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