The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
F ederal R eserve Ban k of R ic h m o n d THIRTY-FOURTH ANNUAL REPORT -----YEAR 1948 ------ R ic h m o n d , Va., January 12, 1949. 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, 1948, and December 31, 1947, together with a comparative statement of profit and loss for the years 1948 and 1947, 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 48 D e c e m b e r 3 1 ,1 9 47 971,500,150.66 $1,044,280,825.59 Redemption Fund for Federal Reserve notes.*.. 57.788.449.00 60,478,979.00 T o t a l G old C e r t if ic a t e R e s e r v e s ...... 1,029,288,599.66 1,104,759,804.59 Other cash ............................ 20,826,361.94 19,619,827.71 Discounts and advances 10.591.125.00 3,094,400.00 65,121.53 30,297.63 Gold certificates $ ............................................................. Industrial loans ................ U . S. G O V E R N M E N T S E C U R IT IE S : Bills 356.374.000.00 ..................................................... 636.584.000.00 394.702.000.00 ................................................................... Certificates 485.785.000.00 Notes ................................................................ 51,341,000.00 105.536.000.00 Bonds ................................................................. 712.905.000.00 203.909.000.00 1,515,322,000.00 1,431,814,000.00 1,525,978,246.53 1,434,938,697.63 T o t a l U . S. G o v e r n m e n t T otal loans and s e c u r it ie s .. s e c u r it ie s .................. Due from foreign banks ................................ 2,392.71 4,661.87 Federal Reserve notes o f other b a n k s ..... 33,918,110.00 22,290,730.00 ............................................ 243,580,107.99 253,489,365.53 Bank premises ................................................... 2,556,637.83 2,637,401.11 Other a s s e t s .......................................................... 9,682,210.71 8,219,725.35 2,865,832,667.37 2,845,960,213.79 1,657,802,235.00 1,741,896,375.00 Member bank— reserve account ........................ 848,900,856.66 784,771,935.64 U . S. Treasurer— general account ................... 69,936,749.52 43,913,368.04 Foreign .......................................................................... 31,149,300.00 16,121,000.00 Other .............................................................................. 5,918,874.07 2,061,918.84 Uncollected items TOTAL ASSETS LIABILITIES: Federal Reserve notes ................................................ D E P O S IT S : T o t a l D ep o sit s ......................................... 955,905,780.25 846,868,222.52 Deferred availability ite m s ....................................... 212,326,502.15 221,554,500.65 Other liabilities ............................................................ 623,983.71 762,150.42 2,826,658,501.11 2,811,081,248.59 T O T A L L IA B I L I T IE S CAPITAL ACCOUNTS: Capital paid in .............................................................. 8,717,400.00 8,220,500.00 Surplus (Section 7) ................................................... 22,416,667.53 21,210,350.11 .............................................. 3,349,144.81 3,349,144.81 Other capital accounts ............................................ 4,690,953.92 2,098,970.28 C A P IT A L A C C O U N T S.. 2,865,832,667.37 2,845,960,213.79 Contingent liability on Bills Purchased for Foreign Correspondents.. Commitments to make industrial loans ......................................................... 163,131.73 130,621.87 120,557.02 77,736.96 Surplus (Section 13b) T O T A L L IA B IL IT IE S A N D 2 C O M P A R A T IV E P R O F IT E a r n in g s : A N D LOSS A C C O U N T 1947 1948 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 ...................................................................................... Other earnings .......................................................................................................................................... $ 259,604.26 2,350.87 1,119.78 19,411,677.52 22,316.19 $ 134,814.86 511.42 633.45 9,884,764.94 20,641,30 Total Current Earnings ..................................................................................................... 1S,G97,GG8.G2 10,041,365.97 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 of Federal Reserve C u r re n cy .................................................................................................. 4,338,742.01 158,693.82 430,229.12 3,841,666.80 128,359.77 364,448.35 Total N et Expenses ........................................................................................................... 4,927,664.95 4,334,474.92 Current N et Earnings ......................................................................................................................... 14,769,403.67 5,706,891.05 Profits on sales of U . S. Government securities ...................................................................... W ithdrawal from reserves for losses on industrial loans and miscellaneous assets resulting therefrom ......................................................................................................................... Sundry additions ..................................................................................................................................... 396,690.48 167,375.48 ................. 358.03 24,210.06 1,737.61 Total Additions ..................................................................................................................... 397,048.51 193,323.15 4,586.88 8,065.16 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 ................................................................................................................................ N et Additions ......................................................................................................................... 392,461.63 185,257.99 Transferred to Reserves for Contingencies .................................................................................... 2,592,032.93 38,601.82 A vailable for D ividends , P a y m e n t to T reasurer of U . S. an d S urplus A ccount .... 12,569,832.37 5.853.547.22 Dividends paid member banks .............................................................................................................. Payment to Treasurer of U . S.— Interest on outstanding Federal Reserve Notes........ Addition to Surplus Account (Section 7 ) ......................................................................................... Payment to Treasurer of U . S. under Section 13b of F . R. A ct............................................... Addition to Surplus Account (Section 1 3 b ).................................................................................... 508,236.53 10,855,278.42 1,206,317.42 .................. .................. 485.085^22 4,808,290.03 534,298.65 1,992.35 23,880.97 Total ........................................................................................................................................... 12,569,832.37 5.853.547.22 SURPLUS ACC O U N T (Section 7) B a la n ce at close o f p re v io u s y e a r ......................................................................................................... A d d itio n a /c p ro fits f o r y e a r ................................................................................................................... 21,210,350.11 1,206,317.42 20,676,051.46 534,298.65 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 ............................................................................................ 22,416,667.53 21,210,350.11 B a la n ce a t close o f p re v io u s y e a r ......................................................................................................... A d d itio n a cco u n t r e co v e r ie s o f losses o f p re v iou s y e a r s ............................................................. 3,349,144.81 .................. 3,325,263.84 23,880.97 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 ............................................................................................ 3,349,144.81 3,349,144.81 SURPLUS A CC O U N T (Section 13b) CAPITAL STOCK ACCOU N T (R e p r e s e n tin g am ou n t p aid in, w h ich is 509c o f am oun t su b scrib e d ) B alan ce at close o f p re v io u s y e a r ......................................................................................................... Issued d u rin g the y e a r .............................................................................................................................. 8,220,500.00 499,900.00 7,770,750.00 457,150.00 C an celled d u rin g the y e a r ....................................................................................................................... 8,720,400.00 3,000.00 8,227,900.00 7,400.00 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 ............................................................................................ 8,717,400.00 8,220,500.00 3 VOLUME OF PRINCIPAL OPERATIONS Ch ecks Number of Items H andled: AVCidgC A mount Per Item Total Amount D aily Averages Number of Items Amount Y ear 1948 (301 d ay s). 137,356,000 $52,241,370,000 $380 456,332 $173,559,369 Y ear 1947 (299 d ays). 132,044,000 49,068,737,000 372 441,619 164,109,488 138,985,680 Y ear 1946 (300 d ay s). 128,903,000 41,695,704,000 323 429,677 Y ear 1945 (303 d ays).. 118,938,000 35,241,788,000 296 392,535 116,309,531 Y ear 1944 (307 d ay s). 110,683,000 32,645,462,000 295 360,531 106,337,010 Y ear 1943 (307 d ays). 100,844,000 31,083,430,000 308 328,482 101,248,958 Y ear 1942 (302 d ays). 92,257,000 25,756,755,000 279 305,487 85,287,268 Y ear 1941 (299 d ays). 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 40,351,661 1938 (301 days).. 74,114,000 12,145,850,000 164 246,226 Y e a r 1937 (301 days).. 71,878,000 13,174,474,000 183 238,798 43,769,016 Y e a r 1936 (301 days).. 69,683,000 11,897,385,000 171 231,505 39,526,196 Y e a r 1935 (301 d ays).. 59,518,000 10,436,538,000 175 197,734 34,672,884 Y e a r 1930 (301 days).. 54,109,000 12,795,015,000 236 179,764 42,508,355 Y e a r 1925 (302 days).. 48,171,677 14,038,542,000 291 159,509 46,485,238 Y e a r 1920 (304 days).. 33,731,801 11,505,945,224 341 110,960 37,848,504 N o n -C a s h 1948 C o l l e c t io n I t e m s R e c e iv e d : Number Am ount 1947 354,296 182,555,000 267,589 318,144,000 72,952 $18,360,311,000 68,538 $16,113,753,000 $27,708,924,000 27,357,704,000 $25,346,098,000 25,034,987,000 369,032,349 2,130,315,483 354,617,849 2,043,918,388 367,975,096 2,115,371,360 358,731,412 2,043,338,959 509,649,367 39,357,995 485,218,895 37,214,802 T r a n s f e r s o f F u n d s for M e m b e r B a n k s : Number Am ount ................................................................................................................................ ................................................................................................................................ 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 Cl 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 o f notes .............................................. Am ount ................................................................. Currency paid out (including notes returned for redemption) : Number of notes ............................................................................................ Am ount .............................................................................................................. Coin received (including new coin) : Number o f coins .................................. A mount .................................................... Coin paid out (including coin returned fo r redemption) : Number o f coins ............................................................................. Amount .................... -........................................................................................................... 4 $ 506,337,770 39,147,458 $ 488,533,438 37,303,540 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 it ie s ( E x c l u s iv e o f S a v in g s B o n d s a n d A r m ed F orces L e a v e B o n d s ) I ssu e d , E x c h a n g e d a n d 1947 1948 R edeem ed : Number Amount ................................................................................................................................ ................................................................................................................................ 108,000 $ 2,159,516,000 133,000 $ 2,133,028,000 U . S. S a v in g s B o n d s— I s s u e d : Number ................................................................................................................................ Issue price ........................................................................................................................... $ 3,698,000 396,910,000 $ 3,606,000 376,296,000 $ 7,001,000 369,513,000 $ 7,840,000 360,403,000 $ 153,000 37,837,000 $ 154,000 32,694,000 $ 30,000 4,543,000 $ 126,000 21,058,000 $ 130,000 29,294,000 $ 515,000 108,467,000 $ 656,000 49,869,000 $ 658,000 46,953,000 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 eld L a st D a y of Y e a r : Number Am ount in Sa f e k e e p in g for Ow n er s on ................................................................................................................................ ................................................................................................................................ A r m e d F orces L e a v e B o n d s— I ssu e s : Number of stubs processed........................................................................................... Amount of stubs p rocessed........................................................................................... A r m e d F orces L e a v e B o n d s— R e d e m p t io n s : N u m b e r .................................................................................................................................. Amount .................................................................................................................................. 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 e n t O b l ig a t io n s : Number Amount .................................................................. ............................................................. ....... ........................................................................................................................ 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 Am ount ................................................................................................................................ ................................................................................................................................ 22,155,000 $ 3,418,231,000 22,023,000 $ 4,205,115,000 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 t o T r e a s u r y : Number of Depositary Receipts ............................................................................... Am ount .................................................................................................................. ............. $ 232,000 369,051,000 $ 228,000 371,725,000 PERSONNEL Number of officers and employees at end of year: Officers ...................................................................................................... ........................... Employees ........................................................................................................................... 24 1,273 24 1,302 Total...................................................................................................................... 1,297 1,326 National banks ................................................................................................................ State banks ........................................................................................................................ 339 139 339 136 Total...................................................................................................................... 478 M EM BER BANKS Number of member banks at end o f year: 5 DIRECTORS AND OFFICERS FOR YEAR 1949 DIRECTORS C H A R L E S P. M cC O R M IC K , C h a i r m a n op t h e B oard a n d F ederal R e se r v e A g e n t . J. B R O C K E N B R O U G H W O O D W A R D . JR.. D eputy Ch a ir m a n Class A of t h e B oard ! W A R R E N S. J O H N S O N , 1949, W i l m i n g t o n , N. C. P r e s id e n t , P eo p l e s S a v in g s B a n k & T r u s t Co., W i l m i n g t o n , N . C. JO H N A . S Y D E N S T R IC K E R , 1950, M a r l in 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 . J A M E S D. H A R R IS O N , 1951, 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 l t im o r e , M d . in M a r l in t o n , Class B H. L. R U S T , JR., 1949, 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. C A R Y L. P A G E , 1950, G r e e n v il l e , S. C. P r e s id e n t a n d T r e a s u r e r , J a c k s o n M il l s , W ell fo r d a n d I v a , S. C. C H A R L E S C. R E E D , 1951, 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 J. B R O C K E N B R O U G H W O O D W A R D , JR., 1949, N ew port N e w s , V a . 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 , N e w p o r t N e w s S h ip b u il d in g a n d D r y D o c k C o ., N ew port N e w s , V a . P r e s id e n t a n d C h a i r m a n of B oard , 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 i c id e s , E t c ., B a l t im o r e , M d . C H A R L E S P . M cC O R M IC K , 1950, B a l t im o r e , M d . W . G. W Y S O R , 1951, R ic h m o n d , V a . M a n a g e m e n t C o u n se l , So u th e r n I n c ., R ic h m o n d , V a . S t a t e s C o o p e r a t iv e , OFFICERS HUGH LEACH, P r e s id e n t . J. S. W A L D E N , JR., F ir s t V ice K. B R A N T L E Y W A T S O N , P r e s id e n t . D irector EDW ARD A. W A YN E , V ice P r e s id e n t . A R. W . M E R C E R , V ic e P r e s id e n t . A V ic e P r e s id e n t . P r e s id e n t s s is t a n t C a s h ie r . s s is t a n t C a s h ie r . W . B. W A K E H A M , A C L A U D E L. G U T H R IE , ice Pe rso n n el. J O SE P H M. N O W L A N , E . A . K IN C A ID , V of E D W A R D W A L L E R , JR., and s s is t a n t C a s h ie r . U P T O N S. M A R T IN , C a s h ie r . A C. B. S T R A T H Y , s s is t a n t Ca s h ie r . R. S. B R O C K , JR., V ic e P r e s id e n t . A u d ito r . N . L. A R M IS T E A D , W . R. M IL F O R D , C h ie f E x a m i n e r . V ic e P r e s id e n t . R. L. C H E R R Y , M A X W E L L G. W A L L A C E , Co unsel. V ic e P r e s id e n t . MEMBER FEDERAL ADVISORY COUNCIL R O BER T V . F L E M IN G , 1949, P r e sid e n t & C h a i r m a n o f t h e B o ard , T h e R iggs 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. H O L T Z C L A W , Chairman P r e s id e n t , V ir g in ia E le c t r ic & P o w e r C o ., R ic h m o n d , V a . 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 id e n t , R ic h m o n d H a r d w a r e Co., R ic h m o n d , V a . 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 C o ., R o a n o k e R a p id s , N . C. J O 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 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 1949 (Continued) BALTIMORE BRANCH DIRECTORS G E O R G E M. M O O R E , 1949, C l a r k s b u r g , W . V a. V ice P resident , Th e U C l a r k s b u r g , W. Va . E U G E N E G. G R A D Y , 1949, P resident , Th e W es t e r n B altimore , M d . B al t i m o r e , M d . B al t i m o r e , M d . a t i onal Bank , Company , P resident , Th e C itizens N ati o n a l B a n k , F rederick , M d . H O L M E S D. B A K E R , 1951, F rederick , M d . P resident a n d G e n e r a l M H agerstown , M d . L. V IN T O N H E R S H E Y , 1949, agerstown N N a t i onal B a n k , P resident , F idelity T rus t B altimore , M d . W . B L A D E N L O W N D E S , 1950, H nion , Md. anager , Hagerstown J A M E S M. S H R IV E R , 1950, W e s t m i n s t e r , Md. , P resident , Th e B. F. S hriver C o m p a n y , W e s t m inster , M d . JA M E S E . H O O P E R , 1951, Vice President, William E. Hooper Baltimore, Md. Sh o e C o . , B altimore , M d . & Sons Company, OFFICERS W . R. M IL F O R D , V ice P resident . D. F. H A G N E R , C ashier . J. A. J O H N S T O N , A ssistant C ashier . A. C. W IE N E R T , A ssistant B. F. A R M S T R O N G , A C ashier . ssistant C ashier . CH ARLOTTE BRANCH DIRECTORS A L L E N H. S IM S, 1949, G a stonia , N . C. E xecutive V ice P resident a n d T rust O fficer , C itizens N ational B a n k in G a s t o n i a , G astonia , N. C. GE O R G E S. C R O U C H , 1949, C h a r l o t t e , N . C. P resident , U n i o n N C ha r l o t t e , N. C. N . S. C A L H O U N , 1950, G reen s b o r o , N . C. P resident , Security N 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 i a , S. C. P resident , Th e F irst N ati o n a l B a n k C arolina , C o l u m b i a , S. C. W . A . L. S IB L E Y , 1949, U n i o n , S. C. V ice P resident U n i o n , S. C. R. E. E B E R T , 1950, G reenville , S. C. P resident , D ixie H o m e Stores , I c . n , G reenville , S. C. R. F L A K E S H A W , 1951, G r eensboro , N. C. E xecutive V ice -President , N o r t h B u r e a u F ederation , G reensboro , N . C. and a t i onal OFFICERS S. A. L IG O N , C ashier . R. L, H O N E Y C U T T , A ssistant C ashier . 7 at i onal Bank , of T rea s u r e r , M o n a r c h R. L. C H E R R Y , V ice P resident . E . C. M O N D Y , A ssistant Cashier . Bank , So u t h M C arolina ills , Fa r m