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F ederal R eserve B a n k
of

R ic h m o n d

THIRTIETH ANNUAL REPORT
—

Y E A R 1944 -----

R ic h m o n d , Va., January 10, 1945.

To Member Banks
of the Fifth Federal Reserve District:
There is submitted herein a comparative statement of the condition of
the Federal Reserve Bank of Richmond at the close of business December
31, 1944, and December 31, 1943, together with a comparative statement of
profit and loss for the years 1944 and 1943, and other operating data.
Very truly yours,

President

i

I




COMPARATIVE STATEMENT OF CONDITION
ASSETS:

D e c em b e r

31,1944

D ecem ber

31,1943

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

$ 905,275,373.41
49,203,435.70

$1,031,584,278.84

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

15,778,769.63

23,040,935.77

23,647,950.00

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

970,257,578.74

1,078,273,164.61

Discounts and advances .................................

650,000.00

420,000.00

Industrial loans

125,591.15

234,518.01

T o tal

R e se r v e s

U. S. GOVERNMENT SECURITIES:
Bills

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

Certificates
Notes

764,847,000.00
255,244,000.00

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

81,913,000.00
64,948,000.00
(incl. guar, securities).

1,166,952,000.00

652,102,000.00

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

1,167,727,591.15

652,756,518.01

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

Bonds ........................................................
T otal

U. S.

T o ta l

loans an d

Governm ent

se c u r it ie s

s e c u r it ie s

280,416,000.00
192,066,000.00
52,772,000.00
126,848,000.00

Due from foreign banks ........................................................................................
Federal Reserve notes o f other banks ........................................................... -....
Uncollected items ................................. -......................................................-.........
Bank premises .... .....................................................................................................

5,425.41

5,840.39

10,539,340.00
201,593,214.69

12,098,800.00
153,090,709.87
2,935,506.08

Other assets ................................................................................................................

2,852,345.23
2,916,238.61

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

2,355,891,733.83

1,903,481,078.07

1,487,766,210.00

1,141,590,385.00

636,753,750.09
23,385,153.87
46,240,548.40
2,324,474.44

544,664,110.91
17,131,318.38
54,439,217.24

4,320,539.11

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

2,151,463.20

708,703,926.80

618,386,109.73

136,941,828.70
395,792.69

124,194,772.33

2,333,807,758.19

1,884,350,934.95

Capital paid in ......................................................

6,516,900.00

Surplus (Section 7) ....................................................................................
Surplus (Section 13b) ........... -...................................................................

6,140,500.00
5,235,966.03

Other capital accounts ................. -...............................................-..........

7,813,340.69
3,289,832.40
4,463,902.55

3,289,774.5-1
4,463,902.55

TOTAL LIABILITIES AND CAPITAL ACCOUNTS.

2,355,891,733.83

1,903,481,078.07

415,200.00

0 7 0 ,000.00

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

Deferred availability items ..
Other liabilities .... ...............
TOTAL LIABILITIES

179,667.89

CAPITAL ACCOUNTS:

Commitments to make industrial loans




2

COMPARATIVE PROFIT AND LOSS ACCOUNT
1944

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

$

14,090.07
8,692.56
7,085,66
5,344,866.35
5,482.41

1943
$

6,741.90
20,567.93
8,906.40
4,072,264.83
4,614.01

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

5,980,217.05

4,113,095.07

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

2,540,219.17
91,310.23
574,657.78

2,290,232.50
104.021.62
404,837.15

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

3,206,187.18

2,799,121.27

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

2,774,029.87

1,313,973.80

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

191,112.54
106.34
5,207.07

1,974,305.53
49,500.00
265,664.02

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

196,425.95

2,289,469.55

D e d u c t io n s f r o m C u r r e n t N e t E a r n i n g s :
Retirement System (interest base and increased benefits adjustments)...................
Other deductions ..............................................-...............................................................

..... 9/75L64

528,506.00
249,077.10

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

9,751.64

777,583.10

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

186,674.31

1,511,886.45

A vailable for dividends, payment to T reasurer of U. S. under Section 13b,
AND SURPLUS ACCOUNTS ......................................................................................................

2,960,704.18

2,825,860.25

Dividends paid member banks ............................................................................... .............
Payment to Treasurer o f U. S. under Section 13b o f F. R. Act................................
Net addition to surplus accounts ........................................................................................

380,713.28
2,558.38
2,577,432.52

359,649.75
24,307.34
2,441,903.16

$ 5,235,966.03
2,577,374.66
...................

$ 5,235,966.03
2,396,346.00
2,396,346.00

7,813,340.69

5,235,966.03

$ 3,289,774.54
57.86

$ 3,244,217.38
45,557.16

3,289,832.40

3,289,774.54

S U R P L U S A C C O U N T (S e c t io n 7 )
Balance at close of previous year .......................................................................................
Addition a/c profits for year ...........................................................................................
Transferred to reserves for contingencies ...................................................................
Balance

at close of current year ..... ..............................,........................

S U R P L U S A C C O U N T (S e c t io n 1 3 b )
Balance at close o f previous year ....... ..............................................................................
Addition for year account recoveries o f losses o f previous years............. ............Balance

at close of current year ........ ..................................................

CAPITAL STOCK ACCOUNT
(Representing amount paid in, which is 50% o f amount subscribed)
Balance at close o f previous year
Issued during the year ................
Cancelled during the year ......................................




B alance

a t clo se o f c u r r e n t y e a r ..

$ 6,140,500.00
420,050.00

; 5,884,550.00
274,150.00

6,560,550.00
43,650.00

6,158,700.00
18,200.00

6,516,900.00

6,140,500.00

VOLUME OF PRINCIPAL OPERATIONS

ECKS

Total
Number of
Items

H andled :

Average
Amount
Per Item

Total
Amount

Daily Averages
Number
o f Items
Amount

Y

ea r

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

110,683,000

$32,645,462,000

$295

360,531

$106,337,010

Y

ear

1943 (307 da ys)...........

100,844,000

31,083,430,000

308

328,482

101,248,958

Y

ear

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

92,257,000

25,756,755,000

279

305,487

85,287,2,68

Y ear

1911 (299 da ys)............

87,796,000

20,410,680,000

232

293,632

68,263,144

Y ear

1940 (301 days)............

79,938,000

15,474,834,000

194

265,575

51,411,409

Y e ar

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

76,814,000

13,720,123,000

179

256,903

45,886,699

Y ear

1938 (301 da ys)............

74,114,000

12,145,850,000

164

246,226

40,351,661

Y ea r

1937 (301 da ys)............

71,878,000

13,174,474,000

183

238,798

43,769,016

Y ear

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

69,683,000

11,897,385,000

171

231,505

39,526,196

Y ear

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

59,518,000

10,436,538,000

175

197,734

34,672,884

Y ear

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

54,109,000

12,795,015,000

236

179,764

42,508,355

ear

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

48,171,677

14,038,542,000

291

159,509

46,485,238

Y ear

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

33,731,801

11,505,945,224

341

110,960

37,848,504

Y

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

1944

Number ...................................................................... v
.........................................
Amount .................................................................................................................

T ransfers

of

F unds

for

$

203,169
299,053,000

1943

$

206,165
316,724,000

M em ber B a n k s :

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

64,432
$13,750,734,000

67,268
$13,865,301,000

$19,115,771,000
19,111,080,000

$20,278,476,000
19,151,114,000

318,008,242
$ 1,768,445,522

319,718,231
$ 1,719,188,949

317,747,084
$ 1,761,851,028

315,684,138
$ 1,717,601,679

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 .............. ..................-........................

Cu r r e n c y

and

C o in H a n d l e d :

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

$

529,898,045
39,410,741

$

484,194,005
38,944,965

$

531,082,906
39,905,271

$

481,865,754
38,728,997

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




4

VOLUME OF PRINCIPAL OPERATIONS

(Continued)

U . S. G o v e r n m e n t S e c u r i t i e s ( E x c l u s i v e o f S a v in g s B o n d s )
I ssu ed, E x c h a n g e d a n d R e deem ed :
Number .................................................................................................................
Amount .................................................................................................................

1943

1944
375,000
$ 5,744,353,000

363,000
$ 4,744,313,000

U . S. S a v i n g s B o n d s — I s s u e d :
Number . ................................................................................... .........................
Amount ................................................................................................................

$

11,752,000
941,766,000

$

9,782,000
792,412,000

$

6,603,000
246,273,000

$

3,233,000
117,681,000

$

110,000
21,812,000

$

63,000
10,592,000

$

624,000
39,776,000

$

614,000
29,728,000

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

in

S a f e k e e p in g

for

Ow ners

on

Number ................................................................................................................
Amount ................................................................................................................
C o u p o n s P a id — F r o m D ir e c t
m e n t O b l ig a t io n s :

and

F u l l y G u aran teed Govern­

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

and

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

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

26,323,000
$ 5,106,187,000

18,279,000
$ 4,610,825,000

4,164,000

3,689,000

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

it h h e l d

................................................................................................................
T a x e s — R e c e iv e d

and

C r e d it e d

to

Treasury:

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

$

199,000
293,183,000

$

85,000
123,182,000

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

20

20
1512

1428

1532

1448

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

338
131

337
129

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

469

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

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

MEMBER BANKS
Number o f member banks at end of year:




5

DIRECTORS AND OFFICERS
FOR YE A R 1945
DIRECTORS

ROBERT LASSITER,
O t T 4 T D W A XT A -P
\ J l l A llV iU fX iN \JX'

rpTTT" T> A *
i X-Llli J J U A X V i;

A tli
A IN

F ederal R e s e r v e A g e n t .
VV . t r .

W I SU JX,

D eputy Ch a ir m a n

op t h e

B oard .

Class A
CHAS. E. RIEM AN, 1945,

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

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

of

B a l t im o r e ,

JAMES C. BRASW ELL, 1946,
R o c k y M o u n t , N . C.

C h a i r m a n of B oard , P l a n t e r s N a t l . B k . & T r .
R o c k y M o u n t , N . C.

JOHN A. SYDENSTRICKER, 1947,
M a r l i n t o n , W. V a .

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

in

Co.,

M a r l in t o n ,

Class B
CHAS. C. REED, 1945,

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

R ic h m o n d , V a .

H. L. RUST, JR., 1946,
W a s h i n g t o n , D . C.

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

EDWIN M ALLOY, 1947,
C h e r a w , S. C.

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

Class C
W. G. W YSOR, 1945,

G e n e r a l M a n a g e r , S o u t h e r n S t a t e s C o o p e r a t iv e , I n c .,
R ic h m o n d , V a .

R ic h m o n d , V a .

ROBERT LASSITER, 1946,
C h a r l o t t e , N . C.
CHARLES

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

C h a i r m a n of B oard , M o o r e sv ille C o t t o n M i l l s ,
M o o r e s v il l e , N . C.

1947,

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

OFFICERS

HUGH LEACH,

W. W.

P r e s id e n t .

A

J. S. W ALDEN, JR.,
F ir s t V

ic e

EDWARD W ALLER, JR.,

P r e s id e n t .

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

ALBERT S. JOHNSTONE,

J. G. FRY,

A

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

s s is t a n t

C a s h ie r .

C. L. GUTHRIE,

R. W. MERCER,
V

D IL L A R D ,
C a s h ie r .

s s is t a n t

A

P r e s id e n t .

ss is t a n t

C a s h ie r .

C. B. STRATHY,

EDW ARD A. W AYNE,

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

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

R. S. BROCK, JR.,

GEORGE H. KEESEE,

A u d it o r .

Ca s h ie r .

M AXW ELL

G.

W ALLACE,

Co u n s e l .

MEMBER FEDERAL ADVISORY COUNCIL

ROBERT V. FLEMING, 1945,
P r e s id e n t, R ig g s N a t i o n a l B a n k ,
W a s h i n g t o n , D. C.

INDUSTRIAL ADVISORY COMMITTEE

J. G. HOLTZCLAW, Chairman,
P r e s id e n t, V ir g in ia E l e c t r i c
R ic h m o n d , V a .

P o w e r Co.,

W. L. MANNING,

W ALKER D. STUART,

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

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

DOUGLAS GORMAN,

OVERTON D. DENNIS,

P r e s id e n t , C u m b e r l a n d
B a l t im o r e , M d .

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




&

6

Co a l

C o .,

Co.,

DIRECTORS AND OFFICERS
FOR YEAR 1945
(Continued)

B A L T IM O R E B R A N C H
DIRECTORS

W. R. MILFORD, 1945,
B a l t im o r e , Md.

M a n a g in g D irector .

JAMES C. FENHAGEN, 1945,
B a l t im o r e , Md.

V ice C h a i r m a n of B oard , B a l t im o r e N a t l . B a n k ,
B a l t im o r e , M d .

GEORGE M. MOORE, 1946,
C l a r k s b u r g , W. V a .

V ice P r e s id e n t , U n i o n
C l a r k s b u r g , W. Va.

W. BLADEN LOWNDES, 1947,

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

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

JOSEPH D. BAKER, JR., 1945,

S e c r e t a r y & T r e a s u r e r , T h e S t a n d a r d L i m e & S t o n e C o .,
B a l t im o r e , M d .

M o n k t o n , M d.
W . FRANK ROBERTS,
B a l t im o r e , M d .

P r e s id e n t , S t a n d a r d G a s E q u i p m e n t C o r p o r a t io n ,
B a l t im o r e , M d .

1946,

W. FRANK THOMAS, 1947,
W

e s t m in s t e r ,

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

C o n s t r u c t io n E n g in e e r
W e s t m in s t e r , M d .

M d.

and

R e al E state M a n a g e m e n t ,

OFFICERS

W. R. MILFORD,
JOHN R. CUPIT,

M a n a g in g D irector .
C a s h ie r .

J. A. JOHNSTON,
F. HAGNER,

D.

A . C.

W IENERT,

A

A s s i s t a n t Ca s h i e r .
s s is t a n t

C a s h ie r .

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

CHARLOTTE BRANCH
DIRECTORS

W. T. CLEMENTS, 1945,
C h a r l o t t e , N. C.

M a n a g in g D irector .

ANGUS E. BIRD, 1945,
C o l u m b ia , S. C.

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

ALLEN

E x e c u t iv e V ice P r e s id e n t
Cit iz e n s N a t io n a l B a n k
G a s t o n i a , N . C.

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

1946,

N. S. CALHOUN, 1947,
G r e e n sb o r o , N. C.
D.

W. W ATKINS, 1945,
S. C.

M . WRIGHT,
G r e a t F a l l s , S. C.

T r u s t O f f ic e r ,
G a s t o n ia ,

D irector of E x t e n s i o n , C l e m s o n
C l e m s o n , S. C.

1946,

CHARLES L. CREECH, 1947,
W i n s t o n -S a l e m , N. C.




in

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

Cl e m s o n ,

GEORGE

and

C o l l eg e ,

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

OFFICERS

W. T. CLEMENTS, M a n a g in g D irector .
R. L. CHERRY, C a s h i e r , (On Leave in Armed Forces).
R . L. HONEYCUTT, A s s i s t a n t C a s h i e r .
7