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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