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F ederal R eserve B a n k
of

R ic h m o n d

THIRTY-SECOND ANNUAL REPORT
----- Y E A R 1946 -------

R ic h m o n d , V a ., January 8, 1947.

To Member Banks
o f the Fifth Federal Reserve District:
There is submitted herein a comparative statement of the condition of
the Federal Reserve Bank of Richmond at the close of business December
31, 1946, and December 31, 1945, together with a comparative statement of
profit and loss for the years 1946 and 1945, and other operating data.
Very truly yours,

COMPARATIVE STATEMENT OF CONDITION
ASSETS:

December 3 1 , 1946

December 31,1945

Gold certificates .............................................................. ................
............ %
......
Redemption Fund for Federal Reserve notes......................................................

$1,103,169,923.60
59,913,560.44

$1,042,109,699.50
60,083,190.44

T o t a l Gold C e r tific a te R eserves ........................................................

1,163,083,484.04

1,102,192,889.94
18,486,879.77
2,749,000.00

Other cash ........................

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

25,076,433.11

Discounts and advances

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

7,315,500.00

Industrial loans ..............

52,560.98

U. S. GOVERNMENT SECURITIES:
Bills

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

Certificates
Notes

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

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

Bonds .........................................................

799.397.000.00

675,894,000.00

448.280.000.00
21.248.000.00

513,908,000.00
130,229,000.00

45.054.000.00

58,176,000.00

T o t a l U. S. G overn m en t secu rities..

1,313,979,000.00

1,378,207,000.00

T otal lo ans a n d securities ....

1,321,294,500.00

1,381,008,560.98

4,804.72

4,640.76
29,092,240.00

Due from foreign banks .............................
Federal Reserve notes o f other banks .....
Uncollected items ........................................
Bank premises ..............................................
Other assets ....................................................
TOTAL ASSETS

37,399,490.00
227,699,547.96

192,767,213.37

2,686,023.53
2,745,957.58

2,769,184.38
3,954,855.99

2,779,990,240.94

2,730,276,465.19

1,781,923,420.00

1,738,344,400.00

733,111,172.90
13,888,807.70
22,398,483.04

727,246,810.23
42,298,827.03
34,456,728.10

LIABILITIES:
Federal Reserve notes .........................
DEPOSITS:
Member bank— reserve account ....
U. S. Treasurer— general account
Foreign ................................................
Other ....................................................

2,316,102.12

3,758,071.10

771,714,565.76

807,760,436.46

Deferred availability items .

192,134,874.70

155,712,561.18

Other liabilities ...................

384,897.73

338,091.93

2,746,157,758.19

2,702,155,489.57

7,770,750.00
20,676,051.46

15,593,071.87

3,325,263.84
2,060,417.45

2,025,012.31

2,779,990,240.94

2,730,276,465.19

307,691.13
37,206.29

200,000.00

T o t a l D ep osits

TOTAL LIAB ILITIES ....

CAPITAL ACCOUNTS:
Capital paid in ..............
Surplus (Section 7) ....
Surplus (Section 13b) .
Other capital accounts
TOTAL LIAB ILITIES AND CAPITAL ACCOUNTS.....

Contingent liability on Bills Purchased for Foreign Correspondents..
Commitments to make industrial loans ..................................................




7,177,200.00
3,325,691.44

COMPARATIVE PROFIT AND LOSS ACCOUNT
E a r n in g s :
Discounts and advances ........................................................
Interest earned on industrial loans under Section 13b.....
Fees received on commitments to make industrial loans
Interest on United States securities ...................................
Other earnings
__________ ___

1945

1946

$

133,716.82
863.81
1,526.90
y,107,157.86
12,483.23

$

59,277.64
4,530.93
3,510.09
8,686,181.89
10,121.49

Total Current Earnings ..................................................................................

9,255,748.62

8,763,622.04

E xpenses :
Operating expenses (including depreciation on bank premises) after deducting
reimbursements received for certain Fiscal Agency and other expenses...............
Assessments for expenses o f Board o f Governors ..........................................................
Cost of Federal Reserve Currency ....................................................................................

3,188,574.44
105,239.47
359,998.10

2,659,508.10
98,625.22
466,771.59

Total Net Expenses ........................................................................................

3,653,812.01

3,224,904.91

Current Net Earnings ..........................................................................................................

5,601,936.61

5,538,717.13

114,920.10

207,652.87

730.30
3,153.95

44,373.45
2,717.24

Total Additions ..................................................................................................

118,804.35

254,743.56

D e d u c t io n s f r o m C u r r e n t N e t E a r n i n g s :
Retirement System— Salary computation adjustment....................................................
Reserves for contingencies ..................................................................................................
Other deductions .....................................................................................................................

120,162.00
35,847.51
24,292.77

627,297.85
2,624.06

Total Deductions ................................................................................................

180,302.28

629,921.91

Net Deductions ....................................................................................................

61,497.93

375,178.35

5,540,438.68

5,163,538.78

Dividends paid member banks ..............................................................................................
457,886.69
Payment to Treasurer o f U. S. under Section 13b of F. R. A c t ................................................................
Addition to Surplus Account (Section 7) ..........................................................................
5,082,979.59
Addition to Surplus Account (Section 13b) ...................................................................................................
427.60
Deduction from Surplus Account (Section 13b)................ ...............................................

409,879.45
4,153.70
4,713,646.59
35,859.04

A d d it io n s to C u r r e n t N e t E a r n i n g s :
Profits on sales o f U. S. Government securities ..............................................................
Withdrawal from reserves for losses on industrial loans and miscellaneous assets
resulting th erefrom ...............................................................................................................
Other additions .........................................................................................................................

A v a i l a b l e f o r d iv id en d s, p a y m e n t t o T r e a s u r e r o f U. S. u n d e r S e c t io n 13b,
a n d S u r p lu s A c c o u n t s ....................................................................................................

SURPLUS A C C O U N T (Section 7)
Balance at close of previous year ........................................................................................
15,593,071.87
Addition a/c profits for year .................................................................................................
5,082,979.59
Transferred from contingent reserves previously charged to surplus..... ................................................
B a l a n c e a t c l o s e o f c u r r e n t y e a r ................................................................

7,813,340.69
4.713.646.59
3.066.084.59

20.676,051.46

15,593,071.87

Balance at close o f previous year ......................................................................................
Addition account recoveries of losses of previous years..................................................
Charged for year (Excess of expenses over earnings on industrial loans)...............

3,325,691.44
713.07
1,140.67

3,289,832.40
35,859.04

B a l a n c e a t c l o s e o f c u r r e n t y e a r ................................................................

3,325,263.84

3,325,691.44

SURPLUS A C C O U N T (Section 13b)

CAPITAL STOCK AC C O U N T
(Representing amount paid in, which is 50% of amount subscribed)
Balance at close o f previous year ......................................................................................
Issued during the year ........................................................................................................

7,177,200.00
712,550.00

6,516,900.00
689,150.00

Cancelled during the year ....................................................................................................

7,889,750.00
119,000.00

7,206,050.00
28,850.00

B a l a n c e a t c l o s e o f c u r r e n t y e a r ................................................................

7,770,750.00

7,177,200.00




3

VOLUME OF PRINCIPAL OPERATIONS

Ch eck s

Total
Number of
Items

H andled:

Average
Amount
Per Item

Total
Amount

Daily Averages _
Number
of Items
Amount

Y e ar

1946 (300 days).................

128,903,000

$41,695,704,000

$323

429,677

$138,985,680

Y ear

1945 (303 days).................

118,938,000

35,241,788,000

296

392,535

116,309,531

Y

ear

1944 (307 days).................

110,683,000

32,645,462,000

295

360,531

106,337,010

Y

e ar

1943 (307 days)..................

100,844,000

31,083,430,000

308

328,482

101,248,958

Y

ea r

1942 (302 days).................

92,257,000

25,756,755,000

279

305,487

85,287,268

Y

e ar

1941 (299 days).................

87,796,000

20,410,680,000

232

293,632

68,263,144

Y

ear

1940 (301 da ys).................

79,938,000

15,474,834,000

194

265,575

51,411,409

Y

ear

1939 (299 days).................

76,814,000

13,720,123,000

179

256,903

45,886,699

Y ea r

1938 (301 days).................

74,114,000

12,145,850,000

164

246,226

40,351,661

Y ear

1937 (301 days).................

71,878,000

13,174,474,000

183

238,798

43,769,016

Y

ear

1936 (301 days).................

69,683,000

11,897,385,000

171

231,505

39,526,196

Y ear

1935 (301 days).................

59,518,000

10,436,538,000

175

197,734

34,672,884

Y

ear

1930 (301 days).................

54,109,000

12,795,015,000

236

179,764

42,508,355

Y

ear

1925 (302 days).................

48,171,677

14,038,542,000

291

159,509

46,485,238

Y

ear

1920 (304 days).................

33,731,801

11,505,945,224

341

110,960

37,848,504

N o n -C a s h C o l l e c t i o n Ite m s R e c e iv e d :
Number .................................................................................................................
Amount .................................................................................................................

T ransfers

of

F unds

for

1945

1946

$

168,054
345,667,000

$

160,157
351,220,000

M em ber B a n k s :

Number .................................................................................................................
Amount .................................................................................................................

64,586
$15,650,467,000

62,512
$14,605,893,000

$22,261,998,000
21,660,438,000

$19,962,162,000
19,762,728,000

332,872,019
$ 1,877,884,302

308,170,419
$ 1,761,064,149

328,302,328
$ 1,864,218,705

309,490,961
$ 1,765,633,262

I n t e r d is t r ic t S e t t l e m e n t F u n d D a i l y T r a n s i t C l e a r i n g s :
Total received from F. R. Banks and Branches .............. ...............................
Total paid to F. R. Banks and Branches ..........................................................

Currency

and

C o in H a n d l e d :

Currency received (including new notes) :
Number o f notes .................................................................................................
Amount .................................................................................................................
Currency paid out (including notes returned for redemption) :
Number o f notes .................................................................................................
Amount .................................................................................................................
Coin received (including new coin) :
Number o f coins .................................................................................................
Amount .................................................................................................................

$

557,150,020
39,670,968

$

532,941,616
39,400,757

$

553,316,857
39,475,524

$

531,667,076
39,263,445

Coin paid out (including coin returned fo r redemption) :
Number of coins .................................................................................................
Amount .................................................................................................................




4

V O LU M E OF PRINCIPAL OPERATIONS
(Continued)

U . S. G o v e r n m e n t S e c u r it ie s ( E x c l u s iv e
I ssu ed, E x c h a n g e d a n d R e d e e m e d :
Number
Amount

op

S a v in g s B o n d s )

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

1945

w n
170,000
$ 3,439,588,000

468,000
$ 5,354,595,000

U . S . S a v in g s B o n d s — I ss u e d :
Number ................................................................................................................................
Issue price ...........................................................................................................................

$

5,949,000
458,844,000

$

10,765,000
658,203,000

$

11,726,000
430,365,000

$

12,646,000
374,392,000

$

153,000
32,221,000

$

145,000
31,115,000

$

747,000
58,248,000

$

630,000
42,696,000

U . S . S a v in g s B o n d s— R e d e e m e d :
Number .....................................................................................................-..........................
Redemption value .............................................................................................................

U . S . S a v in g s B o n d s
L a s t D a y of Y e a r :
Number
Amount

H eld in

Sa f e k e e p in g

for

Owners

on

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

C o u p o n s P a id — F r o m D ir e c t a n d F u l l y G u a r a n t e e d G o v e r n ­
m e n t O b l ig a t io n s :
Number
A mount

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

U . S . G o v e r n m e n t C h e c k s a n d W a r r a n t s R e c e iv e d :
Number
Amount

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

24,195,000
$ 4,112,082,000

30,280,000
$ 5,311,919,000

468,720

4,017,938

R a t io n C h e c k s H a n d l e d :
Number

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

W i t h h e l d T a x e s — R e c e iv e d a n d

C r e d it e d to T r e a s u r y :

Number of Depositary Receipts ...............................................................................
A mount

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

209,000
$

312,318,000

$

205,000
357,729,000

PERSONNEL
Number of officers and employees at end of year:
Officers ..................................................................................................................................
Employees ...........................................................................................................................

25
1,386

23
1,511

T otal.......................................................................................................................

1,411

1,534

National banks ................................................................................................................
State banks .........................................................................................................................

339
136

340
133

T otal.......................................................................................................................

475

M EM BER

BANKS

Number of member banks at end o f year:




5




DIRECTORS AND OFFICERS
FOR YEAR 1947
DIRECTORS
W. G. W Y S O R ,
C h a ir m a n

of

th e

B oard

and

F e d e r a l R e se rv e Ac e n t .

C H A R L E S P. M cC O R M IC K,
D epu ty C h a ir m a n

Class A

J O H N A . S Y D E N S T R IC K E R , 1947,

Va.

M a r l in t o n , W .

J A M E S D. H A R R IS O N , 1948,

of t h e

B o ar d .

C a s h i e r , F ir s t N a t i o n a l B a n k
M a r l in t o n , W . V a .

in

M a r l in t o n ,

P r e s id e n t , F ir s t N a t i o n a l B a n k ,
B a l t im o r e , M d .

B a l t im o r e , M d .

W A R R E N S. J O H N S O N , 1949,
W i l m i n g t o n , N . C.

P r e s id e n t , P eo p l e s S a v in g s B a n k & T r u s t C o .,
W i l m i n g t o n , N . C.

Class B
E D W I N M A L L O Y , 1947,
C h e r a w , S. C.

P r e s id e n t a n d T r e a s u r e r , C h e r a w C o t t o n M i l l s , I n c .,
C i- e r a w , S. C.
i

C H A S . C. R E E D , 1948,

P r e s id e n t , W i l l i a m s & R e e d , I n c .,
W h o l e s a l e D r y G oods ,
R ic h m o n d , V a .

R ic h m o n d , V a .

PPv s id e n t , H . L . R u s t C o m p a n y ,
E
W a s h i n g t o n , D . C.

H. L. R U S T , JR ., 1949,
W

a s h in g t o n ,

D. C.

Class C
C H A R L E S P . M cCO R M IC K, 1947,
B a l t im o r e , M d .
W . G. W Y S O R , 1948,
R ic h m o n d , V a .

P r e s id e n t , M c C o r m ic k & C o m p a n y , I n c .,
M f r s . of T e a s , S p ic e s , E x t r a c t s , I n s e c t ic id e s , E t c .,
B a l t im o r e , M d .
G e n e r a l M a n a g e r , S o u t h e r n S t a t e s C o o p e r a t ive , I n c .,
R ic h m o n d , V a .

1949,

OFFICERS
HUGH LEACH,
P r e s id e n t .

E D W A R D W A L L E R , JR.,

J. S. W A L O E N , JR.,
F ir s t V

ice

A

P r e s id e n t .

A

V ice P r e s id e n t .
ic e

A

P r e s id e n t .

ss is t a n t

Ca s h ie r .

s s is t a n t

C a s h ie r .

W . B. W A K E H A M ,

E. A . K IN C A ID ,

A

V ice P r e s id e n t .
and

s s is t a n t

C a s h ie r .

U P T O N S. M A R T IN ,

C L A U D E L. G U T H R IE ,
V ice P r e s id e n t

C a s h ie r .

JO SEPH M. N O W L A N ,

R. W . M E R C E R ,
V

s s is t a n t

A L B E R T S. J O H N S T O N E ,

EDW ARD A. W AYN E ,

A

C a s h ie r .

s s is t a n t

C a s h ie r .

R. S. B R O C K , JR.,

C. B. S T R A T H Y ,

A

V ice P r e s id e n t .

u d it o r .

N. L. A R M IS T E A D ,

W . R. M IL F O R D ,

C h ie f E x a m i n e r .

V ice P r e s id e n t .

M A X W E L L G. W A L L A C E ,

R. L. C H E R R Y ,

C ounsel.

V ic e P r e s id e n t .

MEMBER FEDERAL ADVISORY COUNCIL
A.
L. M . W IG G IN S , 1947,
P r e s id e n t , T h e B a n k of H a r t s v il l e ,
H a r t s v il l e , S. C.

INDUSTRIAL ADVISORY COMMITTEE
J. G. H O L T Z C L A W , Chairman
P r e s id e n t, V ir g in ia E l e c t r i c & P o w e r Co.,
R ic h m o n d , V a .

W . L. M A N N IN G ,

W A L K E R D. S T U A R T ,

P r e s id e n t , R o s e m a r y M a n u f a c t u r i n g C o .,
R o a n o k e R a p id s , N . C.

P r e s id e n t , R ic h m o n d H a r d w a r e Co.,
R ic h m o n d , V a .

J O H N L. W H IT E H U R S T ,
P r e s id e n t a n d T r e a s u r e r ,
B u r t M a c h i n e C o ., I n c .,
B a l t im o r e , M d .

O V E R T O N D. D E N N IS ,
D o m i n i o n O il C o m p a n y ,
R ic h m o n d , V a .

6




DIRECTORS AND OFFICERS
FOR YEAR 1947
(Continued)

BALTIMORE BRANCH
DIRECTORS
W . B L A D E N L O W N D E S , 1947,

P r e s id e n t , F id e l it y T r u s t C o m p a n y ,
B a l t im o r e , M d .

B a l t im o r e , M d .

H O L M E S D. B A K E R , 1948,

P r e s id e n t , T h e C i t i z e n s N a t i o n a l B a n k ,
F red e r ick , M d .

F r e d e r ic k , M d .

G E O R G E M. M O O R E , 1949,

V ice P r e s id e n t , T h e U
Clarksburg, W . V a .

Clarksburg , W . V a .

E U G E N E G. G R A D Y , 1949,

V ice P r e s id e n t , T h e W
B a l t im o r e , M d .

B a l t im o r e , M d .

e s t m in s t e r ,

N

estern

a t io n a l

Bank,

N a t io n a l B a n k ,

P r e s id e n t , T h e B . F . S h r iv e r C o m p a n y ,
W e s t m in s t e r , M d .

J A M E S M. S H R IV E R , 1947,
W

n io n

M d.

J A M E S E . H O O P E R , 1948,

V ice P r e s id e n t , W
B a l t im o r e , M d .

B a l t im o r e , M d .

L. V IN T O N H E R S H E Y , 1949,

il l ia m

E . H ooper

and

So n s Co m p a n y ,

P r e s id e n t a n d G e n e r a l M a n a g e r , H a g e r s t o w n S h o e C o .,
H a g e r sto w n , M d.

H a g e r s t o w n , M d.

OFFICERS
W . R. M IL F O R D , V ice P r e s id e n t .
JO H N R. C U P I T , C a s h i e r .
J. A . JO H N S T O N , A s s i s t a n t C a s h i e r .
D. F. H A G N E R , A

s s is t a n t

A . C. W IE N E R T , A

C a s h ie r .

s s is t a n t

Ca s h i e r .

CH A RLO TTE BRANCH
DIRECTORS
N . S. C A L H O U N , 1947,
G re e n sb o r o , N . C.

P r e s id e n t , S e c u r it y N a t i o n a l B a n k ,
G reen sbo r o , N . C.

A N G U S E. B IR D , 1948,
C o l u m b i a , S. C.

C h a i r m a n of B oard , T h e C i t i z e n s & S o u t h e r n N a t l .
B a n k of S. C .,
C h a r l e s t o n , S. C.

A L L E N H . SIM S , 1949,

E x e c u t iv e V ice P r e s id e n t a n d T r u s t O f f ic e r ,
C it i z e n s N a t i o n a l B a n k i n G a s t o n i a ,
G a s t o n ia , N . C.

G a s t o n i a , N . C.

D. P. T IL L E T T , 1949,
C h a r l o t t e , N . C.

P r e s id e n t , U n i o n N a t i o n a l B a n k ,
C h a r l o t t e , N . C.

C H A R L E S L. C R E E C H , 1947,
W i n s t o n - S a l e m , N . C.

C h a i r m a n of B oard , B . F . H u n t l e y F u r n it u r e C o m p a n y ,
& G e n e r a l M a n a g e r , U n i q u e F u r n it u r e M a k e r s ,
W i n s t o n -S a l e m , N . C.

R. F L A K E S H A W , 1948,

E x e c u t iv e S e c r e t a r y , N o r t h C a r o l i n a F a r m B u r e a u
F e d e r a t io n ,
G reen sbo ro , N . C.

G r e e n s b o r o , N . C.

W . A . L. S IB L E Y , 1949,
U n i o n , S. C.

V ice P r e s id e n t
U n i o n , S. C.

and

T r e a s u r e r , M o n a r c h M il l s ,

OFFICERS
R. L. C H E R R Y , V ice P r e s id e n t .
S. A . L IG O N , C a s h i e r .
R. L. H O N E Y C U T T , A s s i s t a n t C a s h i e r .

7


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