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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 Gold Certificates on Hand and Due from U. S. Treasury... Redemption Fund—F. E. Notes_______________________ Other Cash__________________________ ______________ 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 $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 FisCeil Agency Dep&rtment • 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
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