTLER, JR., Assistant Cashier




H.

L. ZIMMERMANN, Asst.

Federal

Reserve Agent and Auditor.
T. B. WEIR

-

-

Legal Counsel

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