The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
F E D E R A L R ESER V E B A N K O F M IN N EA PO LIS January 12,1931. To the S tockholders of t h e F ederal R eserve 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 31,1929, and December 31,1930, together with comparison of earnings and expenses and profit and loss account for the years 1929 and 1930, 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, 1929, and December 31, 1930 RESOURCES December 31,1929 December 31,1930 Gold and Gold Certificates.................... $ 4,253,615.00...................... $ 5,208,487.50 Gold Settlement Fund........................... 18,085,009.19....................... 10,075,951.06 Gold with Federal Reserve Agent......... 66,157,000.00....................... 48,325,000.00 Gold Redemption Fund......................... 3,970,478.75...................... 801,645.23 Total Gold Reserves...................... $92,466,102.94...................... $64,411,083.79 Other Lawful Money............................ 2,731,091.00...................... 4,257,962.00 Total Cash Reserves.............................................. $ 95,197,193.94..................... $ 68,669,045.79 Non-reserve Cash........................................................ 2,466,855.85..................... 2,432,181.08 Earning Assets: Bills Discounted............................... $10,176,760.25.......................$ 3,575,339.19 Bills Purchased in Open Market....... 6,636,420.87....................... 8,411,312.58 U. S. Securities................................. 16,873,330.61....................... 27,302,184.02 Other Securities............................... 120,475.00....................... 233,146.29 Total Earning Assets............................................$ 33,806,986.73..................... $ 39,521,982.08 Due from Foreign Banks.............................................. Uncollected Item s........................................................ Bank Premises.................................. .* ...................... All Other Resources....................................... ............ 18,020.53..................... 14,790,667.02..................... 2,017,749.50..................... 541,085.60..................... 16,181.47 11,171,053.72 1,925,767.64 527,170.93 Total Resources.................................................... $148,838,559.17..................... $124,263,382.71 LIABILITIES Capital Paid In............................................................. $ 3,091,150.00..................... $ 3,063,300.00 7,143,900.69 Surplus ........................................................................ 7,142,986.29..................... Deposits: Government ..................................... $ 2,128,989.70......................$ 1,280,235.48 Member Banks’ Reserve Account.. . . 56,861,437.99...................... 48,446,573.20 All Other ........................................ 407,407.87....................... 271,222.00 Total Deposits.......................................................$ 59,397,835.56..................... $ 49,998,030.68 F. R. Notes in Actual Circulation............................... $ 66,855,445.00..................... $ 53,558,735.00 Deferred Availability Items......................................... 11,534,563.72..................... 9,776,324.59 All Other Liabilities...................................................... 816,578.60..................... 723,091.75 Total Liabilities....................................................$148,838,559.17..................... $124,263,382.71 COMPARISON OF EARNINGS AND EXPENSES AND PROFIT AND LOSS ACCOUNT FEDERAL RESERVE BANK OF MINNEAPOLIS AND HELENA BRANCH FOR THE YEARS 1929 AND 1930 Earnings From: 1929 Discounted B ills.................................................................. $1,047,771.06 1930 $172,441.60 Purchased B ills................................................................... 310,209.43 228,551.27 United States Securities...................................................... 388,603.50 747,483.68 Deficient Reserve Penalties.................................................. 12,474.96 7,644.01 Miscellaneous............................................................... .... 166,972.22 78,961.88 Total Current Earnings.....................................................$1,926,031.17 $1,235,082.44 Current Expenses.......................................................................$1,022,009.00 $ 976,867.27 Current Net Earnings.......................................................$ 904,022.17 $ 258,215.17 Additions to Current Net Earnings: Withdrawn from Reserve for Possible Losses..................... $ $ 159,000.00 Profit on Sales of U. S. Securities through F. R. System Spe cial Investment Account.................................................. 68,138.71 All O ther............................................................................. 22,136.49 66,067.33 $ 926,158.66 $ 551,421.21 Deductions from Current Net Earnings.......................................$ 39,415.10 $ 15,849.96 Net Earnings Available For Distribution....................................$ 886,743.56 $ 535,571.25 Disposition of Earnings: Depreciation Allowances on Bank Premises......................... $ 91,981.88 $ 91,981.86 Reserve for Self-Insurance....................................................................... 250,000.00 Dividends P a id .................................................................... 184,029.92 184,445.39 Transferred to Surplus........................................................ 61,073.18 914.40 Franchise Tax Paid to United States Government................ 549,658.58 8,229.60 $ 886,743.56 $ 535,571.25 DIRECTORS AND OFFICERS, JANUARY 1, 1931 DIRECTORS R. M it c h e l l , Minneapolis, H. P. C l a r k , St. Paul, Minn., Deputy Chairman G. W. M c C o r m ic k , Menominee, Mich. J. E'. O ’ C o n n e l l , Helena, Mont. J. S. O w e n , Eau Claire, Wis. John Minn., Chairman W. O. W a s h b u r n , St. Paul, M in n . J. C . B a s s e t t , Aberdeen, S. D. H. C . H a n s e n , Churchs Ferry, N. D. P. J. L e e m a n , Minneapolis, Minn. MEMBER OF FEDERAL ADVISORY COUNCIL G eorge H. P r in c e , St. P a u l, Minn. OFFICERS FEDERAL RESERVE AGENTS DEPARTMENT J o h n R. M it c h e l l , Federal Reserve Agent C. L. M o s h e r , Assistant Federal Reserve Agent F. M . B a il e y , Assistant Federal Reserve Agent O . S. P o w e l l , Statistician BANKING DEPARTMENT W i l l i a m 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 General Counsel Assistant Counsel A ndreas U ela n d , S igurd U e l a n d , HELENA BRANCH DIRECTORS A. M a r l o w , Helena, Montana S. 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. R. E. H. L. Z im m e r m a n n , OFFICERS Managing Director A. A. T ow le, Cashier T. B. W e ir , General Counsel H oerr, Assistant Cashier