The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
48-1 FEDERAL RESERVE BANK OF CLEVELAND Thirty-Third Annual Statement Cleveland 1, Ohio, January 5, 1948 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, 1947, and December 31, 1946, together with a comparison of earnings and expenses for the years 1947 and 1946. President COMPARATIVE STATEMENT OF CONDITION Dec. 31, 1947 1 ^OQ Q31 73Q 1 901 7Sfi 900 21,705,636 1 533 809 3^2 TOTAL GOLD CERTIFICATE RESERVES $1,124,165,685 77,620,515 23,877,613 Gold certificates Redemption fund — Federal Reserve Notes Dec. 31, 1946 $1,434,229,675 75,702,064 ASSETS 1 993 4Q1 S3fi 6,790,037 15,009,500 — 0— .. Other cash TOTAL CASH Discounts and advances Industrial loans ... ... —0— U. S. Government securities : Bills Certificates Notes Bonds . 1,040,322,000 647,980,000 140,776,000 271,995,000 1,452,547,000 632,265,000 29,968,000 63,546,000 TOTAL U. S. GOVERNMENT SECURITIES 2,101,073,000 2,178,326,000 TOTAL LOANS AND SECURITIES 2,107,863,037 2,193,335,500 8,922,000 275,269,967 4,937,527 10,788,765 10,825,000 227,369,064 3,850,003 4,329,335 $3,941,590,648 $3,663,200,738 $2,139,962,405 $2,124,731,210 Deposits : Member bank—reserve account U. S. Treasurer— General account Foreign Other deposits 1,386,872,595 79,221,193 30,597,000 12,185,626 1,199,767,554 32,896,491 44,320,403 10,895,750 TOTAL DEPOSITS. . . 1,508,876,414 1,287,880,198 227,328,373 1,383,680 187,074,871 823,385 3 877 550 872 3 600 509 664 18,842,800 42,172,710 1,005,665 2,018,601 18,304,200 41,393,697 1,007,126 1,986,051 $3,941,590,648 $3,663,200,738 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 Deferred availability items Other liabilities TOTAL LIABILITIES CAPITAL ACCOUNTS Capital paid in Surplus (Section 7) Surplus (Section 13b) Other capital accounts TOTAL LIABILITIES AND CAPITAL ACCOUNTS . . Contingent liability on bills purchased for foreign correspondents . $ Commitments to make industrial loans 228,812 1,642,065 $ 608,836 1,595,750 COMPARISON OF EARNINGS AND EXPENSES For the years 1947 and 1946 1947 $15 189 482 6,277,763 185 070 332 467 147 397 $ 8 743 609 $ 7,010,673 — 0— 1,461— 1,123,392 779,013 $ — o— $ 8,911,617 TOTAL ADDITIONS DEDUCTIONS FROM CURRENT NET EARNINGS 180 206 4864 $ 8,911,617 .... 255 338 43 102 ADDITIONS To CURRENT NET EARNINGS : Profits on sales of U. S. Government Securities All other 8 891 006 255,381 255,483 CURRENT NET EARNINGS $13 873 579 4 982 573 8 911,719 Current earnings Current expenses 1946 $ 8,743,609 Net deductions NET EARNINGS DISTRIBUTION OF NET EARNINGS Paid United States Treasurer (Interest on Federal Reserve Notes) Paid United States Treasurer (Section 13b) Withdrawn from Surplus (Section 13b) Dividends .• Surplus (Section 7) 872 — 0— 1 094 157 7,648,580 NUMBER OF MEMBER BANKS IN OPERATION IN FOURTH DISTRICT, DECEMBER 31, 1947 State Kentucky Ohio— Cincinnati territory Ohio— Cleveland territory Pennsylvania West Virginia National Total 8 26 158 37 5 50 91 149 178 8 58 117 307 215 13 234 476 710 FEDERAL RESERVE BANK OF CLEVELAND DIRECTORS 1948 REYNOLD E- KLAGES (Deputy Chairman) GEO. C. BBAINABD (Chairman) President, Columbus Auto Parts Company President and General Manager Columbus, Ohio Addressograph-Multigraph Corporation Cleveland, Ohio BEN R. CONNBB, President JOHN D. BAINEB, President The First National Bank of Ada The Merchants National Bank and Trust Company Ada, Ohio of Meadville Meadville, Pennsylvania LAWRENCE H. LUND, Vice President and Treasurer Westinghouse Electric Corporation A. Z. BAKER, Pittsburgh, Pennsylvania Chairman of the Board, The Cleveland Union Stock JOHN T. ROHB, President Yards Company, Cleveland, Ohio, and President, The Toledo Trust Company American Stock Yards Association, Cleveland, Ohio Toledo, Ohio JOEL M. BOWLBY, President Eagle-Picher Company Cincinnati, Ohio Ross PIEB WEIGHT, Secretary^Treasurer Reed Manufacturing Company Erie, Pennsylvania OFFICERS RAY M. GIDNEY, President First Vice President PAUL C. STETZELBEEGEE . . . . Assistant Vice President Vice President J. B. ANDBESON Assistant Cashier Vice President C. J. BOLTHOUSE Assistant Cashier G. H. EMDE Assistant Cashier Vice President and Cashier Vice President J. R. LOWE Assistant Cashier Vice President J. M. MILLEE Assistant Cashier Vice President G. R. Ross Assistant Cashier WILBUB T. BLAIB Secretary Assistant Vice President C. F. EHNINGEE Auditor Assistant Vice President Assistant Vice President L. M. HOSTETLEE Manager, Research Department WM. H. FLETCHEE W. P, FULTON JOHN W. KOSSIN ALFBED H, LANING BENEDICT J. LAZAB MABTIN MOBBISON D. S. THOMPSON RoGEB R. CLOUSE W. L. FINDEISEN H. E. J. SMITH 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 HEBMAN R. NEKF (Chairman) C. F. HOOD, President President, The George S. Rider Company The American Steel and Wire Company of New Jersey Cleveland, Ohio Cleveland, Ohio SAM W. EMEBSON, President H. P. LADDS, President The Sam W. Emerson Company The National Screw and Manufacturing Company Cleveland, Ohio Cleveland, Ohio W. WITHINGTON, Vice President—Manufacturing The American Fork & Hoe Company Cleveland, Ohio CINCINNATI BRANCH PITTSBURGH BRANCH DIRECTORS 1948 DIRECTORS 1948 FEANCIS H. BIBD, (Chairman) Dean, College of Business Administration University of Cincinnati Cincinnati, Ohio WALTEB H. J. BEHM, President The Winters National Bank and Trust Company of Dayton Dayton, Ohio PAUL G. BLAZEH, Chairman of the Board Ashland Oil & Refining Company Ashland, Kentucky NEIL McELBOY, Vice President and General Manager The Procter & Gamble Company Cincinnati, Ohio WALDO E. PIEBSON, President The First National Bank of Cincinnati Cincinnati, Ohio SPEABS TUBLEY, Vice President and Trust Officer State Bank and Trust Company of Richmond, Kentucky Richmond, Kentucky S. HEADLEY SHOUSE Tobacco and livestock raiser Lexington, Kentucky HOWABD W. JOBDAN, (Chairman) President, Pennsylvania Rubber Company Jeannette, Pennsylvania LAUEENCE S. BELL, Executive Vice President The Union National Bank of Pittsburgh Pittsburgh, Pennsylvania R. E. BOWIE, President Security Trust Company Wheeling, West Virginia A. H. BUBCHPIELD, JB., Vice President and General Manager Joseph Home Co. Pittsburgh, Pennsylvania JOSIAH M. KOCH, Vice President Quaker State Oil Refining Corporation Oil City, Pennsylvania ABCHIE J. MCFABLAND, President Wheeling Steel Corporation Wheeling, West Virginia T. C. SWAETS, Executive Vice President Wpodlawn Trust Company Aliquippa, Pennsylvania OFFICERS BENEDICT J. LAZAB HENEY N. OTT PHIL J. GEEBS CLYDE HABBELL RICHABD G. JOHNSON OFFICERS Vice President Cashier Assistant Cashier Assistant Cashier Assistant Cashier JOHN W. KOSSIN ABTHUB G. FOSTEE HUNTEB NOME JOHN A. SCHMIDT ROY J. STEINBEINK Vice President Cashier Assistant Cashier Assistant Cashier Assistant Cashier
