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federal reserve bank of minneapolis Statement of Condition Dec. 31, 1967 ASSETS Total Gold Certificate Account Federal Reserve Notes of other Federal Reserve Banks Other cash Dec. 31, 1968 $ 194,831,289 $ 228,560,805 16,877,035 18,470,218 3,797,561 3,326,349 1,985,000 3,690,000 Discounts and advances Secured by U.S. securities 250,000 Other 952.430.000 1.022.528.000 954.665.000 1.026.218.000 38,496,000 47,403,000 335,563,725 402,980,420 Bank premises 2,889,900 3,293,493 Other assets 6,111,462 9,348,096 1,553,231,972 1,739,600,381 $ 717,489,317 $ 763,734,583 507,167,678 678,097,085 47,854,960 14,974,556 Foreign 3,360,000 5,060,000 Other deposits 4,542,902 5,920,968 562,925,540 704,052,609 238,346,506 233,776,548 6,300,009 9,087,241 1,525,061,372 1,710,650,981 Capital paid in 14.085.300 14.474.700 Surplus 14.085.300 14.474.700 1,553,231,972 1,739,600,381 27.2% 29.9% United States Government securities Total loans and securities Foreign currencies Cash items in process of collection Total Assets LIABILITIES Federal Reserve Notes in actual circulation Deposits: Member banks — reserve accounts United States Treasurer — general account Total deposits Deferred availability cash items Other liabilities Total Liabilities CAPITAL ACCOUNTS Total Liabilities and Capital Accounts Ratio of gold certificate reserves to Federal Reserve Note liabilities Earnings and Expenses 1968 1967 CURRENT EARNINGS 130,987 $ 1,040,781 43,123,987 52,687,916 631,208 1,801,316 43,886,182 55,530,013 7,818,764 8,788,570 Assessment for expenses of Board of Governors 256,100 332,600 Federal Reserve Currency 522,654 325,330 8,597,518 9,446,500 661,356 694,692 7,936,162 8,751,808 35,950,020 46,778,205 15,390 15,878 35,029 181,758 NET EARNINGS BEFORE PAYMENTS TO UNITED STATES TREASURY 36,000,439 46,975,841 PAYMENTS TO U.S. TREASURY 34,637,041 45,726,018 DIVIDENDS PAID 833,048 860,423 TRANSFERRED TO SURPLUS 530,350 389,400 SURPLUS January 1 13,554,950 14,085,300 SURPLUS December 31 14,085,300 14,474,700 $ Discounts and advances United States Government securities All other Total Current Earnings CURRENT EXPENSES Operating Expenses Total Current Expenses Less: reimbursement for certain fiscal agency and other expense Net Expenses CURRENT NET EARNINGS NET ADDITIONS TO CURRENT NET EARNINGS Profits on sales of U.S. Government securities (net) All other Volume of Operations* Number 1967 Dollar Amount 1967 1968 1968 278 679 81,187,301 81,275,819 551,721,000 559,015,322 Coin received and counted 226,927,112 205,497,386 24,830,000 21,585,879 Checks handled, total 210,094,345 246,674,605 60,254,432,000 65,719,369,551 1,003,176 911,339 1,155,032,000 1,122,324,579 Issues, redemptions, exchanges of U.S. Government securities 299,944 339,074 9,408,977,000 11,820,398,480 Securities held in safekeeping 362,633 345,136 1,981,963,000 2,234,402,423 Transfers of funds 171,063 199,698 99,415,234,000 135,158,798,896 Discounts and advances Currency received and counted Collection items handled *A II figures are for Minneapolis and Helena combined. $ 323,498,000 $ 3,357,106,000 Federal Reserve Bank of Minneapolis Head Office Directors Term Expires Dec. 31 Class A — Elected by Member Banks John Bosshard, Executive Vice President, First National Bank, Bangor, Wisconsin 1969 W arren F. Vaughan, President, Security Trust & Savings Bank, Billings, Montana 1970 Gustav A. Dahlen, President, First National Bank, Ironwood, Michigan 1971 Class B — Elected by Member Banks Leo C. Studness, Manager, Studness Company, Devils Lake, North Dakota 1969 Dale V. Andersen, President, Mitchell Packing Company, Mitchell, South Dakota 1970 John H. Bailey, President, The Cretex Companies, Inc., Elk River, Minnesota 1971 Class C — Appointed by Board of Governors David M. Lilly, Deputy Chairman, Chairman of the Board, Toro Manufacturing Company, Minneapolis, Minnesota 1969 Byron W. Reeve, President, Lake Shore, Inc., Iron Mountain, Michigan Robert F. Leach, Chairman, Attorney, Oppenheimer, Hodgson, Brown, Wolff & Leach, St. Paul, Minnesota 1970 1971 Officers H. D. Galusha, Jr., President; M. H. Strothman, Jr., First Vice President; Earl O. Beeth, Assistant Vice President; Carl E. Bergquist, Assistant Vice President; Christopher E. Bjork, General Auditor; Melvin L. Burstein, Assistant General Counsel; Frederick J. Cramer, Vice President; Ralph J. Dreitzler, Vice Presi dent; Leonard W. Fernelius, Assistant Vice President; Kyle K. Fossum, Senior Vice President; Lester G. Gable, Vice President; Thomas E. Gainor, Assistant Vice President and Assistant Secretary; Roland D. Graham, General Counsel and Assistant Secretary; Clarence W. Groth, Senior Vice President; Harold O. Hallin, Emergency Operations Officer; Douglas R. Hellweg, Vice President; LeRoy G. Hughes, Building Officer; Howard L. Knous, Vice President; Arthur I. Lee, Assistant Vice President; Oscar F. Litterer, Assist ant Vice President; John A. MacDonald, Senior Vice President; David R. McDonald, Assistant Vice Presi dent; Clarence W. Nelson, Vice President and Director of Research; William A. O'Brien, Assistant Vice President; John P. Olin, Assistant Vice President and Secretary; Joseph R. Vogel, Chief Examiner; Robert W. Worcester, Vice President Helena Branch Directors Appointed by Board of Governors Term Expires Dec. 31 Edwin C. Koch, Chairman, President, Montana College of Mineral Science and Technology, Butte, Montana 1969 Warren B. Jones, Vice Chairman, Secretary-Treasurer, Two Dot Land & Livestock Company, Harlowton, Montana 1 970 Appointed by Board of Directors, Federal Reserve Bank of Mpls. B. M eyer Harris, President, The Yellowstone Bank, Laurel, Montana C. H. Brocksmith, President, First Security Bank of Glasgow , National Association, Glasgow, Montana 1 Glenn H. Larson, President, First State Bank of Thompson Falls, Thompson Falls, Montana Officers http://fraser.stlouisfed.org/ 2- 1-69 Federal Reserve Bank of St. Louis 1969 970 1970 Clement Van Nice, Senior Vice President; John L. Heath, Assistant Vice President; Richard C. Heiber, Assistant Vice President