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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


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102