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FEDERAL RESERVE BANK OF CLEVELAND TWENTY-FOURTH ANNUAL STATEMENT Cleveland, Ohio, January 5, 1939 To the Stockholders of Federal Reserve Bank of Cleveland: I am pleased to submit a statement of condition of Federal Reserve Bank of Cleveland at the close of business December 31, 1938, together with a statement of earnings and expenses for the year. Very truly yours, President. STATEMENT OF CONDITION-DECEMBER 31, 1938 ASSETS GOLD CERTIFICATES ON HAND AND DUE FROM U.S. '$783,881,297.91 TREASURY' REDEMPTION FUND-F. R. NOTES····· 810,390.00 23,751,047.32 . . . . . . . . . . . . OTHER CASH' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. TOTAL $ 808,442,735.23 RESERVES .................•....................... BILLS AND SECURITIES: BILLS DISCOUNTED FOR MEMBER BANKS" BILLS BOUGHT IN OPEN MARKET $ 50,528.09 617,847.43 257,819,500.00 INDUSTRIAL ADVANCES························ U. S. GOVERNMENT SECURITIES' TOTAL BILLS AND SECURITIES UNCOLLECTED ITEMS 245,040.00 . $ 258,732,915.52 , • 74,508,896.49 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,016,846.02 7,002,004.66 (CHECKS AND OTHER ITEMS IN PROCESS OF COLLECTION) • • • • • • • • • • • • BANK PREMISES, LESS RESERVES FOR DEPRECIATION············· ALL OTHER ASSETS· TOTAL $1,154,703,397.92 ASSETS· LIABILITIES $ 427,467,430.00 FEDERAL RESERVE NOTES IN ACTUAL CIRCULATION' DEPOSITS: MEMBER BANKS-RESERVE $477,880,351.72 ACCOUNTS' U. S. TREASURER-GENERAL OTHER DEPOSITS·········· ACCOUNT' . . . . . . . .. 116,295,676.59 . . . . . . . . . . . . . . . . .. 25,577,440.74 $ TOTAL DEPOSITS·· DEFERRED AVAILABILITY BEEN DEFERRED ITEMS PENDING OTHER LIABILITlES······ TOTAL (CHECKS LAPSE OF AND OTHER SUFfiCIENT ITEMS TIME FOR WHICH IN WHICH CREDIT TO COLLECT 619,753,469.05 HAS THEM) 75,046,512.26 133,518.52 ••••••• . . . . . . . . . . .. •. . . . . . . . . .. . . . . . . . . . . . . -----'--- $1,122,400,929.83 LIABILITIES· CAPITAL ACCOUNT $ CAPITAL PAID IN·············· SURPLUS (SECTION 7)' SURPLUS (SECTION 13.)···· • • • • • • • • • • • • • • • • • • ••••••••••••••••••••• • • • • • • • • • •••••• • • • • • • • •••••• LIABILITIES AND • • • • •••••• • • • • 13,546,000.00 14,322,789.59 1,007,416.00 3,426,262.50 RESERVES FOR CONTINGENCIES TOTAL • CAPITAL ACCOUNT············ '$1,154,703,397.92 STATEMENT OF EARNINGS AND EXPENSES FOR YEAR 1938 $ 3,490,62 1.34 CURRENT EARNINGS···· OPERATING EXPENSES······ $2,506,410.98 ........................•• ASSESSMENT FOR BOARD OF GOVERNORS" •..• 131,743.26 COST OF FEDERAL RESERVE CURRENCY' TOTAL CURRENT EXPENSES······ CURRENT NET ADDITIONS $159,503.41 291,246.67 $ EARNINGS········ TO CURRENT NET PROFITS ON SALES OF OTHER ADDITIONS 2,797,657.65 . . . . . . . . . . . • . . . . • . . • . • • . . . . .. 692,963.69 EARNINGS: U. S. GOVT. SECURITIES .....•• $ 816,488.17 22,459.41 .......•..•....•..••.•.....•.... $ TOTAL ADDITIONS' DEDUCTIONS FROM CURRENT NET 838,947.58 EARNINGS: PRIOR SERVICE CONTRIBUTIONS TO RETIREMENT $ 439,812.00 SYSTEM ..............•••••.••..•............. 22,472.68 OTHER DEDUCTIONS' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TOTAL DEDUCTlONS························ NET ADDITION NET .... $ 462,284.68 376.662.90 TO CURRENT NET EARNINGS' . . . . . . . . • • • . . . . . . . . EARNINGS $1,069,626.59 ..............••••••...................... DISTRIBUTION OF NET EARNINGS $ 20,000.00 RESERVE FOR LOSSES ON INDUSTRIAL ADVANCES PAID TO THE UNITED • • • • • • • • • • • • • • • • • • • • • • • • • 227.04 . •. . . . . •. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 799,145.05 DIVIDENDS PAID' STATES (SECTION RESERVES FOR CONTINGENCIES TOTAL' 138) ........•...................... ................••............................... (SECTION 138)' ••••••• 250,254.50 $ 1.069,626.59 DIRECTORS AND OFFICERS-1939 DIRECTORS CLASS B. R. CONNER. A CLASS ADA. OHIO H. B. McDOWELL. F. F. BROOKS. SHARON. PA PITTSBURGH. PA 1U9 J. E. GALVIN. 1940 R. P. WRIGHT. ERIE. PA 1941 G. D. CRABBS. CINCINNATI. CLASS R. E. KLAGES. LIMA. OHIO 1939 1940 OHIO 1941 C DEPUTY CHAIRMAN. COLUMBUS. OHIO G. C. BRAINARD. J. C. STONE. B 1939 CHAIRMAN OF THE BOARD AND FEDERAL RESERVE AGENT. YOUNGSTOWN. OHIO .. 1940 LEXINGTON. KY 1941 OFFICERS M. J. FLEMING .........••........................... F. J. ZURLINDEN W. H. FLETCHER G. H. WAGNER C. W. ARNOLD PRESIDENT R. B. HAyS FIRST VICE PRESIDENT .....................••...... ..........•..................... W. F. TAYLOR .......•.......... ASSISTANT VICE PRESIDENT AND SECRETARY VICE PRESIDENT E. A. CARTER .................•........... ASSISTANT CASHIER VICE PRESIDENT A. G. FOSTER ..........•.......••......... ASSISTANT CASHIER H. E. J. SMITH ........•.................... AsSISTANT CASHIER VICE PRESIDENT AND CASHIER F. V. GRAYSON .....•......•..................•........ MEMBER, FEDERAL T. J. DAVIS. ASSISTANT VICE PRESIDENT ADVISORY AUDITOR COUNCIL PRESIDENT. THE FIRST NATIONAL BANK OF CINCINNATI. CINCINNATI .....................•....... OFFICERS LEXINGTON. Ky. B. J. LAZAR ........•••...................... CINCINNATI. OHIO J. J. ROWE .................•......•......... CINCINNATI. OHIO S. B. SUTPHIN CINCINNATI. OHIO CINCINNATI. OHIO ALEXANDER THOMSON ......•......•..... PITTSBURGH B. J. LAZAR WHEELING. W. VA. G. T. LADD ....................•............... PITTSBURGH. PA. CLARANCE PITTSBURGH. PA. STANLEY H. S. WHERRETT ......•...................... CASHIER R. G. JOHNSON ASSISTANT CASHIER P. J. GEERS ASSISTANT CASHIER BRANCH OFFICERS PITTSBURGH. PA. S. W. HARPER .....•..............•......... MANAGING DIRECTOR H. N. OTT ................••.......••.................... DIRECTORS P. A. BROWN OHIO BRANCH DIRECTORS W. H. COURTNEy CINCINNATI. PITTSBURGH. PA. P. A. BROWN D. B. CLOUSER MANAGING DIRECTOR ...................•........•.......... F. E. COBUN C. J. BOLTHOUSE CASHIER ASSISTANT CASHIER ..........•............. ASSISTANT CASHIER 39·1
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