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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 25, 1937.

To

the

Stockholders

F e d e ra l R eserve B a n k

of th e
of

M in n e a p o l is :

We are pleased to present a comparative statement of condition
of the Federal Reserve Bank of Minneapolis at the close of business
December 31,1936, and December 31,1935, together with compari­
son of earnings and expenses and volume of operations in principal
departments of the bank for the years 1936 and 1935.
Respectfully submitted,
J. N. PEYTON,
President.

STATEMENT OF CONDITION
RESOURCES

Total Reserves__________________

Dec. 31,1936
$175,995,044.65
914,568.48
7,301,328.40

Dec. 31,1935
$136,744,532.53
539,753.65
8,228,657.76

$184,210,941.53

Gold Certificates on Hand and Due from U. S. Treasury...
Redemption Fund—F. E. Notes_______________________
Other Cash__________________________ ______________

$145,512,943.94

Bills Discounted:
Secured by U. S. Government Obligations direct or
$
fully guaranteed.... .................... ..................... .
Other Bills Discounted...............................................

3,000.00
7,200.00

$

41,878.38

Total Bills Discounted.............

$

10,200.00

$

41,878.38

Bills Bought in Open Market.................
Industrial Advances..............................

$

60,662.78
1,063,812.01

$

61,006.52
1,589,566.13

U. S. Government Securities:
Bonds ...... ................ ......................
Treasury N otes..............................
Treasury Bills ................................

18.313.000.00
50,051,500.00
22.343.000.00

12,955,939.07
47.173.000.00
15.439.000.00

$ 90,707,500.00

$ 75,567,939.07

Total Bills and Securities............... .

91,842,174.79

77,260,390.10

Due from Foreign Banks______ ____ .....
F. R. Notes of other F. R. Banks............
Uncollected Items — .... .............. .........
Bank Premises........................................
All Other Resources..............................

2,991.32
1,740,000.00
18,536,190.61
1,487,513.72
232,339.57

2,971.18
1,248,000.00
16,070,893.75
1,531,075.57
427,231.62

Total Resources..............................

$298,052,151.54

$242,053,506.16

F. R. Notes in Actual Circulation..........

$136,096,365.00

$110,562,515.00

Deposits:
Member Bank—Reserve Account...
U. S. Treasurer—General AccountForeign Bank___________________
Other Deposits................................

120,530,139.28
5,470,909.59
2,376,383.54
5,445,070.43

96,228,074.84
3,154,902.63
698,479.13
7,057,053.58

Total Deposits................................

$133,822,502.84

$107,138,510.18

Deferred Availability Item s...................
Capital Paid In ........................................
Surplus Fund (Section 7 ) .....................
Surplus Fund (Section 13-B) ...............
Reserves for Contingencies — ..............
All Other Liabilities..............................

$ 18,825,773.16
2.943.050.00
3,116,430.29
1,002,914.21
2.097.232.00
147,884.04

$ 15,513,178.81
2,998,650.00
3,148,502.93
1,002,914.21
1,500,550.17
188,684.86

Total Liabilities..............................

$298,052,151.54

$242,053,506.16

Total U. S. Government Securities.......................

LIABILITIES




EARNINGS AND EXPENSES
1936
Current Earnings............. .................................................... $1,362,018.36
Current Expenses:
Net Operating Expenses................................................ $1,040,154.29
Assessment for Expenses of Board of Governors of
F. R. System ................. ................ .........................
39,750.73
Cost of Federal Reserve Currency...................................
63,283.47
Total Current Expenses .................................... — $1,143,188.49

1935
$1,454,268.21
$1,162,049.27
34,118.34
56,571.51
$1,252,739.12

Current Net Earnings.................................................... $ 218,829.87

$

201,529.09

Additions to Current Net Earnings:
Profits on Sales of Government Securities......................$ 689,109.91
All Other Additions______________ ________________
106,870.95

$

148,209.88
43,189.71

Total Additions........................................................$ 795,980.86

$

191,399.59

Deductions from Current Net Earnings:
Reserves for Contingencies............................................ $ 689,109.91
17,481.26
Special Reserve on Bank Premises.................................
Assessment for Building for Board of Governors of
F. R. System ............................................... - ..........
47,516.18
All Other Deductions......................................................
97,263.93

$

20,000.00

Total Deductions...................................................... $ 851,371.28

$

24,403.41
417,704.42
462,107.83

Net Deductions from Current Net Earnings..........................

55,390.42

270,708.24

Net Earnings..........................................................................

163,439.45

69,179.15*

Paid U. S. Treasurer (Section 13-B)............................... ..... $
Dividends P aid................... .....................................................
Withdrawn from Surplus (Section 7 ).....................................

16,460.05
179,052.04
32,072.64

$

16,853.49
185,448.45
271,481.09

♦Deficit
VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS
1936
1935
Amounts (In
Amounts (In
Number Thousands)
Number Thousands)
Bills Discounted ............................................
96 $
550
142
$
657
Industrial Loans: Advances........................
44
253
104
1,051
Commitments ...............
27
201
12
410
224,935
44,948,000
217,411
Currency Received and Counted.................... 47,802,000
Coin Received and Counted................ ...........19,499,000
2,781
19,607,000
3,800
Checks Handled.............................................. 32,936,000
5,541,823
28,997,000
4,882,583
Collection Items Handled:
U. S. Government Coupons Paid*........... 691,000
13,879
803,000
12,871
All O ther__________________________
784,000
377,487
895,000
341,237
Issues, Redemptions and Exchanges by FisC Agency Dep&rtment •
eil
U. S. Government Direct Obligations .... 879,000
374,648
219,000
316,103
38,000
24,797
213,000
136,505
All O ther................................................
Transfers of Funds.........................................
31,261
1,886,861
33,000
1,588,898
•Includes coupons from obligations guaranteed by the United States.







DIRECTORS
Expiration
Class A
of Term
Business Affiliation
M. 0. Grangaard.........Dec. 31,1937............Vice-President, First National Bank & Trust
Co., Minneapolis, Minnesota
H. R. Kibbee................ Dec. 31,1938........... President, Commercial Trust & Savings Bank,
Mitchell, South Dakota
H. C. Hansen................ Dec. 31,1939______ President, First National Bank, Churchs
Ferry, North Dakota
Class B
W. O. Washburn...........Dec. 31,1937........... President, A. J. Krank Company, St. Paul,
Minnesota
J. E. O’Connell------------ Dec. 31,1938--------- President, Eddy Bakery Company, Helena,
Montana
Albert P. Funk.............Dec. 31,1939........... President, La Crosse Rubber Mills Co.,
La Crosse, Wisconsin
Class C
Geo. W. McCormick..... Dec. 31,1937.......-...Vice President and General Manager,
Superior Sugar Refining Co., Menominee,
Michigan
W. B. Geery...................Dec, 31,1938........... Chairman of the Board and Federal Reserve
Agent, Minneapolis, Minnesota
Vacant ... ...................... Dec. 31,1939...........
OFFICERS
John N. Peyton, President
0 . S. Powell, First Vice-President and
Harry Yaeger, Secretary and
Secretary of Board of Directors
Vice-President
H. I. Ziemer, Vice-President and Cashier
E. W. Swanson, Vice-President
H. C. Core, Assistant Cashier
A. R. Larson, Assistant Cashier
W. E. Peterson, Assistant Cashier
Otis R. Preston, Assistant Cashier
F. C. Dunlop, Auditor
LEGAL COUNSEL
Sigurd Ueland, Counsel
Rolf Ueland, Assistant Counsel
MEMBER OF FEDERAL ADVISORY COUNCIL
John Crosby, Director, General Mills, Inc., Minneapolis, Minnesota
Trustee and Vice-President, Farmers and Mechanics Savings Bank,
Minneapolis, Minnesota
Director, Northwestern National Bank & Trust Co., Minneapolis,
Minnesota
HELENA BRANCH— (MONTANA)
DIRECTORS
R. E. Towle— ................Dec. 31,1937—........Managing Director, Federal Reserve Branch
Bank, Helena, Montana
Peter Pauly.---------------Dec. 31,1937---------.Vice-President, Deer Lodge Bank & Trust Co.,
Deer Lodge, Montana
Vacant ______________ Dec. 31,1937._____
A. R. McDermott--------- Dec. 31,1938--------- Vice-President, Montana National Bank,
Billings, Montana
J. E. O’Connell— — ....Dec. 31,1938........... President, Eddy Bakery Company, Helena.
Montana
OFFICERS
A. A. Hoerr, Cashier

R. E. Towle, Managing Director
C. J. Larson, Assistant Cashier

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