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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