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F ederal R eserve B a n k of R ic h m o n d THIRTY-SECOND ANNUAL REPORT ----- Y E A R 1946 ------- R ic h m o n d , V a ., January 8, 1947. To Member Banks o f 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, 1946, and December 31, 1945, together with a comparative statement of profit and loss for the years 1946 and 1945, and other operating data. Very truly yours, COMPARATIVE STATEMENT OF CONDITION ASSETS: December 3 1 , 1946 December 31,1945 Gold certificates .............................................................. ................ ............ % ...... Redemption Fund for Federal Reserve notes...................................................... $1,103,169,923.60 59,913,560.44 $1,042,109,699.50 60,083,190.44 T o t a l Gold C e r tific a te R eserves ........................................................ 1,163,083,484.04 1,102,192,889.94 18,486,879.77 2,749,000.00 Other cash ........................ .................................................................................. 25,076,433.11 Discounts and advances .................................................................................. 7,315,500.00 Industrial loans .............. 52,560.98 U. S. GOVERNMENT SECURITIES: Bills ........................................................... Certificates Notes ............................................... ......................................................... Bonds ......................................................... 799.397.000.00 675,894,000.00 448.280.000.00 21.248.000.00 513,908,000.00 130,229,000.00 45.054.000.00 58,176,000.00 T o t a l U. S. G overn m en t secu rities.. 1,313,979,000.00 1,378,207,000.00 T otal lo ans a n d securities .... 1,321,294,500.00 1,381,008,560.98 4,804.72 4,640.76 29,092,240.00 Due from foreign banks ............................. Federal Reserve notes o f other banks ..... Uncollected items ........................................ Bank premises .............................................. Other assets .................................................... TOTAL ASSETS 37,399,490.00 227,699,547.96 192,767,213.37 2,686,023.53 2,745,957.58 2,769,184.38 3,954,855.99 2,779,990,240.94 2,730,276,465.19 1,781,923,420.00 1,738,344,400.00 733,111,172.90 13,888,807.70 22,398,483.04 727,246,810.23 42,298,827.03 34,456,728.10 LIABILITIES: Federal Reserve notes ......................... DEPOSITS: Member bank— reserve account .... U. S. Treasurer— general account Foreign ................................................ Other .................................................... 2,316,102.12 3,758,071.10 771,714,565.76 807,760,436.46 Deferred availability items . 192,134,874.70 155,712,561.18 Other liabilities ................... 384,897.73 338,091.93 2,746,157,758.19 2,702,155,489.57 7,770,750.00 20,676,051.46 15,593,071.87 3,325,263.84 2,060,417.45 2,025,012.31 2,779,990,240.94 2,730,276,465.19 307,691.13 37,206.29 200,000.00 T o t a l D ep osits TOTAL LIAB ILITIES .... CAPITAL ACCOUNTS: Capital paid in .............. Surplus (Section 7) .... Surplus (Section 13b) . Other capital accounts TOTAL LIAB ILITIES AND CAPITAL ACCOUNTS..... Contingent liability on Bills Purchased for Foreign Correspondents.. Commitments to make industrial loans .................................................. 7,177,200.00 3,325,691.44 COMPARATIVE PROFIT AND LOSS ACCOUNT E a r n in g s : 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 __________ ___ 1945 1946 $ 133,716.82 863.81 1,526.90 y,107,157.86 12,483.23 $ 59,277.64 4,530.93 3,510.09 8,686,181.89 10,121.49 Total Current Earnings .................................................................................. 9,255,748.62 8,763,622.04 E xpenses : Operating expenses (including depreciation on bank premises) after deducting reimbursements received for certain Fiscal Agency and other expenses............... Assessments for expenses o f Board o f Governors .......................................................... Cost of Federal Reserve Currency .................................................................................... 3,188,574.44 105,239.47 359,998.10 2,659,508.10 98,625.22 466,771.59 Total Net Expenses ........................................................................................ 3,653,812.01 3,224,904.91 Current Net Earnings .......................................................................................................... 5,601,936.61 5,538,717.13 114,920.10 207,652.87 730.30 3,153.95 44,373.45 2,717.24 Total Additions .................................................................................................. 118,804.35 254,743.56 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 : Retirement System— Salary computation adjustment.................................................... Reserves for contingencies .................................................................................................. Other deductions ..................................................................................................................... 120,162.00 35,847.51 24,292.77 627,297.85 2,624.06 Total Deductions ................................................................................................ 180,302.28 629,921.91 Net Deductions .................................................................................................... 61,497.93 375,178.35 5,540,438.68 5,163,538.78 Dividends paid member banks .............................................................................................. 457,886.69 Payment to Treasurer o f U. S. under Section 13b of F. R. A c t ................................................................ Addition to Surplus Account (Section 7) .......................................................................... 5,082,979.59 Addition to Surplus Account (Section 13b) ................................................................................................... 427.60 Deduction from Surplus Account (Section 13b)................ ............................................... 409,879.45 4,153.70 4,713,646.59 35,859.04 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 o f U. S. Government securities .............................................................. Withdrawal from reserves for losses on industrial loans and miscellaneous assets resulting th erefrom ............................................................................................................... Other additions ......................................................................................................................... A v a i l a b l e f o r d iv id 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, a n d S u r p lu s A c c o u n t s .................................................................................................... SURPLUS A C C O U N T (Section 7) Balance at close of previous year ........................................................................................ 15,593,071.87 Addition a/c profits for year ................................................................................................. 5,082,979.59 Transferred from contingent reserves previously charged to surplus..... ................................................ 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 ................................................................ 7,813,340.69 4.713.646.59 3.066.084.59 20.676,051.46 15,593,071.87 Balance at close o f previous year ...................................................................................... Addition account recoveries of losses of previous years.................................................. Charged for year (Excess of expenses over earnings on industrial loans)............... 3,325,691.44 713.07 1,140.67 3,289,832.40 35,859.04 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 ................................................................ 3,325,263.84 3,325,691.44 SURPLUS A C C O U N T (Section 13b) CAPITAL STOCK AC C O U N T (Representing amount paid in, which is 50% of amount subscribed) Balance at close o f previous year ...................................................................................... Issued during the year ........................................................................................................ 7,177,200.00 712,550.00 6,516,900.00 689,150.00 Cancelled during the year .................................................................................................... 7,889,750.00 119,000.00 7,206,050.00 28,850.00 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 ................................................................ 7,770,750.00 7,177,200.00 3 VOLUME OF PRINCIPAL OPERATIONS Ch eck s Total Number of Items H andled: Average Amount Per Item Total Amount Daily Averages _ Number of Items Amount Y ear 1946 (300 days)................. 128,903,000 $41,695,704,000 $323 429,677 $138,985,680 Y 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 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 da ys)................. 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 N o n -C a s h C o l l e c t i o n Ite m s R e c e iv e d : Number ................................................................................................................. Amount ................................................................................................................. T ransfers of F unds for 1945 1946 $ 168,054 345,667,000 $ 160,157 351,220,000 M em ber B a n k s : Number ................................................................................................................. Amount ................................................................................................................. 64,586 $15,650,467,000 62,512 $14,605,893,000 $22,261,998,000 21,660,438,000 $19,962,162,000 19,762,728,000 332,872,019 $ 1,877,884,302 308,170,419 $ 1,761,064,149 328,302,328 $ 1,864,218,705 309,490,961 $ 1,765,633,262 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 .......................................................... Currency 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 coin) : Number o f coins ................................................................................................. Amount ................................................................................................................. $ 557,150,020 39,670,968 $ 532,941,616 39,400,757 $ 553,316,857 39,475,524 $ 531,667,076 39,263,445 Coin paid out (including coin returned fo r redemption) : Number of coins ................................................................................................. Amount ................................................................................................................. 4 V O LU 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 I ssu ed, E x c h a n g e d a n d R e d e e m e d : Number Amount op S a v in g s B o n d s ) ........................................................................................................ ....................... ................................................................................................................................ 1945 w n 170,000 $ 3,439,588,000 468,000 $ 5,354,595,000 U . S . S a v in g s B o n d s — I ss u e d : Number ................................................................................................................................ Issue price ........................................................................................................................... $ 5,949,000 458,844,000 $ 10,765,000 658,203,000 $ 11,726,000 430,365,000 $ 12,646,000 374,392,000 $ 153,000 32,221,000 $ 145,000 31,115,000 $ 747,000 58,248,000 $ 630,000 42,696,000 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 L a s t D a y of Y e a r : Number Amount H eld in Sa f e k e e p in g for Owners 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 e n t O b l ig a t io n s : Number A mount ................................................................................................................................ ................................................................................................................................ 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 ................................................................................................................................ ................................................................................................................................ 24,195,000 $ 4,112,082,000 30,280,000 $ 5,311,919,000 468,720 4,017,938 R a t io n C h e c k s H a n d l e d : Number ................................................................................................................................ 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 ............................................................................... A mount ................................................................................................................................ 209,000 $ 312,318,000 $ 205,000 357,729,000 PERSONNEL Number of officers and employees at end of year: Officers .................................................................................................................................. Employees ........................................................................................................................... 25 1,386 23 1,511 T otal....................................................................................................................... 1,411 1,534 National banks ................................................................................................................ State banks ......................................................................................................................... 339 136 340 133 T otal....................................................................................................................... 475 M EM BER BANKS Number of member banks at end o f year: 5 DIRECTORS AND OFFICERS FOR YEAR 1947 DIRECTORS W. G. W Y S O R , C h a ir m a n of th e B oard and F e d e r a l R e se rv e Ac e n t . C H A R L E S P. M cC O R M IC K, D epu ty C h a ir m a n Class A J O H N A . S Y D E N S T R IC K E R , 1947, Va. M a r l in t o n , W . J A M E S D. H A R R IS O N , 1948, of t h e B o ar d . 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 . in M a r l in t o n , 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 . 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 C o ., W i l m i n g t o n , N . C. Class B E D W I N M A L L O Y , 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 i-i e r a w , S. C. C H A S . C. R E E D , 1948, P r e s id e n t , W i l l i a m s & R e e d , 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 . PPvEs 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. H. L. R U S T , JR ., 1949, W a s h in g t o n , D. C. Class C C H A R L E S P . M cCO R M IC K, 1947, B a l t im o r e , M d . W . G. W Y S O R , 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 . 1949, OFFICERS HUGH LEACH, P r e s id e n t . E D W A R D W A L L E R , JR., J. S. W A L O E N , JR., F ir s t V ice A P r e s id e n t . A V ice P r e s id e n t . ic e A P r e s id e n t . ss is t a n t Ca 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 , E. A . K IN C A ID , A V ice P r e s id e n t . 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 L A U D E L. G U T H R IE , V ice P r e s id e n t C a s h ie r . JO SEPH M. N O W L A N , R. W . M E R C E R , V s s is t a n t A L B E R T S. J O H N S T O N E , EDW ARD A. W AYN E , A C a s h ie r . s s is t a n t C a s h ie r . R. S. B R O C K , JR., C. B. S T R A T H Y , A V ice P r e s id e n t . u d it o 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 ice P r e s id e n t . M A X W E L L G. W A L L A C E , R. L. C H E R R Y , C ounsel. V ic e P r e s id e n t . MEMBER FEDERAL ADVISORY COUNCIL A. L. M . W IG G IN S , 1947, P r e s id e n t , T h e B a n k of H a r t s v il l e , H a r t s v il l e , S. 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 l e c t r i c & P o w e r Co., R ic h m o n d , V a . W . L. M A N N IN G , W A L K E R D. S T U A R T , 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. 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 . J O H N L. W H IT E H U R S T , 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 . O V E R T O N D. D E N N IS , 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 1947 (Continued) BALTIMORE BRANCH DIRECTORS W . B L A D E N L O W N D E S , 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 l t im o r e , M d . H O L M E S D. B A K E R , 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 red e r ick , M d . F r e d e r ic k , M d . G E O R G E M. M O O R E , 1949, V ice P r e s id e n t , T h e U Clarksburg, W . V a . Clarksburg , W . V a . E U G E N E G. G R A D Y , 1949, V ice P r e s id e n t , T h e W B a l t im o r e , M d . B a l t im o r e , M d . e s t m in s t e r , N estern a t io n a l Bank, N a t io n a l B a n k , 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 , 1947, W n io n M d. J A M E S E . H O O P E R , 1948, V ice P r e s id e n t , W B a l t im o r e , M d . B a l t im o r e , M d . L. V IN T O N H E R S H E Y , 1949, il l ia m E . H ooper and So n s Co 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 sto w n , M d. H a g e r s t o w n , M d. OFFICERS W . R. M IL F O R D , V ice P r e s id e n t . JO H N R. C U P I T , C a s h i e r . J. A . JO H N S T O N , A s s i s t a n t C a s h i e r . D. F. H A G N E R , A s s is t a n t A . C. W IE N E R T , A C a s h ie r . s s is t a n t Ca s h i e r . CH A RLO TTE BRANCH DIRECTORS N . S. C A L H O U N , 1947, 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 reen sbo r o , N . C. A N G U S E. B IR D , 1948, C o l u m b i a , S. C. C h a i r m a n of B oard , T h e C i t i z e n s & S o u t h e r n N a t l . B a n k of S. C ., C h a r l e s t o n , S. C. A L L E N H . SIM S , 1949, 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 i z 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 ia , N . C. G a s t o n i a , N . C. D. P. T IL L E T T , 1949, 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. C H A R L E S L. C R E E C H , 1947, W i n s t o n - S a l e m , N . C. C h a i r m a n of B oard , B . F . H u n t l e y F u r n it u r e C o m p a n y , & G e n e r a l M a n a g e r , U n i q u e F u r n it u r e M a k e r s , W i n s t o n -S a l e m , N . C. R. F L A K E S H A W , 1948, 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 reen sbo ro , N . C. G r e e n s b o r o , N . C. W . A . L. S IB L E Y , 1949, 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 T r e a s u r e r , M o n a r c h M il l s , OFFICERS R. L. C H E R R Y , V 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 i s t a n t C a s h i e r . 7
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