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F E D E R A L R E S E R V E B A N K O F M IN N E A P O LIS February 1, 1938. To the Stockh olders op t h e F e d e r a l R e serv e B a n k of M in n e a p o l i s : We are pleased to present a comparative statement of condition of the Federal Reserve Bank of Minneapolis at the close of business December 31,1937, and December 31, 1936, together with compari son of earnings and expenses and volume of operations in principal departments of the bank for the years 1937 and 1936. Respectfully submitted, President. STATEMENT OF CONDITION RESOURCES Dec. 31,1936 Dec. 31,1937 Gold Certificates on Hand and Due from U. S. Treasury $185,747,038.71 445,958.09 Redemption Fund—F. R. Notes......................................... Other Cash....................................................................... , 9,671,749.67 $175,995,044.65 914,568.48 7,301,328.40 $195,864,746.47 $184,210,941.53 Total Reserves............................... ................ - ........ Bills Discounted: Secured by U. S. Government Obligations direct or fully guaranteed .......... ..................................... Other Bills Discounted................. ............ ................ $ 174,980.81 Total Bills Discounted....... ................................. $ 174,980.81 $ 3,000.00 7,200.00 $ 10,200.00 54,398.87 636,851.23 60,662.78 1,063,812.01 U. S. Government Securities: Bonds ..................... .................................................. $ 24,331,500.00 Treasury N otes......................................................... h. 37,392,000.00 21,285,000.00 Treasury Bills................ ........................................... $ 18,313,000.00 50,051,500.00 22,343,000.00 Total U. S. Government Securities....................... $ 83,008,500.00 $ 90,707,500.00 Total Bills and Securities.—........................ .......-...... $ 83,874,730.91 $ 91,842,174.79 1,986.41 1,920,000.00 18,078,393.63 1,477,340.02 1,337,855.54 2,991.32 1,740,000.00 18,536,190.61 1,487,513.72 232,339.57 Total Resources................................................. $302,555,052.98 $298,052,151.54 LIABILITIES Federal Reserve Notes in Actual Circulation...... .............. $137,569,170.00 $136,096,365.00 Deposits: Member Bank—Reserve Account.............................. U. S. Treasurer—General Account............................ Foreign Bank............................................................ Other Deposits................................... ....................... 126,011,198.87 4,339,424.48 3,990,198.57 3,227,235.08 120,530,139.28 5,470,909.59 2,376,383.54 5,445,070.43 Total Deposits................................................... $137,568,057.00 $133,822,502.84 Deferred Availability Items............................... .............. Capital Paid in................................................................. Surplus Fund (Section 7)................................................. Surplus Fund (Section 13-B)............................................ Reserves for Contingencies............................................... All Other Liabilities................. ....................................... $ 18,082,089.10 2,893,050.00 3,153,413.69 1,001,162.98 2,110,392.53 177,717.68 $ 18,825,773.16 2.943.050.00 3,116,430.29 1,002,914.21 2.097.232.00 147,884.04 Total Liabilities................................................. $302,555,052.98 $298,052,151.54 Bills Bought in Open Market........ ........ .......................... Industrial Advances r~—...... ........ ................................... Due from Foreign Banks................................................... F. R. Notes of other F. R. Banks....................................... Uncollected Items ............................................................ Bank Premises................................... .............................. . All Other Resources............— ........................................ EARNINGS AND EXPENSES 1937 1,350,358.70 1,052,859.28 1936 $ 1,362,018.36 1,143,188.49 Current Net Earnings............... 297,499.42 $ 218,829.87 Additions to Current Net Earnings : Profits on Sales of U. S. Govern: All Other........................ ......... 82,118.73 85,478.27 $ 689,109.91 106,870.95 Total Additions................ 167,597.00 $ 795,980.86 $ 689,109.91 17,481.26 47,516.18 97,263.93 $ 851,371.28 Deductions from Current Net Earnings: Reserves for Contingencies.......................................... f Special Reserve and Charge-offs on Bank Premises...... $ 41,837.39 Assessment for Building for Board of Governors........ ...........33,087.60 All Other ..................................................................... ......... 98,763.22 Total Deductions................................................... $ Net Deduction from Current Net Earnings......................... 173,688.21 6,091.21 55,390.42 Net Earnings^....... .......,.......... ............. ,,v...................... .ip ^ W l,408.21 163,439.45 fcion 13-B)...U........................... —1,751.23 Paid U. S. Treasurer (Section 13-B)..................................... $16,460.05 Dividends Paid ................................................................... ....... 174,057.31 179,052.04 Transferred to Surplus (Section 7).............................................. 119,102.13^ —32,072.64 t $82,118.73 transferred from surplus (Section 7) to reserves for contingencies.^ VOLUME OF OPERATIONS IN PRINCIPAL DEPARTMENTS 1937 1936 Number Bills Discounted ...... .................. . Industrial Loans: Advances....... Commitments. Amounts (In Thousands) Number Amounts (In Thousands) 232 $ 16,079 39 182 14 124 45,705,410 215,717 22,719,445 2,992 96 $ 550 44 253 27 201 47,802,000 224,935 19,499,000 2,781 32,707,590 5,641,803 32,936,000 5,541,823 Collection Items Handled: U. S. Government Coupons Paid1".......... All Other.............................................. 641,795 820,567 14,188 379,621 691,000 784,000 13,879 377,487 Issues, Redemptions and Exchanges by Fiscal Agency Department: U. S. Government Direct Obligations..... All Other.............................................. 186,502 12,146 216,906 16,246 879,000 38,000 374,648 24,797 31,516 1,988,923 31,261 * Includes coupons from obligations guaranteed by the United States. 1,886,861 Transfers of Funds....................................... DIRECTORS Class A Business Affiliation H. R. Kibbee................................................ President, Commercial Trust & Savings Bank, Mitchell, South Dakota H. C. Hansen............................................... Churchs Ferry, North Dakota M. 0. Grangaard..........................................Vice-President, First National Bank & Trust Co., Minneapolis, Minnesota Class B J. E. O’Connell............................................ President, Eddy’s Bakeries, Inc., Helena, Montana Albert P. Funk............................................ President, La Crosse Rubber Mills Co., La Crosse, Wisconsin W. 0. Washburn............................... .......... President, W. 0. Washburn & Sons, St. Paul, Minnesota Class C W. B. Geery......................... ......................Chairman of the Board and Federal Reserve Agent, Minneapolis, Minnesota Walter C. Coffey......................................... Dean of the College of Agriculture, Forestry and Home Economics, University of Minnesota, St. Paul, Minnesota W. D. Cochran............................................ President, W. D. Cochran Freight Lines, Iron Mountain, Michigan OFFICERS J. N. Peyton, President 0. S. Powell, First Vice-President H. I. Ziemer, Vice-President and Cashier E. W. Swanson, Vice-President & Secretary H. C. Core, Assistant Cashier A. R. Larson, Assistant Cashier Wm. E. Peterson, Assistant Cashier Otis R. Preston, Assistant Cashier T. H. Hodgson, Assistant Counsel AUDITOR F. C. Dunlop 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.................................................. Managing Director, Federal Reserve Branch Bank, Helena, Montana A. R. McDermott..........................................Vice-President, Montana National Bank, Billings, Montana J. E. O’Connell............................... .............President, Eddy’s Bakeries, Inc., Helena, Montana Peter Pauly................................................. Vice-President, Deer Lodge Bank & Trust Co., Deer Lodge, Montana H. D. Myrick................................................ Square Butte, Montana A. A. Hoerr, Cashier OFFICERS R. E. Towle, Managing Director C. J. Larson, Assistant Cashier
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