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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

Redemption Fund for Federal Reserve notes...

D e c e m b e r 31,1 9 48

$

971,500,150.66

52,047,235.40
1,139,423,241.77

T otal G old C ertificate R eserves ..
.

57.788.449.00
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 otal U . S. G o v e r n m e n t
T otal

loans

and

securf

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;
9,222,550.00

Surplus (Section 7)

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

8,717,400.00

23,779,189.48

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

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

U . S. a n d Sur p l u s A c c o u n t . . 14,164,039.69
..

12,569,832.37

A vailable

for

D ividends , Pa y m e n t

to

T reas u r e r

of

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

Y e a r ............................................................................................

23,779,189.48

22,416,667.53

SURPLUS ACCOU N T (Section 7)

B alance

at

C lose

of

C urrent

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

Y e a r ............................................................................................

9,222,550.00

8,717,400.00

B alance




at

C lose

of

C urrent

3

VOLUME OF PRINCIPAL OPERATIONS
Ch eck s

Y e ar

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 ear

1948

(301 d a y s ).............

137,356,000

52,241,370,000

380

456,332

173,559,369

Y ear

1947

(299 d a y s )............. .

132,044,000

49,068,737,000

372

441,619

164,109,488

Y ear

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 ear

1944

(307 d a y s )..............

110,683,000

32,645,462,000

295

360,531

106,337,010

Y ear

1943

(307 d a y s ).............

100,844,000

31,083,430,000

308

328,482

101,248,958

Y ear

1942

(302 d a y s ).............

92,257,000

25,756,755,000

279

305,487

85,287,268

Y ear

1941

(299 d a y s ).............

87,796,000

20,410,680,000

232

293,632

68,263,144

Y ear

1940

(301 d a y s ).............

79,938,000

15,474,834,000

194

265,575

51,411,409

Y

ea r

Y ear

1939

(299 d a y s )..............

76,814,000

13,720,123,000

179

256,903

45,886,699

Y ear

1938

(301 d a y s )..............

74,114,000

12,145,850,000

164

246,226

40,351,661

Y e ar

1937

(301 d a y s)............

71,878,000

13,174,474,000

183

238,798

43,769,016

Y ear

1936

(301 d a y s )..............

69,683,000

11,897,385,000

171

231,505

39,526,196

Y ear

1935

(301 d a y s )..............

59,518,000

10,436,538,000

175

197,734

34,672,884

Y ear

1930

(301 d a y s).............

54,109,000

12,795,015,000

236

179,764

42,508,355

Y

ear

1925

(302 d a y s ).............

48,171,677

14,038,542,000

291

159,509

46,485,238

Y ear

1920

(304 d a y s)............. .

33,731,801

11,505,945,224

341

110,960

37,848,504

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 ep u t y 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 ashier , First N at i onal B a n k
M arlinton , W . V a .

J A M E S D. H A R R IS O N , 1951,

P resident , First N a t i o n a l
B a l t imore , M d .

B altimore , M d .
ilmington

, N. C.

arlinton

,

Ba n k ,
& T rust Co.,

P resident , Peoples Savings B a n k
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

M

in

Class E
P resident a n d T r easurer , J c k s o n
a
W ellford , S. C.

C A R Y L. P A G E , 1950,
T r y o n , N. C.

M

ills ,

P resident , W illiams & R eed , I c .
n
,
W h o l esale D r y G oods ,
R i c h m o n d , Va .

C H A R L E S C. R E E D , 1951,
R i c h m o n d , Va .

H . L. R U S T , JR., 1952,
W a s h i n g t o n , D . C.

P resident , H. L. Rust 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 oard , M c C o r m i c k
& C o m p a n y , I c . M frs . of T e as , Spices ,
n
,
E xtracts , I
nsecticides , E tc .
,
B a l t imore , 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,
R ichmond , Va ,

C o u n s e l , So u t h e r n
C ooperative , I c .
n
,
R i c h m o n d , Va .

anagement

States

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 S hipbuilding a n d D r y D o c k C o .
,
N ewport N e w s , Va .

J O H N B. W O O D W A R D , JR., 1952,
N ewport N e w s , Va .

OFFICERS
HUGH LEACH,
P resident .

J. S. W A L D E N , JR.,

U P T O N S. M A R T IN ,

F irst V ice P resident .

A

EDWARD A. W AYNE,
V ice P resident .

A

R. W . M E R C E R ,
V

ice

P resident

and

C ashier .

A

V ice P resident .

ice

A
A

P resident .
P resident .

C ashier .

ssistant

C ashier .

uditor

.

C hief E x a m i n e r .

M A X W E L L G. W A L L A C E ,
C ounsel .

V ice P resident .

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

ssistant

N . L. A R M I S T E A D ,

K. B R A N T L E Y W A T S O N ,

V

C ashier .

R. S. B R O C K , JR.,

It. L. C H E R R Y ,
V

ssistant

W . B. W A K E H A M ,

W . R. M IL F O R D ,
ice

V ice P resident .

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 C .
o,
Richmond, Va.

W A L K E R D. S T U A R T ,

W . L. M A N N IN G ,

President, Richmond Hardware C .
o,
Richmond, V a .

P resident , 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 apids , N . C.

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 resident a n d T re a s u r e r ,
B u r t M a c h i n e Co., Inc .
,
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

Co.,

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