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FEDERAL RESERVE BANK OF CLEVELAND
TWENTY-THIRD

ANNUAL STATEMENT

Cleveland, Ohio, January

7, 1938.

To the Stockholders of
Federal Reserve Bank of Cleveland:
We are pleased to submit a Statement of Condition of Federal
Reserve Bank of Cleveland at the close of business December 31,
1937, together with a Statement

of Distribution

of Net Income

for the year.
Very truly yours,

President.

l8-1

STATEMENT OF CONDITION-DECEMBER

31, 1937

ASSETS
GOLD CERTIFICATES ON HAND AND DUE FROM

$672.135.228.25

U. S. TREASURY'
REDEMPTION FUND-F.

R. NOTES

659.215.00

. . . . . . . . . . . .

27.622.102.74

OTHER CASH' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..

$

700.416.545.99

$

TOTAL RESERVES······

251.412.545.16

BILLS AND SECURITIES:
BILLS

BOUGHT IN OPEN MARKET"

$

DISCOUNTED FOR MEMBER BANKS··

BILLS

672.585.66

. . . . . . . . . . . .

268.787.16

INDUSTRIAL ADVANCES· . . . . . . . . . . . . . . . . . . . . . . .

879.672.34

U. S. GOVERNMENT SECURITIES ....

249.591.500.00

. . . . . . . . . . ..

TOTAL BILLS AND SECURITIES ...........•..............
UNCOLLECTED ITEMS

(CHECKS

AND

OTHER

ITEMS

IN

PROCESS

OF COLLECTION)

. . . . . . . . .

6.215.002.41

OTHER ASSETS· . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6.058.565.75

BANK PREMISES. LESS RESERVES FOR DEPRECiATION····
ALL

64.245.013.49

••••••••••••

TOTAL

ASSETS·

$1.028.347.672.80

..........•.............................

LIABILITIES
$

433.327.600.00

$

FEDERAL RESERVE NOTES IN ACTUAL CIRCULATION'

501.702.223.42

DEPOSITS:
MEMBER BANKS-RESERVE

$470.053.619.57

ACCOUNTS'
ACCOUNT' . . . . . . . . .

12,477,467.76

. . . . . . . . . . . . . . . . . . . . . . . .

19.171.136.09

U. S. TREASURER-GENERAL
OTHER DEPOSITS
TOTAL DEPOSITS'

DEFERRED AVAILABILITY ITEMS (CHECKS
BEEN

DEFERRED

ITEMS

FOR WHICH

CREDIT

HAS

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

61.335.888.20
13.036.550.00

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . •. . .

14.322.789.59

PENDINCl

CAPITAL PAID IN········
SURPLUS <SECTION 7)

AND OTHER

LAPSE

0'

SUFFICIENT

TIME

IN WHICH

SURPLUS <SECTION 13B)····················

TO COLLECT

THEM)

•••••••

1.007.416.00

. . . . . . . . . . . . . . . . . .

3.415.120.09

RESERVES FOR CONTINGENCIES
ALL

OTHER LIABILITIES······
TOTAL

-=2:..;:o:..;:o:..:.;.o::;.;8::;.;5:;.;.-=5~0

·

$1.028.347.672.80

LIABILITIES·······

DISTRIBUTION OF NET INCOME-1937
NET INCOME AVAILABLE FOR RESERVES AND DIVIDENDS
JANUARY 1. 1937.

TO DECEMBER 31. 1937·

.•......•........•

=$=:::::::,::;.2=3:::::7::.8=3::0:;.3=:3

DISTRIBUTION:
DEPRECIATION ALLOWANCES ON BANK PREMISES' ...•.•......

$

156,769.65

RESERVES FOR CONTINGENCIES ..•....•..•..••.............

294,467.01

DIVIDENDS PAID FOR YEAR 1937·

773.117.33

. . . . . . . . . . . . . . . . . . . . . . . . . .

SECTION 13B EARNINGS PAID THE UNITED STATES····
TOTAL

...........•..••..•...........................

......;..;13;;,:.'-'4..;..7..;;;,6;.,;;.3;.,.;;4

=$===' ,=23=7=,8:::3:=O=.3=:3

DIRECTORS AND OFFICERS-1938
DIRECTORS
CLASS

CLASS

A

F. F. BROOKS. PITTSBURGH. PA ..............••..........
B. R. CONNER.

ADA. OHIO .......•.....•......••.....

H. B. McDOWELL.

G. D. CRABBS. CINCINNATI. OHIO ..........•.......•.....

1938

J. E. GALVIN.

I a38
; .... 1939

SHARON. PA ...•...•••.....•.•.•.......

B

LIMA. OHIO ...................••............

1939

ERIE. PA ............••.......••......•.....

1940

R. P. WRIGHT.

1940

CLASS

C

E. S. BURKE. JR•• CHAIRMAN OF THE BOARDAND FEDERAL RESERVEAGENT. CLEVELAND. OHIO ... I 938
R. E. KLAGES. COLUMBUS. OHIO ........................•............................................

I 939

G. C. BRAINARD.

I 940

DEPUTY CHAIRMAN. YOUNGSTOWN.OHIO ..........•.......••......••......•••.....

OFFICERS
M. J. FLEMING ..........••..........................
F. J. ZURLINDEN

.........•............

C. W. ARNOLD

PRESIDENT

R. B. HAYS

FIRST VICE PRESIDENT

ASSISTANT VICE PRESIDENT
ASSISTANT VICE PRESIDENTAND SECRETARY

W. H. FLETCHER .....•••...••...........•....

VICE PRESIDENT

E. A. CARTER ............•..••....•.......

ASSISTANT CASHIER

G. H. WAGNER .........••.....................

VICE PRESIDENT

A. G. FOSTER ....•.•••......••......•.....

ASSISTANT CASHIER

VICE PRESIDENTAND CASHIER

H. E. J. SMITH ...•.................•.•.....

ASSISTANT CASHIER

W. F. TAYLOR ........••........

F. V. GRAYSON .........••.......••....•..•.....•......

MEMBER, FEDERAL
L. B. WILLIAMS.

ADVISORY

AUDITOR

COUNCIL

CHAIRMAN OF THE BOARD. THE NATIONAL CITY BANK OF CLEVELAND. CLEVELAND. OHIO

CINCINNATI

BRANCH
OFFICERS

DIRECTORS
W. H. COURTNEY

LEXINGTON. Ky.

B. J. LAZAR .......•.••.••....•..•.•.........

CINCINNATI. OHIO

J. J. ROWE ...............••.••..............

CINCINNATI. OHIO

MANAGING DIRECTOR

CINCINNATI. OHIO

S. B. SUTPHIN

B. J. LAZAR .....•........................

ALEXANDER

...............•.......•......
THOMSON

....••.....•.......

CINCINNATI. OHIO

PITTSBURGH

H. N. OTT. .•........•......•..••......••......•.........

CASHIER

R. G. JOHNSON ......•.•..................

ASSISTANT CASHIER

P. J. GEERS .................•.....•.......

ASSISTANT CASHIER

BRANCH
OFFICERS

DIRECTORS
P. A. BROWN ...............•.................

PITTSBURGH. PA.

S. W. HARPER ..........••......•...........

WHEELING. W. VA.

G. T. LADD .....................••..•..........

PITTSBURGH. PA.

MANAGING DIRECTOR

PITTSBURGH. PA.

CLARANCE

P. A. BROWN .•...........................

STANLEY ..........••......•.....

H. S. WHERRETT ....•........••......•.......

PITTSBURGH. PA.

D. B. CLOUSER •.•..•...•......••.•....•...............

CASHIER

F. E. COBUN ......•..•....••........•.....

ASSISTANT CASHIER

C. J. BOLTHOUSE

ASSISTANT CASHIER

............•...........


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