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F E D E R A L R ESER V E B A N K O F M IN N EA P O LIS January 2, 1934. To the S t o c k h o l d e r s op t h e F e d e r a l R ese r ve B a n k op M i n 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 31,1932, and December 31, 1933, together with comparison of earnings and expenses and profit and loss account for the years 1932 and 1933, 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, W . B. G EER Y Governor. COMPARATIVE STATEMENT OF CONDITION FEDERAL RESERVE BANK OF MINNEAPOLIS AND HELENA BRANCH At the Close of Business—December 31, 1932 and December 31,1933 RESOURCES Gold Gold Gold Gold December 31,1932 December 31,1933 and Gold Certificates..................... $ 2,340,163.92.................... ..$ 549,960.45 Settlement Fund........................... 7,797,422.76....................... 19,517,798.41 with Federal Reserve Agent......... 41,540,000.00....................... 76,254,000.00 Redemption Fund................ ........ 2,213,507.13....................... 1,612,357.76 Total Gold Reserves ......................$53,891,093.81........................$97,934,116.62 Other Reserve Cash............................. 5,103,933.00....................... 8,321,586.79 Total Cash Reserves.............................................$ 58,995,026.81......................$106,255,703.41 None Non-reserve Cash ........................................................ 2,146,285.45..................... Earning Assets: Bills Discounted ........................... $ 9,603,815.63...... ................ $ 1,872,009.44 Bills Purchased in Open Market . .. 611,649.63....................... 3,189,208.96 U. S. Securities............................. 54,850,654.20....................... 65,668,505.68 Other Securities ....................... 410,563.94....................... 79,968.19 Total Earning Assets....................................... $ 65,476,683.40 Due from Foreign Banks............................................. F. R. Notes of other F. R. Banks................................ Uncollected Item s........................................................ Bank Premises ........................................................... All Other Resources....... ........................................... 10,558.23 716,500.00 10,817,933.70 1,745,511.60 1,722,998.10 $ 70,809,692.27 . 9,418.36 657,500.00 10,641,243.12 1,657,306.62 2,067,380.32 Total Resources................................................ $141,631,497.29......................$192,098,244.10 LIABILITIES Capital Paid I n ........................................................... $ 2,885,300.00......................$ 2,876,450.00 Surplus ........................................................................ 7,018,935.30.................... 6,929,451.67 Deposits: 90,953.17 Government................................... $ 467,926.99........................$ Member Banks’ Reserve Account.. 37,760,448.17....................... 62,013,428.63 All Other....................................... 808,855.87....................... 4,190,962.00 Total Deposits.................................................. $ 39,037,231.03......................$ 66,295,343.80 F. R. Notes in Actual Circulation................................ F. R. Bank Notes in Actual Circulation....................... Deferred Availability Items....................................... All Other Liabilities .................................................. 80,966,415.00..................... None ..................... 10,737,861.75..................... 985,754.21..................... 92,895,885.00 7,718,250.00 11,127,932.63 4,254,931.00 Total Liabilities ...............................................$141,631,497.29......................$192,098,244:10 COMPARISON OP EARNINGS AND EXPENSES AND PROFIT AND LOSS ACCOUNT FEDERAL RESERVE BANK OF MINNEAPOLIS AND HELENA BRANCH FOR THE YEARS 1932 AND 1933 1932 Earnings From: Discounted B ills............................................................... ......... $ 418,530.72 65,335.29 Purchased Bills ............................................................... 921,077.03 United States Securities ................................................ 17,219.16 Deficient Reserve Penalties............................................. 12,930.88 Miscellaneous ......................................... ........................ 1933 $ 221,740.49 37,595.95 1,,179,975.18 8,016.57 50,340.99 Total Current Earnings .................... .......................... ......... $1 ,435,093.08 $1,,497,669.18 926,668.26 1,114,093.70 Current Net Earnings ............................................................ ......... $ 508,424.82 $ 383,575.48 Additions to Current Net Earnings: Profit on Sale of United States Securities....................... ......... $ All Other.......................................................................... $ Current Expenses .................................................................. 83,438.68 814.01 $ 592,677.51 Deductions from Current Net Earnings: Bank Premises—depreciation......................................... ......... $ 90,370.98 11,985.00 Furniture and Equipment.............................................. Reserve for Probable Losses............................................ 200,000.00 Reserve for Self-Insurance............................................... 15,379.97 All Other ........................................................................ 2,603.94 Total Deductions ......................................................... ......... $ 320,339.89 Net Earnings......................................................................... ......... * 272,337.62 Disposition of Earnings: Dividends P aid................................................................ ......... $ 175,494.80 87,158.54 Franchise Tax Paid to United States Government........... 9,684.28 Additions to or Deductions from Surplus........................... $ 272,337.62 26,307.73 19,952.94 ? 429,836.15 $ 90,370.98 19,547.00 234,590.15 None 3,242.76 ? 347,750.89 $ 82,085.26 $ 171,568.89 None ( - ) 89,483.63 $ 82,085.26 DIRECTORS AND OFFICERS, JANUARY 1, 1934 DIRECTORS J o h n N. P e y t o n , Chairman H. P . C l a r k , St. Paul, Minn., Deputy Chairman W. O. W a s h b u r n , St. Paul, Minn. G. W. M c C o r m ic k , Menominee, Mich. H. R. K ib b e e , Mitchell, S. D. J. E . O ’ C o n n e l l , H elen a , M on t. H . C. H a n s e n , C h u rch s F e r r y , N . D. A l b e r t P . F u n k , L a C ro s s e , W is . P . J. L e e m a n , M in n e a p o lis , M in n . MEMBER OF FEDERAL ADVISORY COUNCIL T heodo re W old , Minneapolis, Minn. OFFICERS FEDERAL RESERVE AGENTS DEPARTMENT J o h n N. P e y t o n , Federal Reserve Agent F. M. B a il e y , Assistant Federal Reserve Agent E. W. S w a n s o n , Assistant Federal Reserve Agent 0. S. P o w e l l , Statistician and Secretary of the Board of Directors BANKING DEPARTMENT W. B. G e e r y , Governor H a r r y Y aeg er , Deputy Governor H . I. Z ie m e r , Deputy Governor and Cashier F . C. D u n l o p , Controller L . E. R a s t , Assistant Cashier H. C. C ore , Assistant Cashier A. R. L a r s o n , Assistant Cashier W. E. P e t e r s o n , Assistant Cashier O t is R. P r e s t o n , Assistant Cashier Counsel Assistant Counsel S ig u rd U e l a n d , R olf U e l a n d , HELENA BRANCH DIRECTORS T . A. M a r l o w , H elen a , M o n ta n a A. R. M c D e r m o t t , B illin g s , M o n ta n a H e n r y S ie b e n , H elen a , M o n ta n a W i l l i a m P. S u l l iv a n , S q u a re B u tte , M o n ta n a R. E. T o w l e , H elen a , M o n ta n a A. A. H oerr , Cashier OFFICERS R. E. T o w l e , Managing Director C. J. L a r s o n , Assistant Cashier T. B. W e ir , Counsel
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