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federal reserve bank of minneapolis

Statement of Condition
ASSETS

Dec. 31, 1965

Gold certificate account

$

257,875,971

$

Redemption fund fo r Federal Reserve Notes

Dec. 31, 1966

213,129,476
32,328,973
290,204,944

Federal Reserve Notes o f other Federal Reserve Banks
Other cash

245,210,056

34,789,700

Total Gold C ertificate Reserves

32,080,580

23,026,300

3,921,190

8,369,759

Discounts and advances
Secured by U.S. securities

6,445,000

O ther

943,000

United States G overnm ent securities

3,090,000
285,000

838,909,000

897,249,000

846,297,000

900,624,000

14,448,720

20,980,925

Cash items in process of collection

247,878,689

289,654,074

Bank premises

3,253,593

2,910,223

Total loans and securities
Foreign currencies

Other assets

6,512,312

Total Assets

1,447,306,148

6,782,992
1,497,558,329

LIABILITIES
Federal Reserve Notes in actual circulation

$

700,070,271

$

706,088,291

Deposits:
M em ber banks — reserve accounts

492,566,845

481,663,955

37,300,238

558,859

Foreign

3,450,000

3,840,000

O ther deposits

5,936,270

3,454,098

539,253,353

489,516,912

177,435,139

269,611,547

4,186,585

5,231,679

United States Treasurer — general account

Total deposits
Deferred a v a ila b ility cash items
Other lia b ilitie s
Total Liabilities

1,420,945,348

1,470,448,429

CAPITAL ACCOUNTS
C apital paid in
Surplus

13,180,400
13,180,400

Total Liabilities and Capital Accounts

13,554,950
13,554,950

1,447,306,148

1,497,558,329

41.5%

34.7%

Ratio o f gold certificate reserves to
Federal Reserve Note lia b ilitie s
Ratio o f gold certificate reserves to Federal Reserve Note lia b ilitie s




Earnings and Expenses
1966

1965

CURRENT EARNINGS
$

Discounts and advances

618,556

$

686,730

31,622,552

38,020,021

352,488

5 56,907

32,593,596

39,263,658

7,088,329

7,467,532

Assessment fo r expenses o f Board o f Governors

199,400

215,800

Federal Reserve Currency

419,857

517,660

7,707,586

8,200,992

593,493

626,882

7,1 14.093

7,574,1 10

25,479,503

31,689,548

29

— 50,221

34,749

42,714

NET EARNINGS BEFORE PAYMENTS TO UNITED STATES TREASURY

25,514,281

31,682,041

PAYMENTS TO U.S. TREASURY (Interest on Federal Reserve Notes)

23,734,187

30,501,383

759,194

806,108

1,020,900

374,550

SURPLUS Ja nu ary 1

12,159,500

13,180,400

SURPLUS December 31

13,180,400

13,554,950

United States G overnm ent securities
A ll other
Total Current Earnings
CURRENT EXPENSES
O p eratin g Expenses

Total Current Expenses
Less: reim bursem ent fo r certain fiscal agency and other expense
Net Expenses
CURRENT NET EARNINGS
NET ADDITIONS TO CURRENT NET EARNINGS
Profits on sales o f U.S. G overnm ent securities (net)
A ll other

DIVIDENDS PAID
TRANSFERRED TO SURPLUS

Volume of Operations*
D ollar - mounts
A

N um ber
1965

1965

1966

1966

757

779

$ 2,036,440,000

$ 2,090,733,000

Currency received and counted

72,869,533

77,686,626

507,723,000

543,258,000

Coin received and counted

89,563,723

164,205,291

7,643,000

17,000,000

170,800,416

190,097,527

51,596,023,000

57,534,730,000

1,027,528

1,051,521

767,983,000

1,014,732,000

Issues, redem ptions, exchanges o f
U.S. G overnm ent securities

287,299

326,125

9,700,078,000

9,881,422,000

Securities held in safekeeping

341,345

343,758

1,744,923,000

1,741,339,000

Transfers o f funds

132,590

151,525

76,357,220,000

98,290,138,000

Discounts and advances

Checks handled, total
Collection items handled

* A ll fig u re s a r e fo r M in n e a p o lis a n d H e le n a c o m b in e d .




Federal Reserve Bank of Minneapolis
Head Office
Directors

Term E xpires
Dec. 31

Class A — Elected b y M e m b e r Banks
John F. Nash,
M in n e s o ta

P resident,

The

A m e ric a n

N a tio n a l

B ank

and

Trust

C om pany,
1967

St.

Paul,

C u rtis B. M a te e r, E xecutive Vice P re sid e nt, The Pierre N a tio n a l B ank, P ie rre , South D a ko ta

1968

John B osshard, Executive Vice P resident, First N a tio n a l B ank, B a n g o r, W isco n sin

1969

Class B — Elected b y M e m b e r Banks
N e il G. S im pson, P resident, Black H ills P o w e r a n d L ight C o m p a n y , R apid C ity, South D a ko ta

1967

John H. Toole, P resident, Toole a n d Easter Co., M is s o u la , M o n ta n a

1968

Leo C. Studness, M a n a g e r, Studness C o m p a n y , D evils Lake, N o rth D a ko ta

1969

Class C — A p p o in te d b y Board o f G o ve rn o rs
B yron W . Reeve, P resident, Lake Shore, Inc., Iron M o u n ta in , M ic h ig a n

1967

R obert F. Leach, D e p u ty C h a irm a n , A tto rn e y , O p p e n h e im e r, H odgson, B ro w n , W o lff & Leach,
St. P aul, M in n e so ta
1968
Joyce A . S w a n , C h a irm a n , Executive V ice P re sid e nt a n d
T rib u n e , M in n e a p o lis , M in n e so ta

P u b lish e r, M in n e a p o lis S tar a n d
1969

Officers

H. D. G a lu s h a , Jr., P resident; M . H. S tro th m a n , Jr., First V ice P re sid e nt; Earl O. Beeth, A ssis ta n t Vice
P re sid e n t; C arl E. B e rg q u ist, A ssista n t C a sh ie r; Ellen M . B ilsey, A ssista n t S e cre tary; W illia m C. B ro n n er,
V ice P re sid e nt; Frederick J. C ra m e r, V ice P re sid e nt; Leonard W . F ern e lius, A s s is ta n t V ice P re sid e nt;
K yle K. Fossum, Vice P resident; Lester G. G a b le , C h ie f E x a m in e r, R oland D. G ra h a m , G e n e ra l Counsel
a n d A ssista n t S ecretary; Roger K. G ro b e l, V ice P re sid e nt; C la ren ce W . G ro th , V ice P re sid e nt; H a ro ld
O. H a llin , A ssista n t C ashier; D o uglas R. H e llw e g , A ssista n t V ice P re sid e nt; LeRoy G. Hughes, B u ild in g
O ffic e r; H o w a rd L. Knous, Vice P re sid e nt; O scar F. L itte re r, A ssista n t V ice P re sid e nt; John A.
M a c D o n a ld , C ashier; D a vid R. M c D o n a ld , A ssista n t V ice P re sid e nt; C la ren ce W . N e lso n , D ire c to r o f
Research; W illia m A. O 'B rie n , A ssista n t V ice P re sid e nt; John P. O lin , A ssista n t V ice P re sid e nt a n d
S e cre ta ry; F ra n k lin L. Parsons, Vice P re sid e nt; R obert W . W o rceste r, A s s is ta n t V ice P re sid e nt; R alph J.
D re itz le r, G e n e ra l A u d ito r, C h risto p h e r E. B jo rk, A ssista n t G e n e ra l A u d ito r

Helena Branch
Directors

A p p o in te d b y B oard o f G o ve rn o rs

Term E xp ire s
Dec. 31

E d w in G. Koch, C h a irm a n , President, M o n ta n a C o lle g e o f M in e ra l Science a n d T e ch n o lo g y,
B utte, M o n ta n a
1967
C. G. M cC la ve, Vice C h a irm a n , P resident a n d G e n e ra l M a n a g e r, M o n ta n a F lour M ills Co.,
G re a t Falls, M o n ta n a
1968
A p p o in te d b y Board o f D irectors, F ed e ra l Reserve B ank o f M p ls.
B. M e y e r H a rris, P resident, The Y e llo w s to n e B ank, L a u re l, M o n ta n a
C. H. B ro cksm ith , P resident, First S e cu rity Bank o f G la s g o w , N a tio n a l A s s o c ia tio n , G la s g o w ,
M o n ta n a
1968
G le n n H. Larson, P resident, First State Bank o f Thom pson Falls, Thom pson Falls, M o n ta n a

Officers




1967

C le m e n t V a n N ice,
A s s is ta n t C a sh ie r

H e ib e r,

Vice

P resident;

John

L.

H eath,

A ssista n t

V ice

P re sid e nt;

R ichard

C.

1968

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