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i ! F ederal Reserve Ba n k of R ichmond THIRTY-FIRST ANNUAL REPORT ----- YEAR 1945 ------- I I II ------------ j | R ic h m o n d , ! Va., January 9, 1946. | To Member Banks of the Fifth Federal Reserve District: | | ! j There is submitted herein a comparative statement of the condition of the Federal Reserve Bank of Richmond at the close of business December 31, 1945, and December 31, 1944, together with a comparative statement of profit and loss for the years 1945 and 1944, and other operating data. +■ Very truly yours, I President COM PARATIVE STATEM ENT OF CONDITION ASSETS: Gold certificates ................................................... $1,042,109,699.50 $ 905,275,373.41 Redemption Fund for Federal Reserve notes 60,083,190.44 49,203,435.70 T o t a l G old C e r t if ic a t e R e s e r v e s .. 1,102,192,889.94 954,478,809.11 Other cash ............................................................... 18,486,879.77 2,749,000.00 15,778,769.63 650,000.00 52,560.98 125,591.15 675,894,000.00 764,847,000.00 513,908,000.00 130,229,000.00 255,244,000.00 81,913,000.00 58,176,000.00 64,948,000.00 Discounts and advances .................................... Industrial loans ..................................................... U. S. GOVERNMENT SECURITIES: Bills ....... ................................................... Certificates Notes ............................................... ......................................................... Bonds ..................................................... T o ta l U. S. T o ta l loans G o v e r n m e n t s e c u r it ie s .... 1,378,207,000*00 1,166,952,000.00 s e c u r it ie s ..................... 1,381,008,560.98 1,167,727,591.15 4,640.76 29,092,240.00 192,767,213.37 10,539,340.00 201,593,214.69 2,769,184.38 3,954,855.99 2,852,345.23 2,916,238.61 2,730,276,465.19 2,355,891,733.83 1,738,344,400.00 1,487,766,210.00 727,246,810.23 42,298,827.03 34,456,728.10 3,758,071.10 636,753,750.09 807,760,436.46 708,703,926.80 155,712,561.18 338,091.93 136,941,828.70 2,702,155,489.57 2,333,807,758.19 7,177,200.00 6,516,900.00 7,813,340.69 and Due from foreign banks ........................ Federal Reserve notes o f other banks Uncollected items ................................... v Bank premises ........................................ Other assets ............................................. TOTAL ASSETS 5,425.41 LIABILITIES: Federal Reserve notes DEPOSITS: Member bank— reserve account .... U. S. Treasurer—general account Foreign ................................................ Other .................................................... T o t a l D e p o s its Deferred availability items .. Other liabilities ................... TOTAL LIABILITIES 23,385,153.87 46,240,548.40 2,324,474.44 395,792.69 CAPITAL ACCOUNTS: Capital paid in .............. Surplus (Section 7) .... 15,593,071.87 3,325,691.44 Surplus (Section 13b) . Other capital accounts TOTAL LIAB ILITIES AND CAPITAL ACCOUNTS.......... Commitments to make industrial loans 2 3,289,832.40 2,025,012.31 4,463,902.55 2,730,276,465.19 2,355,891,733.83 200,000.00 415,200.00 CO M PARATIVE PROFIT A N D LOSS A C C O U N T E a r n in g s : ±212 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 ...................................................................... ............................ 1944 $ 59,277.64 4,530.93 3,510.09 8,686,181.89 10,121.49 $ 14,090.07 8,692.56 7,085.66 5,944,866.35 5,482.41 Total Current Earnings .................................................................................. 8,763,622.04 5,980,217.05 E xpenses : 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 Currency .................................................................................... 2,659,508.10 98,625.22 466,771.59 2,540,219.17 91,310.23 574,657.78 Total Net Expenses ........................................................................................ 3,224,904.91 3,206,187.18 Current Net Earnings .......................................................................................................... 5,538,717.13 2,774,029.87 207,652.87 191,112.54 44,373.45 2,717.24 106.34 5,207.07 254,743.56 196,425.95 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 : Reserves for contingencies .................................................................................................. Other deductions .................... .......................................................................-.........-.............. 627,297.85 2,624.06 9,751.64 Total Deductions ................................................................................................ 629,921.91 9,751.64 Net Additions ,..................................................................................................... ................. 186,674.31 Net Deductions ............. ...................................................................................... 375,178.35 f o r d ivid en d s, 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 io n 13b, S u r p lu s A c c o u n t s ..................................................................................................... 5,163,538.78 2,960,704.18 Dividends paid member banks ....................... .................................................................. . Payment to Treasurer of U. S. under Section 13b of F. R. Act .................................... Addition to Surplus Account (Section 7) ....... ..........................,....................................... Addition to Surplus Account (Section 13b) ...................................................................... 409,879.45 4,153.70 4,713,646.59 35,859.04 380,713.28 2,558.38 2,577,374.66 57.86 Balance at close of previous year ........................................................................................ Addition a/c profits for year ................................................................................................. Transferred from contingent reserves previously charged to surplus......................... $7,813,340.69 4,713,646.59 3,066,084.59 $5,235,966.03 2,577,374.66 B a l a n c e a t c l o s e o f c u r r e n t y e a r ................................................................ 15,593,071.87 7,813,340.69 Balance at close of previous year ...................................................................................... Addition account recoveries of losses of previous years........ ......................................... $3,289,832.40 35,859.04 $3,289,774.54 57.86 B a l a n c e a t c l o s e o f c u r r e n t y e a r ................................................................ 3,325,691.44 3,289,832.40 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 of U. S. Government securities .............................................................. Withdrawal from reserves for losses on industrial loans and miscellaneous assets resulting therefrom ............................................................................................................... Other additions ......................................................................................................................... Total Additions .................................................................................................. A v a il a b l e and SURPLUS ACCO UN T (Section 7) SURPLUS A C C O U N T (Section 13b) CAPITAL STOCK ACCO UN T (Representing amount paid in, which is 50% of amount subscribed) Balance at close of previous year ...................................................................................... Issued during the year ........................................................................................................ $6,516,900.00 689,150.00 $6,140,500.00 420,050.00 Cancelled during the year ..................................................................................................... 7,206,050.00 28,850.00 6,560,550.00 43,650.00 c lo s e o f c u r r e n t y e a r ................................................................ 7,177,200.00 6,516,900.00 B a la n c e at 3 V O LU M E OF PRINCIPAL OPERATIONS Checks Total Number o f Items Handled: Total Amount Daily Averages Average Amount Per Item Number of Items Amount ear 1945 (303 days).. 118,938,000 $35,241,788,000 $296 392,535 $116,309,531 Y ear 1944 (307 days).. 110,683,000 32,645,462,000 295 360,531 106,337,010 Y Y ear 1943 (307 days).. 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 85,287,268 Y ear 1941 (299 days).. 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 ear 1939 (299 days).. 76,814,000 13,720,123,000 179 256,903 45,886,699 Y ear 1938 (301 days).. 74,114,000 12,145,850,000 164 246,226 40,351,661 Y ear 1937 (301 days).. 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 Y 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 1945 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 T ransfers Number Amount 160,157 351,220,000 of F unds for 1944 $ 203,169 299,053,000 M em ber B a n k s : ................................................................................................................. 62,512 $14,605,893,000 64,432 $13,750,734,000 $19,962,162,000 19,762,728,000 $19,115,771,000 19,111,080,000 308,170,419 $ 1,761,064,149 318,008,242 1,768,445,522 309,490,961 $ 1,765,633,262 317,747,084 1,761,851,028 $ 532,941,616 39,400,757 529,898,045 39,410,741 $ 531,667,076 39,263,445 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 o f notes ................................................................................................. Amount ......... ....................................................................................................... Currency paid out (including notes returned for redemption) : Number o f notes ................................................................................................. Amount ................................................................................................................. Coin received (including new c o in ): Number of coins ................................................................................................. Amount ................................................................................................................. Coin paid out (including coin returned fo r redemption) : Number of coins ................................................................................................. Amount ................................................................................................................. 4 $ 531,082,906 39,905,271 V O L U M E 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 ) Issu ed , E x c h a n g e d a n d R ed eem ed : Number ........................................................................................... .................... Amount ................................................................................................................ 1945 1944 468,000 $ 5,354,595,000 375,000 $ 5,744,353,000 U . S. S a v i n g s B o n d s — I s s u e d : Number ................................................................................................................ Amount ................................................................................................................ $ 10,765,000 827,445,000 $ 11,752,000 941,766,000 $ 12,646,000 490,225,000 $ 6,603,000 246,273,000 $ 145,000 31,115,000 $ 110,000 21,812,000 $ 630,000 42,696,000 $ 624,000 39,776,000 U . S. S a v i n 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 st 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 and W arrants R e c e iv e d : Number ................................................................................................................ Amount ................................................................................................................ 30,280,000 $ 5,311,919,000 26,323,000 $ 5,106,187,000 4,017,938 4,164,000 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 Treasu ry: Number o f Depositary Receipts ..................................................................... Amount .................................................................................................... ........... $ 205,000 357,729,000 $ 199,000 293,183,000 PERSON N EL Number of officers and employees at end of year: Officers .................................................................................................................. Employees ............................................................................................................ 23 1,511 20 1,512 Total........................................................................................................ 1,534 1,532 National banks .................................................................................................. State banks .......................................................................................................... 340 133 338 131 Total........................................................................................................ 473 M EM BER BANKS Number of member banks at end of year: 5 DIRECTORS AND OFFICERS FOR YEAR 1946 DIRECTORS ROBERT LASSITER. C h a ir m a n o f t h e B o a rd an d f e d e r a l R eserve A g e n t . W. G. WYSOR. D eputy Ch a ir m a n Class A of t h e B oard . JAM ES C. BRASW ELL, 1946, R o c k y M o u n t , N. C. C h a ir m a n o f B o a rd , P l a n t e r s N a t l . B k . 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 s t N a t i o n a l B a n k M a r l in t o n , W . V a . JAM ES D. HARRISON, 1948, P r e s id e n t , F ir s t N a t i o n a l B a n k , B a l t im o r e , M d . B a lt i m o r e , M d. in & T r . Co., M a r l in t o n , Class B 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. EDW IN MALLOY, 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. CHAS. C. REED, 1948, P r e s id e n t, W i l l i a m s & R eed , 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 . Class C ROBERT LASSITER, 1946, C h a r l o t t e , N. C. CHARLES P . McCORMICK, B a lt i m o r e , M d. C h a ir m a n o f B o a rd , M o o r e s v i ll e C o t t o n M i l l s , M o o r e s v ill e , N. C. 1947, W . G . W YSOR, 1948, R ic h m o n d , V a . 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 . 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 ive , I n c ., R ic h m o n d , V a . OFFICERS W. W. DILLARD, HUGH LEACH, A s s i s t a n t C a s h ie r . P r e s id e n t . EDW ARD W ALLER, JR., J. S. WALDEN, JR., F ir s t V ice A s s i s t a n t C a s h ie r . P r e s id e n t . ALBERT S. JOHNSTONE, R. W. MERCER, A s s i s t a n t C a s h ie r . V ic e P r e s id e n t . EDW ARD A. W AYNE, JOSEPH M. NOWLAN, A s s i s t a n t C a s h ie r . V ice P r e s id e n t . ALA N T. BOWLER, E. A. KINCAID, A s s i s t a n t C a s h ie r . V ic e P r e s id e n t . R. S. BROCK, JR., C. L. GUTHRIE, V ice P r e s id e n t and A C a s h ie r . V ice u d it o r . M AXW ELL G. W ALLACE, C. B. STRATHY, C o u n s e l. P r e s id e n t . MEMBER FEDERAL ADVISORY COUNCIL A. L. M . WIGGINS, 1946, P r e s id e n t, T h e B a n k o f H a r t s v i l l e , H a r t s v i l l e , S. 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 & P o w e r Co., R ic h m o n d , V a . 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 Co., R o a n o k e R ap 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 . JOHN L. W HITEH URST, OVERTON D. DENNIS, P r e s id 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 C o., I n c ., 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 DIRECTORS AND OFFICERS FOR YEAR 1946 (Continued) BALTIMORE BRANCH DIRECTORS W. R. MILFORD, 1946, M a n a g in g D irector . B a lt im o r e , M d. GEORGE M. MOORE, 1946, C la 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 N a t i o n a l B a n k , Clarksburg, W . V a . 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 lt im o r e , M d. HOLMES D. BAKER, 1948, 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 r ed er ick , M d . F r e d e r ic k , M d. W. FRAN K ROBERTS, 1946, 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 . B a lt im o r e , M d. P r e s id e n t , T h e B . F . S h r iy e r C o m p a n y , W e s t m in s t e r , M d . JAMES M. SHRIVER, 1947, W e s t m i n s t e r , M d. JAMES E. HOOPER, 1948, V ice P r e s id e n t , W B a l t im o r e , M d . B a lt im o r e , M d. il l ia m E . H ooper and S ons Co m p a n y , OFFICERS W. R . M I L F O R D , M a n a g in g D ir e c to r . JOHN R. CUPIT, C a s h ie r . J. A. JOHNSTON, A s s i s t a n t C a s h ie r . D. F . HAGNER, A . C. W IENERT, A s s i s t a n t C a s h ie r . A s s i s t a n t C a s h ie r . CH A RLO TTE BRANCH DIRECTORS W. T. CLEMENTS, 1946, C h a r l o t t e , N. C. M a n a g in g D irector . ALLEN E x e c u t iv e V ice P r e s id e n t a n d T r u s t O f f ic e r , C it iz e n s N a t i o n a l B a n k i n G a s t o n i a , G a s t o n i a , N . C. H . SIMS, G a s t o n ia , N. C. 1946, N. S. CALHOUN, 1947, G r e e n s b 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 re e n sb o r o , N. C. ANGUS E. C h a ir m a n o f B o ard , T h e C i t iz e n s B a n k o f S. C., C h a r l e s t o n , S. C. B IR D , C o lu m b ia , S. C. 1948, GEORGE M . WRIGHT, G r e a t F a l l s , S. C. 1946, CHARLES L. CREECH, 1947, W i n s t o n - S a l e m , N . C. R. FLAKE SHAW, 1948, S o u th e rn N a t l. P r e s id e n t , R e p u b l ic C o t t o n M il l s , G r e a t F a l l s , S. C. C h a ir m a n o f B o ard , B . F . H u n t l e y F u r n i t u r e C o m p a n y , & G e n e r a l M a n a ger, U n iq u e F u r n itu r e M a k e rs, W i n s t o n - S a le m , N. C. E x e c u t iv e S e c r e t a r y , N o r t h C a r o l i n a F a r m B u r e a u F e d e r a t io n , G re e n sb o r o , N. C. G r e e n sb o r o , N . C. OFFICERS W . T . C L E M E N T S , M a n a g in g D ir e c t o r . R. R. & L. L. CHERRY, C a s h ie r . HONEYCUTT, A s s i s t a n t 7 C a s h ie r .
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