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T H IR D A N N U A L R E P O R T F E D E R A L R E S E R V E B A N K O F M IN N E A P O LIS Minneapolis, January 1, 1918. TO SH A R E H O LD E R S: W e are submitting herewith/'a comparative statement of your bank at the close of business on December 31, 1915, December 31, 1916, and December 31, 1917. The statement shows to you in a concrete way the development of the business during the past three years. Your directors and officers are gratified that they are able to report to you earnings sufficient to pay all cumulative dividends to shareholders; provide for proper depreciation; charging off of the furniture and fixtures, other than vault, the liquidation of which the Federal Reserve Board believes should be provided for over a period o f years; leaving a small sum, one-half of which, in accordance with the law, is to be paid to the Government, and one-half carried to surplus fund. During the past year our Government entered into the greatest war of history; nearly six bil lion of dollars was raised through issue and sale of bonds; a vast army was put in training; the means of production, manufacture and distribution have been crowded to the utmost, yet credit has been available for all legitimate needs; a circulating medium has been furnished the people in sufficient volume, as and when needed; interest rates have been stable; confidence has been maintained, and the establishing of the Federal Reserve System thoroughly justified. The figures in connection with the selling and distribution of Liberty Bonds and Treasury Certificates give you but an inkling of the vast amount of work which we have been able to per form as fiscal agents on behalf of the Government. W e take this opportunity of thanking you for your co-operation, support and good-will, with out which the results obtained in 1917 could not have been secured. Respectfully, THEODORE W OLD, Governor. S T A T E M E N T O F C O N D IT IO N , D E C E M B E R 31, 1917. RESO U RC ES. Condition Dec. 31,1917. Bills Discounted and Collateral Loans to M em bers----B a n k e d Acceptances ......................... .................................. Rediscounts for other Federal Reserve Banks............... United States Securities ...................................................... Municipal Warrants ................................................................ Accrued Interest on United States Securities................. Furniture and Equipment (including vault and safes) .. Organization Expenses ........................................................ Cost o f Federal Reserve Notes, Unissued......................... Expenses paid in advance ................................................... Disbursements for Treasury Department (to be re imbursed) ............................. . .......................................... Due from other Federal Reserve Banks........................... Due from Banks and Bankers, also deferred debits to member banks ................................................................. National Bank Notes and Federal Reserve Notes, other banks ...........................................? ..................................... Federal Reserve Notes on hand.......................................... Mutilated Federal Reserve Notes, forwarded for re demption ....... ................................................................... Other Lawful Money . . . ........................................................ Gold Certificates and Gold C oin.......................................... Gold held with Foreign A gen cy .......................................... Gold in Settlement Fund...................................................... Gold with Federal Reserve A gen t...................................... Condition Dec. 31,1916. Condition Dec. 31,1915. $8,082,327.78 7,166,677.76 4,988,121.23 3.228.490.00 25.380.00 17,841.63 29.501.00 $1,985,182.75 6,199,999.55 $1,244,615.71 477,806.40 3,178,687.85 569,664.72 15,607.73 59,274.19 1,328,820.00 910,513.28 6,473.42 54,159.64 32 341 71 19>32!85 *’ i 6,295. i 8 1,250.00 54,126.89 13,247,610.72 3,598,997.07 4,403,830.21 3,449,929.61 169,361.00 1.420.865.00 18,800.00 2,374,585.00 8,945.00 868,390.00 171,000.00 413,165.61 15.837.955.00 179,552.47 8,775,637.00 21,416.95 2,747,298.00 19.486.500.00 32.909.950.00 7,064,000.00 20,484,045.00 4,355,000.00 14,000,000.00 $113,767,746.43 $57,971,508.12 $30,466,407.16 Condition Dec. 31,1917. T o t a l ........................................................................... i2,915.48 2,127.12 Condition Dec. 31,1916. Condition Dec. 31,1915. $2,620,150.00 75,157.13 94,280.60 20,682.39 $2,609,700.00 44,541.27 36,274.45 22,534.74 176.25 $2,546,850.00 2, 100,000.00 4,390,694.20 . .. L IA B IL IT IE S . Capital .......................................................... Profit and L o s s .......................................... Discount and Interest U n e a rn e d ........... Discount and Premium on U. S. Bonds. Withheld for Federal Income T a x ........ Reserved for Abrasion on G old ............. Government Deposits ............................. Cashier's Checks ........................... ........... Due to other Federal Reserve B a n k s ... Due to Member B a n k s ............................. Due to Non-Member B a n k s ................... Federal Reserve Notes O utstanding___ “ i8,*963.25 7,069.14 *886,437.5i 5,680.45 4,347,156.58 29,534,961.87 1,822.20 26,340.33 13,865,362.24 20,484,045.66 14,666,000.66 $113,767,746.43 Total 6,500.00 8,716,529.47 31,488.47 10,524,486.54 40,603,711.83 68,810.00 51,005,950.00 $57,971,508.12 $30,466,407.16 P R O F IT A N D LOSS A C C O U N T , D E C E M B E R 31, 1917. Balance in account, January 1, 1917............................... ............ ..................................................................... Gross earnings, January 1, 1917, to December 31, 1917............................................................ $628,338.44 Less: Assessment for expenses Federal Reserve B oard.................................... .....$10,196.14 Cost o f Fed. Res. Notes issued during year and redemption exp.......... 43,735.82 Operating expenses .......................................................................................... ..... 114,904.96 168,836.92 Excess of Earnings over Current Expenses....................... .................................................................. ......... Total .......................................................................................................................................................... Less the follow ing items charged off: Reduction o f Furniture and Equipment............................................................................... Reduction o f Bonds to Market V alue................................................................................. Reserved for Abrasion on G old.............................................................................................. Dividends for period July 1, 1915, to December 31, 1917............................................ .. Balance carried forward $44,541.27 $41,364.25 15,000.00 6,500.00 366,021.41 ------------------- 459,501.52 $504,042.79 428,885.66 $75,157.13 GROSS EARNINGS BY MONTHS. 1917 $32,120.87 31,310.36 31,094.02 34,081.81 43,184.05 39,952.37 1916 $11,471.21 10,909.70 11,724.58 12,480.69 15,782.63 17,154.86 Total earnings, 1917.. .$628,338.44 1915 $4,269.52 4,014.08 4,932.92 5,109.33 5,942.45 6,741.82 1916 1915 $20,350.25 25,074.83 27,170.94 30,212.02 28,660.58 27,116.39 $9,038.91 10,766.40 10,966.71 13,371.14 12,333.42 12,122.61 1917 $49,421.86 July ................. August ............ ....... 60,826.02 September . . . . 70,234.08 October .......... 58,688.36 November , 83,835.51 December . . . . . . . 93,589.13 Total earnings, 1916. ..$238,108.68 Total earnings, 1915... 99,609.31 VO LU M E OF DISCOUNTS FOR 1917. South North Dakota Minnesota Dakota No. of pieces re-d iscou n ted .... 6,198 1,859 935 Total amount re-discounted.. .$70,234,993 $3,060,613 $2,357,925 Total am.ount 1916.............. 4,284,590 527,890 768,393 W isconsin Montana Michigan Totals 419 $1,204,175 157,801 1,639 $2,815,187 215,893 77 $481,822 27,501 11,127 $80,154,717 6,522,068 CLEARING STATISTICS. Number of Items and Amount Handled During 1917. Within District. Other Districts. No. o f Items Total No. o f Items Total 70,043 $454,802,703.13 Federal Reserve B ank s.. . . 213,645 $320,427,397.70 Twin City B a n k s ............... Member and N on-M em ber.3,404,195 290,462,808.51 Direct to Member B ank s.. 3,023 18,983,383.53 Paid for U. S. Government 65,516 12,958,737.27 ------------- ---------------------------------------------------------- Total .................................................... 216,668 $339,410,781.23 Total ............................. 3,539,754 $758,224,248.91 Total Volume of Transactions Handled in Bank During 1917 .......................................................... $4,999,014,319.02 Total Deposits to Credit of U. S. Government, 1917............................................................................... 273,104,000.00 FISCAL AGENCY DEPARTM ENT. War Savings Certificates and U. S. Thrift Stamps Sold Through This Bank During Dec., 1917. Treasury Certificates of Indebtedness Sold Through This Bank During 1917. Number o f I s s u e s ................................. 13 Total number of subscriptions.......... 1,235 Amount Sold ........................................ $47,814,000.00 Received Delivered BONDS— (SUBSCRIPTIONS AND .............................. ............................... Subscriptions ........................................... Allotments .................................................... Paid on Allotments ..................................... Received from Treasury D ep a rtm en t.... Delivered to Subscribers............................. Surrendered for Conversion to 4 % .......... Stamps 985,000 238,350 PAYMENTS.) Second Liberty Loan First Liberty Loan Bonds $67,780,450 49,509,050 49,500,181 32,174,300 29,142,600 2,315,700 Certificates 980,000 63,888 Interim Receipts $62,869,900 49,500,000 10,233,500 Conversion Bonds $9,331,900 9,171,400 $140,801,050 131,763,950 112,659,005 63,500,000 41,916,900 BONDS— (DELIVERED BY DENOMINATIONS.) First Liberty Loan Denom No. Coupon Bonds ination $50 92,506 48,107 $100 $500 5,964 $1,000 12,309 $5,000 $10,000 $50,000 $100,000 Total in Dollars $24,727,000 No. Interim Receipts 1,738 5,926 1,569 4,766 1,854 1,900 100 100 $49,500,000 No. Reg. Bonds 4,946 736 698 107 72 8 12 $4,415,600 No. Second Liberty Loan No. Four per cent Conversion Coupon Bonds 47,364 173,168 118,000 30,147 2,741 9,419 2,133 11,759 33 798 100 12 ...... $9,171,400 Attest: $41,916,900 HOWARD HALL, Auditor. F ederal Reserve Bank o f M in n e a p o l is N INTH D ISTRICT O F F IC E R S THEODORES W O L D , Governor R . A . YOUN G, A sst, to Governor S. S. COOK, Cashier F R A N K C. D U NLOP, A sst. Cashier G R A Y W A R R E N , A sst. Cashier H O W A R D HALL., A uditor D IR E CTO R S JOHN H . R IC H , Chairman and Federal R eserve A g e n t W . H . L IG H T N E R , T ice Chairman J. C. B A SS E T T , Aberdeen, S. D . F . R . B IG E L O W , St. P aul, Minn. JOHN W . B L A C K , H oughton, Mich. E . W . D E C K E R , M inneapolis, Minn. L . B . H A N N A , F a rg o , N. D . F . P. H IX O N , L a Crosse, W is . N. B . H O L T E R , H elena, M ont. CURTIS L. M O SH ER , A ssista n t F ederal R eserve A g e n t M E M B E R A D V IS O R Y COUNCIL JOHN R . M IT C H E L L , St. P aul COUNSEL A . UELAND
