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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

February 1, 1938.
To

the

Stockh olders

op t h e

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

of

M in n e a p o l i s :

We are pleased to present a comparative statement of condition
of the Federal Reserve Bank of Minneapolis at the close of business
December 31,1937, and December 31, 1936, together with compari­
son of earnings and expenses and volume of operations in principal
departments of the bank for the years 1937 and 1936.
Respectfully submitted,

President.

STATEMENT OF CONDITION
RESOURCES

Dec. 31,1936

Dec. 31,1937

Gold Certificates on Hand and Due from U. S. Treasury
$185,747,038.71
445,958.09
Redemption Fund—F. R. Notes.........................................
Other Cash....................................................................... , 9,671,749.67

$175,995,044.65
914,568.48
7,301,328.40

$195,864,746.47

$184,210,941.53

Total Reserves............................... ................ - ........
Bills Discounted:
Secured by U. S. Government Obligations direct or
fully guaranteed .......... .....................................
Other Bills Discounted................. ............ ................

$

174,980.81

Total Bills Discounted....... .................................

$

174,980.81

$

3,000.00
7,200.00

$

10,200.00

54,398.87
636,851.23

60,662.78
1,063,812.01

U. S. Government Securities:
Bonds ..................... .................................................. $ 24,331,500.00
.
Treasury N otes......................................................... h 37,392,000.00
21,285,000.00
Treasury Bills................ ...........................................

$ 18,313,000.00
50,051,500.00
22,343,000.00

Total U. S. Government Securities.......................

$ 83,008,500.00

$ 90,707,500.00

Total Bills and Securities.—
........................ .......-......

$ 83,874,730.91

$ 91,842,174.79

1,986.41
1,920,000.00
18,078,393.63
1,477,340.02
1,337,855.54

2,991.32
1,740,000.00
18,536,190.61
1,487,513.72
232,339.57

Total Resources.................................................

$302,555,052.98

$298,052,151.54

LIABILITIES
Federal Reserve Notes in Actual Circulation...... ..............

$137,569,170.00

$136,096,365.00

Deposits:
Member Bank—Reserve Account..............................
U. S. Treasurer—General Account............................
Foreign Bank............................................................
Other Deposits................................... .......................

126,011,198.87
4,339,424.48
3,990,198.57
3,227,235.08

120,530,139.28
5,470,909.59
2,376,383.54
5,445,070.43

Total Deposits...................................................

$137,568,057.00

$133,822,502.84

Deferred Availability Items............................... ..............
Capital Paid in.................................................................
Surplus Fund (Section 7).................................................
Surplus Fund (Section 13-B)............................................
Reserves for Contingencies...............................................
All Other Liabilities................. .......................................

$ 18,082,089.10
2,893,050.00
3,153,413.69
1,001,162.98
2,110,392.53
177,717.68

$ 18,825,773.16
2.943.050.00
3,116,430.29
1,002,914.21
2.097.232.00
147,884.04

Total Liabilities.................................................

$302,555,052.98

$298,052,151.54

Bills Bought in Open Market........ ........ ..........................
Industrial Advances r~—
...... ........ ...................................

Due from Foreign Banks...................................................
F. R. Notes of other F. R. Banks.......................................
Uncollected Items ............................................................
Bank Premises................................... .............................. .
All Other Resources............— ........................................




EARNINGS AND EXPENSES
1937
1,350,358.70
1,052,859.28

1936
$ 1,362,018.36
1,143,188.49

Current Net Earnings...............

297,499.42

$

218,829.87

Additions to Current Net Earnings :
Profits on Sales of U. S. Govern:
All Other........................ .........

82,118.73
85,478.27

$

689,109.91
106,870.95

Total Additions................

167,597.00

$

795,980.86

$

689,109.91
17,481.26
47,516.18
97,263.93

$

851,371.28

Deductions from Current Net Earnings:
Reserves for Contingencies..........................................
f
Special Reserve and Charge-offs on Bank Premises...... $
41,837.39
Assessment for Building for Board of Governors........ ...........33,087.60
All Other ..................................................................... ......... 98,763.22
Total Deductions................................................... $
Net Deduction from Current Net Earnings.........................

173,688.21
6,091.21

55,390.42

Net Earnings^....... .......,.......... ............. ,,v
...................... .ip ^ W l,408.21

163,439.45

fcion 13-B)...U........................... —1,751.23
Paid U. S. Treasurer (Section 13-B).....................................
$16,460.05
Dividends Paid ................................................................... ....... 174,057.31
179,052.04
Transferred to Surplus (Section 7).............................................. 119,102.13^
—32,072.64
t $82,118.73 transferred from surplus (Section 7) to reserves for contingencies.^

VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS
1937
1936
Number

Bills Discounted ...... .................. .
Industrial Loans: Advances.......
Commitments.

Amounts (In
Thousands)

Number

Amounts (In
Thousands)

232 $ 16,079
39
182
14
124
45,705,410
215,717
22,719,445
2,992

96 $
550
44
253
27
201
47,802,000
224,935
19,499,000
2,781

32,707,590

5,641,803

32,936,000

5,541,823

Collection Items Handled:
U. S. Government Coupons Paid1
"..........
All Other..............................................

641,795
820,567

14,188
379,621

691,000
784,000

13,879
377,487

Issues, Redemptions and Exchanges by Fiscal
Agency Department:
U. S. Government Direct Obligations.....
All Other..............................................

186,502
12,146

216,906
16,246

879,000
38,000

374,648
24,797

31,516
1,988,923
31,261
* Includes coupons from obligations guaranteed by the United States.

1,886,861

Transfers of Funds.......................................







DIRECTORS

Class A
Business Affiliation
H. R. Kibbee................................................ President, Commercial Trust & Savings Bank,
Mitchell, South Dakota
H. C. Hansen............................................... Churchs Ferry, North Dakota
M. 0. Grangaard..........................................Vice-President, First National Bank & Trust
Co., Minneapolis, Minnesota
Class B
J. E. O’Connell............................................ President, Eddy’s Bakeries, Inc., Helena,
Montana
Albert P. Funk............................................ President, La Crosse Rubber Mills Co.,
La Crosse, Wisconsin
W. 0. Washburn............................... .......... President, W. 0. Washburn & Sons, St. Paul,
Minnesota
Class C
W. B. Geery......................... ......................Chairman of the Board and Federal Reserve
Agent, Minneapolis, Minnesota
Walter C. Coffey......................................... Dean of the College of Agriculture, Forestry
and Home Economics, University of
Minnesota, St. Paul, Minnesota
W. D. Cochran............................................ President, W. D. Cochran Freight Lines, Iron
Mountain, Michigan
OFFICERS
J. N. Peyton, President
0. S. Powell, First Vice-President
H. I. Ziemer, Vice-President and Cashier
E. W. Swanson, Vice-President & Secretary
H. C. Core, Assistant Cashier
A. R. Larson, Assistant Cashier
Wm. E. Peterson, Assistant Cashier
Otis R. Preston, Assistant Cashier
T. H. Hodgson, Assistant Counsel
AUDITOR
F. C. Dunlop
LEGAL COUNSEL
Sigurd Ueland, Counsel
Rolf Ueland, Assistant Counsel
MEMBER OF FEDERAL ADVISORY COUNCIL
John Crosby, Director, General Mills, Inc., Minneapolis, Minnesota
Trustee and Vice-President, Farmers and Mechanics Savings Bank,
Minneapolis, Minnesota
Director, Northwestern National Bank & Trust Co., Minneapolis,
Minnesota
HELENA BRANCH— (MONTANA)
DIRECTORS
R. E. Towle.................................................. Managing Director, Federal Reserve Branch
Bank, Helena, Montana
A. R. McDermott..........................................Vice-President, Montana National Bank,
Billings, Montana
J. E. O’Connell............................... .............President, Eddy’s Bakeries, Inc., Helena,
Montana
Peter Pauly................................................. Vice-President, Deer Lodge Bank & Trust Co.,
Deer Lodge, Montana
H. D. Myrick................................................ Square Butte, Montana

A. A. Hoerr, Cashier

OFFICERS
R. E. Towle, Managing Director
C. J. Larson, Assistant Cashier

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