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F ederal R e serve Ba n e
of

R ichmond

THIRTY-THIRD ANNUAL REPORT
---- YEAR 1947 ------

R ic h m o n d , V a .,

January 7, 1948.

To Member Banks
of 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
31,1947, and December 31, 1946, together with a comparative statement of
profit and loss for the years 1947 and 1946, and other operating data.
Very truly yours,

i____



COMPARATIVE STATEMENT OF CONDITION
D ecem ber

ASSETS:

31,1947

Decem ber

31,1946

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

$1,044,280,825.59
60,478,979.00

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

T o t a l G old C e r t if ic a t e R e s e r v e s ....................

1,104,759,804.59

1,163,083,484.04

19,619,827.71
3,094,400.00
30,297.63

25,076,433.11
7,315,500.00

636.584.000.00
485.785.000.00
105.536.000.00
203.909.000.00.

799,397,000.00
448,280,000.00
21,248,000.00
45,054,000.00

Other ca sh ......................
Discounts and advances
Industrial loans .............
U. S. GOVERNMENT SECURITIES:
B ills

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

Certificates ..........................................
Notes ...................................................
Bonds ....................................................
G o v e r n m e n t s e c u r it i e s .......

1,431,814,000.00

1,313,979,000.00

T o t a l l o a n s a n d s e c u r it ie s ........................

1,434,938,697.63

1,321,294,500.00

Due from foreign banks ..........................................
Federal Reserve notes of other banks ....................
Uncollected items ...................................................
Bank premises .........................................................
Other assets..............................................................

4,661.87
22,290,730.00
253,489,365.53
2,637,401.11
8,219,725.35

4,804.72
37,399,490.00
227,699,547.96
2,686,023.53
2,745,957.58

TOTAL ASSETS ...............

2,845,960,213.79

2,779,990,240.94

1,741,896,375.00

1,781,923,420.00

784,771,935.64
43,913,368.04
16,121,000.00
2,061,918.84

733,111,172.90
13,888,807.70
22,398,483.04
2,316,102.12

T o t a l D e p o s it s ...

846,868,222.52

771,714,565.76

Deferred availability items....
Other liabilities .....................

221,554,500.65
762,150.42

192,134,874.70
384,897.73

2,811,081,248.59

2,746,157,758.19

8,220,500.00
21,210,350.11
3,349,144.81
2,098,970.28

7,770,750.00
20,676,051.46
3,325,263.84
2,060,417.45

TOTAL LIABILITIES AND CAPITAL ACCOUNTS..

2,845,960,213.79

2,779,990,240.94

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

120,557.02
77,736.96

307,691.13
37,206.29

T otal

U. S.

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

TOTAL LIABILITIES

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




2

COMPARATIVE PROFIT AND LOSS ACCOUNT
E a r n in g s :
1947
Discounts and advances .............................................................................................. $ 134,814.86
Interest earned on industrial loans under Section 13b...............................................
511.42
Fees received on commitments to make industrial loans.........................................
633.45
Interest on United States securities ......................................................- ...................
9,884,764.94
Other earnings ..............................................................................................................
20,641.30

$

1946
133,716.82
863.81
1,526.90
9,107,157.86
12,483.23

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

10,041,365.97

9,255,748.62

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

3,841,666.80
128,359.77
364,448.35

3,188,574.44
105,239.47
359,998.10

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

4,334,474.92

3,653,812.01

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

5,706,891.05

5,601,936.61

167,375.48

114,920.10

24,210.06
1,737.61

730.30
3,153.95

193,323.15

118,804.35

D edu ction s from C u rren t N et E a r n in g s :
Retirement System—Salary computation adjustment........................................................................
38,601.82
Reserves for contingencies ..................................................................... ....................
Other deductions ...........................................................................................................
8,065.16

120,162.00
35,847.51
24,292.77

A d ditions to C u rren t N et E a r n in g s :
Profits on sales of U. S. Government securities ........................................................
Withdrawal from reserves for losses on industrial loans and miscellaneous assets
resulting therefrom.....................................................................................................
Other additions ..............................................................................................................
Total Additions ..........................................................................................

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

46,666.98

Net Additions......................................................... .....................................

180,302.28

146,656.17

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

61,497.93

A v a i l a b l e f o r d iv id e n d s , p a y m e n t to 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,
P a y m e n t to T r e a s u r e r o f U. S. f o r I n t e r e s t o n F e d e r a l R e s e r v e N o t e s , a n d
S u r p l u s A c c o u n t s ...................................................................................................

5,853,547.22

5,540,438.68

Dividends paid member banks............................................................ ..........................
Payment to Treasurer of U. S. under Section 13b of F. R. A c t .................................
Payment to Treasurer of U. S.—Interest on outstanding Federal Reserve Notes.......
Addition to Surplus Account (Section 7) ...................................................................
Addition to Surplus Account (Section 13b) ................................................................
Deduction from Surplus Account (Section 13b)....................................................

485 085.22
1,992.35
4,808,290.03
534,298.65
23,880.97
..................

457,886.69
5,082,979.59

20,676,051.46
534,298.65

15,593,071.87
5,082,979.59

21,210,350.11

20,676,051.46

Balance at close of previous y e a r ...............................................................................
3,325,263.84
Addition account recoveries of losses of previous years.............................................
23,880.97
Charged for year (Excess of expenses over earnings on industrial loans)........................................

3,325,691.44
713.07
1,140.67

427.60

SURPLUS ACCOUNT (Section 7)
Balance at close of previous y e a r.................................................................................
Addition a/c profits for y e a r........................................................................................
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 ..........................................................

SURPLUS ACCOUNT (Section 13b)

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

3,349,144.81

3,325,263.84

CAPITAL STOCK ACCOUNT

(Representing amount paid in, which is 50% of amount subscribed)
Balance at close of previous y e a r ...............................................................................
Issued during the year ..............................................................................................

7,770,750.00
457,150.00

7,177,200.00
712,550.00

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

8,227,900.00
7,400.00

7,889,750.00
119,000.00

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

8,220,500.00

7,770,750.00




VOLUME OF PRINCIPAL OPERATIONS
Total
Number of
Items

Ch e c k s H a n d l e d :

Average
Amount
Per Item

Total
Amount

-

Daily Averages
Number
Amount
of Items

Y ear

1947

132,044,000

$49,068,737,000

$372

441,619

$164,109,488

Y ear

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 ear

1943 (307 days).

100,844,000

31,083,430,000

308

328,482

101,248,958

Y ear

1942 (302 days).

92,257,000

25,756,755,000

279

305,487

85,287,268

Y ear

1941 (299 days).

87,796,000

20,410,680,000

232

293,632

68,263,144

15,474,834,000

Y ear

1940 (301 days).

79,938,000

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 ear

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

1947

N o n -C a s h C ollection I t e m s R e ce ived :
Number ......................................................................................................
Amount ......................................................................................................

T r a n sf e r s

op

F unds

for

$

267,589
318,144.000

1946

$

168,054
345,667,000

M em ber B a n k s :

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

68,538
$16,113,753,000

64,586
$15,650,467,000

$25,346,098,000
25,034,987,000

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

354,617,849
$ 2,043,918,388

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

358,731,412
$ 2,043,338,959

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

I n ter d istr ic t S e t t l e m e n t F u n d D a il y T r a n s it Cl e a r in 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 of notes ........................................................................................
Amount .......................................................................................................
Currency paid out (including notes returned for redemption):
Number of notes ........................................................................................
Amount .......................................................................................................
Coin received (including new coin ):
Number of coins ........................................................................................
Amount .......................................................................................................

$

485,218,895
37,214,802

$

557,150,020
39,670,968

$

488,533,438
37,303,540

$

553,316,857
39,475,524

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



4

VOLUME OF PRINCIPAL OPERATIONS
(Continued)

U. S. G o v e r n m e n t S ecu rities ( E xclu sive of
S a v in g s B onds a n d A rm ed F orces L eave B o n d s )
I ssued , E x c h a n g e d an d R edeemed :

1946

1947

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

133,000
$ 2,133,028,000

170,000
$ 3,439,588,000

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

$

3,606,000
376,296,000

$

5,949,000
458,844,000

$

7,840,000
360,403,000

$

11,726,000
430,365,000

$

154,000
32,694,000

$

153,000
32,221,000

$

126,000
21,058,000

$

515,000
108,467,000

$

658,000
46,953,000

$

747,000
58,248,000

U. S. S a v in g s B onds — R e d e e m e d :
Number .......................................................................................................
Redemption value ........................................................................................
U. S. S av in g s B onds H eld
L a s t D a y of Y ear :

in

S a f e k e e p in g

for

Ow n e r s

on

Number .......................................................................................................
Amount .......................................................................................................
A r m e d F orces L eave B onds — I ssues :
Number of stubs processed.........................................................................
Amount of stubs processed.........................................................................
A rm ed F orces L eave B onds — R e d em ptio n s :
Number.........................................................................................................
Amount .........................................................................................................
C o upons P a id — F rom D ir ect
m e n t O b l ig a t io n s :

and

F u l l y G u a r a n t e e d G overn ­

Number .......................................................................................................
Amount .......................................................................................................
U. S. G o v e r n m e n t C h e c k s

and

W a r r a n t s R ec e iv e d :

Number .......................................................................................................
Amount .......................................................................................................
W it h h e l d T ax e s — R eceived

and

C redited

to

22,023,000
$ 4,205,115,000

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

T reasu ry:

Number of Depositary Receipts ................................................................
Amount .......................................................................................................

$

228,000
371,725,000

$

209,000
312,318,000

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

24
1,302

25
1,386

Total................................................................................................

1,326

1,411

M EM BER BANKS
Number of member banks at end of year:
National banks ..........................................................................................
State banks .................................................................................................

339
136

Total................................................................................................

475




5

339
136

DIRECTORS AND OFFICERS
FOR YEAR 1948
DIRECTORS
W. G. WYSOR,
C h a i r m a n o f t h e B o ard a n d
F ederal R eserve A g e n t .

CHARLES P. McCORMICK,
D e p u t y C h a ir m a n op t h e B oard.

Class A
JAMES D. HARRISON, 1948,

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 .

WARREN S. JOHNSON, 1949,
W i l m i n g t o n , N. C.
JOHN A. SYDENSTRICKER, 1950,
M a r l in t o n , W . V a .

P r e s i d e n t , P e o p l e s S a v in g s B a n k & T r u s t Co.,
W i l m i n g t o n , N . C.
C a s h i e r , F ir s t N a t i o n a l B a n k i n M a r l i n t o n ,
M a r l in t o n , W . V a .

Class B
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 .

CHAS. C. REED, 1948,
R ic h m o n d , V a .

H. L. RUST, JR., 1949,
W a s h i n g t o n , D. C.
CARY L. PAGE, 1950,
G r e e n v i l l e , S. C.

P r e s id e n t , H . L . R u s t C o m p a n y ,
W a s h i n g t o n , D . C.
P r e s id e n t , J a c k s o n M il l s ,
W e l l f o r d a n d I v a , S . C.

Class C
W. G. WYSOR, 1948,

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 iv e , I n c .,
R ic h m o n d , V a .

R ic h m o n d , V a .

EDWARD

R . STETTINIJJS, J R .,
R a p id a n , V a .

1949,

CHARLES P. McCORMICK, 1950,
B a l t im o r e , M d.

R e c t o r o f T h e U n iv e r s i t y o f V i r g i n i a ,
C h a r l o t t e s v il l e , V a .
P r e s id e n t , M c C o r m i c k & C o m p a n y , I n c .,
M f r s . o f 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 .

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

K. BRANTLEY WATSON,

J. S. WALDEN, JR.,
F ir s t V ic e P r e s id e n t .

D ir e c t o r of P e r s o n n e l .

EDWARD A. WAYNE,

E D W A R D W A L L E R , JR.,
A ssistant C ashier .

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

JOSEPH M. NOWLAN,

R. W. MERCER,

A s s is t a n t C a s h ie r .

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

W. B. WAKEHAM,

E. A. KINCAID,

A s s is t a n t C a s h ie r .

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

CLAUDE L. GUTHRIE,
V ic e P r e s id e n t a n d C a s h i e r .

UPTON S. MARTIN,
A s s is t a n t C a s h ie r .

R. S. BROCK, JR.,

C. B. STRATHY,

A u d it o r .

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

N. L. ARMISTEAD,

W. R. MILFORD,

C h ie f E x a m in e r .

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

MAXWELL

R. L. CHERRY,

G.

WALLACE,

Co u n sel.

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

MEMBER FEDERAL ADVISORY COUNCIL
ROBERT V. FLEMING, 1948,
P r e s id e n t & C h a i r m a n o f t h e B o a r d ,
T h e R ig g s N a t i o n a l B a n k ,
W a s h i n g t o n , D. C .

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

WALKER D. STUART,
P r e s id e n t , R ic h m o n d H a r d w a r e C o .,
R ic h m o n d , V a .

W . L. M A N N I N G ,
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
R o a n o k e R a p i d s , N . C.

JOHN L. WHITEHURST,
OVERTON D. DENNIS,
D o m in io n O il C o m p a n y ,
R ic h m o n d , V a .




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 Co., I n c .,
B a l t im o r e , M d .

Co.,

DIRECTORS AND OFFICERS
FOR YEAR 1948
(Continued)

B A L TIM O R E B R A N C H
DIRECTORS
HOLMES D. BAKER, 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 r e d e r ic k , M d .

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

GEORGE M. MOORE, 1949,

V ic e P r e s id e n t , T h e U n io n N a t i o n a l B a n k ,
Clar ksbu rg , W . V a .

C larksbu rg, W . V a .

EUGENE G. GRADY, 1949,

V ic e P r e s id e n t , T h e W e s t e r n 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. BLADEN LOWNDES, 1950,

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 .

V ic e P r e s id e n t , W i l l i a m E . H o o per a n d S o n s C o m p a n y ,
B a l t im o r e , M d.

JAMES E. HOOPER, 1948,
B a l t im o r e , M d .

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 agerstow n, M d.

L. VINTON HERSHEY, 1949,
H ag ersto w n , M d.

JAMES M. SHRIVER, 1950,

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.

W e s t m in s t e r , M d.

OFFICERS
W. R. MILFORD,
D. F. HAGNER,

V ic e P r e s id e n t .
Ca s h ie r .

J. A. JOHNSTON,
A.

C.

WIENERT,

A s s is t a n t C a s h ie r .

A s s is t a n t C a s h ie r .

R. F. ARMSTRONG,

A s s is t a n t C a s h ie r .

C H A R LO TTE BRANCH
DIRECTORS
&

ANGUS E. BIRD, 1948,
C o l u m b i a , S. C .

C h a irm a n op B o a rd , T h e C itiz e n s
B a n k o p S . C .,
C h a r l e s t o n , S . C.

ALLEN H. SIMS, 1949,
G a s t o n i a , N. C.

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

GEORGE S. CROUCH, 1949,
C h a r l o t t e , N. C.

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

N. S. CALHOUN, 1950,
G r e e n s b 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 r e e n s b o r o , N . C.

R. FLAKE SHAW, 1948,
G r e e n s b o r o , N. C.

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

W. A. L. SIBLEY, 1949,
U n i o n , S. C .

V ic e P r e s id e n t a n d T r e a s u r e r , M o n a r c h M i l l s ,
U n i o n , S. C .

R. E. EBERT, 1950,
G r e e n v i l l e , S. C.

P r e s id e n t , D i x ie H o m e S t o r e s , I n c .,
G r e e n v i l l e , S. C.




OFFICERS
R. L. CHERRY, V ic e P r e s id e n t .
S . A . LIGON, C a s h i e r .
R. L. HONEYCUTT, A s s i s t a n t C a s h i e r .
E. C . MONDY, A s s i s t a n t C a s h i e r .
7

S o u th e r n N a tl.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102