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46-1 FEDERAL RESERVE BANK OP CLEVELAND THIRTY-FIRST ANNUAL STATEMENT Cleveland 1, Ohio, January 3,1946 To the Stockholders of the Federal Reserve Bank of Cleveland: There is presented herewith a condensed comparative statement of condition of the Federal Reserve Bank of Cleveland, including its Cincinnati and Pittsburgh branches, at the close of business December 31, 1945, and December 30, 1944, together with a comparison of earnings and expenses for the years 1945 and 1944. President COMPARATIVE STATEMENT OP CONDITION ASSETS Dec. 31, 1945 Dec. 30, 1944 $1,070,132,424 78,030,810 $1,314,818,776 57,693,943 1,148,163,234 15,767,652 1,372,512,719 19,184,405* 1,163,930,886 4,539,000 1,391,697,124 —0— 307,801 1,129,195,000 802,373,000 203,332,000 90,833,000 1,258,178,000 284,067,000 91,164,000 72,283,000 TOTAL U. S. GOVERNMENT SECURITIES 2,225,733,000 1,705,692,000 TOTAL LOANS AND SECURITIES 2,230,272,000 1,705,999,801 10,569,500 217,034,000 3,988,843 6,359,156 6,072,000 272,592,961 4,101,319 4,054,030 $3,632,154,385 $3,384,517,235 $2,096,342,060 $1,893,593,235 1,156,889,039 84,772,939 71,374,651 9,671,650 1,128,014,214 46,016,951 102,885,220 7,662,145 1,322,708,279 1,284,578,530 157,950,062 789,359 160,572,700 826,888 3,577,789,760 3,339,571,353 17,654,050 33,745,117 1,007,126 1,958,332 16,338,400 19,071,302 1,007,126 8,529,054 $3,632,154,385 $3,384,517,235 Gold certificates Redemption fund —Federal Reserve Notes TOTAL GOLD CERTIFICATE RESERVES Other cash TOTAL CASH Discounts and advances Industrial loans , U. S. Government securities : Bills Certificates Notes Bonds Federal Reserve Notes of other banks Checks and other cash items in process of collection Bank premises Other assets TOTAL ASSETS LIABILITIES Federal Reserve Notes Deposits : Member bank—reserve account U S Treasurer— General account . . . Other deposits TOTAL DEPOSITS Deferred availability items Other liabilities TOTAL LIABILITIES CAPITAL ACCOUNTS Surplus (Section 7) Surplus (Section 13b) Other capital accounts TOTAL LIABILITIES AND CAPITAL ACCOUNTS Commitments to make industrial loans *(This amount was a part of total cash reserves on December 30, 1944.) $ 300,000 $50,000 COMPARISON OF EARNINGS AND EXPENSES For the years 1945 and 1944 Current earnings Current expenses 1945 1944 $13,289,223 $ 9,643,754 4,436,638 4 594 526 $ 8,852,585 $ 5,049,228 $ $ . CURRENT NET EARNINGS ADDITIONS To CURRENT NET EARNINGS : Profits on sales of U S. Government Securities .... 336 234 335 184 69,852 All other $ TOTAL ADDITIONS DEDUCTIONS FROM CURRENT NET EARNINGS Net deductions 1 432 406,086 $ 336 616 123,056 $ 407 998 —0— Net additions 71382 283 030 NET EARNINGS —0— $ 9 135 615 $ 4 977 846 DISTRIBUTION OF NET EARNINGS Paid United States Treasurer (Section 13b) Dividends o 7 177 $ 1 025 112 $ Reserves for Contingencies Surplus (Section 7) 967 056 965 184 3 045 fiOfi 8,103 326 $ 9,135,615 $ 4,977,846 RECONCILEMENT OF SURPLUS ACCOUNT (Section 7) SURPLUS ACCOUNT (Section 7): Balance January 1, 1945 $19,071,302 Net Earnings in 1945 8,103,326 Transferred from Reserves for Contingencies: Previously charged to Current Net Earnings 922,976 Previously charged to Surplus 5,647,513 BALANCE DECEMBER 31,1945 $33,745,117 NUMBER OF MEMBER BANKS IN OPERATION IN FOURTH DISTRICT, DECEMBER 31, 1945 Kentucky Ohio— Cincinnati territory Ohio — Cleveland territory Pennsylvania West Virginia ... State National Total 7 27 157 36 5 50 90 150 191 8 57 117 307 227 13 232 489 721 FEDERAL RESERVE BANK OF CLEVELAND DIRECTORS GEO. C. BRAINARD (Chairman) President and General Manager Addressograph-Multigraph Corporation Cleveland, Ohio A. Z. BAKER, President and General Manager The Cleveland Union Stock Yards Company Cleveland, Ohio F. F. BROOKS, President First National Bank at Pittsburgh Pittsburgh, Pennsylvania BEN R. CONNER, President The First National Bank of Ada Ada, Ohio GEORGE D. CRABBS, Industrialist Cincinnati, Ohio REYNOLD E. KLAGES (Deputy Chairman) President, Columbus Auto Parts Company Columbus, Ohio H. B. MCDOWELL, President The McDowell National Bank of Sharon Sharon, Pennsylvania THOMAS E. MILLSOP, President Weirton Steel Company Weirton, West Virginia Ross PIER WRIGHT, Secretary-Treasurer Reed Manufacturing Company Erie, Pennsylvania OFFICERS RAY M. GIDNEY, WM. H. FLETCHER First Vice President JOHN W. KOSSIN Vice President ALFRED H. LANING Vice President and Cashier BENEDICT J. LAZAR Vice President W. F. TAYLOR Vice President ROGER R. CLOUSE . . Assistant Vice Pres. and Secretary W. D. FULTON Assistant Vice President MARTIN MORRISON Assistant Vice President President H. E. J. SMITH J. B. ANDERSON C. J. BOLTHOUSE G. H. EMDE W. L. FINDEISEN PAUL C. STETZELBERGER WILBUR T. BLAIR, JR C. F. EHNINGER Assistant Vice President Assistant Cashier Assistant Cashier Assistant Cashier Assistant Cashier Assistant Cashier Assistant Secretary Auditor MEMBER, FEDERAL ADVISORY COUNCIL J. H. McCoY, President, The City National Bank & Trust Company of Columbus, Columbus, Ohio COUNSEL Squire, Sanders & Dempsey Cleveland, Ohio INDUSTRIAL ADVISORY COMMITTEE C. F. HOOD, President HERMAN R. NEFF, President The American Steel and Wire Company of New Jersey, The George S. Rider Company Cleveland, Ohio Cleveland, Ohio H. P. LADDS, President DAN C. SWANDER, Chairman of the Board The National Screw and Manufacturing Company The Columbian Vise and Mfg. Company Cleveland, Ohio Cleveland, Ohio W. WITHINGTON, Vice President—Manufacturing The American Fork & Hoe Company Cleveland, Ohio CINCINNATI BRANCH FRANCIS H. BIRD, (Chairman) Professor of Commerce, College of Engineering and Commerce University of Cincinnati Cincinnati, Ohio WALTER H. J. BEHM, President The Winters National Bank and Trust Company of Dayton Dayton, Ohio PAUL G. BLAZER, Chairman of the Board Ashland Oil & Refining Company Ashland, Kentucky FREDERICK V. GEIER, President The Cincinnati Milling Machine Company Cincinnati, Ohio WALDO E. PIERSON, President The First National Bank of Cincinnati Cincinnati, Ohio SPEARS TURLEY, Vice President and Trust Officer State Bank and Trust Company of Richmond, Kentucky Richmond, Kentucky S. HEADLEY SHOUSE Tobacco and livestock raiser Lexington, Kentucky HOWARD W. JORDAN, (Chairman) President, Pennsylvania Rubber Company Jeannette, Pennsylvania LAURENCE S. BELL, Executive Vice President Union National Bank of Pittsburgh Pittsburgh, Pennsylvania R. E. BOWIE, President Security Trust Company Wheeling, West Virginia A. H. BURCHFIELD, JR., Vice President Joseph Home Co. Pittsburgh, Pennsylvania ARCHIE J. MCFARLAND, President Wheeling Steel Corporation Wheeling, West Virginia T. C. S WARTS, Executive Vice President Wpodlawn Trust Company Aliquippa, Pennsylvania OFFICERS OFFICERS BENEDICT J. LAZAR HENRY N. OTT SALMON BROWN PHIL J. GEERS RICHARD G. JOHNSON PITTSBURGH BRANCH DIRECTORS DIRECTORS Vice President Cashier Assistant Cashier Assistant Cashier Assistant Cashier JOHN W. KOSSIN Vice President ARTHUR G. FOSTER Cashier CLYDE HARRELL Assistant Vice President HUNTER NOLTE Assistant Cashier JOHN A. SCHMIDT . . . . . . . . . . Assistant Cashier ROY J. STEINBRINK Assistant Cashier
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