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A nnual Statement fo r 1964 FEDERAL RESERVE BANK OF DALLAS This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) FEDERAL RESERVE BANK OF DALLAS 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 1964, with comparative figures for 1963, are shown herein. Lists of the directors and officers of the Bank and its branches as of January 1, 1965, are also included. A review of economic and financial developments in the Nation and the District during 1964 is being presented in the January 1965 Annual Report Issue of the Business Review 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 (mailing address: Station K, Dallas, Texas 75222). Sincerely yours, W atrous H . I rons President Statement o f Condition Dec. 31f 1964 Dec. 31, 1963 ASSETS Gold certificate a c c o u n t........................................................................................$ Redem ption fund for Federal Reserve n o te s 6 4 7 ,5 5 5 ,6 7 6 5 1 ,1 7 4 ,5 3 1 Total gold certificate reserves.............................................................. Federal Reserve notes of other B a n k s ......................................................... Other c a s h ................................................................................................................ Discounts and a d van ces...................................................................................... 6 9 8 ,7 3 0 ,2 0 7 3 1 ,0 0 3 ,0 5 0 4 ,2 0 3 ,5 3 2 2 1 ,8 1 0 ,0 0 0 5 6 0 ,1 2 7 ,7 4 6 2 2 ,6 2 5 ,0 0 0 8 ,2 5 3 ,4 2 0 1 ,8 2 4 ,0 0 0 U. S. Governm ent securities: Bills Certificates ........................................................................................................ Notes Bonds 2 2 5 ,5 9 8 ,0 0 0 — 9 4 0 ,0 9 9 ,0 0 0 1 9 6 ,8 6 5 ,0 0 0 1 5 8 ,5 6 7 ,0 0 0 2 7 0 ,5 6 6 ,0 0 0 6 7 8 ,8 4 5 ,0 0 0 1 7 7 ,8 7 3 ,0 0 0 Total U. S. G overnm ent s e c urities....................................................... 1 ,3 6 2 ,5 6 2 ,0 0 0 1 ,2 8 5 ,8 5 1 ,0 0 0 Total loans and se c u ritie s ...................................................................... Cash item s in process of c o llectio n Bank p re m is e s ........................................................................................................ O ther assets ........................................................................................................... 1 ,3 8 4 ,3 7 2 ,0 0 0 4 8 9 ,1 7 8 ,7 9 1 1 1 ,2 0 2 ,9 8 2 2 6 ,4 0 3 ,9 8 0 1 ,2 8 7 ,6 7 5 ,0 0 0 3 0 7 ,0 9 6 ,3 2 7 1 1 ,8 9 5 ,3 5 4 1 8 ,1 0 4 ,5 3 1 TOTAL A S S E T S .............................................................................................. 2 ,6 4 5 ,0 9 4 ,5 4 2 2 ,2 1 5 ,7 7 7 ,3 7 8 $ 5 1 5 ,4 9 9 ,7 0 5 4 4 ,6 2 8 ,0 4 1 LIABILITIES Federal Reserve notes in actual circ u latio n 1 ,0 8 8 ,6 2 5 ,9 2 1 9 7 8 ,9 5 2 ,2 9 0 Deposits: M em ber bank — reserve acc o u n ts U. S. Treasurer — general a c c o u n t Foreign O ther ..................................................................................................................... 1 ,0 5 0 ,7 0 2 ,5 0 7 4 7 ,5 1 0 ,3 0 9 1 2 ,5 4 0 ,0 0 0 4 ,9 2 2 ,7 6 6 8 4 4 ,2 9 9 ,4 2 2 5 0 ,5 2 3 ,0 8 8 9 ,1 2 0 ,0 0 0 4 ,2 5 5 ,0 4 0 Total deposits .............................................................................................. Deferred availability cash ite m s ...................................................................... O ther liabilities ...................................................................................................... 1 ,1 1 5 ,6 7 5 ,5 8 2 3 4 5 ,0 1 1 ,1 2 9 3 4 ,6 1 0 ,6 1 0 9 0 8 ,1 9 7 ,5 5 0 2 4 0 ,3 1 0 ,8 2 5 3 ,1 6 2 ,0 1 3 2 ,5 8 3 ,9 2 3 ,2 4 2 2 ,1 3 0 ,6 2 2 ,6 7 8 Capital paid in ............................... : ................................................................... Surplus ..................................................................................................................... 3 0 ,5 8 5 ,6 5 0 3 0 ,5 8 5 ,6 5 0 2 8 ,3 8 4 ,9 0 0 5 6 ,7 6 9 ,8 0 0 TOTAL CAPITAL A C C O U N T S ................................................................... 6 1 ,1 7 1 ,3 0 0 8 5 ,1 5 4 ,7 0 0 TOTAL LIABILITIES AND CAPITAL A C C O U N T S ...............................$ 2 ,6 4 5 ,0 9 4 ,5 4 2 $ 2 ,2 1 5 ,7 7 7 ,3 7 8 TOTAL LIABILITIES ................................................................................. CAPITAL ACCOUNTS Earnings and Expenses 1964 1963 C U R R E N T EARNINGS Discounts and a d v a n c e s ..................................................................................... $ 9 6 5 ,3 9 7 $ 5 8 5 ,9 5 7 U. S. G overnm ent s e c urities............................................................................... 5 1 ,1 8 5 ,7 9 6 4 5 ,6 5 0 ,6 9 4 Foreign c u r r e n c ie s .................................................................................................. 3 6 3 ,1 0 7 1 1 6 ,4 6 0 All o t h e r ....................................................................................................................... 2 4 ,9 1 7 2 2 ,8 5 2 TOTAL C URRENT E A R N IN G S .................................................................. 5 2 ,5 3 9 ,2 1 7 4 6 ,3 7 5 ,9 6 3 9 ,5 6 9 ,9 6 4 9 ,3 7 3 ,1 6 4 4 9 8 ,3 0 0 4 3 4 ,4 0 0 CUR R E N T EXPENSES Current operating expen ses ............................................................................... Assessment for expenses of Board of G overnors Federal Reserve currency: Original cost, including shipping c h a rg e s ................................................ Cost of redemption, including shipping c h a rg e s 7 5 8 ,6 2 4 2 0 5 ,7 3 6 Less reim bursem ent for certain fiscal agency and other e x p e n s e s .......................................................................................... 3 6 ,8 0 5 1 0 ,8 7 0 ,6 9 4 Total 4 3 ,8 0 6 1 0 ,0 5 0 ,1 0 5 8 2 8 ,4 9 9 8 4 1 ,6 5 4 1 0 ,0 4 2 ,1 9 5 NET E X P E N S E S 9 ,2 0 8 ,4 5 1 4 2 ,4 9 7 ,0 2 2 3 7 ,1 6 7 ,5 1 3 2 4 ,0 3 0 1 1 ,8 4 5 PROFIT A N D LOSS Current net e a r n i n g s ............................................................................................ Additions to current net earnings: Profit on sales of U. S. G overnm ent securities ( n e t ) All o t h e r ................................................................................................................. Total additions Deductions from current net earn in g s ....................................................... 1 6 ,4 5 8 2 4 ,0 8 9 4 0 ,4 8 8 3 5 ,9 3 4 1 0 ,5 8 8 2 4 ,8 0 8 Net a d d it io n s ............................................................................................................ 2 9 ,9 0 0 1 1 ,1 2 6 Net earnings before paym ents to U. S. T re a s u ry ........................................ 4 2 ,5 2 6 ,9 2 2 3 7 ,1 7 8 ,6 3 9 Dividends paid Payments to U. S. Treasury (interest on F. R.n o te s ) 1 ,7 9 7 ,7 2 9 1 ,6 6 8 ,4 3 5 6 6 ,9 1 3 ,3 4 3 3 2 ,2 0 4 ,4 0 4 Transferred to s u r p l u s ..........................................................................................— 2 6 ,1 8 4 ,1 5 0 3 ,3 0 5 ,8 0 0 Surplus, January 1 ................................................................................................. 5 6 ,7 6 9 ,8 0 0 5 3 ,4 6 4 ,0 0 0 Surplus, Decem ber 3 1 ......................................................................................... 3 0 ,5 8 5 ,6 5 0 5 6 ,7 6 9 ,8 0 0 Directors FEDERAL RESERVE BANK OF DALLAS (Chairman and Federal Reserve Agent), Owner, Lincoln County Livestock Company, R o bert O . A n d er so n Roswell, N ew Mexico C a r l J. T h o m s e n D . A. H u l c y M urray K yger M a x L ev in e J. E d d M c L a u g h l i n J. B . P e r r y , J r . R a l p h A. P o r t e r H . B. Z achry (Deputy Chairman), Senior V ice President, Texas Instruments Incorporated, Dallas, Texas Chairman Chairman Chairman President, o f the Board, Lone Star Gas Company, Dallas, Texas of the Board, The First National Bank of Fort Worth, Fort Worth, Texas of the Board, Foley’s, Houston, Texas Security State Bank & Trust Company, Ralls, Texas President and General Manager, Perry Brothers, Inc., Lufkin, Texas President, The State National Bank of Denison, Denison, Texas President, H. B. Zachry Company, San Antonio, Texas EL PASO BRANCH R o g e r B. C o r b e t t G o r d o n W. F o s t e r R o b e r t W. H e y e r President, New Mexico State University, University Park, New Mexico President, Food Mart, Inc., El Paso, Texas Senior Vice Chairman and President, Southern Arizona Bank & Trust Company, Tucson, Arizona V ice President, The State National Bank of El Paso, El Paso, Texas Rancher, Roswell, New Mexico Chairman of the Board, First State Bank, Odessa, Texas President, First National Bank in Alpine, Alpine, Texas R ob ert F. L ock hart C. R o b e r t M c N a l l y , Jr. C h a r l e s B. P e r r y D ic k R o g e r s HOUSTON BRANCH D o n a ld B. C a m p b e ll J. A . E l k i n s , J r . M. M. G a l l o w a y John E. G ray E d g a r H . H u d g in s L o v e tt C. P e te r s (V a c a n c y ) Works Manager, Sabine River Works, E. I. du Pont de Nemours & Company, Orange, Texas Chairman o f the Board, First City National Bank o f Houston, Houston, Texas President, First Capitol Bank, West Columbia, Texas President, First Security National Bank of Beaumont, Beaumont, Texas Ranching — Partner in Hudgins Division of J. D . Hudgins, Hungerford, Texas Vice President — Transportation and Supplies, Continental Oil Company, Houston, Texas SAN ANTONIO BRANCH G . C . H a g e l s t e in H arold D . H e r n d o n M ax A . M andel F o rrest M . S m it h Jo h n R . St o c k to n President and General Manager, Union Stock Yards San Antonio, San Antonio, Texas Independent Oil Operator, San Antonio, Texas President, The Laredo National Bank, Laredo, Texas President, National Bank of Commerce of San Antonio, San Antonio, Texas Professor of Business Statistics and Director of Bureau of Business Research, The University of Texas, Austin, Texas President, Pan American State Bank, Brownsville, Texas Chairman of the Board and President, State Bank and Trust Company, San Marcos, Texas D w ig h t D . T aylo r J. R . T h o r n t o n FEDERAL ADVISORY COUNCIL MEMBER JAMES W. A sto n | President, Republic National Bank of Dallas, Dallas, Texas Officers FEDERAL RESERVE BANK OF DALLAS W atrous H. I r o n s , President P. E . C o ld w ell, R oy E . B o h n e , Vice President Ja m e s L . C a u t h e n , J. L . C o o k , First Vice President A rthur Vice President Vice President C arl H . M o o r e, R obert Vice President Ralph T. G r een, J. Z . R o w e , Ja m e s Vice President and Secretary of the Board G . R. M u r f f , T. W . Plant, F r e d r ic W . R e e d , Director of Research O. R u s s e l l , Chief Examiner L eon W . C o w a n, Assistant Vice President Vice President E. H. B e r g , Assistant Cashier Vice President and Cashier W . M . P r it c h e t t , General Counsel H . B o y k i n , Assistant Vice President and Assistant Secretary of the Board Vice President Ja m es A . P arker, H. L a n g , General Auditor G eorge F . R u d y, T o n y J. S a l v a g g io , Vice President E. Vice President T h o m a s R . S u l l iv a n , Assistant Cashier A . T h a x t o n , J r ., Assistant Cashier E. W . V o r l o p , J r ., Assistant Cashier Vice President EL PASO BRANCH F r e d r ic W . R e e d , T. C. A rnold, Vice President in Charge Cashier F o rrest E . C o l e m a n , Assistant Cashier HOUSTON BRANCH J. L . C o o k , Vice President in Charge B. J. T r o y , Cashier W. C. H artung, Assistant Cashier R asco R . St o r y , Assistant Cashier SAN ANTONIO BRANCH C arl H . M o o r e , Vice President in Charge A . E. M u n d t, A l v in E . R u s s e l l , Assistant Cashier Cashier F r e d e r ic k J. S c h m i d , Assistant Cashier business r e v ie w ARTICLES IN 1964 January (Annual Report Issue) 1963 — Another Year of Economic Growth Economic Situation Financial Developments District Developments feb ru a ry The President’s Economic Report The Federal Budget for Fiscal 1965 District Highlights m arch Corporate Financing Developments Spending Patterns of Consumers District Highlights april A Look at 1963 Bank Revenues and Costs Capital Spending for 1964 District Highlights m ay District Bank Liquidity District Highlights ju n e Remarks by The Honorable Douglas Dillon, Secretary of the Treasury of the United States, Vienna, Austria, May 21, 1964 District Highlights ju ly Member Bank Trust Operations Recent Growth of Texas Industrial Production District Highlights august S eptem ber October novem ber (Anniversary Issue) d ec e m b e r Balanced Growth at Midyear District Highlights District Economic and Banking Developments District Highlights Growth of Personal Income in the Southwest Financing Public Schools in the Southwest District Highlights Fifty Years of Public Service The Federal Reserve System Federal Reserve Bank of Dallas The Federal Reserve in the Future The Petroleum Situation Eleventh District Agricultural Situation District Highlights
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