The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
h
NINETEENTH ANNUAL REPORT OF THE
FEDERAL RESERVE BANK OF DALLAS
1933
NINETEENTH
ANNUAL
REPORT
OF THE
FEDERAL RESERVE BANK
OF DALLAS
1933
LETTER OF TRANSMITTAL
February 27, 1934
Gentlemen:
I have the honor to submit herewith the Nineteenth
Annual Report of the Federal Reserve Bank of Dallas covering
the year ended December 31, 1933.
Respectfully,
C. C. WALSH
Federal Reserve Agent
Federal Reserve Board
Washington, D. C.
DIRECTORS AND OFFICERS
of the
FEDERAL RESERVE BANK OF DALLAS
1934
DIRECTORS
CLASS A
CLASS B
R. E. HARDING, Fort Worth, Texas
W. H. PATRICK, Clarendon, Texas
A
- S. CLEVELAND, Houston, Texas
Texag
CLASS C
C. C. WALSH, Dallas, Texas
S. B. PERKINS, Dallas, Texas
E. R. BROWN, Dallas, Texas
MEMBER FEDERAL ADVISORY COUNCIL
J. H. FROST, San Antonio, Texas
ALTERNATE
W. W. WOODSON, Waco, Texas
OFFICERS
C. C. WALSH, Chairman, and Federal
Reserve Agent
S. B. PERKINS, Deputy Chairman
CHAS. C. HALL, Assistant Federal
Reserve Agent, and Secretary
W. J. EVANS, Assistant Federal Reserve Agent
W. P. CLARKE, General Auditor
C. C. TRUE, Assistant Auditor
B. A. McKINNEY, Governor
R. R. GILBERT, Deputy Governor
R. B. COLEMAN, Deputy Governor
FRED HARRIS, Cashier
W. 0. FORD, Assistant Deputy Governor
E. B. AUSTIN, Assistant Cashier
L. G. PONDROM, Assistant Cashier
R. O. WEBB, Assistant Cashier
COUNSEL
C. C. HUFF, General Counsel
LOCKE, LOCKE, STROUD, & RANDOLPH, Counsel
EL PASO BRANCH
DIRECTORS
C. M. NEWMAN, El Paso, Texas, Chairman
S.P.APPLEWHITE, Douglas, Arizona J. L. HERMANN, El Paso, Texas
C. N. BASSETT, El Paso, Texas
A. F. JONES, Portales, New Mexico
A. P. COLES, El Paso, Texas
SAM D. YOUNG, El Paso, Texas
OFFICERS
J. L. HERMANN, Managing Director
ALLEN SAYLES, Cashier
HOUSTON BRANCH
DIRECTORS
R. M. FARRAR, Houston, Texas, Chairman
W. D. GENTRY, Houston, Texas
SAM TAUB, Houston, Texas
A. A. HORNE, Galveston, Texas
J. A. WILKINS, Houston, Texas
SAM R. LAWDER, Houston, Texas
J. COOKE WILSON, Beaumont, Texas
OFFICERS
W. D. GENTRY, Managing Director
H. R. DeMOSS, Cashier
SAN ANTONIO BRANCH
DIRECTORS
FRANK M. LEWIS, Sr., San Antonio, Texas, Chairman
JOHN M. BENNETT, San Antonio,
GEORGE C. HOLLIS, Eagle Pass, Texas
Texas
RICHARD KING, Corpus Christi, Texas
M. CRUMP, San Antonio, Texas
WALTER P. NAPIER, San Antonio,
FRANZ C. GROOS, San Antonio, Texas
Texas
OFFICERS
M. CRUMP, Managing Director
W. E. EAGLE, Cashier
FEDERAL RESERVE BANK OF DALLAS
COMPARATIVE STATEMENT OF CONDITION
(In Thousands of Dollars)
RESOURCES
Dec. 31
1933
41,074
865
Dec. 31
1932
20,640
1,256
Dec. 81
1931
40,700
809
41,939
32,877
3,741
21,896
7,244
4,246
41,509
8,881
3,689
78,557
33,386
54,029
6,797
12,088
11.478
85,354
45,474
65,507
164
719
572
4,630
543
9,873
883
9,248
5,202
826
10,416
3,019
18,528
25,526
22,421
17,313
6,151
22,257
17,995
536
11,333
66,475
76,606
97
494
15,723
1,750
914
45,721
51,749
83
818
12.514
1,741
1,226
29,864
43,299
260
897
18,404
1.785
2,301
181,646
113,105
126,953
F. R. notes in actual circulation
F. R. bank notes in actual circulation
Deposits:
Member banks—Reserve account
Government
Foreign banks
Special deposits—Member banks
Other deposits
42,888
11,344
38,783
46,812
95,937
60
121
333
1,466
46,779
125
586
48,811
1,509
2,306
658
246
Total deposits
Deferred availability items
Capital paid In.-..
Surplus
All other liabilities
97,917
16,414
3,719
8,043
1.321
48,148
12,500
3,910
8,719
1,045
52,872
13,223
4,135
7,624
2,287
181,646
113,105
126,953
60.6
52.3
65.7
110
1,090
7,456
Gold with Federal Reserve Agent
Gold redemption fund with U. S. Treasury....
Gold held exclusively against F. R. notes
Gold settlement fund with F. R. Board
Gold and gold certificates held by bank
._
Total gold reserves
Other
cash*
Total gold reserves and other cash
708
Redemption fund F. R. bank notes
Bills discounted:
Secured by U. S. Government obligations
Other bills discounted
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U. S. Government securities
Total bills and securities
Due from foreign banks
F. R. notes of other banks
Uncolleeted items
Bank premises
All other resources
...
Total resources
LIABILITIES
—-
Total liabilities
Ratio of total gold reserves and other cash to deposit
and F. R. note liabilities combined (Per cent)
Contingent liability on bills purchased for foreign
correspondents
•Other cash does not include F . R, notes or own F. R. bank notes.
NINETEENTH ANNUAL REPORT
of the
FEDERAL RESERVE BANK OF DALLAS
Resume of Business Conditions
Business activity in the Eleventh Federal Reserve District,
after declining for three successive years, turned upward in
1933. During the first quarter of the year merchandise distribution in both wholesale and retail channels declined to a
new low level, but a turn for the better occurred in April and
during the remainder of the year the improvement became
more widespread. During the second half of the year sales of
department stores in leading cities showed a large gain over
the corresponding period of the previous year and offset the
decreases registered during the first half. Likewise, distribution of reporting lines of wholesale trade showed moderate to
large gains during the second half-year and in most lines the
volume of sales for the year were greater than in 1932. Collections also showed a noticeable improvement, particularly at
wholesale establishments where payments by retailers on both
current and carry-over accounts were large. While merchants
showed a disposition to hold orders well within prospective demand, there was, during the last six months of 1933, a considerable amount of forward buying, and heavy replacement
orders were necessary to meet the growing consumer demand.
The number and liability of commercial failures reflected a
sharp decline in 1933, particularly in the second half of the
year. In the latter period failures were fewer than in any corresponding period since 1919 and the liabilities of defaulting
firms were the smallest since 1928.
The valuation of building permits issued at principal cities
declined to a new low level and was approximately 27 per cent
under that of 1932. There were only three reporting cities
where the 1933 volume was greater than in the previous year.
There was also a further decline in the production and shipments of cement. The production of petroleum during the first
four months of the year was held below that in the corresponding period of the previous year. During the succeeding four
months, however, production rose to a very high level and
more than offset the reduction in the earlier months of the
year. For the closing four months greater stabilization was
attained and some reduction from the high peak reached in the
preceding period was effected, yet it continued to exceed that
of the previous year. The total output for the year registered
a gain of 17 per cent over that of 1932. Posted prices for crude
[7]
oil at larger fields declined in the first half of the year, but
the loss was regained before the end of the year.
The physical volume of agricultural production showed a
further decline in 1933, which was due both to a reduction in
acreage and in the per acre yield. The major exception to the
lower per acre yield was in the cotton crop where it was the
largest in many years. The general decline in crop production,
however, was more than offset by the substantial rise in agricultural prices and the money returns exceeded those of 1932
by a wide margin. In addition to the money received from
crops, were the large payments to farmers by the Agricultural
Adjustment Administration to effect acreage reductions. As
farmers produced the 1933 crops with a minimum of cash outlay, the large returns during the fall enabled them to liquidate
a large percentage of current borrowings and to make substantial payments on carry-over indebtedness. While the early
feed crops were reduced considerably by the spring and summer drouth, the supply was augmented by the large acreage
planted to fall feed crops with the result that a large percentage of the farmers have sufficient feed with which to make
1934 crops. Farmers continued the practice of supplying themselves with a large volume of home canned fruits and vegetables for use during 1934. Diversification programs are being
stimulated and extended through the acreage reduction program of the Department of Agriculture.
The cattle industry was affected adversely throughout the
year by unfavorable range conditions and low prices. Over a
large portion of the district there was a serious deficiency in
moisture and ranges were poor with the result that much
feeding was necessary. While the sheep and goat industry suffered from poor range conditions, prices have been generally
favorable and ranchmen were able to recuperate some of the
losses suffered during the period of low prices. The production
of wool and mohair reached a new high level and much of the
crop was disposed of at prices 200 to 300 per cent higher than
in the previous year.
The loans of banks in this district reflected a further decline during the year. Deposits, on the other hand, after reaching a low level during the summer, rose sharply during the
subsequent months and at the close of the year were considerably higher than a year earlier. Member bank borrowings
from the Federal reserve bank continued to follow a generally
downward trend, and at the year-end were less than $600,000,
the lowest level recorded since the early days of the Federal
Reserve System's existence. Member bank reserve balances
with the Federal reserve bank, except for minor dips of a
seasonal character, rose steadily throughout the year, and at
[8]
the close of 1933 the volume of excess reserves had reached
an unprecedentedly high level. Taken as a whole, the agricultural, commercial, industrial and banking interests of the
district substantially improved their position during the past
year and at its close found themselves well advanced in the
process of adjusting themselves to a new basis of values and
well fortified with cash and credit resources to meet the
problems of the year 1934.
FEATURES OF OPERATIONS, YEARS 1933 AND 1932
Loans, Rediscounts, and Investments:
Notes discounted and rediscounted for member banks
Bills bought for our own account
Bills bought for other than our own account
Purchase and sale of securities for own account
Purchase and sale of securities other than own account...
Currency and Coin:
Bills received and counted
Coin received and counted
Check Collections:
Checks collected
Collection items handled
Return items...
U. S. Government checks paid
U. S. Government coupons paid
Number
of Items
19,324
1,390
660
2
3,530
46,883,203
41,410,927
-1933Amount
52,897,600
13,239,818
2,918,971
10,000
146,694,400
Number
of Items
44,674
815
696
18
3,303
192,935,408 45,171,378
10,669,071 43,444,235
-1932Amount
166,140,388
17,122,284
4,470,713
1,936,000
127,628,650
176,466,945
7,937,096
27,811,114 4,160,816,368 29,300,210 4,282,186,538
196,404,226
208,573
171,300
137,080,097
1,007,371
34,176,946
987,632
25,176,379
2,848,534
300,810,520
1,530,424
173,772,987
5,643,313
318,820
303,336
5,007,980
Transfers:
Transfers of funds other than five per cent fund of national
banks
Transfers of funds for five per cent fund of national banks
77,661 2,884,941,007
25,689,333
11,733
88,062 3,390,930,304
12,137
25,293,666
Fiscal Agency:
U. S. Securities issued, redeemed, and exchanged
81,298
52,492
Custody of Securities:
Number of pieces received from outside sources
Number of pieces received inter-departmental transactions..
Number of pieces delivered other than inter-departmental...
Number of pieces delivered inter-departmental transactions
47,093
26,389
39,084
24,915
253,990,646
60,791
59,831
54,142
54,909
212,317,109
EARNINGS AND EXPENSES
The gross earnings of the bank in 1933 were $1,251,276,
as compared with $1,307,246 in 1932, a decrease of $55,970, or
4.3 per cent. Of this amount $20,498, or 1.6 per cent, resulted
from the purchase of bills, as compared with $70,562 or 5.4
per cent, in 1932; $143,462, or 11.5 per cent, resulted from the
discount and rediscount of paper, as compared with $458,241,
or 35.1 per cent, in 1932, while $1,062,718, or 84.9 per cent,
resulted from earnings on United States securities, as compared with $733,695, or 56.1 per cent, in 1932.
Current expenses in 1933 were $1,220,798, as compared
with $1,141,985 in 1932, an increase of $78,813, or 6.9 per cent.
Current net earnings in 1933 were $30,478, as compared
with $165,261 in 1932, a decrease of $134,783, or 81.6 per cent.
This figure was augmented by $34,007, largely representing
profit realized on sales of United States securities from our
investment account. Deductions from current net earnings,
however, covering building reserve, reserves for losses and
other miscellaneous deductions, aggregating $512,533, resulted
in a deficit of $448,047 in net available earnings as compared
with available earnings of $163,915 in 1932.
Semi-annual dividends aggregating $227,887 were paid to
stockholders, this amount together with the deficit in net available earnings being withdrawn from surplus, leaving surplus
of $8,042,741 on December 31, 1933, as compared with surplus
of $8,718,676 on December 31, 1932.
OPEN MARKET OPERATONS
On January 1,1933, our holdings of United States Government securities amounted to $45,721,000. Of this amount
$10,000,000 represented our independent holdings and $35,721,000 represented our participation in Federal Reserve System's open market investment account.
Our participation in the System's purchases of Government
securities increased to $38,939,500 on February 18, and remained practically unchanged at that figure until July. Beginning on July 12 our participation in the System's purchases
gradually increased to $56,475,000 on November 8, which was
the maximum for the year. We continued to carry that amount
until the close of the year, at which time our total holdings
of Government securities amounted to $66,475,000.
The average yield on our holdings of Government securities
was 2.03 per cent for the year.
("I
BANKERS' ACCEPTANCES
At the beginning of the year our holdings of bankers' acceptances amounted to $825,700. Subsequently, on February
27, we received an allotment of $2,513,000 from bills purchased
by the Open Market ^Policy Committee. Thereafter allotments
were received which increased our total holdings on March 23
to $3,534,000. From that point during the succeeding months
our holdings were gradually reduced due to maturities.
Through November and December additional purchases were
made by the Open Market Policy Committee, increasing our
holdings to $9,403,000 on December 21, which represented the
maximum amount held for the year.
At the beginning of the year our buying rates on bankers'
acceptances ranged from 1 to 1 ^ per cent. On March 16 they
were increased and ranged from 3 ^ to 4 per cent. They were
then periodically decreased and on October 20 ranged from
1/2 to 1 per cent, which rates prevailed through the remainder
of the year.
The average yield on our holdings of bankers' acceptances,
exclusive of foreign bills, during the period held was .79
per cent.
DISCOUNT OPERATIONS
The volume of paper discounted and rediscounted during
1933, including $310,020 rediscounted for the Federal Intermediate Credit Bank of Houston, was $52,897,600. This figure,
compared with $166,140,387 in 1932, shows a decrease of
$113,242,787, or 68 per cent.
Of the total advances to member banks during the year,
84 per cent was to national banks and 16 per cent was to State
banks, as compared with 85 per cent to national banks and 15
per cent to State banks in 1932.
Advances made to member banks under Section 10 (b) of
the Federal Reserve Act, as amended, amounted to $2,001,900,
including renewals.
Outstanding loans at the beginning of the year amounted to
$5,202,600 and after slight fluctuations gradually increased to
a maximum for the year of $8,845,800, on April 28, after which
date the amount declined to approximately $5,000,000 in June,
and for the months of July, August and September the average amount outstanding was approximately $4,000,000. From
September there was a gradual decline to $632,300 on December 26, which was the minimum for the year.
[12]
Of the total paper discounted in 1933, $16,325,300, or 31
per cent, consisted of notes secured by United States Government obligations, as compared with $61,110,600, or 37 per cent,
in 1932, or a decrease in this class of borrowings of $44,785,300, or 73 per cent.
RESERVE POSITION
For the first six months of the year the reserve position
of the bank ranged between a maximum ratio of 67.0 per cent
on March 8 when total gold reserves and other cash were $87,561,000, to a minimum of 49.8 per cent on April 26, when total
gold reserves and other cash were $46,037,000.
During the latter half of the year, the ratio fluctuated between a maximum of 72.5 per cent (the highest of the year
as of weekly reporting periods) on October 11, when total gold
reserves and other cash were $82,583,000, to a minimum of
57.2 per cent on July 26, when total gold reserves and other
cash were $52,795,000.
CLEARING OPERATIONS
Operations in the Transit Department during 1933, for the
first year since 1929, showed an increase in the total amount
of checks handled over the preceding year. The increase over
1932 was very slight, being less than one-half of one per cent.
With reference to the total number of checks handled, a reduction of one-half of one per cent over 1932 was shown. A
total of 30,659,648 checks was handled, amounting to $4,461,626,888, the daily average number being 103,231. Our largest
day occurred on March 16, 1933, when we handled 228,898
items.
During the year 1,007,371 checks were returned for various
reasons, a ratio of one check returned for every 30 items
handled. For 1932 the ratio was 1 to 31.
Of our total volume 13.2 per cent in number represented
city check clearings. Clearings through the Reserve City Clearing House amounted to $390,924,235, as compared with $429,049,080 in 1932.
We received 2,848,534 checks drawn on the Treasurer of
the United States amounting to $300,810,520, which compares
with 1,530,424 checks, amounting to $173,772,987 during 1932.
Non-cash collections handled in 1933 totaled 208,573
amounting to $196,404,226, as compared with 171,300 amounting to $137,080,097 the previous year.
[13]
MOVEMENT OF MEMBERSHIP
On January 1, 1933, the total number of national banks in
this district was 535. During the year 21 national banks were
chartered; 52 were dropped through liquidation, mergers, and
other causes, making a net decrease of 31, or a total on December 31, 1933, of 504.
On January 1, 1933, the total State bank membership was
64. During the year 10 State banks were admitted to membership. The membership of 19 State banks was terminated
through liquidation, consolidations, and other causes, making
a net reduction of 9, or a total State bank membership on
December 31, 1933, of 55.
The following table shows the total number of member
banks (national and State) in the district on December 31,
1933, by States:
National
State
Total
Arizona
3
2
5
Louisiana
10
1
11
New Mexico
18
1
19
Oklahoma
9
0
9
Texas
464
51
515
Total
504
55
559
DEMAND FOR CURRENCY
There was very little difference in the average amount of
Federal reserve notes in circulation during 1933 when compared to 1932. The following table shows the average maximum and minimum circulation in 1933 as compared with 1932
and 1931:
1933
1932
1931
Average
$37,965,000
$38,822,000
$33,427,000
Maximum
62,996,000
47,303,000
52,261,000
Minimum
31,282,000
34,786,000
26,260,000
The minimum circulation of $31,282,000 in 1933 was
reached on September 16, while the minimum for the year
previous of $34,786,000 was in June. In 1933 the maximum
circulation of $62,996,000 was reached on March 14. This high
point of our Federal reserve note circulation was brought
about by the banking troubles incident to the moratorium at
that time. The maximum circulation for 1932 was reached on
January 2.
In comparing the average Federal reserve note circulation
for 1933 with 1932, it will be observed that the average circulation for 1932 was greater by $857,000. The maximum
[14]
circulation was $15,693,000 greater in 1933 when compared
to the year previous. Comparing the minimum circulation for
the two years, it will be found that there was a decrease in
the figure for 1933 over 1932 of $3,504,000. We placed in circulation our own Federal reserve bank notes on April 25. The
high point of the Federal reserve bank note circulation was
reached on October 9, when it amounted to $16,133,000.
A study of the accompanying chart showing the changes in
the demand for all classes of currency in this district for the
year 1933 as compared with the years 1932 and 1931 shows
that the demand for currency was somewhat larger for the
year 1933 as compared to the preceding two years. You will
observe from the chart that our currency demand was fairly
normal until the end of February, when an abnormal increase
asserted itself. This condition was attributable to the banking
situation at that time. The peak of the increase was reached
shortly after the middle of the month, when the decline set in
and continued until the end of April. From that time until the
autumn demand for currency put in its appearance, the circulation followed a more or less even trend when compared to
1932 in being only affected by natural factors which put in
their appearance from time to time.
The autumn increase in demand for currency incidental to
the harvesting and movement of crops was somewhat greater
in 1933 than in 1932. The amount of increase from July 31 to
the autumn peak in 1933 was approximately $22,000,000 as
compared to an increase of approximately $14,000,000 in 1932.
The demand for currency in December reflected a rather brisk
holiday trade, there being an increase of some $27,000,000 in
the total circulation at this period as compared to 1932.
M5]
CHANGES IN DEMAND TOR CURRENCY
ELEVENTH FEDERAL RESERVE DISTRICT
Jan
Feb
Mar
Apr
May
Jun Jul
Aug
Sept Oct
Mov
Dec
BANK EXAMINATIONS
The Examination Department conducted 20 credit investigations of State member banks during 1933, these investigations being made in connection with regular examinations by
the State authorities. Twenty-seven examinations of State
bank applicants, and 7 independent credit investigations of
member banks, were made during the year. A total of 55 visits
to member and non-member banks were made, as compared
with 56 visits in 1932.
INSOLVENT BANKS DEPARTMENT
Five of the national banks in this district which suspended
operations in 1933 were indebted to us. Three member State
banks, indebted to this bank, withdrew from the system, and
the indebtedness of 2 banks in conservatorship was transferred
to this department. There was also transferred to the department the indebtedness of 1 member bank which had consolidated with a non-member State bank.
Twenty-six banks were in process of liquidation at the beginning of the year. The indebtedness of 15 banks was paid
in full. On December 31, 1933, there were 22 banks indebted
to us in the amount of $414,751.82.
INTERNAL ORGANIZATION AND PERSONNEL
The Board of Directors held 16 meetings in 1933, with an
average attendance of 8.
There was no change in the personnel of the Board in 1933.
At its meeting on January 12, 1933, the Board of Directors
re-elected J. H. Frost, President of the Frost National Bank of
San Antonio, as the representative on the Federal Advisory
Council for the Eleventh District, and designated W. W. Woodson, President of the First National Bank of Waco, Texas,
as alternate.
In the regular annual election in November, R. E. Harding,
President of the First National Bank of Fort Worth, and J. R.
Milam, Vice President of the Cooper Grocery Company of
Waco, were re-elected Class A director, Group 1, and Class B
director, Group 2, respectively, for three-year terms beginning
January 1, 1934.
On November 2 the Federal Reserve Board announced the
redesignation of C. C. Walsh, of Dallas, as Chairman of the
Board, and Federal Reserve Agent for 1934. On November 7
the Federal Reserve Board announced the reappointment of
S. B. Perkins, of Dallas, as Class C director for the three-year
term beginning January 1, 1934, and his redesignation as
Deputy Chairman of the Board for 1934.
[17]
At the El Paso Branch the only change in the personnel
of directors and officers was the appointment by our Board of
Directors on March 16 of C. N. Bassett, President of the State
National Bank of El Paso, as a director to succeed E. M. Hurd,
who died on February 25.
At the Houston Branch N. E. Meador, a director, died on
November 15. Mr. Meador was appointed by the Board of Directors of the head office and his term would have expired
December 31, 1935. Appointment of Mr. Meador's successor
was deferred until after the first of the year. There was no
change in the officers of the Houston Branch in 1933.
There was no change in the personnel of directors and officers at the San Antonio Branch during 1933.
On December 31, 1933, the total number of officers and
employees at the head office and branches was 428, an increase
of 45 since December 31, 1932.
FISCAL AGENCY OPERATIONS
The volume of transactions handled as Fiscal Agent of the
United States during the year 1933 showed a very substantial
increase compared with the year 1932.
During the year 1933, 58 new issues of Government securities were floated, as compared with 47 new issues in 1932, and
there were 50 maturing issues handled, as compared with 19
in 1932.
There was an increase in the volume of interest coupons
handled for payment during the year 1933 as compared with
1932.
Additional help was required at the latter part of the year
1933 to handle the heavy volume of exchanges of Fourth Loan
Bonds for Treasury Bonds dated October 15,1933, of the Series
1943-45.
[18]
OPERATION OF BRANCHES
The volume of business handled at the El Paso Branch in
1933, compared with that handled in 1932, is reflected in the
following table:
Number
1933
1932
Notes discounted and
rediscounted
896
Bills received and
counted __
3,280,056
Coin received and
counted
2,381,867
Transfers of funds
5,711
Check collections.
1,902,782
Treasury warrants..
327,016
Non-cash collections
16,946
Return items..
56,319
Amount
1933
1932
2,132
$ 4,275,846
$
10,594,186
3,445,997
15,352,300
16,685,250
2,639,668
6,986
2,091,211
214,275
14,473
50,187
1,029,580
130,219,696
197,860,800
26,491,346
10,425,341
2,251,057
2,878,512
182,238,093
250,074,611
20,621,812
7,999,081
1,820.081
At the beginning of the year 30 member banks (29 national
banks and 1 State bank) were attached to the branch. Two
banks qualified for membership during the year, leaving the
membership on December 31, 1933 at 32, consisting of 29
national banks and 3 State banks.
The expense of operation, excluding furniture and equipment, was $93,711 as compared with $99,152 in 1932.
The personnel of the branch at the close of December 31,
1933, comprised 2 officers and 39 employees, an increase of 5
employees since December 31, 1932.
The volume of business handled at the Houston Branch in
1933, compared with that handled in 1932, is reflected in the
following table:
Number
1933
1932
Notes discounted and
rediscounted
547
1,521
Bills received and
counted
9,481,422
8,987,025
Coin received and
counted
10,358,598 12,998,899
Transfers of funds..
23,669
23,093
Check collection's.-. 4,865,081
5,191,347
Treasury warrants..
476,339
266,213
Non-cash collections
56,879
46,180
Return items
150,018
139,158
Amount
1933
$
5,033,880
1932
$
14,690,155
39,539,470
33,122,250
2,383,900
938,540,480
837,546,024
48,666,944
59,434,408
5,592,393
1,179,945
1,021,493,796
798,446,437
26,123,445
40,045,754
4,308,44'5
At the beginning of the year 80 member banks (70 national
banks and 10 State banks) were attached to the branch. During
the year the membership of 7 national banks and 1 State bank
was terminated, while the membership of 4 national banks
[19]
and 4 State banks was added, leaving the total membership
on December 31, 1933, at 80, consisting of 67 national banks
and 13 State banks.
The expense of operation, excluding furniture and equipment, was $134,129, as compared with $133,825 in 1932.
The personnel of the branch on December 31, 1933, comprised 2 officers and 53 employees, compared with 3 officers
and 43 employees on December 31, 1932.
The volume of business handled at the San Antonio Branch
in 1933, compared with that handled in 1932, is reflected in
the following table:
Number
Amount
1933
Notes discounted and
rediscounted
1,585
Bills received and
counted
8,218,979
Coin received and
counted
6,235,396
Transfers of funds..
12,614'
Check collections
4,247,760
Treasury warrants..
399,679
Non-cash collections
28,829
Return items
132,078
1932
1933
1932
4,265
$ 4,952,325
$
14,035,967
8,412,135
41,223,888
34,676,075
6,714,925
13,127
4,394,251
223,985
24,199
122,886
2,603,452
279,019,577
538,941,048
37,744,146
28,499,171
4,781,659
1,459,543
334,675,774
538,891,951
29,304,009
23,184,984
4,159,899
At the beginning of the year 78 member banks (69 national
banks and 9 State banks) were attached to the branch. During
the year 2 national banks closed, 1 was taken over by a national bank, and 2 by non-member State banks. Two State
banks withdrew from membership, 1 closed and 2 were admitted to membership, leaving total membership of 72 on
December 31, 1933, consisting of 64 national banks and 8 State
banks.
The expense of operation, excluding furniture and equipment, was $122,860, as compared with $125,045 in 1932.
The personnel of the branch on December 31, 1933, comprised 2 officers and 53 employees, compared with 3 officers
and 43 employees on December 31, 1932.
[20]
@FedFRASER