The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE BANK OF DALLAS A U D IT IN G D EPAR TM EN T June 30, 1923 TO THE MEMBER BANK ADDRESSED: In order to eliminate a considerable amount of unnecessary correspondence, as well as delay in clearing exceptions on reconcilments, your attention is invited to matters outlined below with the request that you please co-operate with us by giving these matters particular attention: RETURN PROMPTLY. Compile and return the reconcilement as soon as possible. SIGNATURE. An authorized signature is necessary to complete the reconcilement. BALANCE. It is essential that the reconcilement be in balance and extreme care should be ex ercised to that end. ITEMS CLEARED SINCE DATE OF BALANCE. If an item has been cleared since date of bal ance, insert “Date since debited” or “Date since credited” in the column provided for that purpose on the reconcilement. UNADJUSTED ITEMS. Give full particulars in regard to items debited or credited by the mem ber bank that remain unadjusted. RETURNED ITEMS DEBITED BY MEMBER BANK. Returned items should be deducted from the amount of the cash letter with which they were received, when remitting. However, if an item is returned by the member bank after remitting for the letter in which it was received, it should not be charged to the Reserve Account until our advice of credit has been received RETURNED ITEMS CREDIT BY MEMBER BANK. In the event, a returned item is credited by the member bank and not charged by us, give date and total of the letter in which the item was sent to us. TRANSFERS DEBITED BY MEMBER BANK. If a transfer evidently has not been made as in dicated after allowing sufficient time to elapse since the date of charge, wire or write the corres pondent who you requested to make transfer advising us that this has been done—also advise us of final disposition. NOTES OFFERED FOR REDISCOUNT. Do not charge notes offered for rediscount to the re serve account until advice of credit has been received. CASH LETTERS. Charge cash letters when sent, to a deferred account and charge the reserve account on the date due to be credited by us as indicated by current circular time schedule of de ferred availability. BAILY STATEMENTS. In this connection it is offered as a suggestion that daily statements be checked when received and exceptions be brought to our attention immediately, thereby correcting Gi’rors promptly and precluding the possibility of loss resulting from undue delay. Respectfully, General Auditor. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) STATEMENT ISSUED BY COMMITTEE APPOINTED AT A CONFERENCE OF BANKERS AND BUSINESS MEN HELD IN DALLAS, JULY 24, 1923, UPON INVITATION OF THE FEDERAL RESERVE BANK OF DALLAS, AND ENDORSED UNANIMOUSLY BY THE CONFERENCE. The Federal Reserve Board recently sent a letter to the Federal reserve agent at each of the Federal reserve hanks in which the Board expressed its desire that the Federal reserve hanks give all reasonable aid possible to financing a movement of the crops in the coming season to the end that the products of each district might he moved in an orderly manner into channels of consumption, in accordance with demand, in order that the pro ducers might receive the full intrinsic value of their products. At the last meeting of the Board of Directors of the Federal Reserve Bank of Dallas the Governor of the Bank was authorized to call a conference of representative hankers, business men and cotton merchants and to lay before such a meeting the policies of the Federal Reserve Board and the Federal Reserve Bank of Dallas covering crop movement and marketing in the present season. Accordingly Governor B. A. McKinney, of the Federal Reserve Bank of Dallas, called together a conference, which met at the Adolphus Hotel, in Dallas, on July 24th. The conference was purposely not made too large in its membership to be unwieldly but was sufficiently representative of all parts of the Eleventh Federal Reserve District that the policies to which expression was given would be disseminated in all sections of the District. It was thought wise to have this conference well in advance of any general movement of the cotton crop in order that the suggestions could be fully considered in an entirely dispassionate manner and that all present fac tors could have the proper consideration. A full discussion of the policies announced by the Federal Reserve Board and the Federal Reserve Bank of Dallas developed the following principles which were deemed by those present at the conference to be essential for the protection of the producers against any disorganization in either the marketing of the crop or a proper and intelli gent handling of the liquidation of the indebtedness in this District. It was pointed out that the estimate of the United States yield of cotton this year is IT,412,000 bales. The estimate for Texas is 4,123,000 bales. The carryover from last year is represented by the following table: 1922 1921 1923 4,049,000 2,087,000 882,823 July 2 0 __ ________________________ 6,068,000 3,763,000 2,136,000 Total all kinds______________________ Liverpool stocks of cotton. American cotton......................................— Total Liverpool stock, including American cotton------------------------Total carryover—---------- ---- -----------In consuming establishments, American Cotton......... . *As o f August 1st, including linters and repacks. — 1922 539,000 1923 168,000 931,000 4,572,000 466,000 1,750,000 .....1,345,000 This means that cotton occupies the most favorable statistical position that has oc curred in many years. The fact was emphasized at the meeting that the banking institutions of this Federal Reserve District, including the Federal Reserve Bank of Dallas, are keenly alive to the importance of co-operation in bringing about a gradual and orderly marketing of this year’s cotton crop. The banks of this District have the disposition, the resources and the facilities to assist the farmer along proper lines to bring about this much desired end. The Federal Reserve Bank of Dallas, through its officials, pointed out that under recent amendments to the Federal Reserve Act certain renewals of farm er’s paper are now eligible for rediscount at the Federal reserve bank. For instance, notes are eligible for rediscount at the Federal reserve bank the proceeds of which have been used or are to be used in the production, distribution or carrying of agricultural commodities, pend ing the orderly marketing of the same. Therefore, a note secured by a chattel mortgage or warehouse receipt on cotton properly protected and insured is eligible for redis count at the Federal reserve bank. It should be a fairly simple matter for the country banks in this Federal Reserve District to substitute for what is ordinarily termed a crop mortgage note at its maturity, a renewal note, of reasonable ma turity, secured by a chattel mortgage on the actually produced commodity, properly insured, whether in a warehouse or not. It was distinctly the sense of the conference that the country banker should give as close supervision to the marketing of the crop as he did to its production. The conference expressed no thought which was in sympathy with the holding of cotton for speculative purposes, as the term is generally understood, but was emphatic in its expression that the cotton should be sold as the demand will absorb it and that the liquidation of the debts would naturally follow as the disposition of the crop is accom plished. The conference did not propose to endorse any particular method of marketing cot ton nor the work of any particular organization created for that purpose, but it was the concensus of opinion that advantage should be taken of any instrumentality which can in a proper and intelligent way lend assistance to the farmers in effecting a sane and prac tical method of marketing their commodities. F. M. LAW, Chairman. GUS F. TAYLOR, W. W. WOODSON, W. T. RIDLEY, W. M. WILLIAMS, Committee. The following gentlemen were present at the time the Committee submitted its state ment, unanimously endorsed it, and authorized the use of their names in connection with its publication: W. W. Collier, Vice-President, City National Bank, San Antonio, Texas. W. H. McCullough, President, Central National Bank, Waco, Texas. A. D. Simpson, Vice President, The National Bank of Commerce, Houston, Texas. W. T. Ridley, President, American National Bank, Paris, Texas. W. M. Williams, President, Farmers National Bank, Hillsboro, Texas. A. M. Graves, Cashier, Red River National Bank, Clarksville, Texas. Jno. E. Owens, President, First National Bank, Wills Point, Texas. W. H. Patrick, President, First National Bank, Clarendon, Texas. R. E. Harding, Vice President, Fort Worth National Bank, Fort Worth, Texas. Otto Meerscheidt, Vice-President, Alamo National Bank, San Antonio, Texas. J. D. Gillespie, Vice-President, Dallas National Bank, Dallas, Texas. H. M. Wilkins, Vice-President, State National Bank, Houston, Texas. J. W. Hoopes, Vice-President, Central State Bank, Dallas, Texas. Guy J. Price, Jr. Farmers and Merchants National Bank, Fort Worth, Texas. E. F. Gossett, Vice-President, South Texas Commercial National Bank, Houston, Texas. W. H. Wallerich, First National Bank, Fort Worth, Texas. Wiley Blair, President, Southwest National Bank, Dallas, Texas. B. L. Gill, Chairman of Board, First National Bank and American National Bank, Terrell, Texas. Howell E. Smith, President, First National Bank, McKinney, Texas. W. C. Dew, Vice-President, Trent State Bank, Goldthwaite, Texas. F. F. Florence, Vice-President, Republic National Bank, Dallas, Texas. C. S. E. Holland, Vice-President, Second National Bank, Houston, Texas. Andrew Querbes, Vice-President, First National Bank, Shreveport, La. Ed. H. Winton, Cashier, Continental National Bank, Fort Worth, Texas. J. T. Harrell, Vice-President, City National Bank, Wichita Falls, Texas. W. W. Woodson, President, First National Bank, Waco, Texas. F. M. Law, Vice-President, First National Bank, Houston, Texas. F. F. Downs, President, First National Bank, Temple, Texas. T. J. Caldwell, Vice-President, Federal International Banking Company, New Orleans, La. Ewing Norwood, Vice-President, National Bank of Commerce, Houston, Texas. Nathan Adams, Vice-President, American Exchange National Bank, Dallas, Texas.
@FedFRASER