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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
