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FE D E R A L RESERVE BANK O F M IN N E A P O LIS February 1,1936. To the S t o c k h o l d e r s of t h e F e d e r a l R eserve B a n k of 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, 1934, and December 31,1935, together with comparison of earnings and expenses and profit and loss account for the years 1934 and 1935 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 BANE OF MINNEAPOLIS AND HELENA BRANCH At the Close of Business—December 31, 1934 and December 31, 1935 RESOURCES December 31,1934 December 31,1935 Inter-District Settlement Fund.......... $ 29,798,105.80.............! .........$ 30,244,532.53 Gold Certificates with F. R. Agent........ 110,000,000.00........................ 106,500,000.00 Redemption Fund F. R. Notes............. 329,847.55........................ 539,753.65 Total Gold Certificate Reserves. .$140,127,953.35........................$137,284,286.18 Other Reserve Cash................... ......... 11,341,300.98........................ 8,228,657.76 Total Cash Reserves.....................................................$151,469,254.33........................ $145,512,943.94 Bills and Securities: Bills Discounted.............................................................................$ 41,878.38 Bills purchased in open market. .$ 80,517.29........................ 61,006.52 Industrial advances ..................... 1,752,437.77........................ 1,589,566.13 U. S. Govt, direct obligations___ 65,589,395.01........................ 75,567,939.07 Total bills and securities................................ 67,422,350.07........................ 77,260,390.10 Due from Foreign Banks............................................. F. R. Notes of other F. R. Banks.................................. Uncollected Item s......................................................... Bank Prem ises............................................................. All Other Resources..................................................... 6,216.25........................ 1,128,000.00........................ 11,989,218.40........................ 1,579,992.96........................ 770,781.48........................ 2,971.18 1,248,000.00 16,070,893.75 1,531,075.57 427,231.62 Total Resources....................................................$234,365,813.49.........................$242,053,506.16 LIABILITIES Capital Paid in......... Surplus, Section 7 . . . Surplus, Section 13-B $ 3,133,700.00 3,419,984.02. 750,977.47 .$ . 2,998,650.00 3,148,502.93 1,002,914.21 Deposits: Government ................................ $ 2,589,743.50...................... .$ 3,154,902.63 Member Banks’ Reserve Account. 97,421,436.96........................ 96,228,074.84 7,755,532.71 All O ther...................................... 6,709,665.77........................ Total D eposits............................................... $106,720,846.23......................... $107,138,510.18 Federal Reserve Notes in Actual Circulation............. 106,687,235.00........................ 110,562,515.00 Deferred Availability Item s.......................................... 12,136,041.47........................ 15,513,178.81 All Other Liabilities.................................................... 1,517,029.30........................ 1,689,235.03 Total Liabilities............................................. $234,365,813.49........................ $242,053,506.16 COMPARISON OF EARNINGS AND EXPENSES AND PROFIT AND LOSS ACCOUNT FEDERAL RESERVE BANK OF MINNEAPOLIS AND HELENA BRANCH FOR THE YEARS 1934 AND 1935 Earnings From: 1934 Discounted B ills ............................................................................. $ 15,628.25 Purchased B ills............................................................................... 3,223.82 Industrial Advances....................................................................... 15,928.59 U. S. Government Direct Obligations........................................... 1,346,609.66 Deficient Reserve Penalties.......................................................... 1,212.65 Miscellaneous.................................................................................. 32,493.85 1935 1,038.50 587.11 116,167.00 1,292,200.50 394.19 45,489.87 $ Total Current Earnings...........................................................$1,415,096.82 $1,455,877.17 Current Expenses.................................................................................. 1,205,330.16 1,293,050.37 Current Net E arnings........................................................... $ 209,766.66 $ 162,826.80 Additions to Current Net Earnings: Withdrawn from Reserve for Losses........................................... $ ................... Profit on Sale of U. S. Government Direct Obligations................. 192,914.12 All Other ........................................................................................ 91,669.92 Total Additions .......................................................................$ 284,584.04 Deductions From Current Net Earnings: Bank Premises—Depreciation......................................................$ 84,997.26 Furniture and Equipm ent............................................................ 15,700.91 Reserve for Probable Losses.......................................................... 207,024.87 Reserve for Prior Service Liability Under Retirement System......................... All O th er............................ .......................................................... 10,342.90 Total Deductions.....................................................................$ 318,065.94 Net Deductions from Current Net Earnings........................................ $ 389.70 148,209.88 42,800.01 $ 191,399.59 $ 48,917.39 15,094.56 ..................... 332,168.00 27,225.59 $ 423,405.54 33,481.90 232,005.95 Net Earnings ........................................................................................ $ 176,284.76 $ —69,179.15 Dividends Paid .....................................................................................$ 181,117.51 Payment to Secretary of Treasury, Section 13B........................................................ Withdrawn from Surplus (Section 7 )......................................................................... Withdrawn from Surplus (Section 13b)............................................... 4,832.75 $ 185,448.45 16,853.49 271,481.09 .................... DIRECTORS AND OFFICERS DIRECTORS 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 i c k , Menominee, Mich. H . R . K ib b e e , Mitchell, S. D. J. E. O 'C o n n e l l , Helena, Mont. H . C. H a n s e n , Churchs Ferry, N. D. A lb e r t P. F u n k , La Crosse, Wis. M. 0. G r a n g a a r d , Minneapolis, Minn. John MEMBER OF FEDERAL ADVISORY COUNCIL T heodore W old , Minneapolis, Minn. OFFICERS FEDERAL RESERVE AGENTS DEPARTMENT J ohn N. Peyton, Federal Reserve Agent E. W. Swanson , Assistant Federal Reserve Agent 0. S. P owell, Assistant Federal Reserve Agent and Secretary of the Board of Directors BANKING DEPARTMENT W. B. G e e r y , Governor H a r r y Y a e g e r , Deputy Governor and Secretary H . I. Z i e m e r , Deputy Governor and Cashier F . C. D u n l o p , Controller H. C. C ore , W. E. Assistant Cashier Assistant Cashier A. R. P eter so n , O t is R. Assistant Cashier Assistant Cashier L arso n , Presto n , Counsel Assistant Counsel S ig urd U e l a n d , R olf U e l a n d , HELENA BRANCH DIRECTORS A . R. M cD erm ott, Billings, Montana J. E. R . E. T o w l e , Helena, Montana O ’C o n n e l l , Helena, Montana OFFICERS R. E. A. A. H oerr , Cashier T ow le. Managing Director C. J. L arso n , Assistant Cashier
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