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Federal R eserve B a n k of R ich m o n d THIRTY-FIFTH ANNUAL REPORT -----YEAR 1949 ------ R ic h m o n d , Va., January 11, 1950. 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, 1949, and December 31, 1948, together with a comparative statement of profit and loss for the years 1949 and 1948, and other operating data. Very truly yours, President COMPARATIVE STATEMENT OF CONDITION ASSETS; D e c e m b e r 3 1 ,1 9 4 9 Gold certificates .................................... . $1,087,376,006.37 D e c e m b e r 31,1 9 48 $ 971,500,150.66 Redemption Fund for Federal Reserve notes... 52,047,235.40 57.788.449.00 T o t a l G o l d C ertificate R e s e r v e s ... 1,139,423,241.77 1,029,288,599.66 Other cash .......................................................................... 21,366,479.42 20,826,361.94 Discounts and advances ............................................ 5,806,500.00 10.591.125.00 Industrial loans ....................................... - .................... 106,498.09 65,121.53 U . S. G O V E R N M E N T S E C U R IT I E S : Bills ................................................................................. Certificates ................................................................... 310.023.000.00 356,374,000.00 402.865.000.00 394,702,000.00 Notes .............................................................................. 36,092,000.00 Bonds ............................................................................... 463.355.000.00 712,905,000.00 1,212,335,000.00 1,515,322,000.00 T o t a l U . S. G o v e r n m e n t T otal loans and secu r f 1,218,247,998.09 securities ..... 51,341,000.00 1,525,978,246.53 Due from foreign banks ...................................... 1,844.69 2,392.71 Federal Reserve notes o f other banks .......... 19,975,540.00 33,918,110.00 .................................................. 291,047,221.39 243,580,107.99 Bank premises ......................................................... 2,469,588.98 2,556,637.83 Other a s s e ts ............................................................... 6,474,694.87 9,682,210.71 2,699,006,609.21 2,865,832,667.37 1,580,159,750.00 1,657,802,235.00 Uncollected items TOTAL ASSETS .... LIABILITIES; Federal Reserve notes ............................................... D E P O S IT S : Member bank— reserve account ....................... 708,358,979.54 848,900,856.66 U . S. Treasurer— general account ................... 62,146,520.19 69,936,749.52 Foreign .......................................................................... 37,269,400.00 31,149,300.00 Other .............................................................................. 43,503,326.87 5,918,874.07 T o ta l D e po s it s ..................................... 851,278,226.60 955,905,780.25 Deferred availability it e m s ....................................... 223,471,436.28 212,326,502.15 518,166.57 623,983.71 2,655,427,579.45 2,826,658,501.11 Other liabilities ............................................................ T O T A L L IA B IL IT IE S CAPITAL ACCOUNTS; Capital paid in .............................................................. Surplus (Section 7) .................................................... 9,222,550.00 8,717,400.00 23,779,189.48 22,416,667.53 3,349,144.81 3,349,144.81 7,228,145.47 4,690,953.92 C A P IT A L A C C O U N T S .. 2,699,006,609.21 2,865,832,667.37 Contingent liability on Bills Purchased for Foreign Correspondents.. Commitments to make industrial loans ......................................................... 514,909.11 15,000.00 163,131.73 130,621.87 Surplus (Section 13b) .............................................. Other capital accounts ............................................. T O T A L L IA B IL IT IE S A N D 2 COMPARATIVE PROFIT AND LOSS ACCOUNT 1948 1949 E a r n in g s : Discounts and advances ........................................................................................................................ Interest earned on industrial loans under Section 1 3 b ..................................... ........... . .. Fees received on commitments to make industrial loans ....................................................... Interest on U. S. Government securities ....................................................................................... Otbpr earnings .......................................................................................................................................... $ 197,358.00 2,769.60 733.83 20,042,916.88 16,974.63 $ 259,604.26 2,350.87 1,119.78 19,411,677.52 22,316.19 20,260,752.94 19,697,068.62 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 o f Federal Reserve C u rre n cy ................................................................................................... 4,723,084.32 161,000.00 502,786.44 4,338,742.01 158,693.82 430,229.12 Total N et Expenses ............................................................................................................ 5,386,870.76 4,927,664.95 Current N et Earnings .......................................................................................................................... 14,873,882.18 14,769,403.67 Profits on sales of U . S. Government securities ....................................................................... Sundry additions ..................................................................................................................................... 1,995,189.79 768.47 396,690.48 358.03 Total Additions ............... ..................................................................................................... 1,995,958.26 397,048.51 Retirement System (Adjustm ent for Revised B enefits)....................................................... 163,429.88 Total Current Earnings ..................................................................................................... E xpenses : A d d it io n s to a n d 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 in g s : Sundry deductions ................................................................................................................................. 5,128.35 4,586.88 Total Deductions ................................................................................................................... 168,558.23 4,586.88 N et Additions .......................................................................................................................... 1,827,400.03 392,461.63 Transferred to Reserves for Contingencies ..................................................................................... 2,537,242.52 2,592,032.93 14,164,039.69 12,569,832.37 Dividends paid member banks .............................................................................................................. Paym ent to Treasurer of U . S.— Interest on outstanding Federal Reserve Notes........ Addition to Surplus Account (Section 7 ) ......................................................................................... 539,947.90 12,261,569.84 1,362,521.95 508,236.53 10,855,278.42 1,206,317.42 Total ............................................................................................................................................ 14,164,039.69 12,569,832.37 Balance at close of previous y e a r ......................................................................................................... Addition a /c profits for y e a r ................................................................................................................... 22,416,667.53 1,362,521.95 21,210,350.11 1,206,317.42 C u r r e n t Y e a r ............................................................................................ 23,779,189.48 22,416,667.53 A vailable for D ividends , P a y m e n t to T reasurer of U . S. a n d S u r p l u s A ccount. ... SURPLUS ACCOU N T (Section 7) B alance at C lose of C A P ITA L STOCK ACC O U N T (Representing amount paid in, which is 5 0 % of amount subscribed) Balance at close of previous y e a r ......................................................................................................... Issued during the year .............................................................................................................................. 8,717,400.00 575,650.00 8,220,500.00 499,900.00 Cancelled during the year ....................................................................................................................... 9,293,050.00 70,500.00 8,720,400.00 3,000.00 C u r r e n t Y e a r ............................................................................................ 9,222,550.00 8,717,400.00 Balance at C lose of 3 VOLUME OF PRINCIPAL OPERATIONS Ch eck s Y ear Total Number of Items H andled: 1949 (300 d a y s )............. Average Amount Per Item Total Amount $50,098,503,000 141,650,000 $354 D aily Averages Number of Items Amount 472,167 $166,995,010 Y e a r 1948 (301 d a y s )............. 137,356,000 52,241,370,000 380 456,332 173,559,369 Y e a r 1947 (299 d a y s )............. . 132,044,000 49,068,737,000 372 441,619 164,109,488 Y e a r 1946 (300 d a y s )............. 128,903,000 41,695,704,000 323 429,677 138,985,680 1945 (303 d a y s ).............. 118,938,000 35,241,788,000 296 392,535 116,309,531 Y e a r 1944 (307 d a y s ).............. 110,683,000 32,645,462,000 295 360,531 106,337,010 Y e a r 1943 (307 d a y s )............. 100,844,000 31,083,430,000 308 328,482 101,248,958 Y e a r 1942 (302 d a y s )............. 92,257,000 25,756,755,000 279 305,487 85,287,268 Y e a r 1941 (299 d a y s )............. 87,796,000 20,410,680,000 232 293,632 68,263,144 Y e a r 1940 (301 d a y s )............. 79,938,000 15,474,834,000 194 265,575 51,411,409 Y ear Y e a r 1939 (299 d a y s ).............. 76,814,000 13,720,123,000 179 256,903 45,886,699 Y e a r 1938 (301 d a y s ).............. 74,114,000 12,145,850,000 164 246,226 40,351,661 Y e a r 1937 (301 d a y s)............ 71,878,000 13,174,474,000 183 238,798 43,769,016 1936 (301 d a y s ).............. 69,683,000 11,897,385,000 171 231,505 39,526,196 Y e a r 1935 (301 d a y s ).............. 59,518,000 10,436,538,000 175 197,734 34,672,884 Y e a r 1930 (301 d a y s)............. 54,109,000 12,795,015,000 236 179,764 42,508,355 1925 (302 d a y s )............. 48,171,677 14,038,542,000 291 159,509 46,485,238 (304 d a y s)............. . 33,731,801 11,505,945,224 341 110,960 37,848,504 Y ear Y ear Y e a r 1920 N o n -C a s h Number Amount C o l l e c t io n I t e m s R e c e iv e d : *949 ................................................................................................................................ ........................................... ..................................................................................... $ 378,974 167,929,000 1948 $ 354,296 182,555,000 T r an sfer s of F u n d s for M em b e r B a n k s : Number Amount ................................................................................................................................. ................................................................................................................................. I n t e r d is t r ic t S e t t l e m e n t F und D a il y T r a n s it 75,370 $20,413,758,000 72,952 $18,360,311,000 $27,335,062,000 27,391,286,000 $27,708,924,000 27,357,704,000 C l e a r in g s : Total received from F . R. Banks and Branches .................................................... Total paid to F . R. Banks and Branches .................................................................. C u r r e n c y a n d C o in H a n d l e d : Currency received (including new n o te s ): Number of notes .............................................................................................................. Amount ............... ................................................................................................................. 377,213,528 369,032,349 $ 2,093,524,996 $ 2,130,315,483 379,785,275 $ 2,108,985,713 367,975,096 $ 2,115,371,360 Currency paid out (including* notes returned fo r redem ption): Number o f notes .............................................................................................................. Am ount ................................................................................................................................. Coin received (including new c o in ): Number of coins .............................................................................................................. Am ount ................................................................................................................................. $ 460,011,232 38,697,574 $ 509,649,367 39,357,995 Coin paid out (including coin returned for redem ption): Num ber of coins ..................................................................................................... ......... Am ount .............................................................................. .................................................. 4 448,594,835 $ 37,780,528 506,337,770 $ 39,147,458 VOLU M E OF PRINCIPAL OPERATIONS (Continued) 1949 1948 104,000 $ 2,568,289,000 108,000 $ 2,159,516,000 U . S . G o v e r n m e n t S e c u r it ie s ( E x c l u s i v e op S a v in g s B o n d s a n d A rm e d F o r c e s L e a v e B o n d s) Issu ed , E x c h a n g e d an d R edeem ed : Number A mount ................................................................................................................................ ................................................................................................................................ U . S . S a v in g s B o n d s— I s s u e d : Number ................................................................................................................................ Issue price ........................................................................................................................... $ 4,001,000 302,198,000 $ 3,698,000 396,910,000 $ 6,535,000 311,364,000 $ 369,513,000 $ 151,000 37,120,000 $ 153,000 37,837,000 $ 612,000 45,469,000 $ 656,000 49,869,000 U . S. S a v in g s B o n d s— R e d e e m e d : Number ................................................................................................................................ Redemption value ............................................................................................................. U . S . S a v in g s B o n d s H e l d L a st D a y of Y e a r : Num ber Am ount in Sa f e k e e p in g for Ow ners 7,001,000 on ................................................................................................................................ ................................................................................................................................ C o u p o n s P a id — F r o m D ir e c t a n d F u l l y G u a r a n t e e d G o v e r n m ent O b l ig a t io n s : Number Am ount ................................................................................................................................ ................................................................................................................................ U . S . G o v e r n m e n t C h e c k s a n d W a r r a n t s R e c e iv e d : Number Amount ............................................................................................................................... ................................................................................................................................ 23,570,000 $ 3,518,515,000 22,155,000 $ 3,418,231,000 W i t h h e l d T a x e s — R e c e iv e d a n d C r e d it e d to T r e a s u r y : Number of Depositary Receipts ............................................................................... Amount .................................................................................................................. ............. $ 228,000 344,035,000 $ 232,000 369,051,000 PERSONNEL Number of officers and employees at end of year: Officers .................................................................................................................................. Employees ........................................................................................................................... 24 1,211 24 1,273 T otal....................................................................................................................... 1,235 1,297 National banks ........................................................................................................:...... State banks ........................................................................................................................ 340 139 339 139 T otal....................................................................................................................... 479 M EM BER BANKS Number of member banks at end of year: 5 DIRECTORS AND OFFICERS FOR YEAR 1950 DIRECTORS C H A R L E S P. M cC O R M IC K , C h a i r m a n of t h e B oard a n d F ederal R eserve A g e n t . JO H N B. W O O D W A R D , JR., D eputy C h a i r m a n Class A of t h e B oard. J O H N A . S Y D E N S T R IC K E R , 1950, M arlinton, W . V a . C a s h i e r , F irst N a t i o n a l B a n k M arlinton,W . V a . J A M E S D. H A R R IS O N , 1951, P r e s i d e n t , F irst N a t i o n a l B a B altimore,M d . B altimore, M d. ilmington, nk M arlinton, , P r e s i d e n t , P e o p l e s S a v i n g s B a n k & T r u s t Co., W i l m i n g t o n , N. C. W A R R E N S. J O H N S O N , 1952, W in N. C. Class E P r e s i d e n t a n d T r e a s u r e r , Ja c k s o n M W e l l f o r d , S. C. C A R Y L. P A G E , 1950, T r y o n , N. C. ills , P r e s i d e n t , W il l i a m s & R e e d , In c ., W h o l esale D r y G oods, R i c h m o n d ,V a . C H A R L E S C. R E E D , 1951, Richmond,V a . H . L. R U S T , JR., 1952, W a s h i n g t o n , D . C. P r e s i d 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. Class C P resident a n d C h a i r m a n of B o a r d , M c C o r m i c k & C o m p a n y , In c ., M f r s . of T e a s , S pices , E x t r a c t s , Insecticides , E t c ., B altimore,M d. C H A R L E S P. M cC O R M IC K , 1950, B altimore, M d. M W . G. W Y S O R , 1951, Richmond,V a, C o u n s e l , So u t h e r n S t a t e s C ooperative , In c ., Richmond,V a. anagement P resident a n d G e n e r a l M a n a g e r , N e w p o r t N e w s Shipbuilding a n d D r y D N e w p o r t N e w s ,V a . J O H N B. W O O D W A R D , JR., 1952, N ewport N e w s ,V a . ock C o ., OFFICERS HUGH LEACH, P resident. J. S. W A L D E N , JR., F irst V ice U P T O N S. M A R T IN , P resi d e n t . A EDWARD A. W AYNE, V ice P r e s i d e n t . A R. W . M E R C E R , V P resident ice and C ashier. A V ice P r e s i d e n t . A A P resident. ssistant C ashier. ssistant C ashier. uditor. C hief E x a m i n e r . Counsel. V ice P r e s i d e n t . A U B R E Y N . H E F L IN , C H A R L E S W . W IL L IA M S , ice C ashier. M A X W E L L G. W A L L A C E , K. B R A N T L E Y W A T S O N , V ssistant N . L. A R M I S T E A D , P resident. ice P resident. R. S. B R O C K , JR., It. L. C H E R R Y , V ice W . B. W A K E H A M , W . R. M IL F O R D , ice V JO SE P H M . N O W L A N , C. B. S T R A T H Y , V ssistant E D W A R D W A L L E R , JR., A P resident. ssistant Counsel. MEMBER FEDERAL ADVISORY COUNCIL RO B E R T V. F L E M IN G , 1950, President & Chairman of the Board, The Riggs National Bank, Washington, D. C. INDUSTRIAL ADVISORY COMMITTEE Chairman J. G. H O L T Z C L A W , President, Virginia Electric & Power Co., Richmond, Va. W A L K E R D. S T U A R T , W . L. M A N N IN G , P r e s i d e n t , R o s e m a r y M a n u f a c t u r i n g Co., R o a n o k e R apids , N . C. President, Richmond Hardware Co., Richmond, V a . JO H N L. W H IT E H U R S T , O V E R T O N D. D E N N IS , P re s i d e n t a n d T r e a s u r e r , B u r t M a c h i n e Co., In c ., B altimore, M d. D o m i n i o n O il C o m p a n y , Richmond, V a . 6 DIRECTORS AND OFFICERS FOR YEAR 1950 (Continued) BALTIMORE BRANCH DIRECTORS W . B L A D E N L O W N D E S , 1950, P r e s id e n t , F id e l it y T r u s t C o m p a n y , B a l t im o r e , M d . B a l t im o r e , M d . P r e s id e n t , T h e C i t i z e n s N a t i o n a l B a n k , F re d e r ick , M d . H O L M E S D. B A K E R , 1951, F r e d e r ic k , M d . P r e s id e n t , T h e W B a l t im o r e , M d . E U G E N E G. G R A D Y , 1952, B a l t im o r e , M d . M a r t in s b u r g , W . V a . P r e s id e n t , T h e B . F . S h r iv e r C o m p a n y , W e s t m in s t e r , M d . J A M E S M. S H R IV E R , 1950, e s t m in s t e r , N a t io n a l B a n k , P r e s id e n t , T h e O ld N a t i o n a l B a n k , M a r t in s b u r g , W. Va. L A C Y I. R IC E , 1952, W estern M d. V ice P r e s id e n t , W B a l t im o r e , M d . J A M E S E. H O O P E R , 1951, B a l t im o r e , M d . il l i a m E . H ooper & S o n s C o m p a n y , P r e s id e n t a n d G e n e r a l M a n a g e r , H a g e r s t o w n S h o e C o ., H a g e r s t o w n , M d. L. V IN T O N H E R S H E Y , 1952, H a g e r st o w n , M d. OFFICERS W . R. M IL F O R D , V ice P r e s id e n t . D. F . H A G N E R , C a s h ie r . J. A . J O H N S T O N , A s s is t a n t C a s h i e r . A . C. W I E N E R T , A s s is t a n t B. F. A R M S T R O N G , A Ca s h ie r . s s is t a n t Ca s h ie r . CH A RLO TTE BRANCH DIRECTORS N . S. C A L H O U N , 1950, G re e n sb o r o , N . C. P r e s id e n t , S e c u r it y N a t i o n a l B a n k , G reensboro , N . C. T H O M A S J. R O B E R T S O N , 1951, C o l u m b ia , S. C. P r e s id e n t , T h e F ir s t N a t i o n a l B a n k C a r o l in a , C o l u m b ia , S . C. G E O R G E S. C R O U C H , 1952, C h a r l o t t e , N . C. P r e s id e n t , U n i o n N a t i o n a l B a n k , C h a r l o t t e , N . C. J O N A T H A N W O O D Y , 1952, W a y n e s v il l e , N . C. P r e s id e n t , F ir s t N a t i o n a l B a n k , W a y n e s v il l e , N . C. R. E . E B E R T , 1950, G r e e n v il l e , S. C. P r e s id e n t , D ix ie H o m e S t o r es , I n c ., G r e e n v il l e , S. C. R. F L A K E S H A W , 1951, G r e e n sb o r o , N . C. E x e c u t iv e V ice P r e s id e n t , N o r t h C a r o l i n a B u r e a u F e d e r a t io n , G reen sbo ro , N . C. W . A . L. S IB L E Y , 1952, U n i o n , S. C. V ice P r e s id e n t U n i o n , S. C. and ice P r e s id e n t . S. A . L IG O N , C a s h i e r . R. L. H O N E Y C U T T , A s s is t a n t C a s h i e r . E . C. M O N D Y , A s s is t a n t 7 C a s h ie r . South F arm T reasu rer, M o n a r c h M il l s , OFFICERS R. L. C H E R R Y , V op
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