View PDF

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FE D E R A L RESERVE BANK O F M IN N E A P O LIS




January 6, 1932.

To t h e S t o c k h o l d e r s

op t h e

F e d e r a l R e serv e B a n k

op

M in n e a p o l is :

A comparative statement of condition of the Federal Reserve
Bank of Minneapolis, including Helena Branch, as of the close of
business December 31, 1930, and December 31,1931, together with
comparison of earnings and expenses and profit and loss account for
the years 1930 and 1931, is presented herewith.
A detailed account of the operations of the bank for the year
will be presented in the Annual Report of the Chairman of the
Board of Directors, which will be issued in the near future.
Respectfully submitted,

Governor.

COMPARATIVE STATEMENT OF CONDITION
FEDERAL RESERVE BANK OF MINNEAPOLIS AND HELENA BRANCH
At Close of Business—December 31, 1930, and December 31, 1931.

RESOURCES

Gold and Gold Certificates....................
Gold Settlement Fund........................
Gold with Federal Reserve Agent.......
Gold Redemption Fund.......................

December 31,1930
December 31,1931
$ 5,208,487.50...................... $ 5,735,196.55
10,075,951.06....................... 9,366,978.94
48,325,000.00...................... 58,470,000.00
801,645.23 ......................
704,040.87

Total Gold Reserves..................... $64,411,083.79...................... $74,276,216.36
Other Lawful M oney...........................

4,257,962.00......................

5,632,236.00

Total Cash Reserves .................... ......................$ 68,669,045.79......................$ 79,908,452.36
1,731,446.16
......................
2,432,181.08.....................
Earning Assets:
$ 3,575,339.19...................... $ 7,570,625.27
Bills Discounted.....................
8,411,312.58...................... 7,328,732.73
Bills Purchased in Open Market...
U. S. Securities............................ 27,302,184.02 ....................... 27,668,172.30
233,146.29 ......................
903,545.45
Other Securities...........................
Total Earning Assets................ ......................$ 39,521,982.08......................$ 43,471,075.75
Due from Foreign Banks...................... .....................
F. R. Notes of Other F. R. Banks......... .....................
Uncollected Items ................................ ......................
Bank Premises...................... ; ............ .....................
All Other Resources........................... ......................

16,181.47.....................
805,000.00.....................
10,366,053.72.....................
1,925,767.64.....................
527,170.93.....................

13,856.19
810,000.00
8,443,804.01
1,833,716.58
1,373,159.73

Total Resources......................... ..................... $124,263,382.71......................$137,585,510.78
LIABILITIES
......................$ 3,063,300.00......................$ 2,951,350.00
......................
7,143,900.69.....................
6,356,250.17
Deposits:
Government................................. $ 1,280,235.48...................... $ 1,960,975.35
Member Banks’ Reserve Account.. 48,446,573.20...................... 45,827,289.35
271,222.00 ....................... 2,123,494.74
All O ther.....................................
Total Deposits .......................... ......................$ 49,998,030.68......................$ 49,911,759.44
F. R. Notes in Actual Circulation......... ......................$ 53,558,735.00...................... 69,129,345.00
7,791,407.47
9,776,324.59.....................
Deferred Availability Items................ ......................
1,445,398.70
.....................
723,091.75......... 1..........




..................... $124,263,382.71..................... $137,585,510.78

COMPARISON OF EARNINGS AND EXPENSES AND PROFIT AND LOSS ACCOUNT
FEDERAL RESERVE BANK OF MINNEAPOLIS AND HELENA BRANCH
FOR THE YEARS 1930 AND 1931

Earnings From:
1930
Discounted Bills ............................................................... . .$ 172,441.60
Purchased Bills .............................................................. . . 228,551.27
United States Securities................................................. . . 747,483.68
7,644.01
Deficient Reserve Penalties.............................................
Miscellaneous ..................................................................
78,961.88
Total Current Earnings...............................................

$1,235,082.44

1931
$ 168,589.07
132,998.95
597,518.08
7,725.76
29,772.33

Current Expenses................ .................................................. ,$ 976,867.27

$ 936,604.19
$ 918,942.47

Current Net Earnings............................................................ . .$ 258,215.17

$

Additions to Current Net Earnings:
Withdrawn from Reserve for Possible Losses................. ,,.$ 159,000.00
68,138.71
Profit on Sales of United States Securities......................
66,067.33
All O ther................................................................................

$

$ 551,421.21
Deductions from Current Net Earnings................................. . .$ 15,849.96

$ 160,413.17
$ 22,557.25

Net Earnings Available for Distribution................................ . ,$ 535,571.25

$ 137,855.92

Disposition of Earnings:
Depreciation Allowances on Bank Premises.................... . .$ 91,981.86
Reserve for Self-Insurance.............................................
250,000.00
Dividends Paid ............................................................... .. 184,445.39
8,229.60
Franchise Tax Paid to United States Government...........

17,661.72

138,045.36
4,706.09

$

92,051.06
180,454.53

$ 272,505.59
134,649.67

$ 535,571.25

Additions to or Deductions from Surplus................................

$ 534,656.85
914.40

$ 137,855.92

ADJUSTMENT OF SURPLUS CLOSE OF 1931
Balance in Surplus Account January 1, 1931......................... ,..$
December 31, 1931, Transferred from Surplus to Reserve for
Depreciation on United States Securities........................ .. 653,000.85
December 31,1931, Transferred from Surplus to Profit and Loss
Net Deficit after covering all charges including Dividends. 134,649.67

$7,143,900.69

Balance in Surplus Account January 1, 1932.........................

$6,356,250.17




787,650.52




DIRECTORS AND OFFICERS, JANUARY 1, 1932
DIRECTORS
R. M i t c h e l l , Minneapolis, Minn., Chairman
H. P. C l a r k , St. Paul, Minn., Deputy Chairman
W. O. W a s h b u r n , St. Paul, Minn
G. W. M c C o r m ic k , Menominee, Mich,
H. R. K ib b e e , Mitchell, S. D.
J. E . O ’ C o n n e l l , H elen a , M o n t
H . C. H a n s e n , C h u rch s F e r r y , N. D.
J. S. O w e n , E a u C la ire , W is
P . J. L e e m a n , M in n e a p o lis , M in n,
J ohn

MEMBER OF FEDERAL ADVISORY COUNCIL
T h eodore W old , Minneapolis, Minn.
OFFICERS

C. L.

M osher,

FEDERAL RESERVE AGENTS DEPARTMENT
J o h n R. M it c h e l l , Federal Reserve Agent
Assistant Federal Reserve Agent
F. M. B a il e y , Assistant Federal Reserve Agent
0. S. P o w e l l , Statistician

BANKING DEPARTMENT
W. B. G e e r y , Governor
H a r r y Y aeger , Deputy Governor
H . I. Z ie m e r , Deputy Governor and Cashier
F . C. D u n l o p , Controller
H . C. C ore , Assistant Cashier
L . E . R a s t , Assistant Cashier
A. R. L a r s o n , Assistant Cashier
R. F. H o m s t r o m , Assistant Cashier

A n d r e a s U e l a n d , General
S igurd U e l a n d , Assistant

Counsel
Counsel

HELENA BRANCH
D IR E C T O R S

A. M a r l o w , Helena, Montana
M c K e n n a n , Helena, Montana
H e n r y S ie b e n , Helena, Montana
W. R. S t r a i n , Great Falls, Montana
R. E . T o w l e , Helena, Montana
T.

S.

H.

L.

Z im m e r m a n n ,

R. E.
Cashier

T.

OFFICERS
Managing Director
A. A.

T ow le,

B.

W e ir ,

General Counsel

H oerr ,

Assistant Cashier

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