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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

January 20, 1939.
To t h e S to ck h o lders o f t h e
F ederal R eserve B a nk o f M in n e a p o l is :
We are pleased to present a comparative statem ent of condi­
tion of the Federal Reserve Bank of Minneapolis a t th e close of
business December 31,1938, and December 31, 1937, together w ith
comparison of earnings and expenses and volume of operations in
principal departm ents of the bank for the years 1938 and 1937.
Respectfully subm itted,

President.

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— .-....... -..........................- ■

STATEMENT OP CONDITION
RESOURCES
Gold Certificates on Hand and Due from U. S. Treasury
Redemption Fund—F. R. Notes....... .....................................
O ther C ash ...................... .......................................................

Dec. 31, 1938
$241,452,227.50
605,582.12
7,786,155.24

Dec. 31, 1937
$185,747,038.71
445,958.09
9,671,749.67

Total R eserves................................................................

$249,843,964.86

$195,864,746.47

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

$

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

$

43,000.00
90,657.72

$

174,980.81

133,657.72

$

174,980.81

Bills Bought in Open M arket........... ........... ....................... .
Industrial Advances ...... ........................................................

1,903.25
964,090.22

1,903.25
636,851.23

U. S. Government Securities:
Bonds .... ..................................... ....................................
Treasury N o te s ...................................... .......................
Treasury B ills ........................ ........................................

$ 18,633,500.00
25.636.000.00
12.546.000.00

$ 24,331,500.00
37.392.000.00
21.285.000.00

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

$ 56,815,500.00

$ 83,008,500.00

Total Bills and Securities------------------ -----------------

$ 57,915,151.19

$ 83,822,235.29

Due from Foreign Banks--------------- --------------------------F. R. Notes of other F. R. Banks...........................................
Uncollected Ite m s --------------------------------------- ----------Bank P rem ises...... .................................................................
O ther Resources _____ __________ ___ ___________ _
_

1,992.60
1,427,900.00
16,888,921.57
1,524,700.89
1,095,946.15

1,986.41
1,920,000.00
18,078,393.63
1,477,340.02
1,229,411.54

Total R esources.................................................. —

$328,698,577.26

$302,394,113.36

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

$136,856,785.00

$137,569,170.00

D eposits:
Member Bank—Reserve Account........ ......... ...............
U. S. T reasurer—General Account...... ........ ...............
Foreign B an k .............. ........ ...........................................
O ther D eposits.............................. .................................

113,567,601.59
43,294,457.46
4,587,160.14
3,778,731.19

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

Total D eposits.......... .......................... .................

$165,227,950.38

$137,568,057.00

D eferred Availability Item s------------------------ ------------O ther Liabilities .......... _........................................................

$ 17,479,914.81
94,574.23

$ 18,082,089.10
177,717.68

Total L iab ilities............... .......................................

$319,659,224.42

$293,397,033.78

Capital Accounts:
Capital Paid in.............. ............... ................................
Surplus (Section 7 ).......... .............................................
Surplus (Section 13b)..................................... ...............
O ther Capital Accounts______________ ___________

$ 2,903,350.00
3,153,413.69
1,001,162.98
1,981,426.17

$ 2,893,050.00
3,153,413.69
1,001,162.98
1,949,452.91

Total Liabilities and Capital Accounts.................

$328,698,577.26

$302,394,113.36




EARNINGS AND EXPENSES
$

1938
1,100,471.62
1,011,923.31

$

1937
1,350,358.70
1,052,859.28

...... $

88,548.31

$

297,499.42

$

281,350.93
203,930.07

$

82,118.73
85,478.27

...... $

485,281.00

$

167,597.00

$

9,162.47

$

41,837.39
33,087.60
98,763.22

$

173,688.21

C urrent E a rn in g s............................................
C urrent E xpenses............................................
Current N et Earnings..............................
Additions to C urrent N et E arnings:
Profits on Sales of U. S. Government Securities. .
All O th er............... ........................................................
Total A dditions............... ................
Deductions from C urrent N et E arnings:
Special Reserve and Charge-Offs on Bank Premises
Assessm ent for Building for Board of Governors
All O th e r...... ................................................................
Total D eductions............................. .

191,369.39
...... $

Net Additions to or Deductions from C urrent N et Earnings

200,531.86
+284,749.14

—6,091.21

N et E a rn in g s........ .................. ...................

....... $

373,297.45

Transferred from Surplus (Section 13-B)....
Paid U. S. Treasurer (Section 13-B).............
Dividends P a id ...... ..........................................

....... $

1,004.92
174,231.27

Transferred to Surplus (Section 7 )...............

$

291,408.21

$

1,751.23
174,057.31

198,061.26

119,102.13

VOLUME OF OPERATION IN PRINCIPAL DEPARTMENTS
1938
Number

1937

Amounts (In
Thousands)

Amounts (In
Thousands)

2,423
836
718

232
39
14

Currency Received and Counted.................... 39,542,720
Coin Received and Counted.............................. 30,560,552

184,827
3,405

45,705,410
22,719,445

215,717
2,992

Checks H andled................................................ 34,008,262

5,334,977

32,707,590

5,631,803

Bills D iscounted............ ...................................
Industrial Loans: A dvances........................
Commitments ___ ____

231 $
65
35

Number

$

16,189
182
124

Collection Item s Handled:
U. S. Government Coupons Paid*..........
All O ther ............... ..................................

622,582
867,171

13,746
319,561

641,795
820,567

14,188
379,621

Issues, Redemptions and Exchanges by Fiscal
Agency D epartm ent:
U. S. Government D irect Obligations.....
All O ther ...................................................

149,395
9,501

257,798
10,885

186,502
12,146

216,906
16,246

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

27,564

1,670,875

31,516

1,988,923

•Includes coupons from obligations guaranteed by the United States.







DIRECTORS
Class A
Business Affiliation
H. C. Hansen.................................................. Churchs Ferry, North Dakota
M. 0. Grangaard.............................................Vice-President, First National Bank & Trust
Co., Minneapolis, Minnesota
J. R. McKnight.............................................President, Pierre National Bank,
Pierre, South Dakota
Class B
Albert P. Funk...............................................President, La Crosse Rubber Mills Co.,
La Crosse, Wisconsin
W. 0. Washburn........................................... President, W. O. Washburn & Sons,
500 Robert Street, Saint Paul, Minnesota
J. E. O'Connell...............................................President, Eddy’s Bakeries, Inc., Helena,
Montana
Class C
V acant............................................................ Chairman of the Board and Federal
Reserve Agent
Walter C. Coffey...........................................Deputy Chairman of the Board, Dean and
Director, Department of Agriculture,
University of Minnesota, Saint 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
F. C. Dunlop, Auditor
A. W. Mills, Assistant Auditor
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
Peter Pauly.................................................... Vice-President, Deer Lodge Bank & Trust Co.,
Deer Lodge, Montana
H. D. Myrick................................................... Square Butte, Montana
A. R. McDermott.................. ..........................Vice-President, Montana National Bank,
Billings, Montana
Alex Cunningham .......................................Vice-President and Treasurer, Western Life
Insurance Co., Helena, 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