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federal reserve bank of minneapolis Statement of Condition ASSETS Dec. 31, 1965 Gold certificate account $ 257,875,971 $ Redemption fund fo r Federal Reserve Notes Dec. 31, 1966 213,129,476 32,328,973 290,204,944 Federal Reserve Notes o f other Federal Reserve Banks Other cash 245,210,056 34,789,700 Total Gold C ertificate Reserves 32,080,580 23,026,300 3,921,190 8,369,759 Discounts and advances Secured by U.S. securities 6,445,000 O ther 943,000 United States G overnm ent securities 3,090,000 285,000 838,909,000 897,249,000 846,297,000 900,624,000 14,448,720 20,980,925 Cash items in process of collection 247,878,689 289,654,074 Bank premises 3,253,593 2,910,223 Total loans and securities Foreign currencies Other assets 6,512,312 Total Assets 1,447,306,148 6,782,992 1,497,558,329 LIABILITIES Federal Reserve Notes in actual circulation $ 700,070,271 $ 706,088,291 Deposits: M em ber banks — reserve accounts 492,566,845 481,663,955 37,300,238 558,859 Foreign 3,450,000 3,840,000 O ther deposits 5,936,270 3,454,098 539,253,353 489,516,912 177,435,139 269,611,547 4,186,585 5,231,679 United States Treasurer — general account Total deposits Deferred a v a ila b ility cash items Other lia b ilitie s Total Liabilities 1,420,945,348 1,470,448,429 CAPITAL ACCOUNTS C apital paid in Surplus 13,180,400 13,180,400 Total Liabilities and Capital Accounts 13,554,950 13,554,950 1,447,306,148 1,497,558,329 41.5% 34.7% Ratio o f gold certificate reserves to Federal Reserve Note lia b ilitie s Ratio o f gold certificate reserves to Federal Reserve Note lia b ilitie s Earnings and Expenses 1966 1965 CURRENT EARNINGS $ Discounts and advances 618,556 $ 686,730 31,622,552 38,020,021 352,488 5 56,907 32,593,596 39,263,658 7,088,329 7,467,532 Assessment fo r expenses o f Board o f Governors 199,400 215,800 Federal Reserve Currency 419,857 517,660 7,707,586 8,200,992 593,493 626,882 7,1 14.093 7,574,1 10 25,479,503 31,689,548 29 — 50,221 34,749 42,714 NET EARNINGS BEFORE PAYMENTS TO UNITED STATES TREASURY 25,514,281 31,682,041 PAYMENTS TO U.S. TREASURY (Interest on Federal Reserve Notes) 23,734,187 30,501,383 759,194 806,108 1,020,900 374,550 SURPLUS Ja nu ary 1 12,159,500 13,180,400 SURPLUS December 31 13,180,400 13,554,950 United States G overnm ent securities A ll other Total Current Earnings CURRENT EXPENSES O p eratin g Expenses Total Current Expenses Less: reim bursem ent fo r certain fiscal agency and other expense Net Expenses CURRENT NET EARNINGS NET ADDITIONS TO CURRENT NET EARNINGS Profits on sales o f U.S. G overnm ent securities (net) A ll other DIVIDENDS PAID TRANSFERRED TO SURPLUS Volume of Operations* D ollar - mounts A N um ber 1965 1965 1966 1966 757 779 $ 2,036,440,000 $ 2,090,733,000 Currency received and counted 72,869,533 77,686,626 507,723,000 543,258,000 Coin received and counted 89,563,723 164,205,291 7,643,000 17,000,000 170,800,416 190,097,527 51,596,023,000 57,534,730,000 1,027,528 1,051,521 767,983,000 1,014,732,000 Issues, redem ptions, exchanges o f U.S. G overnm ent securities 287,299 326,125 9,700,078,000 9,881,422,000 Securities held in safekeeping 341,345 343,758 1,744,923,000 1,741,339,000 Transfers o f funds 132,590 151,525 76,357,220,000 98,290,138,000 Discounts and advances Checks handled, total Collection items handled * A ll fig u re s a r e fo r M in n e a p o lis a n d H e le n a c o m b in e d . Federal Reserve Bank of Minneapolis Head Office Directors Term E xpires Dec. 31 Class A — Elected b y M e m b e r Banks John F. Nash, M in n e s o ta P resident, The A m e ric a n N a tio n a l B ank and Trust C om pany, 1967 St. Paul, C u rtis B. M a te e r, E xecutive Vice P re sid e nt, The Pierre N a tio n a l B ank, P ie rre , South D a ko ta 1968 John B osshard, Executive Vice P resident, First N a tio n a l B ank, B a n g o r, W isco n sin 1969 Class B — Elected b y M e m b e r Banks N e il G. S im pson, P resident, Black H ills P o w e r a n d L ight C o m p a n y , R apid C ity, South D a ko ta 1967 John H. Toole, P resident, Toole a n d Easter Co., M is s o u la , M o n ta n a 1968 Leo C. Studness, M a n a g e r, Studness C o m p a n y , D evils Lake, N o rth D a ko ta 1969 Class C — A p p o in te d b y Board o f G o ve rn o rs B yron W . Reeve, P resident, Lake Shore, Inc., Iron M o u n ta in , M ic h ig a n 1967 R obert F. Leach, D e p u ty C h a irm a n , A tto rn e y , O p p e n h e im e r, H odgson, B ro w n , W o lff & Leach, St. P aul, M in n e so ta 1968 Joyce A . S w a n , C h a irm a n , Executive V ice P re sid e nt a n d T rib u n e , M in n e a p o lis , M in n e so ta P u b lish e r, M in n e a p o lis S tar a n d 1969 Officers H. D. G a lu s h a , Jr., P resident; M . H. S tro th m a n , Jr., First V ice P re sid e nt; Earl O. Beeth, A ssis ta n t Vice P re sid e n t; C arl E. B e rg q u ist, A ssista n t C a sh ie r; Ellen M . B ilsey, A ssista n t S e cre tary; W illia m C. B ro n n er, V ice P re sid e nt; Frederick J. C ra m e r, V ice P re sid e nt; Leonard W . F ern e lius, A s s is ta n t V ice P re sid e nt; K yle K. Fossum, Vice P resident; Lester G. G a b le , C h ie f E x a m in e r, R oland D. G ra h a m , G e n e ra l Counsel a n d A ssista n t S ecretary; Roger K. G ro b e l, V ice P re sid e nt; C la ren ce W . G ro th , V ice P re sid e nt; H a ro ld O. H a llin , A ssista n t C ashier; D o uglas R. H e llw e g , A ssista n t V ice P re sid e nt; LeRoy G. Hughes, B u ild in g O ffic e r; H o w a rd L. Knous, Vice P re sid e nt; O scar F. L itte re r, A ssista n t V ice P re sid e nt; John A. M a c D o n a ld , C ashier; D a vid R. M c D o n a ld , A ssista n t V ice P re sid e nt; C la ren ce W . N e lso n , D ire c to r o f Research; W illia m A. O 'B rie n , A ssista n t V ice P re sid e nt; John P. O lin , A ssista n t V ice P re sid e nt a n d S e cre ta ry; F ra n k lin L. Parsons, Vice P re sid e nt; R obert W . W o rceste r, A s s is ta n t V ice P re sid e nt; R alph J. D re itz le r, G e n e ra l A u d ito r, C h risto p h e r E. B jo rk, A ssista n t G e n e ra l A u d ito r Helena Branch Directors A p p o in te d b y B oard o f G o ve rn o rs Term E xp ire s Dec. 31 E d w in G. Koch, C h a irm a n , President, M o n ta n a C o lle g e o f M in e ra l Science a n d T e ch n o lo g y, B utte, M o n ta n a 1967 C. G. M cC la ve, Vice C h a irm a n , P resident a n d G e n e ra l M a n a g e r, M o n ta n a F lour M ills Co., G re a t Falls, M o n ta n a 1968 A p p o in te d b y Board o f D irectors, F ed e ra l Reserve B ank o f M p ls. B. M e y e r H a rris, P resident, The Y e llo w s to n e B ank, L a u re l, M o n ta n a C. H. B ro cksm ith , P resident, First S e cu rity Bank o f G la s g o w , N a tio n a l A s s o c ia tio n , G la s g o w , M o n ta n a 1968 G le n n H. Larson, P resident, First State Bank o f Thom pson Falls, Thom pson Falls, M o n ta n a Officers 1967 C le m e n t V a n N ice, A s s is ta n t C a sh ie r H e ib e r, Vice P resident; John L. H eath, A ssista n t V ice P re sid e nt; R ichard C. 1968
