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Federal Reserve Bank of Richmond F F i f t h A R e d e r a l nnual e s e r v e R D i s t r i c t eport TO M ember Banks FOR YEAR 1938 i F ederal R eserve Bank of R ichm ond R ic h m o n d , V a ., January 17, 1939. 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, 1938, and December 31, 1937, together with a comparative statement of profit and loss for the years 1938 and 1937, and other operating data. Very truly yours, President COMPARATIVE STATEMENT OF CONDITION ASSETS: December 3i, 1938 D ecember 31, 1937 Gold certificates on hand and due from U. S. Treasury.................................... Redemption fund— Federal Reserve notes............................................................ Other cash .................................................................................................................... $ 356,644,940.06 1,221,860.00 21,916,857.88 $ 294,124,659.12 T otal R eserves ...................................................................................... 379,783,657.94 320,964,952.73 54,000.00 152,500.00 340.000.00 255.000.00 921,390.00 25,918,903.61 BILLS D ISCOUN TED: Secured by U. S. Government obligations direct or fully guaranteed....... Other bills discounted ....... .................................................................................... bills discounted................................... .................................... 206,500.00 595.000.00 Bills bought in open market.................................................................................... Industrial advances ................................................................................ .................... 23,616.39 1,466,432.15 1,768,154.13 U. S. GOVERNMENT SECURITIES: Bonds ......................................................................................................................... Treasury notes ........... ............................................................................................ 39,460,500.00 54,291,500.00 39.393.500.00 60.540.500.00 Treasury bills ........................................................................................................... 26,569,000.00 34,462,000.00 120,321,000.00 134,396,000.00 T otal T otal U. S. Government T otal securities................................................. bills and securities...................................................................... 23,217.69 122,017,548.54 136,782,371.82 Due from foreign banks ............................................................................................ Federal Reserve notes of other banks —- .............................................................. 7,401.68 2,946,340.00 7,690.55 2,886,090.00 Uncollected items ....................................................................................................... Bank premises .............................................................................................................. Other assets ................................................................................................................. 47,040,022.83 2,620,812.92 2,507,548.30 53,627,481.75 2,700,314.99 2,231,358.59 TOTAL ASSETS ............................................ 556,923,332.21 519,200,260.43 Federal Reserve notes in actual circulation .............................. ......................... 208,286,735.00 209,905,715.00 DEPOSITS: Member bank— reserve accounts ........................................................................ U. S. Treasurer— general account ..................................................................... 231,575,701.52 48,507,379.14 220,565,844.10 Foreign banks ........................................................................................................... Other deposits ................................................................................. -........................ 8,575,995.05 2,033,040.69 7,459,936.46 3,599,658.69 L IA B IL IT IE S : 10,887,850.43 T otal D eposits ...................................................................................... 290,692,116.40 242,513,289.68 Deferred availability items ...................................................................................... 43,155,218.66 51,996,286.40 Other liabilities .......................................................................................................... . 108,099.73 115,899.57 TOTAL LIABILITIES ................................ 333,955,434.79 294,625,475.65 Capital paid in ........................................... ................................................................. Surplus (Section 7) ....... ........................................................................................... Surplus (Section 13b) ............... ................................................................................ 5,004,900.00 4,982,671.81 3,292,772.65 4,895,950.00 4,963,636.05 3,408,665.77 Other capital accounts ............................................................................................... 1,400,817.96 1,400,817.96 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 556,923,332.21 519,200,260.43 Contingent liability on bills purchased for foreign correspondents............... Commitments to make industrial advances .......................................................... 3,265.04 1,281,852.95 1,623,185.67 C A P IT A L A C C O U N T S : 4 72,946.69 COMPARATIVE PROFIT AND LOSS ACCOUNT 1938 E a r n in g s : Discount on bills discounted ................................................................................................. Discount on bills purchased ............................................ ........................................ ............ Interest earned on Industrial Advances under Section 13b ....... .................................. Fees rpreivprl on flnmmitmpnt« tr» rnnkp TnrhjcjfriQl 4Ldvarlcec' Interest on United States securities .......................................................................... ........ Other earnings ............... .................................... .................................................................... $ 9,042.05 119 91 82,454.32 1k c\na an 1,762,670.88 46,598.37 1937 $ 9,053.72 8RK SO 122,824.09 1n HAfi co 2,074’525!32 25,056.00 Total Current Earnings ............ ........................................................................ 1,915,952.30 2,249,984.96 Operating expenses (including depreciation on bank premises) after deducting reimbursements received for certain Fiscal Agency and other expenses............... Assessments for expenses o f the Board of G overnors............................................ ........ Cost of Federal Reserve Currency ....................................................................................... 1,515,248.54 74,329.27 99,637.46 1,559,889.71 75,053.89 94,828.81 Total Net Expenses ....................................................... ................................... 1,689,215.27 1,729,772.41 C urrent N et E a r n i n g s ....................................................................................................................... 226,737.03 520,212.55 Profits on sales o f U. S. Government securities .............................................................. Other additions ........................................................ ............................ .................................... 437,837.06 41,134.14 127,632.95 56,576.26 Total additions .................................................................... ................................ 478,971.20 184,209.21 Assessments to apply on cost of building for the Board of Governors..................... Contributions to F. R. Retirement System on account of prior service..................... Reserve for losses on Industrial Advances .................................................................. Other deductions ....... ................................................................ ............................................... 3 1 4 .0 8 8 .0 0 1 6 8 .5 0 0 .0 0 2 2 ,2 4 5 .2 1 6 0 ,9 5 3 .0 9 1 5 7 ,0 4 4 .0 0 1 1 3 ,5 4 3 .4 3 8 4 8 .5 8 Total deductions ................................................................................................... 5 0 4 ,8 3 3 .2 1 3 3 2 ,3 8 9 .1 0 Net deduction ...................................................................................................... 2 5 ,8 6 2 .0 1 1 4 8 ,1 7 9 .8 9 , 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 i o n 1 3 b , ............................................................................................................................................................................................................................................ 2 0 0 ,8 7 5 .0 2 3 7 2 ,0 3 2 .6 6 297,732.38 .................... 96,857.36* 291,234.63 ................... 80,798.03 E xpen ses : A d d it io n s to D e d u c t io n s A v a il a b l e a n d C u r r e n t N e t E a r n in g s : from C u r r e n t N e t E a r n in g s : f o r d iv id e n d s s u r p l u s a c c o u n t s Dividends paid member banks ............................................................................................. Payment to Treasurer of U. S. under Section 13b of F. R. A ct........ ........................... Net addition to surplus accounts ........................................................................................ SURPLUS ACCO U N Tf(Section 7) Balance at close of previous year .............................................................. _....................... Credited from profits of year .............................................................................................. $ 4,963,636.05 19,035.76 $ 4,869,417.78 94,218.27 B a la n c e a t c lo s e o f c u r r e n t y e a r ............................................ ................... 4,982,671.81 4,963,636.05 $ 3,408,665.77 $ 3,422,086.01 SURPLUS A C C O U N T (Section 13b) Balance at close of previous year ...................................................................................... Charged for year (Proportion of excess of expenses, charge-offs and reserves on Industrial Loans over earnings and recoveries thereon)............................................ B a lan ce a t close of current year . 115,893.12 13,420.24 3,292,772.65 3,408,665.77 C A P IT A L STOCK A C C O U N T (Representing amount paid in, which is 50% o f amount subscribed) Balance at close o f previous year ............................................................ .......................... Issued during the year .............................................................................. ......................... $ 4,895,950.00 141,050.00 $ 4,718,650.00 208,800.00 Cancelled during the year .......................................................................... ......................... 5,037,000.00 32,100.00 4,927,450.00 31,500.00 B a l a n ce a t close of current y e a r ........................ .................. ......................... 5,004,900.00 4,895,950.00 *Net deduction from surplus accounts. 5 VOLUME OF PRINCIPAL OPERATIONS 1938 1937 Secured by U. S. Government obligations...................................................... $ 12,620,950.00 $ 16,093,500.00 B i l l s D is c o u n t e d : Member Banks’ own notes: Secured by customers’ notes....... ........................ ............................................ 4,481,891.96 2,129,345.44 Secured by collateral authorized under Section 10b of the Federal Reserve Act, as amended ............................................................................... 1,130,000.00 280,000.00 Bills discounted for Individuals, Partnerships and Corporations, secured by U. S. Government obligations .................................................................... .................... 4,000.00 D iscoun ted .................................................................... 18,232,841.96 18,506,845.44 T o ta l B ills B il l s P u r c h a s e d : Bankers’ Acceptances— Foreign business ....... 29,395.48 Bankers’ Acceptances— Foreign currency ....... 119.308.47 845,150.41 T otal B ills P u rchased ........ ............... 119.308.47 874,545.89 18,352,150.43 19,381,391.33 T otal B ills D iscounted a n d P u rchased .... (Under Section 13b of the Federal Reserve Act, as amended) : I n d u s tr ia l L oa n s Total amount of applications received— net...................................................... $ 3,080,700.00 $ 1,179,000.00 Total amount of applications approved................... .......................................... 1,162,500.00 220,000.00 Total amount of applications rejected................................................................ 1,818,200.00 892,000.00 Total amount of applications still under consideration.................................. 30,000.00 135,000.00 Cu rren cy and Co in H a n d l e d : Currency received (including new notes) : Number of notes ................................................................................................. Amount ................................................................................................................... $ 182,127,805 624,653,700 $ 203,565,388 737,039,900 $ 183,676,064 630,055,100 $ 198,996,459 728,434,100 $ 196,072,926 16,187,600 $ 206,150,672 16,820,900 $ 198,942,485 16,541,100 $ 206,877,544 16,607,800 Currency paid out (including notes returned for redemption) : Number of notes ................................................................................................. Amount ................................................................................................................... Coin received (including new c o in ): Number of coins ................................................................................................... Amount ................................................................................................................... Coin paid out (including coin returned for redemption) : Number o f coins ................................................................................................... Amount ................................................................................................................... 6 V O L U M E O F P R IN C IP A L O P E R A TIO N S (Continued) Total Number of Items C h eck s H andled : Y ear Y ear Y ear Y ear Y ear Y ear Y ear Y ear Y ear Y ear Y ear Y ear Y ear Y ear Y ear Y ear Y ear Y ear Y ear 1938 1937 1936 1935 1934 1933 1932 1931 1930 1929 1928 1927 1926 1925 1924 1923 1922 1921 1920 (302 (301 (301 (301 (301 (301 (301 (301 (301 (302 (302 (302 (302 (302 (304 (301 (302 (303 (304 days).. days). days). days). days). days).. days).. days).. days).. days).. days).. days).. days).. days).. days).. days).. days).. days).. days).. Total Amount Amount Per Item $12,145,850,000 13,174,474,000 11,897,385,000 10,436,538,000 9,638,415,000 7,659,951,000 7,809,312,000 10,435,697,000 12,795,015,000 14,118,820,000 13,990,057,000 13,502,105,000 13,924,751,000 14,038,542,000 13,254,632,000 13,111,823,500 8,762,818,547 8,620,888,130 11,505,945,224 74,114,000 71,878,000 69,683,000 59,518,000 55,643,000 46,191,000 46,554,000 52,652,000 54,109,000 55,730,000 54,570,000 52,859,000 50,430,000 48,171,677 46,779,081 47,226,755 42,884,054 39,260,432 33,731,801 $164 183 171 175 173 166 168 198 236 253 256 255 276 291 283 278 204 220 341 Daily Averages Number o f Items Amount 245,411 238,798 231,505 197,734 184,860 153,458 154,664 174,923 179,764 184,536 180,695 175,030 166,987 159,509 153,879 156,900 142,000 129,572 110,960 $40,218,046 43,769,016 39,526,196 34,672,884 32,021,312 25,448,342 25,944,558 34,670,090 42,508,355 46,75(1,060 46,324,692 44,708,957 46,108,447 46,485,238 43,600,763 43,560,875 29,015,955 28,451,776 37,848,504 1938 D ir e c t R o u te d C a s h L e t t e r s : Number Amount 1937 199,520 $ 2,036,240,000 206,946 $ 2,490,220,000 286,805 242,672,000 302,024 270,627,000 N o n -C a s h C o l l e c t io n I t e m s R e c e i v e d : Number ............................................................ Amount ............................................................ C o u p o n s F r o m D ir e c t O b l ig a t io n s P a id : and F u lly Gu aranteed G overnm ent Number ............................................................................................................... Amount ............................................................................................................... T ransfers op F unds for $ 621,815 18,192,000 $ 660,785 18,549,000 M em ber B a n k s : Number ................................................................. Amount ................................................................ 60,035 $ 4,978,735,000 66,016 $ 5,608,232,000 $ 6,555,063,000 6,513,917,000 57,581,759,000 7,369,390,000 Officers ................................................................................................. Employees ........................................................................................... 18 663 18 645 Total ........................................................................................... 681 663 337 69 338 67 406 405 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................................................. PERSONNEL Number of officers and employees at end of year: M EM BER BANKS Number of member banks at end of year: National banks ........................................................................................ State banks .............................................................................................. Total ............................................................................................................... 7 E XPENSES FOR 1938 The expenses o f Federal Reserve Banks are incurred in the exercise of functions prescribed by law, which involve the rendering of services directly to the United States Treasury, other Government Agencies, and to member banks; and through member banks indirectly to the entire business community— agricultural, industrial, and commercial. Federal Reserve Banks— furnish an clastic currency; afford means of rediscounting commercial and agri cultural ‘naner: Tnakp lnnns tr» pstnhlisl-iari qv commercial businesses, either direct or through financing institutions, for the purpose of providing working capital; act as fiscal agents of the U. S. Treas ury Department, and other Government Agencies; pay checks and warrants drawn on the Treasury of the United States; exercise the functions of Sub-Treasuries in the supply, exchange and redemption o f cur rency and coin; effect the par clearance of checks on a large majority o f the banks o f the country; col lect for member banks maturing notes, drafts, etc.; effect the transfer of funds by telegraph and mail, and make daily settlement between all Federal Reserve Districts; and perform other public services. The expenses of conducting the operations of the Federal Reserve Bank o f Richmond for the year 1938, divided according to functions, were as follow s: C u r r e n c y a n d C o in The cost o f receiving and handling 182,127,805 pieces of currency aggregating $624,653,700 of which 115,333,700 pieces had been in circulation and had to be sorted and counted; paying or shipping out 183,676,064 pieces o f cur rency aggregating $630,055,100; receiving and handling 196,072,926 pieces o f coin aggregating $16,187,600; paying or shipping out 198,942,485 pieces of coin aggregating $16,541,100 was........................................................................ $110,166.32 The shipping charges (postage, expressage and insurance) on currency and coin to and from out-of-town members amounted to....................................................... 139,407.94 Assessments by the Treasury Department to cover the cost o f printing and main taining an adequate supply of new Federal Reserve Currency and the cost o f redeeming and destroying Federal Reserve Notes and Federal Reserve Bank Notes unfit for circulation, plus the shipping charges thereon between the bank and Washington and the shipping charges on fit F. R. Notes between the bank and other Federal Reserve Banks amounted to.............................................. 99,637.46 T otal C ost ........................................................................................................................ $ 34 9 ,21 1 .72 L o a n s , R e d is c o u n t s a n d I n v e s t m e n t s The cost o f making discounts and advances to 42 member banks: 451 notes aggre gating $18,232,842 were received, examined and discounted; 2,616 notes col lateral to member bank notes aggregating $5,571,550 were received, ex amined and handled; includes the cost of special handling accorded 73 notes aggregating $2,788,550 paid before maturity and the unearned discount re bated; handling 59 applications for advances to industry for working capital under Section 13b o f the Federal Reserve Act, as amended, aggregating $3,080,700 net, o f which amount applications aggregating $1,162,500 were approved; also includes the cost of credit investigations, securing and analyzing commercial and bank statements, maintaining credit files, etc.......$ 49,274.19 The cost of effecting 1,794 transactions in the purchase and sale (in the open mar ket) of government securities for out-of-town banks, aggregating $291,261,927 and the cost of receiving, verifying and holding securities pledged as collateral to notes, and for safekeeping, and maintaining the proper records thereof, as follow s: receiving 25,382 pieces aggregating $298,623,487; ship ping 28,928 pieces aggregating $267,156,237; holding in our vaults through out the year securities as collateral to discounts or for safekeeping, ranging from $77,040,000 to $108,328,000, was................................................................... . 17,430.86 T otal C ost .......................... .............................................................................................. $ 6 6 ,7 0 5 .0 5 T r a n s i t a n d C o l l e c t io n s Handling and collecting 65,198,000 checks for member banks, aggregating $11,4 6 6 ,7 2 8 ,0 0 0 cost............................................................................... ............................................. $ 17 7 ,81 7 .84 Handling 922,325 checks aggregating $39,036,981 returned unpaid for various reasons cost...................................................................................................................... Handling 286,805 non-cash collection items (maturing notes, drafts, coupons, etc.), aggregating $242,672,000 cost........................................................................ T otal C ost......................................................................................................................... 16,521.45 42,633.65 $ 23 6 ,9 7 2 .9 4 A c c o u n t in g This function includes: The general books, capital stock records, issuing and recording official checks. The member bank accounts— both reserve accounts and deferred accounts— and the calculation of deficiencies in reserve, if any, and the assessments o f penalties for deficiencies as prescribed by law. The accounts with other Federal Reserve Banks, and the operation o f the Inter district Settlement Fund through which $13,367,408,000 was received from and paid to other Federal Reserve Banks and Branches, the Treasurer o f the United States, and the Federal Reserve Agent. The transfers of funds for account of member banks o f which there were 60,035 aggregating $4,978,735,000. The accounting involved in making all the expenditures o f the bank. Planning new accounting forms and systems and making changes in old forms as the need therefor arises. T o ta l C o st ......................................................................................................................... 8 $ 1 0 7 ,1 2 3 .2 8 F is c a l A g e n t , C u s t o d ia n a n d D e p o s it a r y o f t h e U n it e d S t a t e s Services rendered as Fiscal Agent, Custodian and Depositary o f the United States Government: Receiving, proving and crediting to banks, preparing schedules, cancelling and shipping to Washington 351,504 Government (direct) coupons aggregating $13,575,814; receiving, examining, paying, and listing according to Treasury regulations 8,916,000 Government checks (including 5,105,000 Work Relief checks) aggregating $679,122,000 and shipping them to Washington; main taining the general account of the Treasurer of the United States; the cus tody o f securities held in safekeeping fo r Government officials; and securing foreign exchange data fo r the Secretary of the Treasury cost............................ $ 67,461.11 Fiscal Agency work for the U. S. Treasury Department principally relating to the issue of 33,383 pieces o f direct government securities amounting to $89,975,000; the redemption o f 56,518 pieces amounting to $81,093,000; the ex change and transfer o f 8,553 pieces amounting to $133,844,000; the receipt of subscriptions and payments fo r new issues, the handling of the war loan depositary accounts, the custody o f a stock o f securities ranging from $276,358,000 to $385,8847000 cost.............................. ..................................................... . 70,783.57 T o t a l C o st ..........................................................................................................$138,244.68 Reimbursed by Treasury Department................................................................................. N et Cost to the 78,532.26 B a n k ................... ........................... .................................. $ 59,712.42 Services performed as Fiscal Agent, Depositary, and Custodian fo r Government Agencies: namely, the Reconstruction Finance Corporation, the Commodity Credit Corporation, Federal Emergency Administration o f Public Works, Federal Land Banks, Federal Farm Mortgage Corporation, the United States Housing Authority, and the Home Owners’ Loan Corporation, cost................... 162,143.49 Reimbursed by Government Agencies................................................................................. 160,997.90 N et Cost to the B a n k ................................................................................. $ 1,145.59 G e n e r a l E x p e n s e s — N o t A l l o c a t e d to t h e A bove F u n c t io n s General overhead and supervisory expenses.................................... ................................. $ 81,848.46 Directors’ fees and traveling expenses.............................................................................. 7,185.84 Federal Advisory Council Conferences.............................................................................. 723.41 Our proportion o f the expenses of the Board o f Governors of the F. R. System...... 74,329.27 Operation of the banking houses at Richmond, Baltimore and Charlotte (includes salaries o f superintendent, mechanics, firemen, janitors, elevator operators, etc., and rent, light and power, heat, taxes, fire insurance, repairs and altera tions, e tc .).................................................................................................. $176,230.26 Less amount charged Fiscal Agency function.................................... 31,531.06 144,699.20* Reserves set aside for depreciation on banking houses................................................. 79,502.07 Cost of furniture and equipment purchased during the year...................$ 8,033.02 Less rental charged Fiscal Agency function...................................... 4,852.83 3,180.19 The provision o f personnel............................................................... ..................................... 24,844.26 11,878.15 Legal expenses.................................................... ..................................................................... Maintaining the general audit of the bank and branches................................................ 31,322.08 Work of the Federal Reserve Note Issues function, including issuance of Federal Reserve notes, custody o f collateral therefor, and custody of the reserve stock o f Federal Reserve notes................................................................................... 1,524.18 The examinations of State member banks and incidental work in connection therewith .................................................. ...... ............................................................... 70,031.68 Preparing and publishing the Monthly Review o f Credit, Business and Agricul tural Conditions, obtaining and assembling various statistical data, etc......... 19,744.29 Bank relations work; visiting and advising, and conferences with member and non-member banks........................................................................................................... 22,882.28 Handling incoming and outgoing ordinary and registered mail................................... 22,682.23 Protection— Salaries o f special officers and watchmen, and other protective ser vices .................................................................................................................................... 96,588.77 Other general services, including purchasing o f supplies and equipment, operating the office supplies and stationery stock room, telephone service, filing, and caring fo r old records, operating duplicating processes, salaries of general office boys, operation of automobile trucks, and repairs to equipment............. 67,687.39 Postage on ordinary mail....................................................................................................... 91,257.51 Insurance— Employees’ fidelity, Bankers’ blanket bond and burglary, Workmen’ s Compensation, Fire— equipment and supplies, automobile and special Con tributions to Retirement System o f Federal Reserve Banks.............................. 20,113.06 T otal Cost............... .......................................................................................... $872,024.32 T otal N et E xpenses..................................................................................... $1,692,895.32** *No deduction is made from this item fo r rent actually paid to us by commercial tenants for space, amount ing to $20,903.07. **Total Net Expenses o f the bank during 1938 were $3,680.05 more than the total amount o f expenditures charged to the Current Expense account of the bank during the year. The difference represents the excess of office supplies, printing and stationery and postage used during the year and charged to the proper functions in the above statement o f expenses, over the amount o f such supplies actually purchased during the year and charged to the Current Expense account. DIRECTORS AND OFFICERS FOR YEAR 1939 DIRECTORS Class A CHAS. E. RIEMAN, 1939, B altim ore , M d. B a ltim o r e , Md. JAMES C. BRASW ELL, 1940, R ocky M o u n t, N. C. P re sid en t, P la n t e r s N a t l . B a n k & T r u s t Co., R ocky M ou n t, N. C. L. E. JOHNSON, 1941, C h a ir m a n of B oard , F irst N a t io n a l B a n k , A lderson , W . V a . A ld e r s o n , W . V a . Class B C H A S . C. R E E D , 1939, R ic h m o n d , V a . V ice P resident , W il l ia m s & R eed, I n c ., W holesale D ry G oods, R ic h m o n d , V a . JOHN H. HAN NA, 1940, W a s h in g to n , D. C. C h a ir m a n of B oard , C apital T r a n s it C o., W a s h in g t o n , D. C. EDW IN M ALLOY, 1941, C h era w , S. C. P re sid en t and T reasu rer, C h era w C o tto n M i ll s , In c., C h era w , S. C. Class C Deputy Chairman of the Board. W. G. WYSOR, 1939, G eneral M anager , S outh ern S tates Cooperative , I n c ., R ic h m o n d , V a . R ichm ond, V a. Chairman of the Board. ROBERT LASSITER, 1940, CHARLOTTE;, N. C. C hairm an o f Board, M o o r e sv ille C o tto n M i ll s , M o o r e sv ille , N. C. 1941, OFFICERS ROBERT LASSITER, C hairm an o f t h e Board and F e d e ra l R eserve A g e n t. HUGH LEACH, W. W. DILLARD, A s s is t a n t C ash ier. P resid en t. EDWARD W ALLER, JR., J. S. WALDEN, JR., A s s is t a n t C a sh ier. F ir s t V ice P resident. ALBERT S. JOHNSTONE, A s s is t a n t C ash ier. J. G. FRY, V ic e C. L. GUTHRIE, P resid ent. A s s ist a n t Ca s h ie r . R. W. MERCER, GEORGE H. KEESEE, A s s ist a n t Ca s h ie r . C a sh ier. R. S. BROCK, JR., A u ditor. M AXW ELL G. W ALLACE, C o u n sel. MEMBER FEDERAL ADVISORY COUNCIL R. M. HANES, 1939, P resid ent, W a ch o v ia B a n k & T r u s t Company, W in s to n -S a le m , N. C. INDUSTRIAL ADVISORY COMMITTEE J. G. HOLTZCLAW, C hairm an, P resident, V irg in ia E le c t r ic & Pow er Co., Richm ond, V irg in ia. GEORGE E. PROBEST, JR., W ALKER D. STUART, A s s t. S e c t’y & A s s t. T reas., Koppers Company— B a r t l e t t B a ltim o re, M a ry la n d . P resident , R ic h m o n d H ardware Co., R ic h m o n d , V ir g in ia . OVERTON D. DENNIS, W. L. MANNING, D o m in io n O il C o m p a n y , R ic h m o n d , V ir g in ia . H ayw ard P resident , R osem ary M an u fa c tu r in g C o., R oanoke R apids , N orth Car olina . 10 Drv., DIRECTORS AND OFFICERS FOR YEAR 1939 (Continued) BALTIMORE BRANCH DIRECTORS W . R. MILFORD, 1939, B a ltim o re, M a ry la n d . M an ag in g D irector. MORTON M. PRENTIS, 1939, P resident , F irst N a t io n a l B a n k , B altimore , M a r y l a n d . B a ltim o re, M a ry la n d . JAMES DIXON, 1940, P resident , T h e E asto n N a t l . B a n k of M a r y l a n d , E a sto n , M a r yla n d . E a sto n , M a r yla n d . GEORGE W . REED, 1941, P resident , N a tio n a l M a r in e B a n k , B altimore , M a r y l a n d . B a ltim o re, M a ry la n d . CHARLES P. McCORMICK, 1939, B a ltim o re, M a ry la n d . P resident , M cC orm ick & C o m p a n y , B altimore , M a r y l a n d . W . FRANK ROBERTS, 1940, B a ltim o re, M a ry la n d . P resident , Standard Ga s E q u ip m e n t Corporation , B altimore , M a r y l a n d . W . FRANK THOMAS, 1941, W e s tm in s te r , M a ry la n d . Construction E n gin eer a n d R e a l E state M a n a g e m e n t , W estm inster , M a r y l a n d . OFFICERS W . R. M IL F O R D , M a n aging D irector. JO H N R. CUPIT, C ash ier . J. A . JOHNSTON, A s s is ta n t Cashier. D. F . HAGNER, A s s is ta n t C ashier. CHARLOTTE BRANCH DIRECTORS W. T. CLEMENTS, 1939, M an ag in g D irector. C h a r lo t te , N . C. B. M. EDWARDS, 1939, Colum bia, S. C. E xecutive V ice P resident , S o uth C arolina N a t io n a l Ba n k , Co lum bia , S. C. T. E. HEMBY, 1940, C h a r lo t te , N. C. E xecutive V ice P resident , A m er ican T rust C o m p a n y , C harlotte , N. C. J. GERALD COWAN, 1941, A s h e v ille , N. C. V ice P resident , W a c h o v ia B a n k & T rust Co m p a n y , A sheville , N. C« CHRISTIE BENET, 1939, Colum bia, S. C. M ember op F ir m , B e n e t , S h a n d & M c G o w a n , Co lum bia , S. C. GEORGE M. WRIGHT, 1940, G rea t F a l l s , S. C. President , R epublic C otton M ills , Great F alls , S. C. GEORGE S. HARRIS, 1941, C h a r lo t te , N. C. E xecutive V ice P resident , S prings C otton M il l s , L ancaster , S. C. OFFICERS W . T . C L E M E N T S , M a n ag in g D irector. R. L. C H E R R Y , Cash ier . L. D. BROOKS, A s s is ta n t C ashier. 11