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SCHEDULE 19.— Table showing total number and amount of city items, etc.—Continued.

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SCHEDULE 19.— Table showing total number and amount of city items, etc.-Continued.

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SCHEDULE 20.-Number and amount of checks and warrants on the United States Treas

urer handled by the Federal Reserve Bank of St. Louis and its Louisville and Memphis branches each month during 1918.

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SCHEDULE

21.- Number and amount of United States coupons handled by the Federal Reserve Bank of St. Louis and its Louisville and Memphis branches each month during 1918.

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Coupons
handled.

Amount.

Coupons
handled.

Amount.

September
October
November
December

26,928
30, 280
39, 540
41,193

$83,313. 45

82, 367.99 238, 948. 92 211, 496.14

7,740 12,607

$33,371.32 53, 872.00

Total

137, 941

616, 126.50

20,347

87, 243. 32 For week ending

SCHEDULE 21.- Number and amount of United States coupons, etc.-Continued.

St. Louis.

Consolidated.

Coupons
Amount.

Coupons
handled.

handled.

Amount. January

33, 100 February

$133,613.32

33, 100

$133,613.32

11.171 March.

34, 401.90 11,171

34, 101.90

6,089 April.

14,631.83 6,089

14, 31.83 5, 961

34, 173. 72 May

5,961

34,173.72 257, 559 June

1,120,392. 19 257, 559 1,120,392.19

156, 853 July

652, 136 11 156, 853

652, 136. 11 August.

61, 450 205, 358.82

61, 450

205, 358 82 September

26, 438
69, 685.12

26, 138
321, 945

9,683.12 October..

694,355. 44 348, 873 184, 606

777,

699 November.

378, 967.16 214, 886

461.335.15 December..

270, 652 1,077, 210.99 317, 932

1,349, 31.23 214, 013

804,029.35 267,813 1,059, 397.49 Total...

1,549,837 5, 218,955. 95 1,708, 125 5,922, 325.77 Average per month on total coupons handled, 142,344; amount $493,527.15. SCHEDULE 22.- Total debits and credits of Federal Reserve Bank of St. Louis through

gold settlement fund in Washington for eac week during 1918, and the balance to its credit on the dates shown.

Total debits.

Total credits.

Balance to credit of Federal Reserve Bank of St.

Louis.

Jan. 3..
Jan. 10.
Jan, 17.
Jan. 24.
Jan. 31
Feb. 7.
Feb. 14.
Feb. 21.
Feb. 28.
Mar. 7.
Mar. 14.
Mar. 21
Mar. 28
A pr. 4.
A pr. 11.
A pr. 18.
Apr. 25.
May 2.
May 9.
May 16.
May 23.
May 31
June 6.
June 13
June 20.
June 27
July 5.
July 11
July 18.
July 25.
Aug. 1.
Aug. 8.
Aug. 15.
Aug. 22.
Aug. 29.
Sept. 5.
Sept. 12.
Sept. 19.
Sept. 26.
Oct. 3.
Oct. 10.
Oct. 17
Oct. 24.
Oct. 31.
Nov. 7..
Nov. 14.
Nov. 21.
Nov. 29.
Dec. 5.
Dec. 12
Dec. 19,
Dec. 26..

$38, 252,000
43,913,000
40,008,000
44,323,000
43, 524, 000
43, 816,000
33, 439,000
46,600,000
42, 877,000
49, 505,000
44,694,000
49,060,000
51, 579, 000
47, 188,000
53, 093, 000
55, 322, 000
57, 464,000
55, 401,000
51, 341, 000
54, 553, 000
61,304,000
41,500,000
57, 283,000
56, 128, 000
60, 225,000
54, 224, 000
85, 058, 000
37, 620,000
64,969,000
55, 463, 000
51, 152, 000
44,804,000
55, 619,000
54,011, 000
61, 516, 000
51, 188,000
58, 996,000
60, 476,000
66,022,000
62, 822,000
68, 187,000
59,000,000
74,860,000
68,717,000
62, 251,000
(2,092, 000
62,315, 000
65,574,000
48, 216,000
50,003, 000
55, 659,000
48,775,000

$41, 680,000
45, 798,000
43, 159,000
46, 503, 000
43,328,000
40, 209,000
42, 221, 000
46,784, 000
46, 592, 000
50,743, 000
49,066, 000
47, 424,000
47,874,000
41, 283,000
50, 827,000
49, 751, 000
52, 813,000
53, 255, 000
53,077,000
65, 523,000
52, 149, 000
57,649,000
44, 294,000
55, 169,000
49, 669,000
63,823,000
62,783,000
55, 190, 000
51, 439,000
56, 639,000
57,819,000
53, 707,000
58, 989, 000
60, 300,000
59,797, 000
47,401, 000
55, 806, 000
61,955, 000
62, 603, 000
55, 499, 000
60, 652, 000
65,937,000
75, 240,000
83, 338, 000
60,898, 000
63,319,000
72, 439,000
74, 712, 000
57,329,000
67,529,000
72, 211, 000
61,048, 000

$21, 314, 400
23, 102, 400
20, 820, 400
26, 656, 100
26,908, 900
23, 402, 400
32, 184, 400
26, 776, 100
30, 519, 200
30, 270, 400
34,642, 409
33, 169, 900
29, 485, 900
23, 780,90)
21, 693, 400
18,368, 400
16, 187, 500
17, 605,00
23, 122, 800
37, 421,000
23, 401, 500
40, 636, 600
27, 483, 300
33, 247, 300
22, 476,000
32, 352, 300
23, 235,000
35, 052,000
21, 279,000
22, 270,000
25, 768,000
35, 270,000
28, 162,000
29, 180,000
27,584,000
24, 932,000
16,513.000
21, 116,000
17,510,000
13, 934,000
10, 713,000
17, 261,000
17,578,000
28, 999,000
27, 669,000
30, 372,000
33, 356,000
26, 493,000
21,388,000
23, 963,000
31, 141,000
30,038 000

Total.

2,815, 701,000

2,898, 242, 000

DISTRICT NO. 9-MINNEAPOLIS.

John H. RICH, Chairman and Federal Reserve Agent.

The year 1918 was of peculiar significance to the Federal Reserve Bank of Minneapolis and constituted the first period since organization during which it had opportunity for the full exercise of its powers in supporting member banks as well as the banking situation in the district generally, and during which its facilities could be made useful in a broad way throughout the area under its jurisdiction. Beginning, as it did, with a period of hesitation, the year developed many serious and unusual problems, and will be remembered as one which created an unlooked-for and unusual expansion in all departments, bringing the bank for the first time into close and intimate contact with all banks, both member and nonmenber, within this district, and imposing upon it responsibilities arising out of the services it rendered, which were of a particularly important character.

FINANCIAL RESULTS OF OPERATION.

There is attached hereto as Schedule 1 a comparative statement of condition at the close of 1917 and at the close of 1918, together with profit and loss account, December 31, 1918. The gross earnings for the year arising out of the largely increased volume of business amounted to $2,049,954.80. Operating expenses were $325,269.80. The cost of Federal Reserve notes and Federal Reserve bank notes printed during the year was $125,021.66, in addition to which the current assessments for expenses of the Federal Reserve Board were charged to expense. Total operating and current expenses were $464,408.23, leaving an excess of earnings over current expenses amounting to $1,585,545.84.

1 There are appended to this report the following schedules: Schedule 1, Comparative statement of condition at the close of 1917 and 1918, and profit and loss account, Dec. 31, 1918; Schedule 2, Gross earnings by months; Schedule 3, Changes in discount rates; Schedule 4, Details of rediscount operations; Schedule 4a, Volume of rediscounts; Schedule 5, Collateral loans; Schedule 6, Trade acceptances; Schedule 7, Domesticacceptances bought; Schedule 8, Acceptances purchased; Schedule 9, Rediscounts for other Federal Reserve Banks; Schedule 10, Data on offerings of certificates of indebtedness; Schedule 11, Government deposits for 1918; Schedule 12, Subscriptions to third Liberty loan; Schedule 13, Subscriptions to fourth Liberty loan; Schedule 14, Bond issue data, 1918; Schedule 15, Bonds delivered, 1918; Schedule 16, Warsavings and thrift stamp sales; Schedule 17, Check clearing statistics; Schedule 18, Federal Reserve note issues and data; Schedule 19, Federal Reserve bank notes; and Schedule 20, Gold holdings of Federal Reserve agent and Federal Reserve Bank.

Under authority of the Federal Reserve Board, the bank was permitted to charge off the balance on the construction of its main vault, amounting to $29,500, and abrasion on gold received from member and nonmember banks amounting to $10,199.23. Dividends fully paid on December 31 amounted to $168,102.97. Out of the substantial remainder, the bank was able to transfer $688,871.82 to its surplus account, pursuant to law, while transferring an equal amount to special account reserved for franchise tax. Capital and surplus at the end of the year represented the satisfactory total of $3,657,571.82, as against $2,620,150 at the close of the previous year.

GENERAL BUSINESS AND BANKING CONDITIONS.

The unusual conditions attending the advent of 1918 produced reactions which were strongly felt in all lines of trade and industry and which have not yet entirely disappeared. The momentous events attending the progress of the war produced a natural hesitation in merchandising activities everywhere, resulting almost immediately in the adoption of a well-defined "hand-to-mouth” policy, under which retail stocks were reduced to the minimum requirements and replenished by small and frequent purchases. This resulted in sharply fluctuating and irregular demands on all wholesale and distributing concerns. The unending changes in price levels in the earlier part of the year, together with the scarcity of goods, which became more serious as Government requisitions made themselves felt, produced conditions which caused considerable uncertainty in merchandising operations. In industrial lines, also, there was much uncertainty as to the course of the Government in requisitioning the producing capacity of the district.

The States of this district were fortunate, however, in having an attractive agricultural outlook, with a promise of excellent planting conditions and good prices for the farm products which are the chief production of this area. Under the influence of a very favorable

. planting season with adequate moisture, trade conditions became somewhat more settled, and as the Government called increasingly upon the manufacturing institutions of the district for production, directly and indirectly, on account of the war, the business situation steadied perceptibly and continued to show a satisfactory condition throughout the remainder of the year.

The very favorable crop outlook during the early part of the growing season was seriously altered in late June and July by the lack of moisture when urgently needed in practically all of the northern and eastern section of Montana and throughout the western portion of North Dakota. Crop yields in the areas referred to were very seriously reduced, while the production of the district as a whole was short of the returns indicated during the spring and early summer

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