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FEDERAL RESERVE BANK OF CLEVELAND TWENTY-THIRD ANNUAL STATEMENT Cleveland, Ohio, January 7, 1938. To the Stockholders of Federal Reserve Bank of Cleveland: We are pleased to submit a Statement of Condition of Federal Reserve Bank of Cleveland at the close of business December 31, 1937, together with a Statement of Distribution of Net Income for the year. Very truly yours, President. l8-1 STATEMENT OF CONDITION-DECEMBER 31, 1937 ASSETS GOLD CERTIFICATES ON HAND AND DUE FROM $672.135.228.25 U. S. TREASURY' REDEMPTION FUND-F. R. NOTES 659.215.00 . . . . . . . . . . . . 27.622.102.74 OTHER CASH' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. TOTAL RESERVES······ $ 700.416.545.99 $ 251.412.545.16 BILLS AND SECURITIES: BILLS DISCOUNTED FOR MEMBER BANKS·· BILLS BOUGHT IN OPEN MARKET" $ 672.585.66 . . . . . . . . . . . . 268.787.16 INDUSTRIAL ADVANCES· . . . . . . . . . . . . . . . . . . . . . . . 879.672.34 U. S. GOVERNMENT SECURITIES .... 249.591.500.00 . . . . . . . . . . .. TOTAL BILLS AND SECURITIES ...........•.............. UNCOLLECTED ITEMS (CHECKS AND OTHER ITEMS IN PROCESS OF COLLECTION) . . . . . . . . . 6.215.002.41 OTHER ASSETS· . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.058.565.75 BANK PREMISES. LESS RESERVES FOR DEPRECiATION···· ALL 64.245.013.49 •••••••••••• TOTAL ASSETS· $1.028.347.672.80 ..........•............................. LIABILITIES FEDERAL RESERVE NOTES IN ACTUAL CIRCULATION' $ 433.327.600.00 $ 501.702.223.42 DEPOSITS: MEMBER BANKS-RESERVE OTHER DEPOSITS $470.053.619.57 ACCOUNTS' ACCOUNT' . . . . . . . . . 12,477,467.76 . . . . . . . . . . . . . . . . . . . . . . . . 19.171.136.09 U. S. TREASURER-GENERAL TOTAL DEPOSITS' DEFERRED AVAILABILITY ITEMS (CHECKS BEEN DEFERRED ITEMS FOR WHICH CREDIT HAS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61.335.888.20 13.036.550.00 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . •. . . 14.322.789.59 PENDINCl CAPITAL PAID IN········ SURPLUS <SECTION 7) AND OTHER LAPSE 0' SUFFICIENT TIME IN WHICH SURPLUS <SECTION 13B)···················· TO COLLECT THEM) ••••••• 1.007.416.00 . . . . . . . . . . . . . . . . . . 3.415.120.09 RESERVES FOR CONTINGENCIES ALL OTHER LIABILITIES······ TOTAL -=2:..;:o:..;:o:..:.;.o::;.;8::;.;5:;.;.-=5~0 · $1.028.347.672.80 LIABILITIES······· DISTRIBUTION OF NET INCOME-1937 NET INCOME AVAILABLE FOR RESERVES AND DIVIDENDS JANUARY 1. 1937. TO DECEMBER 31. 1937· .•......•........• =$=:::::::,::;.2=3:::::7::.8=3::0:;.3=:3 DISTRIBUTION: DEPRECIATION ALLOWANCES ON BANK PREMISES' ...•.•...... $ 156,769.65 RESERVES FOR CONTINGENCIES ..•....•..•..••............. 294,467.01 DIVIDENDS PAID FOR YEAR 1937· 773.117.33 . . . . . . . . . . . . . . . . . . . . . . . . . . SECTION 13B EARNINGS PAID THE UNITED STATES···· TOTAL ...........•..••..•........................... ......;..;13;;,:.'-'4..;..7..;;;,6;.,;;.3;.,.;;4 =$===' ,=23=7=,8:::3:=O=.3=:3 DIRECTORS AND OFFICERS-1938 DIRECTORS CLASS CLASS A F. F. BROOKS. PITTSBURGH. PA ..............••.......... B. R. CONNER. ADA. OHIO .......•.....•......••..... H. B. McDOWELL. I a38 ; .... 1939 SHARON. PA ...•...•••.....•.•.•....... G. D. CRABBS. CINCINNATI. OHIO ..........•.......•..... 1938 J. E. GALVIN. LIMA. OHIO ...................••............ 1939 ERIE. PA ............••.......••......•..... 1940 R. P. WRIGHT. 1940 CLASS B C E. S. BURKE. JR•• CHAIRMAN OF THE BOARDAND FEDERAL RESERVEAGENT. CLEVELAND. OHIO ... I 938 R. E. KLAGES. COLUMBUS. OHIO ........................•............................................ I 939 G. C. BRAINARD. I 940 DEPUTY CHAIRMAN. YOUNGSTOWN.OHIO ..........•.......••......••......•••..... OFFICERS M. J. FLEMING ..........••.......................... F. J. ZURLINDEN .........•............ C. W. ARNOLD PRESIDENT R. B. HAYS FIRST VICE PRESIDENT ASSISTANT VICE PRESIDENT ASSISTANT VICE PRESIDENTAND SECRETARY W. H. FLETCHER .....•••...••...........•.... VICE PRESIDENT E. A. CARTER ............•..••....•....... ASSISTANT CASHIER G. H. WAGNER .........••..................... VICE PRESIDENT A. G. FOSTER ....•.•••......••......•..... ASSISTANT CASHIER VICE PRESIDENTAND CASHIER H. E. J. SMITH ...•.................•.•..... ASSISTANT CASHIER W. F. TAYLOR ........••........ F. V. GRAYSON .........••.......••....•..•.....•...... MEMBER, FEDERAL L. B. WILLIAMS. ADVISORY AUDITOR COUNCIL CHAIRMAN OF THE BOARD. THE NATIONAL CITY BANK OF CLEVELAND. CLEVELAND. OHIO CINCINNATI BRANCH OFFICERS DIRECTORS W. H. COURTNEY LEXINGTON. Ky. B. J. LAZAR .......•.••.••....•..•.•......... CINCINNATI. OHIO J. J. ROWE ...............••.••.............. CINCINNATI. OHIO S. B. SUTPHIN CINCINNATI. OHIO ALEXANDER ...............•.......•...... THOMSON ....••.....•....... CINCINNATI. OHIO PITTSBURGH B. J. LAZAR .....•........................ H. N. OTT. .•........•......•..••......••......•......... ASSISTANT CASHIER P. J. GEERS .................•.....•....... ASSISTANT CASHIER BRANCH OFFICERS PITTSBURGH. PA. S. W. HARPER ..........••......•........... WHEELING. W. VA. G. T. LADD .....................••..•.......... PITTSBURGH. PA. CLARANCE PITTSBURGH. PA. H. S. WHERRETT ....•........••......•....... CASHIER R. G. JOHNSON ......•.•.................. DIRECTORS P. A. BROWN ...............•................. STANLEY ..........••......•..... MANAGING DIRECTOR PITTSBURGH. PA. P. A. BROWN .•........................... D. B. CLOUSER •.•..•...•......••.•....•............... MANAGING DIRECTOR CASHIER F. E. COBUN ......•..•....••........•..... ASSISTANT CASHIER C. J. BOLTHOUSE ASSISTANT CASHIER ............•...........
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