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60-1

FEDERAL RESERVE BANK OF CLEVELAND

Thirty-Fifth Annual Statement

Cleveland 1, Ohio, January 5, 1950

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
30, 1949, and December 31, 1948, together with a comparison of earnings
and expenses for the years 1949 and 1948.

President

COMPARATIVE STATEMENT OF CONDITION

Dec. 30, 1949

Dec. 31, 1948

$1,539,111,108
59,126,739

$1 442 156 161
75 340 105

TOTAL GOLD CERTIFICATE RESERVES

1,598,237,847
21,343,444

1 517 496,266
22 366 932

TOTAL CASH

1 619,581,291

1 539,863,198

6,849,000
750

17,706,500
—0 —

445,406,000
578,791,000
51,852,000
665,696,000

526,077,000
582,657,000
75,790,000
1,052,386,000

TOTAL U. S. GOVERNMENT SECURITIES

1 741,745,000

2 236 910 000

TOTAL LOANS AND SECURITIES

1 748,594,750

2 254,616,500

10,825,000
267 302 201
4,935,667
9,252,016

10,514,500
290 167 176
4,867,126
14,213,471

$3 660 490,925

$4 114 241 971

$2 050,079,320

$2 144 650,175

1 185,987,074
66,722,465
69,975,200
9,161,664

1,510,026,621
104,468,955
58,484,400
12,347,294

1 331 846,403

1 685 327,270

201,506,111
978,602

213,207,310
1,085,994

3 584 410 436

4 044 270,749

19 431 900
45,956,798
1,005,665
9,686,126

19,072,750
43,967,550
1,005,665
5,925,257

TOTAL LIABILITIES AND CAPITAL ACCOUNTS. . $3,660,490,925

$4,114,241,971

ASSETS

Gold certificates
Redemption fund for Federal Reserve notes
Other 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
Foreign
Other deposits
TOTAL DEPOSITS
Deferred availability items
Other liabilities

..

.

TOTAL LIABILITIES
CAPITAL ACCOUNTS

Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Other capital accounts

....
..
.

Contingent liability on acceptances purchased for foreign
correspondents .

$

966,768

$

306,288

Commitments to make industrial loans

$

886,019

$

968,821

COMPARISON OF EARNINGS AND EXPENSES
For the years 1949 and 1948

1949
Current earnings.
Current expenses.

1948

$29,331,256
7,186,175
22,145,081

22,507,639

2,961,697
107,433

596,016
69

3,069,130

596,085

404,108

109,899

2,665,022
3,760,963
17,903,138

486,186
3,906,750
16,153,370

3,146,002
1,156,754

2,933,705
1,138,865

$ 1,989,248

CURRENT NET EARNINGS.

$29,265,175
6,757,536

$ 1,794,840

ADDITIONS To CURRENT NET EARNINGS :
Profits on sales of U. S. Government securities (net).
All other.
TOTAL ADDITIONS
DEDUCTIONS FROM CURRENT NET EARNINGS .
Net additions
Transferred to reserves for contingencies
Paid U. S. Treasury (interest on outstanding F. R. notes).
Net earnings after reserves and payments to U. S. Treasury... .
Dividends paid
Transferred to surplus (Section 7).

NUMBER OF MEMBER BANKS IN OPERATION IN FOURTH DISTRICT, DECEMBER 31, 1949

State
Kentucky
Ohio— Cincinnati territory
Ohio — Cleveland territory
Pennsylvania
West Virginia

National

Total

8
26
157
38
5

50
91
150
168
7

58
117
307
206
12

234

466

700

FEDERAL RESERVE BANK OF CLEVELAND
DIRECTORS 1950
A. Z. BAKER (Deputy Chairman)
GEO. C. BBAINAKD (Chairman)
President and General Manager
Chairman of the Board, The Cleveland Union Stock Yards
Company, Cleveland, Ohio and President, American
Addressograph-Multigraph Corporation
Stock Yards Association, Cleveland, Ohio
Cleveland, Ohio
EDWARD C. DOLL, President
Lovell Manufacturing Company
Erie, Pennsylvania

C. L. AUSTIN, Executive Vice President
Jones & Laughlin Steel Corporation
Pittsburgh, Pennsylvania
JOHN D. BAINER, President
The Merchants National Bank and Trust Company
of Meadville
Meadville, Pennsylvania
JOEL M. BOWLBY, Chairman of the Board
The Eagle-Picher Company
Cincinnati, Ohio
BEN R. CONNER, President
The First National Bank of Ada
Ada, Ohio

JOHN T. ROHR, President
The Toledo Trust Company
Toledo, Ohio
LEO L. RUMMELL, Dean
College of Agriculture
The Ohio State University
Columbus, Ohio

OFFICERS

WM. H. FLETCHER
ROGER R. CLOUSE
W. D. FULTON
JOHN W. KOSSIN
ALFRED H. LANING
MARTIN MORRISON
PAUL C. STETZELBEHGER
DONALD 8. THOMPSON
H. E. J. SMITH
C. J. BOLTHOUSE

RAY M. GIDNEY, President
P. B. DIDHAM
First Vice President
G. H. EMDE
Vice President
J. R. LOWE
Vice President
JOSEPH M. MILLER
Vice President
G. R. Ross
Vice President and Cashier
WILBUR T. BLAIR
Vice President
H. B. FLINKEHS
Vice President
H. M. BOYD
Vice President
C. F. EHNINGER
Assistant Vice President
L. M. HOSTETLER
Assistant Cashier

Assistant Cashier
Assistant Cashier
Assistant Cashier
Assistant Cashier
Assistant Cashier
Counsel and Secretary
Assistant Secretary
Chief Examiner
Auditor
Manager, Research Department

MEMBER, FEDERAL ADVISORY COUNCIL

SIDNEY B. CONGDON, President, The National City Bank of Cleveland, Cleveland, Ohio
INDUSTRIAL ADVISORY COMMITTEE

HERMAN R. NEFF (Chairman)
President
The George S. Rider Company—Engineers
Cleveland, Ohio
SAM W. EMERSON, President
H. P. LADDS, President
The Sam W. Emerson Company
The National Screw and Manufacturing Company
Cleveland, Ohio
Cleveland, Ohio
C. F. HOOD, President
W. WITHINGTON, Director
Carnegie-Illinois Steel Corporation
True Temper Corporation
Pittsburgh, Pennsylvania
Cleveland, Ohio
CINCINNATI BRANCH
DIRECTORS 1950
PAUL G. BLAZER (Chairman)
Chairman of the Board
Ashland Oil & Refining Company
Ashland, Kentucky
WALTER H. J. BEHM, President
The Winters National Bank and Trust Company of Dayton
Dayton, Ohio
HENRY C. BESUDEN
Farmer
Winchester, Kentucky
STERLING B. CRAMER, First Vice President
The Fifth Third Union Trust Company
Cincinnati, Ohio
ERNEST H. HAHNE, President
Miami University
Oxford, Ohio
JOSEPH B. HALL, President
The Kroger Company
Cincinnati, Ohio
SPEARS TUHLEY, Vice President and Trust Officer
State Bank and Trust Company of Richmond, Kentucky
Richmond, Kentucky

PITTSBURGH BRANCH
DIRECTORS 1950

A. H. BURCHFIELD (Chairman)
President and General Manager
Joseph Home Co.
Pittsburgh, Pennsylvania
JOHN BARCLAY, JR., President
Barclay-Westmoreland Trust Company
Greensburg, Pennsylvania
LAURENCE S. BELL, Executive Vice President
The Union National Bank of Pittsburgh
Pittsburgh, Pennsylvania
MONTFORT JONES
Professor of Finance
The University of Pittsburgh
Pittsburgh, Pennsylvania
JOSIAH M. KOCH, Vice President
Quaker State Oil Refining Corporation
Oil City, Pennsylvania
T. C. SWARTS, Executive Vice President
Woodlawn Trust Company
Aliquippa, Pennsylvania
SIDNEY A. SWENSBUD, President
Gulf Oil Corporation
Pittsburgh, Pennsylvania
OFFICERS

OFFICERS

W. D. FULTON
HENRY N. OTT
PHIL J. GEEHS
CLYDE HABRELL
RICHARD G. JOHNSON

.

Vice President
Cashier
Assistant Cashier
Assistant Cashier
Assistant Cashier

JOHN W. KOSSIN
ARTHUB G. FOSTER
W. H. NOLTE
JOHN R. PEICE
JOHN A. SCHMIDT
ROY J. STEINBRINK

Vice President
Cashier
Assistant Cashier
Assistant Cashier
Assistant Cashier
Assistant Cashier


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102