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F ederal R eserve B a n k
of

R ic h m o n d

TWENTY-SEVENTH ANNUAL REPORT
Y E A R 1 9 4 1 -----

R i c h m o n d , V a ., January 7, 1942.

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, 1941, and December 31, 1940, together with a comparative statement of
profit and loss for the years 1941 and 1940, and other operating data.
Very truly yours,

President

COMPARATIVE STATEMENT OF CONDITION
ASSETS;

D ecember 31, 1941

D ecember , 31, 1940

Gold certificates on hand and due from U. S. Treasury.............. ....... ......
Redemption fund— Federal Reserve notes..........................................................

$ 790,447,353.41
1,436,505.00

$ 553,293,809.24
1,107,900.00

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

14,393,612.81

18,805,938.67

T otal R eserves ..............................................................................................

806,277,471.22

573,207,647.91

BILLS DISCOUNTED:
Other bills discounted .........................................................................................

10,000.00
40.721.00

T otal bills discounted .............................................................................

50.721.00

Secured by U. S. Government obligations, direct and guaranteed........... .

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

764,973.90

781,190.84

U. S. GOVERNMENT SECURITIES, d ire ct and gu a ra n teed :
Bonds .....................................................................................................................

89.614.500.00

68.167.500.00

Notes .......................................................................................................................
Bills .........................................................................................................................

47.488.500.00
634,000.00

47.732.500.00

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

137,737,000.00

115,900,000.00

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

138,501,973.90

116,731,911.84

Due from foreign banks .........................................................................................
Federal Reserve notes of other banks .................................................................

2,008.78
8,759,520.00

2,008.39
3.328.240.00

Uncollected items ...................................................................................................
Bank premises ............................................................................................ .............

83,668,733.24

76,132,408.87

2,982,213.67

2,590,044.55

Other assets ..............................................................................................................

2,751,532.23

2.755.749.00

TOTAL ASSETS........................................

1,042,943,453.04

774,748,010.56

431,488,610.00

283,520,205.00

451,775,889.51

354,132,060.99
12,636,367.83

LIABILITIES:
Federal Reserve notes in actual circulation .......................
DEPOSITS:
Member bank— reserve account ..........................................
U. S. Treasurer— general account ......................................
Foreign ....................................................................................

23,728,668.06
32,829,405.71
6,106,509.93

33,322,184.71
4,243,970.08

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

514,440,473.21

404,334,583.61

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

70,836,075.68

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

80,625,056.86
246,251.89

TOTAL LIABILITIES..

1,026,800,391.96

758,936,597.05

Capital paid in ...........................................................................................................

5,708,550.00

5,365,650.00

Surplus (Section 7) ..................................................................................................
Surplus (Section 13b) ................................................................................ ..............
Other capital accounts ..............................................................................................

5,235,966.03
3,244,217.38

5,247,218.46
3,244,217.38

1,954,327.67

1,954,327.67

TOTAL LIABILITIES AND CAPITAL ACCOUNTS

1,042,943,453.04

774,748,010.56

856,636.45

539,713.53

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

245,732.76

CAPITAL ACCOUNTS:

Commitments to make industrial advances....




2

COMPARATIVE PROFIT AND LOSS ACCOUNT
1941

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

$

654.96
47.030,15
9,677.77
2,281,195.68
25,788.60

1940

$

2,349.45
54,207.02
7,453.15
2,152,495.97
28 , 116.68

Total Current Earnings.....................................................................................

2,364,347.16

2,244,622.27

E xpenses :
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.................................................................................... ...

1,796 284.00
79,084.25
210,579.23

1,599,608.84
74,242.58
87,641.62

Total Net Expenses.............................................................................................

2,085,947.48

1,761,493.04

C u r re n t N e t E a r n in g s .........................................................................................................

278,399.68

483,129.23

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 of U. S. Government securities..............................................................
Other additions ....................................—-............... ................................................ ..............

69,594.05
8,260.92

608,518.15
72,575.62

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

77,854.97

681,093.77

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 :
Charge-Off on Other Real E state.......................... .............................................................
Reserve for alterations and improvements— Bank Premises..........................................
Losses and reserves for losses on Industrial Advances (n e t)......................................
Other deductions .....................................................................................................................

...................
...................
15,734.64
7,784.02

35,433.07
225,000.00
30,500.00
741.26

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

23,518.66

291,674.33

Net additions .......................................................................................................

54,336.31

389,419.44

A v a ila b le f o r dividends, p aym en t to T re a su re r o f U. S. u n d er S ectio n 13b,
and su rp lu s a c c o u n ts ....................................................................................................

332,735.99

872,548.67

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

330,179.90
13,808.52
...................
11,252.43

317,759.83

Balance at close of previous year.......................................................................................
Credited from profits of year 1940.......................................................................................
Deficit of year 1941...................................................................................................................
Transferred to Reserve for contingencies..........................................................................

$5,247,218.46
....................
11,252.43
...................

$5,247,218.46
556,509.71

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

5,235,966.03

5,247,218.46

554,788.84

SURPLUS A C C O U N T (Section 7)

556,509.71

SU RPLU S A C C O U N T (Section 13b)
Balance at close of previous year.........................................................................................
Charged for year (Proportion of excess of expenses, charge-offs and reserves on
Industrial Loans over earnings and recoveries thereon)..........................................

$ 3,244,217.38

$ 3,245,938.25

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

1,720.87

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

3,244,217.38

3,244,217.38

C A P IT A L STOCK A C C O U N T
(Representing amount paid in, which is 50% of amount subscribed)
Balance at close of previous year.........................................................................................
Issued during the year...........................................................................................................

$5,365,650.00
360,200.00

$5,171,000,00
219,750.00

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

5,725,850.00
17,300.00

5,390,750.00
25,100.00

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

5,708,550.00

5,365,650.00




3

VOLUME OF PRINCIPAL OPERATIONS

Ch e ck s H andled :

Total
Number of
Items

Total
Amount

Average
Amount
Per Item

-------- Daily Averages
Number
Amount
of Items

Y ear 1941

(299 days)............

87,796,000

$20,410,680,000

$232

293,632

$68,263,144

Y ear 1940

(301 days)............

79,938,000

15,474,834,000

194

265,575

51,411,409
45,886,699

Y ear 1939 (299 days)............

76,814,000

13,720,123,000

179

256,903

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 1934

(301 days)............

55,643,000

9,638,415,000

173

184,860

32,021,312

Y ear 1933

(301 days).............

46,191,000

7,659,951,000

166

153,458

25,448,342

Y ear 1932

(301 days).............

46,554,000

7,809,312,000

168

154,664

25,944,558

Y ear 1931

(301 days).............

52,652,000

10,435,697,000

198

174,923

34,670,090

Y ear 1930

(301 days)............

54,109,000

12,795,015,000

236

179,764

42,508,355

Y ear 1929

(302 days)............

55,730,000

14,118,820,000

253

184,536

46,751,060

Y ear 1928

(302 days)............

54,570,000

13,990,057,000

256

180,695

46,324,692

Y ear 1927

(302 days)............

52,859,000

13,502,105,000

255

175,030

44,708,957

Y ear 1926

(302 days)............

50,430,000

13,924,751,000

276

166,987

46,108,447

Y ear 1925

(302 days)............

48,171,677

14,038,542,000

291

159,509

46,485,238

Y ear 1924

(304 days)............

46,779,081

13,254,632,000

283

153,879

43,600,763

Y ear 1923

(301 d a ys).............

47,226,755

13,111,823,500

278

156,900

43,560,875

Y ear 1922

(302 da ys)............

42,884,054

8,762,818,547

204

142,000

29,015,955

Y ear 1S21

(303 days)............

39,260,432

8,620,888,130

220

129,572

28,451,776

Y ear 1920

(304 days)............

33,731,801

11,505,945,224

341

110,960

37,848,504

1941

C u r r e n c y a n d C o in H a n d le d :

1940

Currency received (including new notes) :
Number o f notes .................................................................................................
Amount .................................................................................................................

272,724,536
$1,004,096,700

$

214,926,198
761,693,700

274,065,386
$ 1,095,153,800

$

214,936,187
764,290,300

$

379,486,929
29,107,100

$

267,773,758
20,669,100

$

375,775,073
28,569,700

$

265,152,957
20,734,400

Currency paid out (including notes returned for redemption) :
Number of notes .................................................................................................
Amount .................................................................................................................
Coin received (including new c o in ):
Number of coins ................................................................ ................................
Amount ...................................,.............................................................................
Coin paid out (including coin returned for redemption) :
Number of coins .................................................................................................
Amount .................................................................................................................




4

V O L U M E O F P R IN C IP A L O P E R ATIO N S
•

(Continued)

1941

D ir e c t R o u te d C ash L e tt e r s :
Number .................................................................................................................
Amount .................................................................................................................

175,039
$ 3,017,700,000

1940

180.085
$ 2,324,592,000

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 id — 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

270,998
265,492,000

$

281,140
211,138,000

$

564,442
18,893,000

$

573,207
17,387,000

F u lly Gu aranteed

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

$

M em ber B a n k s :
62,146
$ 8,291,963,000

55,651
$ 5,635,545,000

$10,810,509,000
10,922,522,000

$ 8,182,254,000
8,091,140,000

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

19
776

18
657

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

795

675

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

337
110

336
95

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

447

431

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

P ER SO N N EL
Number of officers and employees at end of year:

M E M BE R BANKS
Number of member banks at end of year:

During the year 1941, the sixteen banks listed below, located in the Fifth Federal Reserve District, became
members on the dates shown:




February
March
March
March
May
May
July
July
August
August
September
October
November
December
December
December

15
1
12
15
13
14
9
26
12
16
29
8
14
9
12
24

The Vienna Trust Company, Vienna, Va.
The Bank of Elkton, Incorporated, Elkton, Va.
Rock Hill National Bank, Rock Hill, S. C.
The Savings Bank of Williamsport, Maryland, Williamsport, Md.
Planters Bank and Trust Company, Chatham, Va.
The Bank of Dinwiddie, Incorporated, McKenney, Va.
McLachlen Banking Corporation, Washington, D. C.
Citizens Bank of South Boston, South Boston, Va.
Bank of White Sulphur Spring’s, White Sulphur Springs, W. Va.
The Pulaski Trust Company, Pulaski, Va.
The Capon Valley Bank, Wardensville, W. Va.
The Munsey Trust Company, Washington, D. C.
Carroll County Bank, Hillsville, Va.
Bank of Greenville, Greenville, W. Va.
The Fidelity Bank, Durham, N. C.
The Farmers Exchange Bank of Coeburn, Coeburn, Va.

5




DIRECTORS AND OFFICERS
FOR YEAR 1942
DIRECTORS
ROBERT LASSITER,
Chairm an o f t h e Board and
F e d e ra l Reserve A g e n t.

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

Class A
CHAS. E. RIEMAN, 1942,

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

B a ltim o r e , Md.

P resid en t, P la n t e r s N a t l . B a n k & T r u s t Co.,
Rocky M o u n t, N . C.

JAM ES C. BRASW ELL, 1943,
R ocky M o u n t, N . C.

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

Ca sh ier , F irst N a t io n a l B a n k in M a r l in t o n ,
M a r l in t o n , W . V a .

Class B
CHAS. C. REED, 1942,

V ice P re sid en t & G e n l. M an ager, W ill ia m s & Reed, In c.,
W h o l e s a l e D ry Goods,
R ic h m o n d , V a .

R ic h m o n d , V a .

JOHN H. HAN NA, 1943,
W a s h in g to n , D. C.

C h a ir m a n of B oard, Ca p it a l T r a n s it C o.,
W a s h in g t o n , D. C.

EDW IN MALLOY, 1944,
C h era w , S. C.

P resid en t and T re asu re r, C heraw C o tto n M i l l s , In c.,
C heraw , S. C.

Class C
General M an ager , S o uth er n S tates C ooperative , I n c .,
R ic h m o n d , V a .

W. G. WYSOR, 1942,
R ic h m o n d , V a .

ROBERT LASSITER, 1943,
C h a r lo t t e , N . C.

C h a ir m a n of B oard, M ooresville Cotton M ills ,
M ooresville, N . C.

CHARLES P. McCORMICK, 1944,

P resident , M c Corm ick & C o m p a n y , I n c .,
M frs . of T e a s , S pices , E xtracts , I nsecticides , E tc .,
B altimore , M d .

B a ltim o r e , Md.

OFFICERS
HUGH LEACH,

W. W. DILLARD,
A s s is t a n t C ashier.

P resid en t.

EDW ARD W ALLER, JR.,

J. S. W ALDEN, JR.,

A s s is t a n t C ashier.

F i r s t V ice P resident.

ALBERT S. JOHNSTONE,

J. G. FRY,

A s s i s t a n t C ashier.

V ice P resident .

C. L. GUTHRIE,

R. W. MERCER,

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

V ice P resident .

C. B. STRATH Y,
A s s is t a n t C ashier.

GEORGE H. KEESEE,
C ash ier.

R. S. BROCK, JR.,
A u ditor.

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

MEMBER FEDERAL ADVISORY COUNCIL
ROBERT V. FLEMING, 1942,
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 re sid en t, R ichm ond H ardw are Co.,
R ichm ond, V a .

P resid en t, Rosem ary M a n u fa c tu r in g Co.,
R oan ok e Rapids, N. C.

OVERTON D. DENNIS,

LUDLOW H, BALDW IN,
P resid en t, T e r m in a l W a re h o u se Co.,
B altim ore , M d.

D om inion O il Company,
R ic h m o n d , V a .
6

DIRECTORS AND OFFICERS
FOR YEAR 1942
(Continued)

BALTIMORE BRANCH
DIRECTORS
W . R. MILFORD, 1942,
B a ltim o r e , Md.

M a n ag in g D irector.

JAMES C. FENHAGEN, 1942,

V ice C h a ir m a n of B oard, B a ltim o r e N a t l . B a n k ,
B altimore , M d.

B a ltim o r e , Md.

JAMES DIXON, 1943,

President , T he E asto n N a t l . B a n k of M a r y l a n d ,
E asto n , M d.

E a s t o n , M d.

GEORGE W. REED, 1944,
B a ltim o r e , Md.

JOSEPH D. BAKER, JR., 1942,
M o n k to n , Md.

P resident , N a tio n a l M ar ine B a n k ,
B altimore , M d.
Secretary & T reasurer , S tandard L im e & S to ne C o.,
B altimore , M d.

W . FRA N K ROBERTS, 1943,
B a ltim o r e , Md.

P resident , Standard G as E q u ip m e n t C orporation ,
B altimore , M d.

W . FRA N 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.

OFFICERS
W . R. M IL F O R D , M a n ag in g D irector.
JO H N R. CUPIT, Cash ie r .

J. A. JOHNSTON, A s s is ta n t C ashier.
D. F. HAGNER, A s s is ta n t Cashier.

CH A RLO TTE BRANCH
DIRECTORS
W. T. CLEMENTS, 1942,
C h a r lo t t e , N. C.

M an ag in g D irector.

B. M. EDW ARDS, 1942,
Colum bia, S. C.

P resident , S outh Car olina N a t io n a l B a n k ,
C harleston , S. C.

T. E. HEMBY, 1943,
C h a r lo t t e , N. C.

E xecutive V ice P resident , A m e r ic a n T rust Co m p a n y ,
Charlotte , N . C.

J. GERALD COWAN, 1944,
A s h e v i l le , N. C.

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

D. W. W ATKIN S, 1942,
C lem son , S. C.

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

GEORGE M. WRIGHT, 1943,
G rea t F a l l s , S. C.

P resident , R epublic C otton M il l s ,
Great F alls , S. 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 Co m p a n y ,
& G eneral M an ager , U n iq u e F urn itu r e M a k e r s ,
W in st o n -S a l e m , N . C.




OFFICERS
W. T. C L E M E N T S , M a n ag in g D irector.
R. L. C H E R R Y , C ash ier .
L. D. BROOKS, A s s is t a n t Cashier.

7


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102