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cz^nnuai i^eport FEDERAL RESERVE BANK OF DALLAS 1960 To the Member Banks in the Eleventh Federal Reserve District: The Statement of Condition and the Earnings and Expenses of the Federal Reserve Bank of Dallas for the year 1960, with comparative figures for 1959, are shown herein. A review of economic and financial developments in the Nation and the District during 1960 is being presented in the January 1961 Annual Report Issue of the B u s i n e s s R e v i e w of this Bank. Additional copies of these publications may be obtained upon request to the Research Department, Federal Reserve Bank of Dallas, 400 South Akard Street, Dallas 2, Texas. Sincerely yours. W atrous H . I rons President This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) <Statement o} (R endition Dec. 31, 1959 Dec. 31, I960 ASSETS G o ld c e r tific a te a c c o u n t ......................................................... $ R e d e m p tio n fu n d f o r F e d e ra l R eserve n o te s . . , T o ta l g o ld c e r tific a te r e s e r v e s ............................. F e d e ra l R eserve n o te s o f o th e r B a n k s ............................. O th e r c a s h ...................................................................................... D is c o u n ts a n d a d v a n c e s .......................................................... U. S. G o v e r n m e n t s e c u ritie s B i l l s ............................................................................................. C e r t i f i c a t e s ............................................................................... N o t e s .............................................................................................. B o n d s ...................................................................................... 7 3 1 ,3 9 4 ,9 6 3 .8 0 3 2 ,6 9 3 ,1 3 6 .1 7 $ 7 1 3 ,1 9 6 ,2 7 1 .5 5 3 1 ,0 3 6 ,8 5 6 .1 7 7 6 4 ,0 8 8 ,0 9 9 .9 7 2 4 ,6 4 6 , 6 0 0 . 0 0 1 5 , 2 6 5 , 1 5 7 .0 1 8 1 4 ,0 0 0 . 0 0 7 4 4 ,2 3 3 ,1 2 7 .7 2 3 3 ,4 4 2 , 1 0 0 . 0 0 1 6 ,5 1 9 , 2 8 7 .3 9 8 ,9 1 0 , 0 0 0 . 0 0 1 1 6 ,8 7 7 , 0 0 0 .0 0 3 6 5 ,1 0 8 ,0 0 0 .0 0 5 0 2 ,9 9 6 ,0 0 0 .0 0 1 0 2 ,4 8 6 , 0 0 0 .0 0 1 0 4 .0 0 7 .0 0 0 . 00 4 1 9 .3 7 6 .0 0 0 . 00 4 3 9 .4 6 5 .0 0 0 . 00 9 9 ,1 3 7 ,0 0 0 .0 0 1 ,0 8 7 , 4 6 7 ,0 0 0 . 0 0 1 .0 6 1 . 9 8 5 . 0 0 0 . T o ta l lo a n s a n d s e c u r i t i e s .................................... D ue fro m f o r e ig n b a n k s .......................................................... C ash ite m s in p ro c e ss o f c o ll e c t i o n .................................... B a n k p r e m i s e s ............................................................................... O th e r a s s e t s ............................................................................... 1 ,0 8 8 ,2 8 1 ,0 0 0 .0 0 8 2 5 .0 3 2 5 9 ,4 6 7 , 9 5 8 . 2 6 1 3 ,9 0 0 , 4 3 1 .9 9 8 ,6 2 0 ,4 3 2 .6 4 1 .0 7 0 .8 9 5 .0 0 0 . 0 0 7 4 8 .4 8 2 9 4 ,4 5 3 ,9 5 9 .8 0 1 1 ,3 3 8 , 9 1 8 .7 6 1 0 ,5 9 9 ,0 2 5 .8 1 T O T A L A S S E T S .......................................................... 2 ,1 7 4 ,2 7 0 ,5 0 4 .9 0 2 ,1 8 1 ,4 8 2 ,1 6 7 .9 6 F e d e ra l R eserve n o te s in a c tu a l c irc u la tio n . . . . D e p o s its M e m b e r b a n k — re s e rv e a c c o u n t s ............................. U. S. T re a s u re r — g e n e ra l a c c o u n t ............................. F o r e i g n ...................................................................................... O t h e r ............................................................................................. 8 3 5 ,9 7 2 , 9 0 0 . 0 0 8 1 5 ,8 9 4 ,8 2 0 .0 0 9 7 1 ,0 8 3 ,2 9 2 .5 6 5 3 ,3 9 0 , 0 9 9 .4 1 1 2 ,4 1 2 , 0 0 0 .0 0 3 ,4 2 3 ,1 0 7 .9 4 9 7 3 ,3 6 2 ,2 6 8 .7 0 4 4 ,2 3 0 ,6 2 9 .9 5 1 8 ,0 9 6 , 0 0 0 .0 0 1 1 ,9 0 2 , 6 1 5 .3 0 T o ta l d e p o s it s ................................................................. D e fe rre d a v a ila b ilit y cash it e m s ........................................... O th e r l ia b il i t i e s ............................................................................... 1 ,0 4 0 , 3 0 8 ,4 9 9 . 9 1 2 2 6 ,4 5 0 ,0 5 2 .5 4 1 , 0 2 7 , 3 5 2 .4 5 1 ,0 4 7 ,5 9 1 ,5 1 3 .9 5 2 4 9 ,5 5 5 ,4 9 8 .9 7 9 5 9 ,2 8 0 .3 2 T O T A L L I A B I L I T I E S .................................................. 2 ,1 0 3 ,7 5 8 ,8 0 4 .9 0 2 ,1 1 4 ,0 0 1 ,1 1 3 .2 4 C a p ita l p a id i n ............................................................................... S u rp lu s .............................................................................................. O th e r c a p ita l a c c o u n t s .......................................................... 2 3 ,5 0 3 ,9 0 0 .0 0 4 7 ,0 0 7 ,8 0 0 .0 0 — 2 2 .3 2 2 . 4 5 0 . 0 0 4 4 .6 4 4 .9 0 0 .0 0 5 1 3 ,7 0 4 . 7 2 T O T A L C A P IT A L A C C O U N T S ............................. 7 0 ,5 1 1 ,7 0 0 .0 0 6 7 ,4 8 1 ,0 5 4 .7 2 T O T A L LIABILITIES A N D C A P IT A L A C C O U N T S $ 2 , 1 7 4 , 2 7 0 , 5 0 4 . 9 0 $ 2 ,1 8 1 ,4 8 2 ,1 6 7 .9 6 T o ta l U. S. G o v e rn m e n t s e c u ritie s . . . . 00 LIABILITIES C A P IT A L A C C O U N T S '^arnin<06 a n d '^xpen'de^d I960 1959 CURRENT E A R N IN G S D isco u n ts a n d a d v a n c e s ........................................................................ $ 1 , 2 1 0 , 5 9 4 .3 5 $ 1 ,2 8 1 , 9 3 5 .1 7 U. S. G o v e rn m e n t s e c u r it ie s ................................................................. 4 3 ,4 6 6 ,8 5 3 .3 7 3 4 ,0 0 8 , 3 5 8 . 3 2 A ll o t h e r ..................................................................................................... 5 5 ,3 7 2 .1 5 1 6 ,2 5 1 . 4 9 T O T A L CURRENT E A R N I N G S ........................................... 4 4 ,7 3 2 ,8 1 9 .8 7 3 5 ,3 0 6 ,5 4 4 .9 8 8 ,0 4 1 ,5 7 9 .7 3 7 ,4 6 7 ,4 7 6 .4 7 CURRENT EXPENSES C u r re n t o p e r a tin g e x p e n s e s ................................................................. A sse ssm e n t f o r e x p e n s e s o f B o a rd o f G o v e rn o rs . . . . 3 7 6 ,5 0 0 .0 0 3 3 7 ,6 0 0 .0 0 F e d e ra l R eserve c u rre n c y O r ig in a l c o s t, in c lu d in g s h ip p in g c h a r g e s ............................. C o st o f re d e m p tio n , in c lu d in g s h ip p in g c h a rg e s . 2 9 1 ,4 7 9 .0 0 3 1 ,0 2 5 .0 0 T o t a l ............................................................................................. 3 0 0 ,5 0 9 .0 0 2 5 ,4 0 1 .0 0 8 ,7 4 0 , 5 8 3 . 7 3 8 ,1 3 0 , 9 8 6 . 4 7 a g e n c y a n d o th e r e x p e n s e s .......................................................... 9 6 0 ,0 3 6 .0 0 1 , 1 3 0 , 4 1 7 .0 0 NET E X P E N S E S ........................................................................ 7 ,7 8 0 ,5 4 7 .7 3 7 ,0 0 0 ,5 6 9 .4 7 3 6 ,9 5 2 ,2 7 2 .1 4 2 8 ,3 0 5 , 9 7 5 .5 1 Less re im b u rs e m e n t f o r c e rta in fis c a l PROFIT A N D LOSS C u rre n t n e t e a r n i n g s ............................................................................... A d d itio n s to c u rre n t n e t e a rn in g s P ro fit o n sa le s o f U. S. G o v e r n m e n t s e c u ritie s (n e t) . T ra n s fe rre d fr o m re se rve s f o r c o n tin g e n c ie s . . . . 9 7 ,5 2 3 . 3 3 7 ,5 0 9 .3 4 5 1 3 ,7 0 4 .7 2 5 ,0 0 2 ,6 6 6 .3 0 A ll o t h e r ..................................................................................................... 6 8 6 .8 3 8 5 6 .8 0 T o ta l a d d i t i o n s ........................................................................ 6 1 1 ,9 1 4 .8 8 5 ,0 1 1 ,0 3 2 .4 4 D e d u c tio n s fro m c u rr e n t n e t e a r n i n g s ........................................... 1 ,7 1 3 . 8 3 4 ,4 0 8 . 5 2 T o ta l d e d u c t io n s ........................................................................ 1 ,7 1 3 . 8 3 4 ,4 0 8 . 5 2 N e t a d d i t i o n s ............................................................................................. 6 1 0 ,2 0 1 .0 5 5 ,0 0 6 , 6 2 3 . 9 2 N e t e a rn in g s b e fo r e p a y m e n ts to U. S. T re a s u ry . . 3 7 ,5 6 2 ,4 7 3 .1 9 3 3 ,3 1 2 , 5 9 9 . 4 3 D iv id e n d s p a i d ...................................................................................... 1 ,3 8 0 , 6 5 3 .3 6 1 ,3 0 7 , 5 6 2 .2 5 P a id U. S. T re a s u ry (in te re s t o n F. R. n o t e s ) ............................. 3 3 ,8 1 8 ,9 1 9 .8 3 3 0 ,7 9 6 ,4 3 6 .5 4 T ra n s fe rre d to s u r p l u s ........................................................................ 2 ,3 6 2 , 9 0 0 . 0 0 1 ,2 0 8 , 6 0 0 .6 4 ^S^irectord FEDERAL RESERVE B A N K O F D A L LA S Robert O. A nderson (Chairman and Federal Reserve Agent), President, Hondo Oil & Gas Company, Roswell, New Mexico Lamar Fleming,Jr.(Deputy Chairman), Member, Board of Directors, Anderson, Clayton and Company, Inc., Houston, Texas M organ J.D avis,President, Humble Oil & Refining Company, Houston, Texas John M. G riffith,President, The City National Bank of Taylor, Taylor, Texas D. A. H ulCY,Chairman of the Board, Lone Star Gas Company, Dallas, Texas J.Edd M cLaughlin,President, Security State Bank & Trust Company, Ralls, Texas J.B. Perry,Jr.,President and General Manager, Perry Brothers, Inc., Lufkin, Texas Roy Riddel,President, First National Bank at Lubbock, Lubbock, Texas H. B.ZaCHRY, President, H. B. Zachry Company, San Antonio, Texas EL P A S O BRANCH Floyd Childress,vice President, The First National Bank of Roswell, Roswell, New Mexico Roger B. Corbett,President, New Mexico State University, University Park, New Mexico D ySART E. H olcomb,Director of Research, El Paso Natural Gas Company, El Paso, Texas Joseph F.Irvin,President, Southwest National Bank of El Paso, El Paso, Texas W illiam R. M athews,Editor and Publisher, "The Arizona Daily Star,” Tucson, Arizona Charles B. Perry,President, First State Bank, Odessa, Texas D ick Rogers,President, First National Bank in Alpine, Alpine, Texas HOUSTON BRANCH A. E. CUDLIPP, Vice President and Director, Lufkin Foundry Machine Company, Lufkin, Texas M. M. G alloway,President, First Capitol Bank, West Columbia, Texas John E. G ray,President, The First National Bank of Beaumont, Beaumont, Texas M ax Levine,President, Foley’s, Houston, Texas J.W. M cLean,President, Texas National Bank of Houston, Houston, Texas TyRUS R.Timm ,Head, Department of Agricultural Economics and Sociology, A . A M. College of Texas, College Station, Texas (___________ ),VACANCY SAN A N T O N IO BRANCH Burton D unn , chairman of the Executive Committee, Corpus Christi State National Bank, Corpus Christi, Texas G. C. H aGELSTEIN, President and General Manager, Union Stock Yards, San Antonio, Texas D onald D. James,vice President, The Austin National Bank, Austin, Texas Forrest M. Smith,President, National Bank of Commerce of San Antonio, San Antonio, Texas John R. Stockton,Professor of Business Statistics and Director of Bureau of Business Research, The University of Texas, Austin, Texas D wight D. Taylor,President, Pan American State Bank, Brownsville, Texas H arold V aGTBORG, Chairman of the Board, Southwest Research Center, San Antonio, Texas FEDERAL A D V IS O R Y C O U N C IL M E M B E R I.F.Betts,President, The American National Bank of Beaumont, Beaumont, Texas Oll‘Lcerd FEDERAL RESERVE B A N K O F D A L L A S W atrous H. Irons,President H arry A. Shuford,First Vice President *Charts E. W alker, Vice President and H oward C arrithers,Vice President Economic Adviser James L. Cauthen,Vice President A rthur H. Lang,General Auditor P.E. COLDWELL, Vice President *G eorge F. Rudy,General Counsel and J. L. Cook,Vice President Assistant Secretary of the Board T. A. H ardin,Vice President Robert H. Boykin,Assistant Counsel Carl H. M oore,Vice President Thomas R. Sullivan,Assistant Vice President G. R. M urff,Vice President and Acting E. H. Berg,Assistant Cashier Secretary of the Board Roy E. Bohne,Assistant Cashier James A. Parker,Vice President H erman W. K ilman,Assistant Cashier and T. W. Plant,Vice President and Cashier Assistant Secretary of the Board E. A. Thaxton,Jr.,Assistant Cashier L. G. PONDROM, Vice President James O. Russell,Chief Examiner W. M. Pritchett,Vice President EL P A S O Fredric W. Reed,Cashier BRANCH H oward Carrithers,Vice President in Charge T. C. A rnold,Assistant Cashier HO USTO N b r a n c h J.L. Cook,Vice President in Charge B. J.Troy,Cashier W. C.H artung,Assistant Cashier Rasco R. Story,Assistant Cashier SAN A N T O N IO BRANCH Carl H. M oore,Vice President in Charge A. E. M undt,Cashier Alvin E. Russell,Assistant Cashier Frederick J.Schmid,Assistant Cashier On leaveofabsence.
@FedFRASER