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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'
ACCOUNT' . . . . . . . ..

OTHER DEPOSITS··········

116,295,676.59

. . . . . . . . . . . . . . . . ..

U. S. TREASURER-GENERAL

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.

1U9

R. P. WRIGHT.

ERIE. PA

1941

PITTSBURGH. PA

J. E. GALVIN.

1940

SHARON. PA

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
.....................••......

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 AND SECRETARY

VICE PRESIDENT

..........•.....................

W. F. TAYLOR .......•..........

ASSISTANT VICE PRESIDENT

ADVISORY

AUDITOR

COUNCIL

PRESIDENT. THE FIRST NATIONAL BANK OF CINCINNATI.

CINCINNATI

.....................•.......

OHIO

BRANCH

DIRECTORS
W. H. COURTNEy

CINCINNATI.

OFFICERS
LEXINGTON. Ky.

B. J. LAZAR ........•••......................

CINCINNATI.

OHIO

J. J. ROWE .................•......•.........

CINCINNATI.
CINCINNATI.

OHIO

CINCINNATI.

OHIO

MANAGING DIRECTOR

OHIO

S. B. SUTPHIN

B. J. LAZAR

ALEXANDER

THOMSON

......•......•.....

PITTSBURGH

H. N. OTT ................••.......••....................

R. G. JOHNSON

ASSISTANT CASHIER

P. J. GEERS

ASSISTANT CASHIER

BRANCH

DIRECTORS
P. A. BROWN

OFFICERS
PITTSBURGH. PA.

S. W. HARPER .....•..............•.........

CASHIER

WHEELING. W. VA.

G. T. LADD ....................•...............

PITTSBURGH. PA.

D. B. CLOUSER

MANAGING DIRECTOR

...................•........•..........

CASHIER

PITTSBURGH. PA.

CLARANCE

P. A. BROWN

STANLEY

H. S. WHERRETT

......•......................

PITTSBURGH. PA.

F. E. COBUN

C. J. BOLTHOUSE

ASSISTANT CASHIER

..........•.............

ASSISTANT CASHIER

39·1