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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