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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 L IS January 15, 1945. To the Stockholders F e d e r a l R eserve B a n k of th e of M in n e a p o l is : We present a comparative statement of condition of the Federal Reserve Bank of Minneapolis at the close of business December 31, 1944, and December 31, 1943, together with comparison of earnings and expenses and volume of operations in principal departments of the bank, and other pertinent data for the years 1944 and 1943. Respectfully submitted, President. Statem ent of Condition Assets Dec. 31,1944 Gold Certificates on Hand and Due from U. S. Treasury...... $345,552,530.71 14,820,114.68 Redemption Fund— F. R. Notes................................................ 5,932,746.83 Other C ash.................................................................................. Dec. 31,1943 $365,112,149.78 8,625,304.42 9,777,304.41 Total Reserves .................................................................... $366,305,392.22 $383,514,758.61 Bills Discounted ................... ... ............... .......... ...... ......—. 0 0 Industrial Advances ................................................................. 0 $ 178,129.03 U. S. Government Securities: Bonds .................................................................................. $ 22,553,000.00 N otes.................................................................................... 28.444.000.00 Certificates of Indebtedness...................................... ...... 88.636.000.00 B ills...................................................................................... 326,202,000.00 $ 60,270,000.00 25.074.000.00 91.258.000.00 181,594,000.00 Total U. S. Government Securities.......................... $465,835,000.00 Total Bills and Securities.................................. $465,835,000.00 $358,196,000.00 $358,374,129.03 Due from Foreign Banks......................................................... $ 2,983.97 F. R. Notes of Other F. R. Banks................ ............................. 3,913,100.00 44,130,376.24 Uncollected Items ...................................................................... Bank Premises............................... ............................................ 1,251,622.25 Other Assets .............................................................................. 1,274,343.69 $ 2,419.52 3,291,050.00 36,278,507.81 1,280,468.69 2,161,432.86 Total A ssets........................................................................ $882,712,818.37 $784,902,766.52 Liabilities Federal Reserve Notes in Actual Circulation.......................... $475,793,675.00 $385,761,160.00 Deposits: Member Bank—Reserve Account...................................... $317,789,301.89 U. S. Treasurer— General Account.................................. 15,877,075.71 Foreign B ank................... ................................................ . 25,432,301.62 Other Deposits................................................................... 2,108,879.29 $295,469,687.76 25,045,179.66 27,852,622.78 10,051,828.93 Total Deposits ........................................................... $361,207,558.51 $358,419,319.13 Deferred Availability Items...................................................... $ 32,597,135.85 Other Liabilities ....................................................................... 229,893.22 $ 29,290,107.82 165,690.41 Total Liabilities.................................................................. $869,828,262.58 $773,636,277.36 Capital Accounts Capital Paid In............................... ............................................ $ Surplus (Section 7 ).................................................................... Surplus (Section 13b)................................................................ Other Capital Accounts.............................................................. 3,500,550.00 4,949,737.28 1,072,621.34 3,361,647.17 Total Liabilities and Capital Accounts............................ $882,712,818.37 $ 3,235,500.00 3,669,040.63 1,000,301.36 3,361,647.17 $784,902,766.52 Earnings and Expenses Earnings from : Discounted B ills................................... ............................... United States Government Securities............................... Industrial Advances ........................................................... All Other ............................................................................. 1944 18,548.70 2,665,716.86 3,979.12 4,542.55 Total Current Earnings............................................... 2,692,787.23 $ 1,995,458.51 Expenses: Net Operating Expenses........... ................................................. 1,132,872.65 $ 1,099,098.40 Assessment for Expenses of Board of Governors of the Federal Reserve System..................................................... 49,460.76 Federal Reserve Currency: Original C o s t........................................... ................ .......... -? Cost of Redemption.... ................................... ................... $ 1943 564.04 1,977,717.49 5,668.86 11,508.12 53,062.27 115,984.15 6,953.38 $ 102,991.44 6,856.83 1,305,270.94 $ 1,262,008.94 Current Net Earnings............................................................... .$ 1,387,516.29 $ 733,449.57 Additions to Current Net Earnings: Profits on Sales of U. S. Government Securities.......... -? All Other .............................. ................. ........................... 99,776.70 92,442.43 $ 1,083,198.54 4,364.34 Total ............................. .............................................. -$ 192,219.13 ? 1,087,562.88 Deductions from Current Net Earnings: Losses and Reserves for Losses on Industrial Advances All Other............................................ ................................. 0 405.11 $ 4,800.00 331,920.57 Total ............................................................................ 405.11 $ 336,720.57 Net Additions to Current Net Earnings.................................. 191,814.02 ? 750,842.31 Net Earnings....................................... ................. .................... 1,579,330.31 § 1,484,291.88 Dividend Paid ..................... ...................................................... Paid to U. S. Treasurer (Section 13b)............. .................... . Transferred to Surplus (Section 13b)................................. . Transferred to Surplus (Section 7 ).......................................... 206,158.74 20,154.94 72,319.98 1,280,696.65 $ 190,924.19 147.39 2.49 1,293,217.81 Surplus Account (Section 7) Balance at Close of Previous Year............................................. $ 3,669,040.63 1,280,696.65 Transferred from Profits of Year........................... ................. 0 Transferred to Reserves for Contingencies..................... ......... $ 8,220,822.82 1,293,217.81 845,000.00 4,949,737.28 $ 8,669,040.63 Surplus Account (Section 13b) Balance at Close of Previous Year............................................. $ 1,000,301.36 Transferred to Surplus (Section 13b)....................................... 72,319.98 $ 1,000,298.87 2.49 1,072,621.34 $ 1,000,301.36 Total Current Expenses................ ........................... Balance at Close of Year.................................................... -$ Balance at Close of Year.......................... ......................... -$ Volume of Operations in Principal Departments 1943 1944 Loans and Discounts i Bills Discounted: Applications ........................................... Notes Discounted ................................. Advances M ad e..................................... Amount (In Thousands) Number Industrial Advances: Advances Made ..................................... Commitments to Make Industrial Advances......................................... Amount (In Thousands) Number 3,330 60 3,330 68$ 329,280 2 1,200 68 329,280 21$ 4 21 46 896 34 594 0 0 0 0 Currency and Coin: Currency Received and Counted................. 46,715,078 $ 250,655 Coin Received and Counted........................... 33,155,795 2,472 42,421,647 $ 234,108 39,119,493 2,393 Check Collection: U. S. Government Checks............................. 7,189,985 $1,930,181 0 0 Work Relief Checks....................................... Other Checks................................................. 34,770,857 10,707,866 5.908,916 $1,866,989 1,581 49,000 33,273,368 10,353,509 Noncash Collection: Grain D rafts................................................... Country and Other City Collections........... United States Government Coupons Paid: Coupons from U. S. Government Direct Obligations ............................................. Coupons from Issues of Other U. S. Government Agencies ......................... 799,351 $ 544,144 115,133 286,184 866,730 $ 529,455 128,060 256,011 456,073 $ 382,824 $ 67,486 29,443 821 Issues, Redemptions and Exchanges by Fiscal Agency Department: U. S. Government Direct Obligations......... 10,291,133 $4,460,963 Other U. S. Government Agencies............... 49,718 49,173 114,910 19,331 1,629 8,637,006 $3,731,441 3,243 7,028 Transfers of Funds............................................... 32,188 $4,478,307 30,677 $4,243,490 Safekeeping—Member Banks: Amount of Securities Held in Custody for Member Banks on Last Day of Year.... Number of Coupons Cut from Securities Held for Member Banks....................... $ 882,482 $ 759,098 Purchase and Sale of Securities for Account of Banks Located in the Ninth Federal Re serve D istrict................................................. 275,454 250,275 5,213$ 499,292 4,585 $ 373,210 Personnel December 31, 1944 Head Office Number of Officers and Employees at End of Year: Officers ................................................... ....... 18 Employees ..................................................... 730 Employees who have entered the Armed Forces ------------ ---------------------------------Died in Service................... ............ .............. 105 3 Helena Branch Total 2 79 20 809 14 0 119 3 State Banks Which Became M em bers During 1944 MINNESOTA WISCONSIN FIRST STATE BANK OF MERIDEN M eriden, Minnesota PEOPLES STATE BANK OF BLOOMER Bloomer, Wisconsin LIBERTY STATE BANK St. Paul, Minnesota STATE BANK OF BOYD Boyd, Wisconsin MONTANA EXCHANGE STATE BANK OF GLENDIVE G lendive, Montana CITIZENS STATE BANK Cadott, Wisconsin STATE BANK OF FLORENCE Florence, Wisconsin MILES CITY BANK M iles City, Montana IRON EXCHANGE BANK Hurley, Wisconsin FLINT CREEK VALLEY BANK Philipsburg, Montana THE FIRST STATE BANK OF THOMPSON FALLS Thompson Falls, Montana LAONA STATE BANK Laona, Wisconsin KOOTENAI VALLEY STATE BANK Troy, Montana FARMERS AND MERCHANTS STATE BANK Stanley, Wisconsin SOUTH DAKOTA MINERS AND MERCHANTS SAVINGS BANK Lead, South Dakota UNION STATE BANK OF WEST SALEM W est Salem , Wisconsin -------------------- I> -------------------- Num ber of Mem ber Banks Number of Member Banks at end of Year: National Banks ............................................. ..................... State Banks ................................................... ..................... 1944 1943 356 I ll 359 96 467 455 Changes during the year 1944: New National Banks Organized................. ..................... ..................... State Banks Admitted to Membership 1 16 2 National Banks Succeeded by Non-member State Banks National Banks Liquidated........................... ..................... State Member Bank Converted to National Bank........... National Banks Absorbed by Non-member Banks......... 17 1 2 1 1 2 1 Net Increase in Number of Member Banks................... 5 12 1 1 0 0 0 0 Number of Member Banks in each State or part of State, in the Ninth Federal Reserve Dis trict at the end of Year 1944: Michigan......................... .................. ............. Minnesota.—................................................. Montana........................................................... North Dakota.................................................. South Dakota................................................ . Wisconsin......................................................... National Banks 26 184 41 42 36 27 356 State Banks 15 25 33 0 24 14 111 Total 41 209 74 42 60 41 467 Description of Ninth Federal Reserve District Michigan (northern peninsula) ........ .............. .............. Counties of— Alger Baraga Chippewa Delta Dickinson Gogebic Houghton Iron Nov. 1, 1943 Population 16,538 265,221 80,009 146,316 70,054 76,536 22,851 2,525,558 470,033 536,510 544,866 503,422 412,304 4,845,610 Keweenaw Luce Mackinac Marquette Menominee Ontonagon Schoolcraft Minnesota .................................................................. ................. Montana ...................................................................................... North D akota................................ .............. - ............................. South D akota.................... ........ ................................................. Wisconsin (northern part)........................................................ Counties of— Ashland Barron Bayfield Buffalo Burnett Chippewa Douglas Dunn Eau Claire Florence Forest Iron La Crosse Land Area (Square Miles) Lincoln Oneida Pepin Pierce Polk Price Rusk St. Croix Sawyer Taylor Trempealeau Vilas Washburn Total........ .............. Ninth Federal Reserve District Directors W a l t e r C. C o f f e y President, University of Minnesota, Minneapolis, Minnesota Chairman of the Board and Federal Reserve Agent R o g e r B. S h ep ard President, Finch, Van S ly ck & McConville St. Paul, Minnesota Deputy Chairman P. C l a r k Chairman of the Board, West Publishing Company St. Paul, Minnesota C. L a n g e President, Chippewa Canning Company Chippewa Falls, Wisconsin H om er R ay W. D. C o c h r a n Cochran Freight Lines Iron Mountain, Michigan F. D. M c C a r t n e y Vice President, First National Bank Oakes, North Dakota S h i r l e y S. F ord J. R . M c K n i g h t President, Pierre National Bank Pierre, South Dakota President, Northwestern National Bank Minneapolis, Minnesota J. E. O ’ C o n n e l l President, Eddy’s Bakeries Helena, Montana Officers J. N. P e y to n , 0 . S. P o w e l l , President First Vice President A. R. L a r s o n , Assistant Cashier Wm. E. P e t e r s o n , Assistant Cashier W. H. T u r n e r , Assistant Cashier R. D. B a k e r , Assistant Cashier M . E. L y s e n , Operating Research O fficer 0 . W. O h n s t a d , Auditor M . H . S t r o t h m a n , J r ., Assistant Counsel Vice President and Counsel Vice President I. Z ie m e r , Vice President R. U p g r e n , V ice President and Economist R. P r e s t o n , Vice President W. M i l l s , Cashier C. C ore , Personnel O fficer G. M c C o n n e l l , Assistant Vice President B. L a r s o n , Assistant Vice President S ig u rd U e l a n d , E. H. A. 0. A. H. H. E. W. Sw an son , Helena Branch (Montana) Directors R. B. R i c h a r d s o n President, Western Life Insurance Company M a lc o lm H o ltz Great Falls, Montana Helena, Montana P eter P a u l y P. B. M c C l i n t o c k Cashier, Farmers National Bank Chinook, Montana R. E. President, Deer Lodge Bank and Trust Co. Deer Lodge, Montana T o w le , Managing Director Officers R. E. T o w le , Managing Director C. J. L a rson , Assistant Manager M em ber of Federal Advisory Council J u li a n B . B a ir d Vice President, First National Bank Saint Paul, Minnesota
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