The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FE D E R AL R ESER VE BAN K OF DALLAS Dallas, Texas, March 28, 1986 ANNUAL REPORT FEDERAL RESERVE AGENT, 1935 To the Member Bank Addressed: For the information of your officers and directors, and in the hope that it may be found of interest, there is enclosed a copy of the twenty-first annual report of the Federal Reserve Bank of Dallas for the calendar year ended December 31, 1935. Detailed statistical schedules covering the operations of the bank in 1935 will be published in the annual report of the Board of Governors of the Federal Reserve System, a copy of which will be furnished you. Yours very truly, Federal Reserve Agent This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) T W E N T Y -F IR S T A N N U A L REPORT of the F E D E R A L R E S E R V E B A N K OF D A L L A S 1935 T W E N T Y -F IR ST A N N U A L REPORT of the FEDERAL RESERVE BANK OF D A L L A S 1935 LETTER OF TRANSMITTAL February 4, 1936 Gentlemen: I have the honor to submit herewith the twenty-first annual report of the Federal Reserve Bank of Dallas covering the year ended December 31, 1935. Respectfully, C. C. W ALSH Federal Reserve Agent Board of Governors of the Federal Reserve System Washington, D. C. DIRECTORS AND OFFICERS of the FEDERAL RESERVE BAN K OF DALLAS (As of March 1, 1936) DIRECTORS CLASS A CLASS B R. E. HARDING, Fort Worth, Texas A. S. CLEVELAND, Houston, Texas ALF MORRIS, Winnsboro, Texas J. R. MILAM, Waco, Texas PAT E. HOOKS, Itasca, Texas JOHN D. MIDDLETON, Greenville,Texas CLASS C C. C. WALSH, Dallas, Texas S. B. PERKINS, Dallas, Texas MEMBER FEDERAL ADVISORY COUNCIL J. H. FROST, San Antonio, Texas ALTERNATE W. W. WOODSON, Waco, Texas OFFICERS C. C. WALSH, Chairman, and Federal Reserve Agent S. B. PERKINS, Deputy Chairman CHAS. C. HALL, Assistant Federal Reserve Agent, and Secretary W. J. EVANS, Assistant Federal Re serve Agent W. P. CLARKE, General Auditor C. C. TRUE, Assistant Auditor B. A. McKINNEY, President R. R. GILBERT, First Vice President R. B. COLEMAN, Vice President and Cashier W. O. FORD, Assistant Vice President E. B. AUSTIN, Assistant Cashier L. G. PONDROM, Assistant Cashier R. O. WEBB, Assistant Cashier COUNSEL C. C. HUFF, General Counsel LOCKE, LOCKE, STROUD, & RANDOLPH, Counsel EL PASO BRANCH DIRECTORS S. P. APPLEWHITE, Douglas, Arizona, Chairman C. N. BASSETT, El Paso, Texas J. L. HERMANN, El Paso, Texas FRANK R. COON, Lordsburg, N. M. SAM D. YOUNG, El Paso, Texas OFFICERS J. L. HERMANN, Managing Director ALLEN SAYLES, Cashier HOUSTON BRANCH DIRECTORS SAM TAUB, Houston, Texas, Chairman W. D. GENTRY, Houston, Texas SAM R. LAWDER, Houston, Texas A. A. HORNE, Galveston, Texas J. A. WILKINS, Houston, Texas OFFICERS W. D. GENTRY, Managing Director H. R. DeMOSS, Cashier SAN ANTONIO BRANCH DIRECTORS JOHN M. BENNETT. San Antonio. Texas, Chairman J. K. BERETTA, San Antonio, Texas M. CRUMP, San Antonio, Texas GEORGE C. HOLLIS, Eagle Pass, Texas FRANK M. LEWIS, San Antonio, Texas WALTER P. NAPIER, San Antonio, Texas OFFICERS M. CRUMP, Managing Director W. E. EAGLE, Cashier FEDERAL RESERVE BANK OF DALLAS COMPARATIVE STATEMENT OF CONDITION (In Thousands of Dollars) RESOURCES Dec. 31 1935 Dec. 31 1934 Gold certificates on hand and due from U. S. Treasury (including bal $128,870 ances in the gold fund maintained in Washington) ----------------Redemption fund—F. R. notes..............- .....................- ...........................- ......... ........ 681 Other cash ..............- .... -........... - .......................................... - ................. - ...................... 6,659 $106,021 328 8,739 Total reserves ................................. $136,210 Bills discounted: Secured by U. S. Government obligations direct and/or fully guaranteed Other bills discounted ............................................................................................ Total bills discounted ...................................... Bills bought in open market....... ..... Industrial advances ....................... — ................................... -...................................... $115,088 12 12 12 12 126 1,780 154 1,045 16,033 47,293 15,649 18,818 38,701 13,956 U. S. Government securities: Bonds ............................................. —..... ............................... -................................ Treasury notes ........-................................................... -...................................... — Treasury bills ............................... .................................. -.... -.................................. Total U. S. Government securities.................................................... - .......... 78,975 71,475 Total bills and securities..... -........................................................................... 80,893 72,686 Due from foreign banks.—........................ - ...................................... - ............ .......... F. R. notes o f other banks..................................................................... Uncollected items ..............- ............................ - ..................................................- .......... Bank premises, net..............- ..............................................-............................................ All other resources..............- ...............................................-........................................... 17 608 19,607 1,524 761 22 421 15,451 1,684 856 Total resources .................................................................................................. $239,620 $206,208 LIABILITIES F. R. notes in actual circulation.................................................................................. $ 76,064 Deposits: Member bank—Reserve account............................ U. S. Treasurer— General account..................... Foreign banks ......................... Other deposits ................................... $ 53,845 123,816 4,856 757 2,234 121,135 2,578 587 1,143 Total deposits ........................................................_......................................... $131,663 $125,393 Deferred availability item s.................................... Capital paid in....................................................................................... Surplus (Section 7 )....................................... ......................- .................... .................... Surplus (Section 13b)................................................................... ................................ Reserve for contingencies...................... All other liabilities............................. ..................................................... ...... _.............. Total liabilities ................................................ Ratio of total reserves to deposit and F. R. Note liabilities combined.......... ......... ..................................... ................................... Contingent liability on bills purchased fo r foreign correspondents...... ... ........ Commitments to make industrial advances............................. .................. ............... 21,694 3,773 3,783 1,256 1,361 26 17,720 4,048 3,777 $239,620 $206,208 65.6 64.2 18 593 1,363 62 TWENTY-FIRST A N NU AL REPORT of the FEDERAL RESERVE BANK OF DALLAS Resume of Business Conditions Business and industrial activity in the Eleventh Federal Reserve District increased further in 1935; conditions in agri culture and livestock raising improved; and the volume of banking resources available for financing agriculture, com merce, and industry continued to increase. The sales of de partment stores in principal cities were maintained at a higher level throughout the year, and the volume of business for the twelve months was 6 per cent larger than in 1934. This bank’s index of department store sales, which is adjusted for seasonal variations, rose to 95 per cent of the 1923-25 average in De cember, which was the highest point reached in more than four years. The distribution of merchandise at wholesale by reporting firms during 1935 averaged 10 per cent above that in the previous year. Collections on accounts at both whole sale and retail establishments compared favorably with those a year earlier. Debits to individual accounts at banks in larger cities in 1935, which were the largest reported in five years, exceeded those in the previous year by 15 per cent. The num ber and liabilities of failures in this district, as compiled by Dun & Bradstreets, Incorporated, were slightly larger than the unusually small figures reported for 1934. The volume of construction work, which turned upward during the latter part of 1934, registered a marked gain in 1935. The valuation of building permits issued at principal cities exceeded that of the previous year by 114 per cent. Moderate increases over the previous year also occurred in the production and shipments of cement. The production of petroleum continued fairly steady throughout the year on a moderately higher scale than in 1934. Posted prices for crude oil at major fields showed little change during the year. The physical volume of agricultural production was sub stantially larger than in the drought year of 1934. While the continuance of drought in some sections during the early spring delayed planting and greatly reduced the production of wheat in the heavy producing area of northwest Texas, the moisture situation was largely corrected by rains late in April. The production of feed crops was unusually large and has provided farmers with an ample supply of feed to make m 1936 crops which will be an important factor in holding down the cost of production. While the production of cotton fell considerably under the early season expectations due to wide spread insect activity and adverse harvesting conditions, the outturn was substantially larger than in the previous year. Most minor crops also showed heavier yields. According to the Department of Agriculture the unit price of most com modities was lower than in 1934, but the increased production more than offset the lower prices on total values so that the total value of all crops exceeded by a substantial margin that in the previous year. The past year also witnessed a marked recovery in the physical condition of the district’s ranges and livestock. At the opening of 1935 ranges and livestock were in very poor condition as a result of the severe drought in 1934, but con ditions began to improve following the widespread rains in February, and there was a sharp recovery during the late spring and summer months. At the year-end conditions were well above the average and there was an ample supply of range and dry feed to carry stock through the winter. There was a further decline in the production of wool due to the fewer number of animals shorn. Wool prices, which reflected a downward trend in the latter part of 1934 and the early months of 1935, turned upward late in May and the rising trend con tinued during the remainder of the year. A sharp advance also occurred in mohair prices. Livestock prices reflected a sharp increase in January and, despite considerable fluctuation in subsequent months, remained substantially higher than in the previous year. During the latter half of the year range trading was active at rising prices. The banking situation was marked bj^ a rise in deposits of member banks to a new high level and an increase in their loans and investments. Member banks’ borrowings at the Federal Reserve Bank continued at a low level throughout the year, and the reserve deposits were maintained in a volume greatly in excess of requirements. [8] FEATURES OF OPERATIONS, YEARS 1935 and 1934 1935 Number of Items LOANS, REDISCOUNTS, AND INVESTMENTS: Discounts and advances ..................................................... Bills bought for own account.............................................. Purchase and sale of securities for own account__ __ Purchase and sale of securities other than own account CURRENCY AND COIN: Bills received and counted ................................................ Coin received and counted.......... ......... ............... ............ CHECK COLLECTIONS: Checks collected................. ...................... ............................ Collection items handled........... ........... ................... Return items...... ........ ............................................. ............ U. S. Government checks paid.................... .................. . U. S. Government coupons paid ............................ .... . Coupons of Government agencies paid........................... TRANSFERS: Transfers of funds for member banks....................... ...... FISCAL AGENCY: U. S. securities issued, exchanged and redeemed....... Securities of Government agencies issued, exchanged and redeemed...................................................................... 2,800 $ 1934 Amount 5,230,081 817 ,5 86 Number of Items Amount 1,760 $ 3 ,96 1 ,29 8 715 10,692,214 2 1,59 0 ,00 0 11 14,410,000 2,767 249 ,3 62 ,1 92 4,77 9 3 0 9 ,7 62 ,1 95 51,6 5 2,9 2 4 176,151,550 51,3 9 1,5 3 3 181,775,350 4 5 ,2 5 8,3 4 2 5,343,478 4 2 ,0 5 4,1 5 3 5,443,367 3 5,562,136 6 ,04 5 ,06 2 ,6 24 3 1,001,640 5,34 8 ,52 3 ,1 49 203,411 2 7 6 ,3 83 ,5 53 213,030 2 4 9 ,5 24 ,6 35 886,108 26,9 4 6,0 0 4 777,707 4,848,250 4 0 5 ,9 24 ,9 60 6,318,365 24,282,561 436 ,0 14 ,2 70 484 ,6 72 8,40 4 ,06 8 249,048 5 ,48 4 ,39 5 295,241 2 ,84 6 ,17 7 64,879 3 ,02 6 ,72 2 ,2 71 74,497 2,66 3 ,73 9 ,7 01 135,761 386 ,1 83 ,1 36 113,131 4 14 ,339,140 54,394 4 2 ,4 0 6,5 5 5 1,139 2,38 2 ,82 0 EARNINGS AND EXPENSES The gross earnings of the bank in 1935 were $1,507,244, as compared with $1,521,971 in 1934, a decrease of $14,727, or .97 per cent. The principal sources of revenue during the year were United States Government securities and industrial ad vances made under the provisions of Section 13b of the Federal Reserve Act. Revenues derived from these sources amounted to $1,382,121 and $97,424, respectively, as compared with $1,449,799 and $8,405 during 1934. Current expenses in 1935 were $1,229,168, as compared with $1,161,111 in 1934, an increase of $68,057, or 5.9 per cent. The increase in expenses was occasioned by a payment in ad vance, at a discount, of part of the accrued liability to the Retirement System of the Federal Reserve Banks. Current net earnings in 1935 were $278,076, as compared with $360,860 in 1934, a decrease of $82,784. This figure was augmented by $184,010, largely representing profit realized on transactions in the System Investment Account of United States Government securities. Deductions from current net earnings, covering building reserve and other miscellaneous deductions, aggregated $195,229, leaving net available earnings of $266,857. This figure compares with net available earnings for 1934 of $331,869. It should be noted, however, that in 1935 the bank set up additional special building deprecation re serves amounting to $76,000, and made a special write-down of approximately $14,000 in connection with its fixed invest ment in real estate. Semi-annual dividends aggregating $237,615 were paid to stockholders and $19,120 was paid to the Secretary of the Treasury as a 2 per cent dividend on amounts advanced this bank under provisions of Section 13b of the Federal Reserve Act. The remaining balance was transferred to surplus (Sec tion 7) and surplus (Section 13b) in amounts of $5,814 and $4,308, respectively, leaving our surplus accounts at December 31, 1935, as follows: Section 7, $3,783,162; Section 13b, $1,256,096. OPEN MARKET OPERATIONS On January 1, 1935, the bank’s total holdings of United States Government securities amounted to $71,475,000. Of this amount $10,000,000 represented its independent holdings and $61,475,000 represented participation in the Federal Re serve Sytem’s Special Investment Account. Independent holdings remained at $10,000,000 throughout [10] the year. Participation in the System’s purchases of Govern ment securities fluctuated at intervals during- the year, reach ing a high point of $71,475,000 on August 5. The account decreased to $68,975,000 on November 6 and remained un changed at that figure throughout the remainder of the year. A t the close of business December 31, 1935, the bank’s total holdings of United States Government securities amounted to $78,975,000. The average yield on holdings of Government securities was 1.84 per cent for the year. INDUSTRIAL LOANS On June 19, 1934, Section 13b was added to the Federal Reserve Act. Under its terms the Federal reserve banks are authorized to aid in providing working capital for established industrial or commercial businesses, by making direct loans, by making loans in participation with financing institutions, and by the execution of commitments. In obtaining a commit ment from the Federal reserve bank, the financing institution is assured that it can turn the designated portion of an advance into cash at any time it desires, w ith in the terms of the commitment. The first loan made in the Eleventh Federal Reserve Dis trict under the provisions of this section was closed on August 10, 1934. The following schedule shows the volume of indus trial loans made from that date up to and including December 31, 1935, classified according to direct advances to borrowers and loans made in conjunction with financing institutions: ADVANCES AND COMMITMENTS MADE Fc:deral Reserve Bank Participations of by financingNo. Dallas institutions Total Direct advances.............. 75 Commitments ____ ...... 6 $ 2 ,0 6 3 ,6 1 2 6 2 2 ,0 0 0 $ 2 4 0 ,7 5 0 1 7 1 ,0 0 0 $ 2 ,3 0 4 ,3 6 2 7 9 3 ,0 0 0 81 $ 2 ,6 8 5 ,6 1 2 $ 4 1 1 ,7 5 0 $ 3 ,0 9 7 ,3 6 2 Collections on loans and commitments amounted to $303,129. To assist in carrying out the provisions of Section 13b of the Federal Reserve Act, an Industrial Advisory Committee considers applications for industrial loans and makes recom mendations to the Federal reserve bank in connection there with. The members of the committee for this district [ii] appointed by the directors of the Federal Reserve Bank, and confirmed by the Board of Governors of the Federal Reserve System, are as follows: Clarence Ousley, (chairman), president, Globe Laboratories, Fort Worth, Texas. T. M. Cullum, president, Cullum and Boren Company, Dallas, Texas. Lewis R. Ferguson, vice-president and general manager, Lone Star Cement Co., Dallas, Texas. Will B. Marsh, president, Chronister Lumber Co., Dallas and Forest, Texas. Charles R. Moore, president, Austin Bridge Company, Dallas, Texas. DISCOUNT OPERATIONS The volume of paper discounted and rediscounted during 1935, excluding foreign loans on gold, was $4,213,268. This figure, compared with $2,914,498 in 1934, shows an increase of $1,298,770, or 45 per cent. At the beginning of the year outstanding loans amounted to $12,000. This indebtedness was paid January 2, and shortly thereafter member bank borrowings were resumed and grad ually increased until May 1, when discounts amounted to $551,540. They declined to $291,534 on July 5, but from this figure they increased to $729,282 on August 23, which was the maxi mum for the year. At the close of the year outstanding loans amounted to $2,721. Of the total advances to member banks during the year, 96 per cent were made to national banks and 4 per cent to State banks, which is approximately the same ratio as in 1934. During 1935 notes secured by United States Government obligations aggregated $2,962,150, or 70 per cent of the total paper discounted, as compared with $1,099,400, or 38 per cent, in 1934. RESERVE POSITION For the first six months of the year the reserve position of the bank ranged between a maximum ratio of 68.2 per cent (the highest of the year as of weekly reporting periods) on February 13, when total reserves were $127,537,000, to a min imum of 58.0 per cent on April 24, when total reserves were $96,843,000. [12] During the latter half of the year the ratio fluctuated be tween a maximum of 67.5 per cent on July 31, when total reserves were $145,554,000, to a minimum of 57.5 per cent on August 31, when total reserves were $101,929,000. CLEARING OPERATIONS It will be observed from statistics shown elsewhere in this report that there has been an increase in both number and amount of checks handled in the Transit Department in 1935 when compared with the preceding year. From 1929 through 1933 there was a continuous downward trend in these volume figures. There was an increase of 11.5 per cent in amount and 8.3 per cent in number of checks handled in 1935 over 1934. The volume usually reaches an annual peak during the fall months. For 1935 the peak occurred on October 14 when the bank handled 232,261 items. The daily average for the year was 135,605 items, and the daily average in aggregate amount was $21,647,609. Statistics show that there was practically no increase in the volume of city checks. The growth in the volume of coun try items, however, was very good and represented a gradual upward trend throughout the whole year. It will be observed from the comparative statistical figures in this report that there was some reduction in both number and amount of checks drawn on the Treasurer of the United States. In 1934 there was received a considerable volume of Treas urer’s checks issued by the Civil Works Administration. These payments were discontinued in 1935 and the volume was af fected accordingly. There were received during the last half of the year checks drawn on the Treasurer of the United States issued under the Emergency Relief Appropriation Act, which, to a certain extent, offset the reduced volume just re ferred to. Considering the volume figures for the comparative years, work in the Non-Cash Collection Division reflected normal activity. CHANGES IN MEMBERSHIP On January 1, 1935, the total number of national banks in this district was 508. During the year 2 national banks were chartered; 16 were dropped through liquidation, mergers, and other causes, making a net decrease of 14, or a total on Decem ber 31, 1935, of 494. On January 1, 1935, the total State bank membership was 60. During the year 3 State banks were admitted to member [ 13] ship, and the membership of 3 State banks was terminated through liquidation, consolidations and other causes, resulting in no change in the number of State bank members at the end of 1935. The following table shows the total number of member banks (national and State) in the district on December 31, 1935, by States: National 8 9 16 10 .......456 Arizona ............ Louisiana ........ New Mexico ............ Oklahoma ........ Texas ______ Total ............. ........................ 494 State 2 2 3 — 53 60 Total 5 11 19 10 509 554 CASH DEPARTMENT Throughout the past year the work performed in the money department showed normal activity. This fact is re flected in statistical figures shown elsewhere in the report. The average amount of Federal reserve notes in circulation during 1935 showed an increase of $12,228,946 when com pared with 1934. This increase in average circulation, as well as an increase in the maximum circulation, when compared with the previous year, is largely the result of the termination of national bank note circulation. Inasmuch as all national bank notes received subsequent to August 1 were immediately retired from circulation, the circulation of notes of this bank’s own issue increased from this date to the end of the year. The maximum circulation occurred on December 24, and was inci dental to Christmas trade occurring at that time. There is submitted below table showing the average, max imum and minimum circulation in 1935 as compared with 1934 and 1933: 1935 Average ____ $57,120,381 Maximum ............. 77,818,845 Minimum .......... 46,458,075 1934 $44,891,435 55,428,090 38,417,775 1933 $37,965,000 62,996,000 31,282,000 BANK EXAMINATIONS During the year 1935 the Examination Department con ducted 56 examinations of State member banks, of which 54 were made jointly with the State authorities, and 2 were made independently. Three non-member banks were examined for [14] membership in the Federal Reserve System and subsequently qualified and were admitted to membership in the Federal Re serve System. Pursuant to the provisions of Section 21 of the Banking Act of 1933, 27 private banks in the district submitted to examina tion by this bank’s examiners in 1935. The department’s activities also included special visits to 2 member banks for the purpose of securing a classification of certain assets. A total of 88 visits were made during the year, as compared with 129 visits during the preceding year. INSOLVENT BANKS DIVISION During the year 1935 there were no member bank failures in this district. Nine member banks in receivership were in debted to the Federal Reserve Bank at the beginning of the year. The indebtedness of three of these banks has since been paid in full and on December 81, 1935, the indebtedness of the remaining six banks amounted to $52,024.78, against which a reserve of approximately $33,000 is carried. INTERNAL ORGANIZATION AND PERSONNEL The board of directors held 11 meetings during 1935, with an average attendance of 8. There was no change in the personnel of the board in 1935. The only change in the official staff was that caused by the retirement of Cashier Harris on account of ill health on Janu ary 1. The office of cashier was combined with that of deputy governor, and R. B. Coleman was elected to that position. A t its meeting on January 7,1935, the board of directors re elected J. H. Frost, president of the Frost National Bank of San Antonio, Texas, as the representative on the Federal Advisory Council for the Eleventh district, and redesignated W . W . Woodson, president of the First National Bank of Waco, Texas, as alternate. In the annual election in November, A lf Morris, president of the First National Bank of Winnsboro, Texas, was reelected a Class A director, representing banks in group 2, and John D. Middleton, president of the Texas Refining Company of Green ville, Texas, was reelected a Class B director, representing banks in group 3, for three-year terms beginning January 1, 1936. On December 5, 1935, the Board of Governors of the Fed eral Reserve System announced that since it would be sue- [15] ceeded by a new board on February 1, 1936, it had been decided to have the designations of all Chairmen and Federal Reserve Agents expire on March 1, 1936. It therefore redesignated C. C. Walsh as Chairman of the Board and Federal Reserve Agent and S. B. Perkins of Dallas as Deputy Chairman of the Board for the period from January 1 to February 29, 1936. There were no changes in the officers and directors at the branches during 1935. A t the meeting of the board of directors of the head office on December 13, 1935, Frank R. Coon, president of the Mimbres Valley Bank, Deming, New Mexico, was appointed a di rector of the El Paso Branch, succeeding Arthur F. Jones of Portales, New Mexico, and Sam R. Lawder, vice president of the First National Bank in Houston, Houston, Texas, was re appointed a director of the Houston Branch, for three years, beginning January 1, 1936. At the same meeting J. K. Beretta, president of the Na tional Bank of Commerce, San Antonio, Texas, was appointed a director of the San Antonio Branch for three years, beginning January 1, 1936, succeeding Franz C. Groos. Early in 1935 the Board of Governors of the Federal Re serve System announced that it had reached the conclusion that six years’ service represents the maximum period during which a director should remain continuously in office; further, that in the selection of branch directors the Board would fol low the policy of appointing individuals who are not officers of banks. On December 5, 1935, the Board announced that in conformity with that policy and since the new Board would take office on February 1, 1936, vacancies occurring on Janu ary 1, 1936, in the office of its appointees would be filled by the new Board. On December 31, 1935, the total number of officers and em ployees at the head office and branches was 476, which includes permanent and temporary personnel, the latter being 10. On December 31, 1934, the total number of permanent and temporary officers and employees was 468, of which the tem porary personnel was 43. FISCAL AGENCY OPERATIONS The volume of transactions handled as Fiscal Agency of the United States during the year 1935 showed an increase over the year 1934. During the year 1935, 95 new issues of securities were [16] floated, as compared with 76 in 1934, and there were 71 matur ing issues handled, as compared with 56 in 1934. The volume of interest coupons handled for payment during the year 1935 shows a slight increase over 1934. OPERATION OF BRANCHES The volume of business handled at the El Paso Branch in 1935, compared with that handled in 1934, is reflected in the following table: Number 1935 1934 84 Discounts and advances___ Bills received and counted .3,213,098 Coin received and counted .1,511,499 4,259 Transfers of funds___ _____ .... 2,550,472 Check collections Treasury warrants ........ 376,137 Non-cash collections . . . 13,427 46,481 Return items . ............... . . . . 6 3,547,191 1,555,938 4,874 2,172,908 616,702 14,270 36,794 Amount 1935 1934 $ 39,025 13,476,100 317,452 98,323,421 316,650,065 36,370,922 12,298,015 2,003,400 $ 95,673 13,439,190 326,570 81,361,777 265,849,823 46,686,434 10,219,347 1,574,161 A t the beginning of the year 32 member banks (28 national banks and 4 State banks) were attached to the branch. Dur ing the year the membership of 1 national bank was term inated, while the membership of 1 State bank was added, leaving the total membership on December 31, 1935, at 32, con sisting of 27 national banks and 5 State banks. The expense of operation, excluding furniture and equip ment, was $98,311 as compared with $93,623 in 1934. The personnel of the branch at the close of December 31, 1935, comprised 2 officers and 37 employees (1 temporary), compared with 2 officers and 39 employees on December 31, 1934. The volume of business handled at the Houston Branch in 1935, compared with that handled in 1934, is reflected in the following table: Number 1935 1934 Amount 1935 1934 Discounts and advances 12 25 $ 363,800 $538,473 Bills received and counted __________ 10,482,700 10,623,805 35,826,200 37,443,950 Coin received and counted ...... 11,606,898 11,365,314 1,177,031 1,234,946 Transfers of funds______ 18,474 20,315 1,073,606,305 886,822,316 Check collections _______ 6,393,741 5,505,620 1,190,964,898 1,088,448,963 Treasury warrants _____ 756,086 1,068,116 66,034,072 81,244,017 Non-cash collections ........ 51,519 61,714 79,669,701 78,529,006 Return items ..... .............. 122,300 106,943 4,655,985 4,252,983 [17] A t the beginning of the year 85 member banks (72 national banks and 13 State banks) were attached to the branch. The same membership prevailed at the close of the year, although 1 national bank (First National Bank of Alto, Texas) went into voluntary liquidation at the close of December 21, 1935, and its membership is in the process of being terminated. The expense of operation, excluding furniture and equip ment, was $152,430, as compared with $140,630 in 1934. The personnel of the branch on December 31, 1935, com prised 2 officers and 61 employees, compared with 2 officers and 54 employees on December 31,1934. The volume of business handled at the San Antonio Branch in 1935, compared with that handled in 1934, is reflected in the following table: Number 1935 1934 Discounts and advances_______ 67 28 Bills received and counted ....................................9,233,345 8,706,626 Coin received and counted ....................................6,797,083 5,275,821 10,410 11,094 Transfers of funds .................... Check collections ........................5,730,057 5,032,824 Treasury warrants __ 541,866 864,832 35,905 31,896 Non-cash collections ............... Return items .............. 118,232 104,546 Amount 1935 1934 $ 205,646 32,724,950 $154,660 32,648,410 823,718 705,823 338,956,044 285,700,473 860,088,294 736,974,871 51,756,435 56,552,144 46,751,934 38,734,017 4,068,437 4,208,614 A t the beginning of the year 73 member banks (65 national banks and 8 State banks) were attached to the branch. During the year the membership of 2 national banks was terminated, while the membership of 1 national and 1 State bank was added, leaving the total membership on December 31, 1935, at 73, consisting of 64 national banks and 9 State banks. The expense of operation, excluding furniture and equip ment, was $136,721, as compared with $128,087 in 1934. The personnel of the branch on December 31, 1935, com prised 2 officers and 54 employees (1 temporary), compared with 2 officers and 51 employees on December 31 ,193 4; includ ing on December 31, 1935, 6 employees whose time is devoted exclusively to our activities as Custodian and Fiscal Agent for the Reconstruction Finance Corporation. [18]
@FedFRASER