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F ederal R e serve Ba n e of R ichmond THIRTY-THIRD ANNUAL REPORT ---- YEAR 1947 ------ R ic h m o n d , V a ., January 7, 1948. 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 31,1947, and December 31, 1946, together with a comparative statement of profit and loss for the years 1947 and 1946, and other operating data. Very truly yours, i____ COMPARATIVE STATEMENT OF CONDITION D ecem ber ASSETS: 31,1947 Decem ber 31,1946 Gold certificates ............................................................ Redemption Fund for Federal Reserve notes.............. $1,044,280,825.59 60,478,979.00 $1,103,169,923.60 59,913,560.44 T o t a l G old C e r t if ic a t e R e s e r v e s .................... 1,104,759,804.59 1,163,083,484.04 19,619,827.71 3,094,400.00 30,297.63 25,076,433.11 7,315,500.00 636.584.000.00 485.785.000.00 105.536.000.00 203.909.000.00. 799,397,000.00 448,280,000.00 21,248,000.00 45,054,000.00 Other ca sh ...................... Discounts and advances Industrial loans ............. U. S. GOVERNMENT SECURITIES: B ills ...................................................................... Certificates .......................................... Notes ................................................... Bonds .................................................... G o v e r n m e n t s e c u r it i e s ....... 1,431,814,000.00 1,313,979,000.00 T o t a l l o a n s a n d s e c u r it ie s ........................ 1,434,938,697.63 1,321,294,500.00 Due from foreign banks .......................................... Federal Reserve notes of other banks .................... Uncollected items ................................................... Bank premises ......................................................... Other assets.............................................................. 4,661.87 22,290,730.00 253,489,365.53 2,637,401.11 8,219,725.35 4,804.72 37,399,490.00 227,699,547.96 2,686,023.53 2,745,957.58 TOTAL ASSETS ............... 2,845,960,213.79 2,779,990,240.94 1,741,896,375.00 1,781,923,420.00 784,771,935.64 43,913,368.04 16,121,000.00 2,061,918.84 733,111,172.90 13,888,807.70 22,398,483.04 2,316,102.12 T o t a l D e p o s it s ... 846,868,222.52 771,714,565.76 Deferred availability items.... Other liabilities ..................... 221,554,500.65 762,150.42 192,134,874.70 384,897.73 2,811,081,248.59 2,746,157,758.19 8,220,500.00 21,210,350.11 3,349,144.81 2,098,970.28 7,770,750.00 20,676,051.46 3,325,263.84 2,060,417.45 TOTAL LIABILITIES AND CAPITAL ACCOUNTS.. 2,845,960,213.79 2,779,990,240.94 Contingent liability on Bills Purchased for Foreign Correspondents.* Commitments to make industrial loans .............................................. 120,557.02 77,736.96 307,691.13 37,206.29 T otal U. S. LIABILITIES: Federal Reserve notes DEPOSITS: Member bank—reserve account ... U. S. Treasurer—general account Foreign ........................................... Other............................................... TOTAL LIABILITIES CAPITAL ACCOUNTS: Capital paid in ............. Surplus (Section 7) .... Surplus (Section 13b) . Other capital accounts 2 COMPARATIVE PROFIT AND LOSS ACCOUNT E a r n in g s : 1947 Discounts and advances .............................................................................................. $ 134,814.86 Interest earned on industrial loans under Section 13b............................................... 511.42 Fees received on commitments to make industrial loans......................................... 633.45 Interest on United States securities ......................................................- ................... 9,884,764.94 Other earnings .............................................................................................................. 20,641.30 $ 1946 133,716.82 863.81 1,526.90 9,107,157.86 12,483.23 Total Current Earnings ........................................................................... 10,041,365.97 9,255,748.62 E xpen ses: 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 Currency ............................................................................. 3,841,666.80 128,359.77 364,448.35 3,188,574.44 105,239.47 359,998.10 Total Net Expenses ................................................................................ 4,334,474.92 3,653,812.01 Current Net Earnings ................................................................................................. 5,706,891.05 5,601,936.61 167,375.48 114,920.10 24,210.06 1,737.61 730.30 3,153.95 193,323.15 118,804.35 D edu ction s from C u rren t N et E a r n in g s : Retirement System—Salary computation adjustment........................................................................ 38,601.82 Reserves for contingencies ..................................................................... .................... Other deductions ........................................................................................................... 8,065.16 120,162.00 35,847.51 24,292.77 A d ditions to C u rren t N et E a r n in 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 .......................................................................................... Total Deductions ....................................... ................................................ 46,666.98 Net Additions......................................................... ..................................... 180,302.28 146,656.17 Net Deductions ..................................................................................................................... 61,497.93 A v a i l a b l e f o r d iv id e n d s , p a y m e n t to 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, P a y m e n t to T r e a s u r e r o f U. S. f o r I n t e r e s t o n F e d e r a l R e s e r v e N o t e s , a n d S u r p l u s A c c o u n t s ................................................................................................... 5,853,547.22 5,540,438.68 Dividends paid member banks............................................................ .......................... Payment to Treasurer of U. S. under Section 13b of F. R. A c t ................................. Payment to Treasurer of U. S.—Interest on outstanding Federal Reserve Notes....... Addition to Surplus Account (Section 7) ................................................................... Addition to Surplus Account (Section 13b) ................................................................ Deduction from Surplus Account (Section 13b).................................................... 485 085.22 1,992.35 4,808,290.03 534,298.65 23,880.97 .................. 457,886.69 5,082,979.59 20,676,051.46 534,298.65 15,593,071.87 5,082,979.59 21,210,350.11 20,676,051.46 Balance at close of previous y e a r ............................................................................... 3,325,263.84 Addition account recoveries of losses of previous years............................................. 23,880.97 Charged for year (Excess of expenses over earnings on industrial loans)........................................ 3,325,691.44 713.07 1,140.67 427.60 SURPLUS ACCOUNT (Section 7) Balance at close of previous y e a r................................................................................. Addition a/c profits for y e a r........................................................................................ 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 .......................................................... SURPLUS ACCOUNT (Section 13b) 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 3,325,263.84 CAPITAL STOCK ACCOUNT (Representing amount paid in, which is 50% of amount subscribed) Balance at close of previous y e a r ............................................................................... Issued during the year .............................................................................................. 7,770,750.00 457,150.00 7,177,200.00 712,550.00 Cancelled during the year ......- ................................................................................... 8,227,900.00 7,400.00 7,889,750.00 119,000.00 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 ................................................. ......... 8,220,500.00 7,770,750.00 VOLUME OF PRINCIPAL OPERATIONS Total Number of Items Ch e c k s H a n d l e d : Average Amount Per Item Total Amount - Daily Averages Number Amount of Items Y ear 1947 132,044,000 $49,068,737,000 $372 441,619 $164,109,488 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 15,474,834,000 Y ear 1940 (301 days). 79,938,000 194 265,575 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 1947 N o n -C a s h C ollection I t e m s R e ce ived : Number ...................................................................................................... Amount ...................................................................................................... T r a n sf e r s op F unds for $ 267,589 318,144.000 1946 $ 168,054 345,667,000 M em ber B a n k s : Number Amount ....................................................................................................... 68,538 $16,113,753,000 64,586 $15,650,467,000 $25,346,098,000 25,034,987,000 $22,261,998,000 21,660,438,000 354,617,849 $ 2,043,918,388 332,872,019 $ 1,877,884,302 358,731,412 $ 2,043,338,959 328,302,328 $ 1,864,218,705 I n ter d istr ic t S e t t l e m e n t F u n d 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 ..................................................... Currency and C o in H a n d l e d : Currency received (including new notes): Number of notes ........................................................................................ Amount ....................................................................................................... Currency paid out (including notes returned for redemption): Number of notes ........................................................................................ Amount ....................................................................................................... Coin received (including new coin ): Number of coins ........................................................................................ Amount ....................................................................................................... $ 485,218,895 37,214,802 $ 557,150,020 39,670,968 $ 488,533,438 37,303,540 $ 553,316,857 39,475,524 Coin paid out (including coin returned for redemption): Number of coins ........................................................................................ Amount ....................................................................................................... 4 VOLUME OF PRINCIPAL OPERATIONS (Continued) U. S. G o v e r n m e n t S ecu rities ( E xclu sive of S a v in g s B onds a n d A rm ed F orces L eave B o n d s ) I ssued , E x c h a n g e d an d R edeemed : 1946 1947 Number ....................................................................................................... Amount ....................................................................................................... 133,000 $ 2,133,028,000 170,000 $ 3,439,588,000 U. S. S a v in g s B onds — I s s u e d : Number ....................................................................................................... Issue price ................................................................................................... $ 3,606,000 376,296,000 $ 5,949,000 458,844,000 $ 7,840,000 360,403,000 $ 11,726,000 430,365,000 $ 154,000 32,694,000 $ 153,000 32,221,000 $ 126,000 21,058,000 $ 515,000 108,467,000 $ 658,000 46,953,000 $ 747,000 58,248,000 U. S. S a v in g s B onds — R e d e e m e d : Number ....................................................................................................... Redemption value ........................................................................................ U. S. S av in g s B onds H eld L a s t D a y of Y ear : in S a f e k e e p in g for Ow n e r s on Number ....................................................................................................... Amount ....................................................................................................... A r m e d F orces L eave B onds — I ssues : Number of stubs processed......................................................................... Amount of stubs processed......................................................................... A rm ed F orces L eave B onds — R e d em ptio n s : Number......................................................................................................... Amount ......................................................................................................... C o upons P a id — F rom D ir ect m e n t O b l ig a t io n s : and F u l l y G u a r a n t e e d G overn Number ....................................................................................................... Amount ....................................................................................................... U. S. G o v e r n m e n t C h e c k s and W a r r a n t s R ec e iv e d : Number ....................................................................................................... Amount ....................................................................................................... W it h h e l d T ax e s — R eceived and C redited to 22,023,000 $ 4,205,115,000 24,195,000 $ 4,112,082,000 T reasu ry: Number of Depositary Receipts ................................................................ Amount ....................................................................................................... $ 228,000 371,725,000 $ 209,000 312,318,000 PERSON NEL Number of officers and employees at end of year: Officers ......................................................................................................... Employees ................................................................................................... 24 1,302 25 1,386 Total................................................................................................ 1,326 1,411 M EM BER BANKS Number of member banks at end of year: National banks .......................................................................................... State banks ................................................................................................. 339 136 Total................................................................................................ 475 5 339 136 DIRECTORS AND OFFICERS FOR YEAR 1948 DIRECTORS W. G. WYSOR, C h a i r m a n o f t h e B o ard a n d F ederal R eserve A g e n t . CHARLES P. McCORMICK, D e p u t y C h a ir m a n op t h e B oard. Class A JAMES 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 l t im o r e , M d . WARREN S. JOHNSON, 1949, W i l m i n g t o n , N. C. JOHN A. SYDENSTRICKER, 1950, M a r l in t o n , W . V a . P r e s i d e n t , P e o 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. C a s h i e r , F ir s t N a t i o n a l B a n k i n M a r l i n t o n , M a r l in t o n , W . V a . Class B 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 . CHAS. C. REED, 1948, R ic h m o n d , V a . H. L. RUST, JR., 1949, W a s h i n g t o n , D. C. CARY L. PAGE, 1950, G r e e n v i l l e , S. 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. P r e s id e n t , J a c k s o n M il l s , W e l l f o r d a n d I v a , S . C. Class C W. G. WYSOR, 1948, 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 iv e , I n c ., R ic h m o n d , V a . R ic h m o n d , V a . EDWARD R . STETTINIJJS, J R ., R a p id a n , V a . 1949, CHARLES P. McCORMICK, 1950, B a l t im o r e , M d. R e c t o r o f T h e U n iv e r s i t y o f V i r g i n i a , C h a r l o t t e s v il l e , V a . P r e s id e n t , M c C o r m i c k & C o m p a n y , I n c ., M f r s . o f 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 . OFFICERS HUGH LEACH, P r e s id e n t . K. BRANTLEY WATSON, J. S. WALDEN, JR., F ir s t V ic e P r e s id e n t . D ir e c t o r of P e r s o n n e l . EDWARD A. WAYNE, E D W A R D W A L L E R , JR., A ssistant C ashier . V ic e P r e s id e n t . JOSEPH M. NOWLAN, R. W. MERCER, A s s is t a n t C a s h ie r . V ic e P r e s id e n t . W. B. WAKEHAM, E. A. KINCAID, A s s is t a n t C a s h ie r . V ic e P r e s id e n t . CLAUDE L. GUTHRIE, V ic e P r e s id e n t a n d C a s h i e r . UPTON S. MARTIN, A s s is t a n t C a s h ie r . R. S. BROCK, JR., C. B. STRATHY, A u d it o r . V ic e P r e s id e n t . N. L. ARMISTEAD, W. R. MILFORD, C h ie f E x a m in e r . V ic e P r e s id e n t . MAXWELL R. L. CHERRY, G. WALLACE, Co u n sel. V ic e P r e s id e n t . MEMBER FEDERAL ADVISORY COUNCIL ROBERT V. FLEMING, 1948, P r e s id e n t & C h a i r m a n o f t h e B o a r d , T h e R ig g s 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 i d e n t , V i r g i n i a E l e c t r i c & P o w e r C o., R ic h m o n d , V a . WALKER D. STUART, P r e s id e n t , R ic h m o n d H a r d w a r e C o ., R ic h m o n d , V a . W . L. M A N N I N G , 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 R o a n o k e R a p i d s , N . C. JOHN L. WHITEHURST, OVERTON D. DENNIS, D o m in io n O il C o m p a n y , R ic h m o n d , V a . 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 Co., I n c ., B a l t im o r e , M d . Co., DIRECTORS AND OFFICERS FOR YEAR 1948 (Continued) B A L TIM O R E B R A N C H DIRECTORS 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 e d e r ic k , M d . F r e d e r ic k , M d . GEORGE M. MOORE, 1949, V ic e P r e s id e n t , T h e U n io n N a t i o n a l B a n k , Clar ksbu rg , W . V a . C larksbu rg, W . V a . EUGENE G. GRADY, 1949, V ic e P r e s id e n t , T h e W e s t e r n 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. BLADEN LOWNDES, 1950, P r e s id e n t , F id e l it y T r u s t C o m p a n y , B a l t im o r e , M d . B a l t im o r e , M d . V ic e P r e s id e n t , W i l l i a m E . H o o per a n d S o n s C o m p a n y , B a l t im o r e , M d. JAMES E. HOOPER, 1948, B a l t im o r e , M d . 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 agerstow n, M d. L. VINTON HERSHEY, 1949, H ag ersto w n , M d. JAMES M. SHRIVER, 1950, 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. W e s t m in s t e r , M d. OFFICERS W. R. MILFORD, D. F. HAGNER, V ic e P r e s id e n t . Ca s h ie r . J. A. JOHNSTON, A. C. WIENERT, A s s is t a n t C a s h ie r . A s s is t a n t C a s h ie r . R. F. ARMSTRONG, A s s is t a n t C a s h ie r . C H A R LO TTE BRANCH DIRECTORS & ANGUS E. BIRD, 1948, C o l u m b i a , S. C . C h a irm a n op B o a rd , T h e C itiz e n s B a n k o p S . C ., C h a r l e s t o n , S . C. ALLEN H. SIMS, 1949, G a s t o n i a , N. C. E x e c u t iv e V ic e 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 io n a l B a n k i n G a s t o n ia , G a s t o n i a , N . C. GEORGE S. CROUCH, 1949, C h a r l o t t e , N. C. P r e s id e n t , U n io n N a t i o n a l B a n k , C h a r l o t t e , N . C. N. S. CALHOUN, 1950, 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 r e e n s b o r o , N . C. R. FLAKE SHAW, 1948, G r e e n s b o r o , 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 r e e n s b o r o , N . C. W. A. L. SIBLEY, 1949, U n i o n , S. C . V ic e P r e s id e n t a n d T r e a s u r e r , M o n a r c h M i l l s , U n i o n , S. C . R. E. EBERT, 1950, G r e e n v i l l e , S. C. P r e s id e n t , D i x ie H o m e S t o r e s , I n c ., G r e e n v i l l e , S. C. OFFICERS R. L. CHERRY, V ic e P r e s id e n t . S . A . LIGON, C a s h i e r . R. L. HONEYCUTT, A s s i s t a n t C a s h i e r . E. C . MONDY, A s s i s t a n t C a s h i e r . 7 S o u th e r n N a tl.
