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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, 1935. TO THE STOCKHOLDERS OF THE FEDERAL RESERVE BANK OF MINNEAPOLIS: A comparative statement of condition of the Federal Reserve Bank of Minneapolis, including Helena Branch, as of the close of business December 31, 1933, and December 31, 1934, together with comparison of earnings and expenses and profit and loss account for the years 1933 and 1934, 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. GEERY, Governor. COMPARATIVE STATEMENT OF CONDITION FEDERAL RESERVE BANK OF MINNEAPOLIS AND HELENA BRANCH At the Close of Business—December 31, 1933 and December 31,1934 Gold Gold Gold Gold RESOURCES December 31,1933 December 31,1934 and Gold Certificates.................. $ 549,960.45 Settlement Fund......................... 19,517,798.41.......................$ 29,798,105.80 with Federal Reserve Agent....... 76,254,000.00....................... 110,000,000.00 Redemption Fund ...................... 1,612,357.76....................... 329,847.55 Total Gold Reserves..................... $97,934,116.62........................$140,127,953.35 Other Reserve Cash............................. 8,321,586.79..................... . 11,341,300.98 Total Gold Reserves and Other Cash................... $106,255,703.41........................$151,469,254.33 Earning Assets: Bills Discounted........................... $ 1,872,009.44 Bills Purchased in Open Market... 3,189,208.96....................... $ 80,517.29 Industrial Advances..................... ...................... 1,752,437.77 U. S. Securities ........................... 65,668,505.68..................... 65,589,395.01 Other Securities........................... 79,968.19 Total Earning Assets.................................. $ 70,809,692.27........................$ 67,422,350.07 Due from Foreign Banks........................................... F. R. Notes of other F. R. Banks............................... Uncollected Items ..................................................... Bank Premises ......................................................... All Other Resources ................................................ 9,418.36 657,500.00 10,641,243.12 1,657,306.62 2,067,380.32 . 6,216.25 1,128,000.00 11,989,218.40 1,579,992.96 770,781.48 Total Resources.................................................. $192,098,244.10.................... ..$234,365,813.49 LIABILITIES Capital Paid I n ......................... ............................ $ 2,876,450.00....................... $ 3,133,700.00 ^Surplus Section 7 .................................................. 6,929,451.67....................... 3,419,984.02 **Surplus Section 13 “B” . ......................................... ....................... 750,977.47 Deposits: Government ..................................$ 90,953.17....................... $ 2,589,743.50 Member Banks’ Reserve Account.. 62,013,428.63 ....................... 97,421,436.96 All O ther..................................... 4,190,962.00 ....................... 6,709,665.77 Total Deposits .............................................$ 66,295,343.80....................... $106,720,846.23 F. R. Notes in Actual Circulation............................... F. R. Bank Notes in Actual Circulation..................... Deferred Availability Items....................................... All Other Liabilities.................................................. 92,895,885.00....................... 106,687,235.00 7,718,250.00....................... 11,127,932.63....................... 12,136,041.47 4,254,931.00....................... 1,517,029.30 Total Liabilities ......................................... $192,098,244.10....................... $234,365,813.49 *One-half of surplus as of January 1, 1933 was transferred to Federal Deposit Insurance Corp. ♦♦Transferred to us from United States Treasury Department for purpose of making industrial loans. COMPARISON OF EARNINGS AND EXPENSES AND PROFIT AND LOSS ACCOUNT FEDERAL RESERVE BANK OF MINNEAPOLIS AND HELENA BRANCH FOR THE YEARS 1933 AND 1934 Earnings From: 1933 221,740.49 37,595.95 1,179,975.18 8,016.57 50,340.99 1934 $ 15,628.25 3,223.82 15,928.59 1,346,609.66 1,212.65 32,493.85 .$1,497,669.18 ?1 ,415,096.82 1,114,093.70 1,205,330.16 383,575.48 $ 209,766.66 26,307.73 19,952.94 192,914.12 92,008.04 Total Additions ...................... 46,260.67 $ 284,922.16 Deductions from Current Net Earnings: Bank Premises—Depreciation ....... Furniture and Equipment ............. Reserves for Probable Losses......... All O ther....................................... 90,370.98 19,547.00 234,590.15 3,242.76 Purchased B ills.................. Industrial Advances........... United States Securities . .. Deficient Reserve Penalties Miscellaneous .................... Additions to Current Net Earnings: Profit on Sale of United States Secur All O ther........................................ 84,997.26 15,700.91 207,362.99 10,342.90 .$ 347,750.89 $ 318,404.06 301,490.22 $ 33,481.90 82,085.26 $ 176,284.76 171,568.89 89,483.63 $ 181,117.51 Disposition of Earnings: Dividends P aid ....... ................................ Withdrawn from Surplus Section 7......... Withdrawn from Surplus Section 13 “ B” . T ota l.................................................................................... $ $ 4,832.75 82,085.26 $ 176,284.76 DIRECTORS AND OFFICERS, JANUARY 1, 1935 DIRECTORS J o h n N. P e yto n , Chairman H. P. C la r k , St. Paul, Minn., Deputy Chairman W. 0. W a sh b u r n , St. Paul, Minn. G. W. M c C o r m ic k , Menominee, Mich. H. R. K ibbee , Mitchell, S. D. J. E . O ’C o n n e ll , H elena, M ont. A lbert P. F u n k , La Crosse, W ise. H. C. H a n s e n , Churchs F erry , N . D. M. O. Grangaard , M inneapolis, M inn. MEMBER OF FEDERAL ADVISORY COUNCIL T heodore W old, Minneapolis, Minn. OFFICERS FEDERAL RESERVE AGENTS DEPARTMENT J o h n N. P e yto n , Federal Reserve Agent F. M. B a ile y , Assistant Federal Reserve Agent E . W. S w a n s o n , Assistant Federal Reserve Agent 0. S. P ow ell , Statistician and Secretary of the Board of Directors BANKING DEPARTMENT W. B. Geery , Governor Deputy Governor and Secretary H. I. Z ie m er , Deputy Gov. and Cashier F. C. D u n lop , Controller L . E. R a s t , Assistant Cashier H. C. Core, Assistant Cashier A. R . L a rson , Assistant Cashier W. E. P eterson , Assistant Cashier Ot is R. P reston , Assistant Cashier H a rry Y aeger , Sigurd U e lan d , R oleI U elan d , Counsel Assistant Counsel HELENA BRANCH DIRECTORS H e n r y S ie be n , A. R. M c D erm ott , Billings, Montana J. E. O’ Co n n e ll , Helena, Mont. Helena, Montana T. A. M arlow , Helena, Montana R . E. T ow le , Helena, Montana OFFICERS A. A. H oerr, Cashier R. E. T ow le , Managing Director C. J. L arson , Assistant Cashier T. B. W eir , Counsel
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