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'iJ" 111111111111111111tiiiUIUIIIIIIIIIIIIIIIIItlllllttltlllllllltlltiiiiiiiiiUIUfllllllllltiUIIIIIIIIUIIIIIIIIIItllllllllllllllllllllflllllllllllllrtrnr•••••EJ = s: 5 : : = ~ § !! !! I Federal Reserve Bank of Dallas E : : i: : !! I i: a e ~ : § I~ i REPORT TO STOCKHOLDERS ~ ~ 5 5 5 : i: = Ii g : : I : : : ~ I ~ 5 5 I~ j December 31, 1924 i : : [!]..................................................................................................................................................................8: This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) January 9, 1925. To the Stockholders of the Federal Reserve Bank of Dallas: There is submitted herewith a statement of condition of the Federal Reserve Bank of Dallas, including its El Paso and Hou ton Branches, at the close of business December 31, 1924, and December 31, 1923, respectively, together with a statement of the Profit and Loss Account for the years 1924 and 1923, and statistical data for these years showing the principal operations of the bank which will give you a general id a of the services which this bank is rendering its members. Very truly yours, B. A. McKINNEY, Governor. COMPARATIVE STATEMENT OF CONDITION RESOURCES Earning Assets: Dec. 31, 1924 Dec. 31, 1923 Bills Discounted for Member Banks...$ 2,713,179.74 $ 8,872,087.37 Bills Purchased in Open Market ...._...... 26,196,674.03 49,438,406.36 6,679,500.00 U. S. Securities.·-·····-- ··-··-··········-···-············ 25,496,500.00 Foreign Loans on Gold........................-....... 228,000.00 Total..................................................-............. 64,634,363.77 64,989,993.73 Oa.sh Reserves: Gold on Hand............................................................ 9,064,815.00 11,903,632.50 12,339,169.99 Gold Settlement Fund...........·-····-··············- 18,033,679.64 Gold with Federal Reserve Agent-..._ 37,185,820.00 25,814,190.00 Gold Redemption Fund (F. R. Notes) 2,251,799.17 1,977,809.70 Total Gold Reserves......._.............. 66,262,124.34 62,308,791.66 Other Lawful Money........- ...._...............-...... 8,948,050.50 6,015,572.50 58,324,364.16 TotaL- ........- ................................................ 76,210,174.84 Non-Reserve Cash_ .........__ ........................-·-····- 2,508,077.61 2,865,533.01 Checks and Other Items in Process 23,652,364.17 of Collection- ..·-----·-..··--·--·- ·-·--· 31,000,184.96 5% Redemption Fund for Federal Reserve Bank Notes..._...............- ..................... 27,500.00 1,910,642.79 Bank Premises, Net..-...._ ...........................-...... 1,833,313.54 3,248,011.10 All Other Resources..- ............................................. 1,792,323.28 $166,978,428.00 $155,018,408.96 LIABILITIES Capital Paid in.....................................- .....................$ 4,130,450.00 $ 4,192,450.00 Surplus - - ..........................................-.............................. 7,592,396.07 7,577,160.41 Deposits: 2,678,425.36 U. S. Government._ ............................................. 1,665,181.86 58,115,203.68 Member Bank Reserves.._ .............................. 65,828,199.00 540,874.13 224,041.79 All Other -·-- - -··-- - ··----..................... 61,334,603.17 TotaL...................................................... 67,717,422.65 26,928,902.22 Deferred Availability ItemS-........................... 31,219,398.22 Federal Reserve Notes--Net Circula52,802,006.00 tion -·-···- ··- - ·--.......................................--·······- 55,640,950.00 Federal Reserve Bank Notes--Net Cir470,500.00 culation........- ...........__..___ ............................... 1,712,887.16 All Other Liabilities_ .............-.............................. 677,811.06 $166,978,428.00 $156,018,408.96 Contingent Liability on Bills Purchased for Foreign Correspondents...$ 1,621,945.35 Ratio of Total Reserves to Deposit and Federal Reserve Note Liabilities 61% Combined ............_ ......................·---·-·- -- .._ $ 683,776.33 51% COMPARATIVE STATEMENT 01!' PROFIT .AND LOSS ACCOUNT SHOWING DISTRIBUTION OF EARNINGS FOR THE YEARS 1924 .AND 1923 Earnings on- 1924 1923 Bills Discounted for Mem,ber Banks............$ 531,355.61 $1,170,021.42 Bills Purchased in Open Market ..................... 630,682.10 826,172.15 United States Securities............................................. 781,838.34 268,659.41 All Other ............- .............................................- ............_...... 214,087.62 91,583.20 Gross Earnings........................................$2,157,963.67 $2,356,436.18 Less Current Expenses............- ....................................... 1,341,047.01 1,403,290.30 Current Net Earnings..............................- $ 816,916.66 $ 953,145.88 Appreciation on U. S. Securities and other Additions to Current Net Earnings............... 27,478.09 28,134.42 $ 844,394.75 $ 981,280.30 Reserves Set Up and Other Deductions from Current Net Earnings.................................... 579,370.44 648,998.07 Net Ava.Ua.ble E a.rmngs . ......................................................$ 265,024.31 $ 332,282.23 Dividends p a1· d ............- ......- ..................- ...........................'l'ransferred to Surplus..............................- .....................$ 249,788.65 15,235.66 $ 251,429.01 80,853.22 Ratio of Net Earnings for 1924 to: Average Paid In CapitaL......._...............- ............- ......-................................................ 6.37% Average Paid In Capital and Surplus..............................-.................................... 2.26% Average Paid In Capital, Surplus and Member Banks Reserve Deposits .........................................................- .............................. ....._.......................................... .40o/o VOLUME OF THE PRINCIPAL TRANSAC'riONS HANDLED DURING THE YEARS 1924 AND 1923 (000 Omitted) 1924 Units Amount Discounts and Advances to Member Banks .................................................................................... Bankers' Acceptances Purchllised for our own Account...........................·-······································· 48 $ 148,383 1923 Units Am10unt 90 $ 301,163 8 132,798 Currency Received ········································-············42,358 208,129 37,912 185,914 Coin Received .................................................................._31,075 10,513 34,815 20,920 22 266,036 6,597,438 30,666 6,237,615 Currency and Coin Shipments and Deliveries ······························································-···················· 7 24 Checks Collected for Member Banks and Other Federal Reserve Banks........................32,523 121,236 280,085 Checks Returned Unpaid.......................................... 778 34,227 608 32,336 Notes and Drafts Collected for Member Banks and Other Federal Reserve Banks ············-·······················································-············· 136 162,475 128 166,902 Government Interest Coupons Paid_.......... 770 6,335 1,011 6,375 Government Checks and Warrants Paid 771 89,281 784 92,368 'l'ransfers of Funds for Member Banks...... 98 3,356,058 100 2,614,785 Government Securities Issued, Exchanged, Transferred, Converted and Redeemed ··············-························································ 198 123,012 2,882 169,151 War Finance Corporation Loans...·-·············Purchasc and Sale of Government Securities for Investors..............·-··························- 3,241 3,166 33,584 65,993 OFFICERS AND DIRECTORS OF THE FEDERAL RESERVE BANK OF DALLAS AN:P BRANCHES OFFICERS B. A. McKINNEY, Governor LYNN P. TALLEY, Chairman of the Board R. R. GILB ERT, Deputy Governor and Federal Reserve Agent VAL J . GRUND, Deputy Governor C. C. HALL, Assistant F ederal Reserve Agent R. B. COLEMAN, Cashier and Secretary of the Board W. 0'. FORD, Assistant Cashier W. J. EVANS, Assistant Federal Reserve REECE T. FREEMAN, Assistant Cashier Agent W. D. GENTRY, Assistant Cashier R. L. FOU LKS, General AuJitor J. L. HERMANN, Assistant Cashier W. P. CLARKE, Assistant Auditor E. B. AUSTIN, Assistant Cashier S. H . LEA YELL, Assistant Auditor CHAS. C. HUFF, General Counsel E. B. STROUD, Jr., Counsel MEMBER ADVISORY COUNCIL W. M. McGREGOR, President, First National Bank, Wichita Falls, Texas DIRECTORS Term Class A Expires W. H. PATRICK. ............ President, First National Bank, Clarendon, Texas...................................... l925 HOWELL E. SMITH.... President, First National Bank, McKinney, Texas ...................................... l 926 J. H. FROST.........•.......... Vice-President, Frost National Bank, San Antonio, T cxas........................ 1927 Class B ~ARION SANSOM....... Livestock, Ft. Worth, Texas.............................................................................. l 925 · J. CULBERTSON....... Vice-President, Southland Cotton O il Company, Paris, T exas ................ l 926 FRANK KELL ..............., President, Wichita Mill & Elevator Company, Wichita Falls, Texas ......l927 Class C LYNN P. TALLEY......• Chairman, Dallas, Texas ......................................................................................l925 CLARENCE E. LINZ .... Viee-Presidcnt and Treasurer Southland Life Insurance Company, S Dallas, Texas, Deputy Chairman ............................................................. 1926 · B. PERKINS............... Presidcnt, Perkins Dry Goods Company, Dallas, T exas............................ 1927 EL PASO BRANCH OFFICERS DWIGHT P. REO'RDAN Managing Director M. C'RUMP, Cashier ALLEN SAYLES, Assistant Cashier ' DIRECTORS A. P . COLES, Investments, El Paso, Texas W. W. TURNEY, Attorney, El Paso, Texas, E. A. CAHOON, President, First National D Chairman Bank, Roswell New Mexico WIGHT P. REORDAN, Managing Director, GEORGE D. FLORY..!. Vice-President, State El Paso, Texas E National Bank, 1!.1 Paso, Texas '' M. HURD, General Manager, H. Lesinsky H. L. KOKERNOT, Livestock, Ft. Davis, Company, El Paso, Texas Texas HOUSTON BRANCH OFFICERS FRED HARRIS, Managing Director L. G. PONDROM, Cashier H. R. DeMOSS, Assistant Cashier DIRECTORS R. M. FARRAR President, Farrar Lumber E. F. GOSSETT, Vice-President, South Texas Commercial National Bank, Houston, FREDCompany, Iiouston, Texas, Chairman ' HARRIS, Managing Director, Houston, Texas Texas J. C. WILSON, Wilson Broach Oil Company, Y M. BRYAN, Vice-President, Second NaBeaumont, T exas tional tBank, Houston, Texas E. A. PEDEN, Peden Iron and Steel Company, Houston, Texas FRED W. CATTERALL, Cashier, First National Bank, Galveston, Texas Gu
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