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Federal R eserve Ban k of R ichmond TWENTY-FIFTH ANNUAL REPORT ---- YEAR 1939 ----- R ich m o n d , V a ., January 6, 1940. 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 31,1939, and December 31,1938, together with a comparative statement of profit and loss for the years 1939 and 1938, and other operating data. Very truly yours, President COMPARATIVE STATEMENT OF CONDITION D ecem ber 31,1939 D ecember 31,1938 Gold certificates on hand and due from U. S. Treasury................................. Redemption fund— Federal Reserve notes.......................................................... Other cash ............................................................................................................. $ 405,603,330.26 934,635.00 20,223,145.30 $ 356,644,940.06 1,221,860.00 21,916,857.88 ................................................................................ 426,761,110.56 379,783,657.94 BILLS DISCOUNTED: Secured by U. S. Government obligations, direct and guaranteed.............. Other bills discounted ...................................................................................... 41,500.00 230,860.00 54,000.00 152.500.00 d is c o u n t e d ................................................................... 272,360.00 206.500.00 Bills bought in open market................................... — ....................... *............ Industrial advances ........................................................................................... ...................... 947,873.81 23,616.39 1,466,432.15 U. S. GOVERNMENT SECURITIES, d i r e c t a n d g u a r a n t e e ® : Bonds ................................................................................................................. Notes ..........- ......... - ....................................... - ................................... .............. 70,076,000.00 58,778,500.00 39.460.500.00 54.291.500.00 26,569,000.00 T o t a l R eserves T o ta l b ills B ills...................................................................................................................................................... U. S. G o v e r n m e n t s e c u r i t i e s , d i r e c t a n d g u a r a n te e d .... 128,854,500.00 120,321,000.00 T o t a l b i l l s a n d s e c u r i t i e s ................................................. - ........... ............ 130,074,733.81 122,017,548.54 Due from foreign banks................................. ...... ......................................... Federal Reserve notes o f other banks ....... .................................................... Uncollected items ................................................................................................ Bank premises ................................................... - ............................................... Other assets ......................................................................................................... 2,007.68 4,189,320.00 64,944,486.51 2,544,624.23 3,484,748.99 7,401.68 2,946,340.00 47,040,022.83 2,620,812.92 2,507,548.30 TOTAL ASSETS......................................... 632,001,031.78 556,923,332.21 Federal Reserve notes in actual circulation .................................................... 229,549,820.00 208,286,735.00 DEPOSITS: Member bank—reserve account ..................................................................... U. S. Treasurer—general account................................................................. Foreign bank — ...................... ......... - ..... ................................. ..................... Other deposits ............................................- ---------------------- ------------------- 282,998,014.51 25,590,078.78 17,473,282.46 2,513,049.24 231,575,701.52 48,507,379.14 8,575,995.05 2,033,040.69 T ota l LIABILITIES: ------------------------------------------------------------------- 328,574,424.99 290,692,116.40 Deferred availability items ................................................................................. Other liabilities ............................................................... .................... ......... ...... 58,805,169.12 9,643.00 43,155,218.66 108,099.73 TOTAL LIABILITIES............................... 616,939,057.11 542,242,169.79 Capital paid in ................... ........ ........................................................................ Surplus (Section 7) .................................................................................. Surplus (Section 13b) ......................................................................................... Other capital accounts ........................................................................................ 5,171,000.00 5,247,218.46 5,004,900.00 3,245,938.26 1,397,817.96 4,982,671.81 3,292,772.65 1,400,817.96 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 632,001,031.78 556,923,332.21 T o t a l D e p o s it s CAPITAL ACCOUNTS; Contingent liability on bills purchased for foreign Commitments to make industrial advances.............. . 3,265.04 760,572.67 1,281,852.95 COMPARATIVE PROFIT AND LOSS ACCOUNT E a r n in g s : 1939 Discount on bills discounted ..................................................................... . ... ....... Discount on bills purchased .............................................................................. .... ....... Interest earned on Industrial Advances under Section 13b...................... ... ............. Fees received on Commitments to make Industrial Advances..................................... Interest on United States securities................................................................................ Other earnings ..............- ................................ ............................................................... $ 1938 4,983.41 $ 9,042.05 99.89 112.21 61,822.60 82,454.32 9,334.66 15,074.47 1,941,562.30 1,762,670.88 27,683.82 46,598.37 Total Current Earnings................... ................................................. .......... 2,045,486.68 1,915,952.30 Operating expenses (including depreciation on bank premises) after deducting reimbursements received for certain Fiscal Agency and other expenses............... Assessments for expenses of Board of Governors..................................................... . Cost o f Federal Reserve Currency.......... ..................................................................... 1,539,502.79 69,372.67 81,157.39 1,515,248.54 74,329.27 99,637.46 ... 1,690,032.85 1,689,215.27 Current N et Earnings.................. ............. ............... ....... ............. ......... .......... ....... 355,453.83 226,737.03 229,376.12 21,095.14 437,837.06 33,882.56 ........ ..... 250,471.26 471,719.62 Contributions to F. R. Retirement System on account of prior service................ Losses and reserves for losses on Industrial Advances (n e t)................ ........ Other deductions ..........— .................—.... .............................. - .................................. . ...... ........... 70,554.54 12,244.61 314,088.00 161,248.42 22,245.21 82,799.15 497,581.63 E xpe n ses: Total Net Expenses................... A d d it io n s to .......... ........... ...... . ... ......... C u r r e n t N e t E a r n in g s : Profits on sales of U. S. Government securities....................................................... Other additions .................................— ....................................................................... Total additions ................ ............................. .................. ... . D e d u c t io n s fro m C u r r e n t N e t E a r n in g s : Total deductions ........ ...................... .......... ............ ............................... ..... Net addition ....... ................................................................................. .. 167,672.11 A vailable for dividends, payment to Treasurer of U. S. undhr Section 13b , AND SURPLUS ACCOUNTS ..................- ................................ - ......................................... 523,125.94 200,875.02 Dividends paid member banks........................................................... . ................... — Payment to Treasurer of U. S. under Section 13b o f F. R. A ct......... ................ Net addition to surplus accounts ---------- ---- ------- ... ............ ............................. 305,413.69 .................. 217,712.25 297,732.38 25,862.01* 96,857.36f S U R P L U S A C C O U N T (S e c tio n 7 ) Balance at close of previous year.......................... .. ......... ........................... ............... Credited from profits o f year........................... ............................................... ........... $4,982,671.81 $ 4,963,636.05 19,035.76 264,546.65 5,247,218.46 4,982,671.81 Balance at close of previous year................................................................................... Charged for year (Proportion o f excess o f expenses, charge-offs and reserves on Industrial Loans over earnings and recoveries thereon)........................................ $ 3,292,772.65 $ 3,408,665.77 46,834.40 115,893.12 B a la n c e a t c lo s e o f c u r r e n t y e a r ................. - ....................................... 3,245,938.25 3,292,772.65 Balance at close of current year.......................................................... . SURPLUS ACCOUNT (Section 13b) CAPITAL STOCK ACCOUNT (Representing amount paid in, which is 50% of amount subscribed) Balance at close o f previous year.............- ..................................................................... Issued during the year................................................ - .................................................. $ 5,004,900.00 223,850.00 $4,895,950.00 141,050.00 Cancelled during the year................................................................................................ 5,228,750.00 57,750.00 5,037,000.00 32,100.00 B a la n c e a t c lo s e o f c u r r e n t y e a r ............................................................. 5,171,000.00 5,004,900.00 ♦Net deduction from current net earnings. fN et deduction from surplus accounts. 3 VOLUME OF PRINCIPAL OPERATIONS Total Number of Items C hecks H an dled : Y ear Y ear 1939 (299 days) 1938 (301 days) 1937 1936 Y e a r 1935 Y e a r 1934 $13,720,123,000 76,814,000 74,114,000 71,878,000 12,145,850,000 13,174,474,000 11,897,385,000 JLraiiy Averajtes Number of Items Amount $179 164 256,903 183 238,798 171 175 231,505 197,734 $45,886,699 40,351,661 246,226 43,769,016 39,526,196 34,672,884 days) days) days) days) 69,683,000 59,518,000 55,643,000 9,638,415,000 173 184,860 32,021,312 Y ear 1933 (301 days) Y e a r 1932 (301 days) 46,191,000 46,554,000 7,659,951,000 7,809,312,000 166 25,448,342 168 153,458 154,664 1931 (301 days) Y e a r 1930 (301 days) Y e a r 1929 (302 days) 52,652,000 54,109,000 55,730,000 10,435,697,000 198 174,923 34,670,090 12,795,015,000 14,118,820,000 236 179,764 42,508,355 1928 (302 days) Y e a r 1927 (302 days) 54,570,000 13,990,057,000 13,502,105,000 253 256 184,536 180,695 46,751,060 46,324,692 255 175,030 166,987 159,509 44,708,957 283 153,879 43,600,763 278 204 156,900 43,560,875 142,000 129,572 29,015,955 110,960 37,848,504 Y ear Y ear (301 (301 (301 (301 Average Amount Per Item Total Amount Y ear Y ear 1926 Y e a r 1925 Y e a r 1924 Y e a r 1923 Y ear Y ear (302 (302 (304 (301 days) days) days) days) 1922 (302 days) 1921 (303 days) Y e a r 1920 (304 days) Y ear C urrency and 10,436,538,000 52,859,000 50,430,000 48,171,677 46,779,081 14,038,542,000 13,254,632,000 47,226,755 13,111,823,500 42,884,054 39,260,432 8,762,818,547 8,620,888,130 33,731,801 11,505,945,224 13,924,751,000 276 291 220 341 Coin H andled : 25,944,558 46,108,447 46,485,238 28,451,776 1939 1938 Currency received (including new notes): Number of notes ____ Amount .............. ....... 191,699,811 $ 673,096,200 182,127,805 $ 624,653,700 194,506,343 $ 675,090,500 183,676,064 $ 630,055,100 Currency paid out (including notes returned for redemption): Number of notes ................. Amount ......... ...................... Coin received (including new coin) : Number of coins Amount ............. $ 241,389359 19,091,300 $ 196,072,926 16,187,600 $ 242,266,865 19,054,900 % 198,942,485 16,541400 Coin paid out (including coin returned for redemption): Number of coins Amount ............. 4 VOLUME OF PRINCIPAL OPERATIONS (Continued) D irect R outed Cash L etters : Number Amount 1939 1938 176,171 $ 1,874,402,000 199,520 $ 2,036,240,000 N on -C ash Collection I tem s R eceived : Number Amount Coupons P aid — F rom D irect Governm ent Oblig atio n s : and of F unds for 276,440 245,686,000 $ 286,805 242,672,000 $ 598,040 16,936,000 $ 621,815 18,192,000 F ully Guaranteed Number ..................................................................................... Amount .................................................................... ................. T ransfers $ M ember B a n k s : Number ..................................................... ...... Amount --------------------------------------------------- 56,686 $ 5,372,945,000 60,035 $ 4,978,735,000 $ 7,124,893,000 7,113,382,000 $ 6,555,063,000 6,513,917,000 18 657 18 663 675 681 National banks___________________________________________ State banks------------------------------ ------ — .......................... ......... 334 77 337 69 T otal.................................................................................... 411 406 I nterdistrict Settlem ent F und D a ily T ran sit Clearin gs : Total received from F. R. Banks and Branches................................. Total paid to F. R. Banks and Branches............................................ PERSONNEL Number of officers and employees at end of year: Officers ............................................................ Employees .. Total MEMBER BANKS Number of member banks at end of year: During the year 1939, the ten banks listed below, located in the Fifth Federal Reserve District, became members on the dates shown: January 24 Merchants and Farmers Bank, Portsmouth, Va. February 9 Southern Bank & Trust Company, Richmond, Va. September 5 The Commercial Bank of Camden, Camden, S. C. ” October 27 Belington Bank, Belington, W. Va. 31 Bank of Phoebus, Phoebus, Va. November 16 Farmers Bank of Mathews, Mathews, Va. ” December 22 Bank of Smithfield, Smithfield, Va. » 6 Security Savings and Commercial Bank, Washington, D. C. 26 City National Bank of Fairmont, Fairmont, W. Va. (primary organization) ” 29 Citizens Bank of Poquoson, Odd, Va. Three member banks consolidated with three other member banks and two became insolvent. There was a net gain in membership of five hanks. 5 DIRECTORS AND OFFICERS FOR YEAR 1940 DIRECTORS Class A P resid en t, P la n t e r s N a tl. B a n k & T r u s t Co., R o ck y M ou n t, N. C. JAMES C. BRASWELL, 1940, R o ck y M ou n t, N. C. L. E. JOHNSON, 1941, C h a ir m an of B oard, F irst N ational B a n k , A lderson, W . V a . A u je rs o n , W . V a. P resident , W estern N atl . B a n k B altimore , M d. CHAS. E. RIEMAN, 1942, B a ltim ore, Md. of B altimore , Class B Ch a irm an of B oard, Capital T ransit Co., W ash in gto n , D. C. JOHN H HANNA, 1940, W a s h in g to n , D. C. P resident and T reasurer, C heraw Cotton M ills , I n c ., C heraw , S. C. EDWIN MALI.OY, 1941, C h era w , S. C. CHAS. C. REED, 1942, V ice P re sid e n t & G e n l. M anager, W illia m s & Reed, In c., W h o le s a le D ry Goods, R ichm ond , V a . R ich m on d, V a. Class C ROBERT LASSITER, 1940, C h a r lo t t e , N. C. Chairman of the Board. CHARLES P. McCORMICK, 1941, B a ltim o re , Md. P resid en t, M cC orm ick & Company, M frs . of T eas , Spices , E xtracts , I nsecticides , E tc ., Baltimore , M d. W G, WYSOR, 1942, Deputy Chairman of the Board. C h a ir m a n of B oard, M ooresville Cotton M ills , M ooresville , N. C. General M anager , S outhern States Cooperative, I nc ., R ichmond , V a . R ich m on d, V a. OFFICERS ROBERT LASSITER, C h airm an o f t h e B oard a n d F e d e ra l R eserve A g e n t. HUGH LEACH, W. W. DILLARD, P resid en t. A s s is t a n t C a sh ier. EDWARD WALLER, JR., J. S. WALDEN, JR., A s s is t a n t C a s h u z l F ir s t V ic e P resid en t. ALBERT S. JOHNSTONE, A s s is t a n t C a sh ier. J. G. FRY, C. L. GUTHRIE, V ice P resident . A s s is t a n t C a sh ier. GEORGE H. KEESEE, C a sh ier. R. W. MERCER, R. S. BROCK, JR., A ssistant Cash ier . A u d itor. MAXWELL G. WALLACE, C o u n s e l. MEMBER FEDERAL ADVISORY COUNCIL R. M. HANES, 1940, P resid en t, W a ch o v ia B a n k & T r u s t W in s to n -S a le m , N. C. Company, INDUSTRIAL ADVISORY COMMITTEE J. G. HOLTZCLAW, Chairman, P r e sid e n t, V ir g in ia E l e c t r i c & P o w e r R ich m on d , V a . WALKER D. STUART, P r e sid e n t, R ich m on d H a rd w a re R ich m on d, V a. OVERTON D. DENNIS, D o m in ion O il Co m p a n y , R ichm ond , V a . Co., GEORGE E. PROBEST, JR., Co., A sst . Sbct ’ y & A sst . T reas ., K opper8 C om pan y — B artu bit H ayw ard D i ?., B altimore , M d. W. L. MANNING, P re sid e n t, R osem ary M a n u fa c tu r in g R o a n o k e Rapids, N. C. Co., DIRECTORS AND OFFICERS FOR YEAR 1940 (Continued) BALTIMORE BRANCH DIRECTORS W. R. MILFORD, 1940, Managing D irector. B a ltim o r e , Md. JAMES DIXON, 1940, P resident, T h e E aston N atl . B a n k E aston , Md. E aston , Md. GEORGE W. REED, 1941, of Maryland , P resident, N ational M arine Ba n k , B altimore, Md. B a ltim o re , Md. JAMES C. FENHAGEN, 1942, B a ltim o re , Md. W. FRANK ROBERTS, 1940, B a ltim o re , Md. W. FRANK THOMAS, 1941, W e s tm in s te r, Md. JOSEPH D. BAKER, JR., 1942, M o n k to n , Md. C h a ir m an , E xecutive Committee , B altimore N atl . B k ., B altimore, Md. P resident , Standard Ga s E quipment Corporation, B altimore, Md . Construction E ngineer W estminster , Md . and R eal E state Management , S e cre ta ry & T reasu rer, Standard Lim e & S to n e Co., B a ltim ore, Md. OFFICERS W. R. MILFORD, M an aging D irector. JOHN R. CUPIT, C ashier. J. A . JOHNSTON, A s s is ta n t C ashier. D. F. HAGNER, A s s is ta n t C ashier. CHARLOTTE BRANCH DIRECTORS W. T. CLEMENTS, 1940, C h a r lo t t e , N. C. Managing D irector. T. E. HEMBY, 1940, E xecu tiv e V ic e P resid en t, A m erica n T r u s t Company, C h a r lo tt e , N. C. C h a r lo t t e , N . C. J. GERALD COWAN, 1941, A s h e v ille , N. C. V ice P resid en t, W a ch ov ia B a n k & T r u s t Company, A s h e v ille , N. C. B. M. EDWARDS, 1942, E xecu tive V ic e P resid en t, S ou th C a ro lin a N a tl. B a n k , Colum bia, S. C. C olu m bia, S. C. GEORGE M. WRIGHT, 1940, G r e a t F a l l s , S. C. P resident , R epublic Cotton M ills , Great F alls , S. C. GEORGE S. HARRIS, 1941, C h a r lo t t e , N. C. B TUiiiTivi V ice P resident , Springs Cotton M ills , L ancaster , S. C. D. W. WATKINS, 1942, CLEM80N, S. C. D irector of E xtension , Clemson C ollege, C lem son , S. C. OFFICERS W. T. CLEMENTS, Managing D irector. R. L. CHERRY, Cashdhl L. D . BROOKS, A ssistant Cashier. 7
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