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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

D

i s t r i c t

Report

TO

M

ember

Ba n k s

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\ a an
n
1,762,670.88
46,598.37

1937
$

9,053.72
8R SO
K
122,824.09
1n H fi co
A
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)............................................

115,893.12

13,420.24

3,292,772.65

B a lan ce a t close of current year .

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.

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