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7 '

t

/ -V

F ederal R eserve Ban k
of

R ig h m o n d

TWENTY-NINTH ANNUAL REPORT
----- Y E A R 1943 -------

R ic h m o n d , V a ., January 11, 1944.

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, 1943, and December 31, 1942, together with a comparative statement of
profit and loss for the years 1943 and 1942, and other operating data.
Very truly yours,

President

COMPARATIVE STATEMENT OF CONDITION
December 31,1943

ASSETS:

D ecem ber 31,1942

$ 950,761,550.05

Gold certificates on hand and due from TL S, T reasury.

$1,031,584,278.84

Redemption Fund— Federal Reserve notes..........................

23,647,950.00

5,558,955.00

Other cash ...................................................................................

23,040,935.77

19,534,354.16

1,078,273,164.61

975,854,859.21

T otal R eserves

BILLS DISCOUNTED:
Secured by U. S. Government obligations, direct and guaranteed-

420,000.00

25,000.00
110,000.00

Other bills discounted ..............................................................................
discounted..

420,000.00

135,000.00

Industrial advances ...........................

234,518.01

677,203.43

Bonds .......................................................................................................................................

126.848.000.00

182.445.000.00

Notes ............... .......................................................................................................................

52,772,000.00

87.873.000.00

Certificates o f Indebtedness .........................................................................................

192.066.000.00

68 011 000.00

Bills ..........................................................................................................................................

280.416.000.00

40,412,000.00

T otal U . S. G o vern m ent securities , direct a n d guaranteed ..

652.102.000.00

378.741.000.00

T otal bills a n d securities .....................................................................

652,756,518.01

379,553,203.43

T o ta l b ills

U. S. G O V E R N M E N T S E C U R IT IE S , direct a n d g ua r a n t e ed :

..

Due from foreign banks ...................................................................................................

5,840.39

2,056.04

Federal Reserve notes of other banks.........................................................................

12,098,800.00

10,793,665.00

................................................................................................................

153,090,709.87

141,374,578.57

Bank premises .........................................................................................................................

2,935,506.08

3,046,455.15

Other assets .......................................................................................... ?................................

4,320,539.11

6,047,918.91

1,903,481,078.07

1,516,672,736.31

1,141,590,385.00

786,787,020.00

Member bank— reserve account............................. ..........-..........................................

544,664,110.91

U . S. Treasurer— general account...............................................................................

17,131,318.38

525,660,985.14
35,397,067.88

Foreign ............................................. ............................................................................ -......

54,439,217.24

30,754,320.95

Other deposits ...................................................................................................................

2,151,463.20

8,632,689.06

T otal D eposits ...............................................................................................

618,386,109.73

600,445,063.03

Deferred availability items ...............................................................................................

124,194,772.33

112,605,142.65

Other liabilities ......................................................................................................................

179,667.89

403,220.67

1,884,350,934.95

1,500,240,446.35

Uncollected items

TOTAL

A S S E T S ..................................................

L IA B IL IT IE S :
Federal Reserve notes in actual circulation.......
D E P O S IT S :

TOTAL LIAB ILITIES

CAPITAL ACCOUNTS:
Capital paid in ......................................................................................................

6,140,500.00

5,884,550.00

Surplus (Section 7) ...................................................................... ............. .....

5,235,966.03

5,235,966.03

Surplus (Section 13b) ................................................................ .....................

3.289.774.54

3,244,217.38

Other capital accounts .................................... ...................................

4.463.902.55

2,067,556.55

1,903,481,078.07

1,516,672,736.31

670,000.00

1,007,551.33

TOTAL LIABILITIES AND CAPITAL ACCOUNTS..

Commitments to make industrial advances..




2

COMPARATIVE PROFIT AND LOSS ACCOUNT
1943

E a r n in g s :
Discount on bills discounted ...............................................................................................................
Interest earned on Industrial Advances under Section 13b..................................................
Fees received on Commitments to make Industrial Advances.............................................
Interest on United States securities______________ _______________________ .___ __________
Other earnings ..........................................................................................................................................

$

6,741.90
20,567.93
8,906.40
4.072,264,83
4,614.01

1942

$

945.80
39,623.02
14,960.79
3,187,859.75
9,574.49

Current Earnings............................. ................................................... ..............

4,113,095.07

3,252,963.85

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 ...................................................................................................

2,290,232.50
104,021.62
404,867.15

2,157,068.72
75,896.43
420,801.08

Total N et Expenses .......................................................................................................

2,799,121.27

2,653,766.23

Total
E xpen ses :

Current N et E a r n in g s

1,313,973.80

599,197.62

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 o f U . S. Government securities.......................................................... ............
W ithdrawal from Reserves for Losses on Industrial Advances.........................................
Other additions .......................................................................................................................................

1,974,305.53
49,500.00
265,664.02

178,234.61
17,422.09
14,609.19

Total additions ........................................................ ..........................................................

2,289,469.55

210,265.89

Retirement System (interest base and increased benefits adjustm ents)............. .......
Reserve fo r alterations and improvements— Bank Premises.................................. ............
Other deductions ............................................ .......................................................................... ............

528,506.00
......................
249,077.10

259,717.00
25,000.00
4,116.73

Total deductions .................................... ...........................................................................

777,583.10

288,833.73

N et additions ............... ..................................................................... ................................

1,511,886.45

N et deductions ................... .................................................. .............. ................... .........

......................

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 :

78,567.84

A vailable for d ividends , p a y m e n t to T reasurer of U . S. under S ection 13b,
AND SURPLUS ACCOUNTS.............. ...... .
...... ............................... ......................... .

2,825,860.25

520,629.78

Dividends paid member banks ........................................................................................................
Payment to Treasurer of U . S. under Section 13b of F . R. A ct................................ .
Net addition to surplus accounts ................... .................... ........................................ ...................

359,649.75
24,307.34
2,441,903.16

348,441.99
58,958.91
113,228.88

$ 5,235,966.03
2,396,346.00
2,396,346.00

$ 5,235,966.03
113.228.88
113.228.88

5,235,966.03

5,235,966.03

$ 3,244,217.38
45,557.16

$ 3,244,217.38

3,289,774.54

3,244,217.38

SU R PLU S A C C O U N T (Section 7)
Balance at close o f previous year............................................................................ ............
Addition a /c profits for year................................................................... .............................
Transferred to reserves for contingencies..........................................................................
B a la n c e a t c lo s e o f c u r r e n t yea r...... ........... .......................................... .

SU RPLU S A C C O U N T (Section 13b)
Balance at close of previous year.................................................................. ......................
Addition fo r year account recoveries of losses of previous years...... .........................
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 ............

........ .

C A P IT A L STO CK A C 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............ .....................................................................................

$ 5,884,550.00
274,150.00

$ 5,708,550.00
184,100.00

Cancelled during the year..... .................................................................................................

6,158,700.00
18,200.00

5,892,650.00

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 .................................................................... .........

6,140,500.00

5,884,550.00




3

8 , 100.00

VOLUME OF PRINCIPAL OPERATIONS
Average

Total
C h eck s H andled :

Y ear 1943 (307 d a y s )......................

Total
Amount

Number o f
Items
100,844,000

--------- Daily Averages.

Amount
Per Item

Number
of Items

Amount

$308

$31,083,430,000

328,482

$101,248,958

Y ear 1942 (302 d a y s )......................

92,257,000

25,756,755,000

279

305,487

85,287,268

Y ear 1941 (299 d a y s)......................

87,796,000

20,410,680,000

232

293,632

68,263,144

Y ear 1940 (301 d a y s)......................

79,938,000

15,474,834,000

194

265,575

51,411,409

Y ear 1939 (299 d a y s )......................

76,814,000

13,720,123,000

179

256,903

45,886,699

Y ear 1938 (301 d a y s )......................

74,114,000

12,145,850,000

164

246,226

40,351,661

Y ear 1937 (301 d a y s )......................

71,878,000

13,174,474,000

183

238,798

43,769,016

Y ear 1936 (301 d a y s )......................

69,683,000

11,897,385,000

171

231,505

39,526,196

Y ear 1935 (301 d a y s )......................

59,518,000

10,436,538,000

175

197,734

34,672,884

Y ear 1934 (301 d a y s)......................

55,643,000

9,638,415,000

173

184,860

32,021,312

Y ear 1933 (301 d a y s ).....................

46,191,000

7,659,951,000

166

153,458

25,448,342

Y ear 1932 (301 d a y s)......................

46,554,000

7,809,312,000

168

154,664

25,944,558

Y ear 1931 (301 d a y s ).....................

62,652,000

10,435,697,000

198

174,923

34,670,090

Y ear 1930 (301 d a y s).....................

54,109,000

12,795,015,000

236

179,764

42,508,355

Y ear 1929 (302 d a y s )......................

55,730,000

14,118,820,000

253

184,536

46,751,060

Y ear 1928 (302 d a y s).....................

54,570,000

13,990,057,000

256

180,695

46,324,692

Y ear 1927 (302 d a y s ).....................

52,859,000

13,502,105,000

255

175,030

44,708,957

Y ear 1926 (302 d a y s ).....................

50,430,000

13,924,751,000

276

166,987

46,108,447

Y ear 1925 (302 d a y s )......................

48,171,677

14,038,542,000

291

159,509

46,485,238

Y ear 1924 (304 d a y s ).....................

46,779,081

13,254,632,000

283

153,879

43,600,763
43,560,875

Y ear 1923 (301 d a y s ).....................

47,226,755

13,111,823,500

278

156,900

Y ear 1922 (302 d a y s ).....................

42,884,054

8,762,818,547

204

142,000

29.015,955

Y ear 1921 (303 d a y s ).....................

39,260,432

8,620,888,130

220

129,572

28,451,776

Y ear 1920 (304 d a y s ).....................

33,731,801

11,505,945,224

341

110,960

37,848.504

1943

1942

319,718,231
$ 1,719,188,949

294,049,621
$ 1,441,147,900

315,684,138
$ 1,717,601,679

292,017,559
$ 1,428,367,100

C u r r e n c y a n d C o in H a n d le d :
Currency received (including new n otes):
Number of 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 ...................................................................................................................

$

484,194,005
38,944,965

$

473,049,384
37,874,100

$

481,865,754
38,728,997

$

475,968,083
37,981,100

Coin paid out (including coin returned for redemption) :
Number o f coins ........ .................................... ................................................ ..
Amount ................................................................................................ ..................




4

V O L U M E O F PR IN C IP A L O P E R A T IO N S

(Continued)

1943

D ir e c t R o u te d C a sh L e t t e r s :
N u m b er..................................................................................................................
Amount ................................................................................................................ .

1942

165,262
$ 4,026,278,000

169,528
$ 3,706,562,000

N o n -C a s h C o l l e c t io n I t e m s R e c e i v e d :
Number ..................................................................................................................
Amount ................................................................................ .................................
C o u p o n s P a i d — F r o m D ir e c t
G o v e r n m e n t O b l ig a t io n s :

and

of

F unds

for

206,165
316,724,000

$

300,695,000

$

613,530
29,728,000

$

555,320
21,129,000

239,245

F u l l y G uaranteed

Number .................................................................................................................
Amount ..................................................................................................................
T ransfers

$

M em ber B a n

ks

:

Number ..................................................................................................................
Amount ..................................................................................................................

67,268
$13,865,301,000

65,893
$11,013,909,000

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 il y T r a n s it C l e a r in g s :
Total received from F. R. Banks and Branches...........................................
Total paid to F. R. Banks and Branches.......................................................

$20,278,476,000
19,151,114,000

$14,034,637,000

Officers ................................................................................................................ .
Employees ............................................................................................................

20
1428

19
1158

Total..........................................................................................................

1448

1177

National banks ....................................................................................................
State banks ..........................................................................................................

337
129

337

Total..........................................................................................................

466

14,064,228,000

PERSON N EL
Number of officers and employees at end o f year:

M EM BER BANKS
Number o f member banks at end o f year:




5

123

DIRECTORS AND OFFICERS
FOR YEAR 1944
DIRECTORS
ROBERT LASSITER,
C h a ir m a n of t h e B oard and
F ederal R eserve A g ent .

W. C. WYSOR,
D eputy C h a ir m a n of t h e B oard.

Class A
JOHN A. SYDENSTRICKER, 1944,
M a r lin t o n , W. V a.

C a sh ie r , F irst N a tio n a l B a n k i n M a r l in t o n ,
M a r l in t o n , W . V a .

CHAS. E. RIEMAN, 1945,

P resident , W estern N a t l . B a n k of B a ltim ore ,
B altim ore , M d.

B a ltim o r e , Md.

JAMES C. BRASW ELL, 1946,
R ocky M o u n t, N. C.

C h airm an o f t h e Board, P la n t e r s N a t l . B k . & T r. Co.,
R ocky M o u n t, N. C.

Class B
EDWIN M ALLOY, 1944,
C h eraw , S. C.

P resident a n d T reasurer , C h e r a w C otton M il l s , I n c .,
C h e r a w , S. C.

CHAS. C. REED, 1945,

President , W il l ia m s & R eed, I n c .,
W h olesale D r y Goods,
R ic h m o n d , V a .

R ic h m o n d , V a .

H ARRY LEE RUST, JR., 1946,

P resid en t, H. L. R u st Company,
W a s h in g t o n , D. C.

W a s h in g to n , D. C.

Class C
CHARLES P. McCORMICK, 1944,
B a ltim o r e , Md.

W. G. WYSOR, 1945,

P resident , M c Co rm ick & Co m p a n y , I n c .,
M frs . of T e a s , S pices , E xtracts , I nsecticides , E tc .,
B altim ore , M d.
G eneral M a n ager , S outh ern S tates Cooperative , I n c .,
R ic h m o n d , V a .

R ichm ond, V a.

ROBERT LASSITER, 1946,

C h a ir m a n of B oard, M ooresville C otton M il l s ,
M ooresville , N . C.

C h a r lo t te , N . C.

OFFICERS
HUGH LEACH,

W. W. D IL L A R D ,
A s s is t a n t C ash ier.

P resid en t.

EDWARD W ALLER, JR.,

J. S. W ALDEN, JR.,
F ir s t V ice P resident.

A s s is t a n t C ash ier.

ALBERT S. JOHNSTONE,

J. G. FRY,

A s s is t a n t C ash ier.

V ice P resident .

C. L. GUTHRIE,

R. W. MERCER,

A ss is t a n t Ca s h ie r .

V ice P resident .

C. B. STRATHY,
A s s is t a n t C ashier.

EDW ARD A. W AYNE,
V ice P resid en t.

R. S. BROCK, JR.,

GEORGE H. KEESEE,

A uditor .

C a sh ier.

M AXW ELL G. W ALLACE,
C o u n se l.

MEMBER FEDERAL ADVISORY COUNCIL
ROBERT V . FLEMING, 1944,
P resident, Riggs N a t io n a l B a n k ,
W a s h in g to n , D . C.

INDUSTRIAL ADVISORY COMMITTEE
J. G. HOLTZCLAW, Chairman,
,
P resident , V ir g inia E lectric & P ower C o.,
R ic h m o n d , V a .

W ALKER D. STUART,

W. L. MANNING,

P resident , R ic h m o n d H ardware Co.,
R ichm ond, V a .

P resident , R osem ary M an u f a c t u r in g Co.,
R oan ok e Rapids, N. C.

OVERTON D. DENNIS,

DOUGLAS GORMAN,

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 esident , C um berland C oal Co .,
B altim ore , M d.

6

DIRECTORS AND OFFICERS
FOR YEAR 1944
(Continued)

BALTIMORE BRANCH
DIRECTORS
W . R. MILFORD, 1944,
B a ltim o re, Md.

M a n a g in g D irector .

GEORGE W . REED, 1944,

P resid ent, N a tio n a l M a rin e B a n k ,
B altim ore , M d.

B a ltim o re, Md.

JAMES C. FENHAGEN, 1945,
B a ltim o r e , Md.

GEORGE M. MOORE, 1946,
C lark sb u rg , W . V a .

Vice C hairm an o f Board, B a ltim o r e N a t l . B a n k ,
B a ltim ore, Md.
V ice P resident , U n io n N a t io n a l B a n k ,
C larksb u rg, W. V a .

W . FRAN K THOMAS, 1944,
W e s tm in s te r , Md.

Construction E ngineer a n d R eal E state M a n a g e m e n t ,
W estm inster , M d.

JOSEPH D. BAKER, JR., 1945,

Secretary & T reasurer , T h e Standard L im e & S to ne Co.,
B altim ore , Md .

M o n k to n , Md.
W . FRANK ROBERTS, 1946,
B a ltim o r e , Md.

P resident , S tandard G a s E q u ip m e n t C orporation ,
B altimore , M d.

OFFICERS
W. R. MILFORD, M anaging D irector.
JOHN R. CUPIT, Cashier.
J. A. JOHNSTON, A s s is ta n t Cashier.
D. F. HAGNER, A s s is ta n t Cashier.

CH ARLOTTE BRANCH
DIRECTORS
W. T. CLEMENTS, 1944,
C h a r lo t te , N. C.

M an ag in g D irector.

J. GERALD COWAN, 1944,
A s h e v ille , N. C.

V ice P resident , W a c h o via B a n k & T rust C o m p a n y ,
A sh eville , N. C.

ANGUS E. BIRD, 1945,
Colum bia, S. C.

P resid ent, T h e C itizen s & S o u th e r n N a t 'l B a n k o f S.C.,
C h a r le s to n , S. C.

ALLEN H. SIMS, 1946,
G aston ia, N. C.

E xecutive V ice P resident a n d T rust O fficer ,
Citiz e n s N atio nal B a n k in Ga s t o n ia ,
Ga st o n ia , N . C.

CHARLES L. CREECH, SR., 1944,
W in s to n -S a le m , N. C.

C h a ir m a n of B oard, B. F . H u n t l e y F urniture C o m p a n y ,
& G eneral M anager , U n iq u e F u r n itu r e M a k e r s ,
W in s t o n -S a l e m , N . C.

D. W. W ATKIN S, 1945,
C lem son , S. C.

D irector of E x t e n s io n , Clem so n C ollege ,
C l em so n , S. C.

GEORGE M. WRIGHT, 1946,
G rea t F a l l s , S. C.

P resident , R epublic Cotton M il l s ,
G rea t F a l l s , S. C.




OFFICERS
W. T. CLEMENTS, M anaging D irector.
R. L. CHERRY, Cashier, (On Leave in Armed Forces)
L. D. BROOKS, A s s is ta n t C ashier.
R. L. HONEYCUTT, A s s is ta n t C ashier
7