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MllllllltnllltiiHIIIHIIIIIIHHIIIIIIIIIIIIItiiiiiiiiiUIIIIIIIIIIIIIIIIIIIIIIIIIIIIIHIIIIIIIHIIIIIIIIBH_.UIIIIII.IIIIIHIIIIIIIHIIIIItltiiiiiiH Federal Reserve Bank of Dallas REPORT TO STOCKHOLDERS December 31, 1929 i : IIIII~ ....III. . IIUI............ IIIIIIMNIIIII.IIIIIIIIIIIUHIIIHIIIIIIIIIIIIIIIIIIIIIIIIIIIIUIIIIIIIIIHIIUIUdiiiiUIIIUIIIIHIIIIIIIIIIIIIIII. . This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) January 15, 1930. To the Stockholders of the Federal Reserve Bank of DaUas: There is submitted herewith a statement of condition of the Federal Reserve Bank of Dallas, including its El Paso, Houston and San Antonio Branches, at the close of business December 81, 1929, and December 81, 1928, respectively, together with a statement of the Profit and Loss Account for the years 1929 and 1928 and statistical data for these years showing the principal operations of the bank which will give a general idea of the services which this bank is rendering its members. Very truly yours, LYNN P. TALLEY, Governor. /1 COMPARATIVE STATEMENT OF CONDITION RESOURCES Earning Assets: Dec. 31,1929 Dec. 31, 1928 Bills Discounted for Member Banks $ 13,290,915.84 $ 11,161,445.48 Bills Purchased in Open Market________ 9,209,063.18 25,419,565.97 U. S. Securi ties ____________ ------------------------ 24,877,800.00 10,007,850.00 Federal Intermediate Credit Bank Debentures -------------------------------------6,500,000.00 TotaL ________________________________ $ 4 7,377, 779.02 $ 53,088,861.45 Cash Reserves: Gold on. Hand _________________________________ $ Gold Settlement Fund________________________ Gold with Federal Reserve Agent____ Gold Redemption Fund (F. R. Notes) ----------------------------------------------· Total Gold Reserves _______$ Other Lawful Money______________________________ 8,795,395.00 $ 7,283,882.50 15,825,829.54 33,518,237.29 40,723,000.00 27,480,205.00 1,458,969:82 2, 784,822.09 66,803,194.36 $ 71,067,146.88 4,346,359.00 5,537,256.50 TotaL------------------------------$ 71,149,553.36 $ 76,604,403.38 3,410,347.40 25,478.25 Non-Reserve Cash------------------------------- 4,285,989.42 Due from Foreign Banks___________ _______ 23,787.10 Checks and Other Items in Process of · Collection ------------------------------- 28,016,622.82 Bank Premises, Net________________________________ 1,875,681.88 359,409.66 All Other Resources ------------------------------ 27,586,705.20 1,919,936.99 426,560.24 $153,088,823.26 $163,062,292.91 UABILITIES Capital Paid In _______________ - -$ 4,452,900.00 $ 4,328,900.00 Surplus -------------------------------------------------- 8,934,617.94 8,690,201.09 Deposits: U. S. Government---~-~~----~-------- 1,321,399.25 1,111,294.72 71,017,452.55 227,679.42 92,011.43 Total __________________________________ $ 65,266,309.26 $ 72,448,438.12 Deferred Availability Items__________________ 26,870,645.60 28,654,127.28 Member Bank Reserves _______-_____________ 63,697,211.89 Foreign Bank _____:_____________________________ 185,084.60 All Other______________________________________________ 62,613.52 Federal Reserve Notes-Net Circulation --------------------- ------------------ 46,947,290.00 All Other Liabilities______________________________ 617,060.46 48,584,840.00 355,786.42 $153,088,823.26 $163,062,292.91 Contingent Liability on Bills Purchased for Foreign Correspondents --------·-·------------·-------------.. ·--------$ 18,040,379.89 $ 11,305,950.41 Ratio of Total Reserves to Deposit and Federal Reserve Note Liabilities Combined -------------------------------63% 63% ,. COMPARATIVE STATEMENT OF PROFIT AND LOSS ACCOUNT SHOWING DISTRIBUTION OF EARNINGS FOR THE YEARS 1929 AND 1928 ,. Earnings on: 1929 Bills Discounted for Member Banks $1,301,049.41 Bills Purchased in Open Market________ 615,799.57 United States Securities______________________ 452,419.97 All Other---------------------------------------------- 1928 $ 669,514.17 680,663.67 685,692.98 83,795.70 126,760.96 Gross Earnings ----------------------------$2,496,029.91 $2,119,666.52 Less: Cost of Federal Reserve Currency______$ 113,532.26* $ 9,516.93 Other Current Expenses ____________________ 1,271,343.10 1,235,962.32 Current Net Earnings _________ ,________$1,111,154.55 $ 874,187.27 Withdrawn from Reserve for LossesLiquidating- Bank Loans -------------------- 250,000.00 Other Additions to Current Net Earnings 6,427.94 9,464.01 $1,367,582.49 $ 883,651.28 Reserve for Self Insurance_________________________ 500,000.00 Depreciation Reserves and Other Deductions from Current Net Earnings _____ _ 97,191.01 170,196.49 Net Available Earnings______________________________ $ 770,391.48 $ 713,454.79 Disposition of Net Earnings: Dividends Paid_________________ ____________________ 266,613.17 Paid to Government as Franchise Tax 259,361.46 Transferred to Surplus__________________________ 244,416.85 258,543.91 291,609.79 163,301.09 $ 770,391.48 $ 713,454.79 Ratio of Net Earnings for 1929 to: Average Paid in CapitaL-------------------------------------------------------------- 17.33% Average Paid in Capital and Surplus________________ _______________________ 5.87% Average Paid in Capital, Surplus and Member Banks Reserve Deposits ------------------------------------------------------------------------------ .98% *Cost of printing new size 'Currency__ ---------------- ------------$103,667.85 Postage, Insurance and Redemption Cost ________ ----· . 9,864.41 Does not include other increased expense incident to change in size. 7 __ CLASSIFICATION AND DISPOSITION OF NOTES SUBMITTED BY MEMBER BANKS DURING 1929 Number Amount Number and amount of items received____ 34,840 $166,610,654.05 CLASSIFICATION Farming - - - - -- - - -- -$ 23,813,804.62* Commercial _________ 139,408,219.63 Miscellaneous 3,388,629.80 $166,610,654.05 REASONS FOR RETURN OF PAPER, SHOWING PERCENTAGE RETURNED TO TOTAL RECEIVED Percentage Amount Items Percentage Ineligibility - - - - - -- -$ 2, 712,091.13 746,622.78 Technical Defects - - Insufficient Credit Information _ __________ 1,264,875.51 2,359,206.86 Credit Showing Miscellaneous __________ 82,460.14 1.63 .45 272 335 .78 .96 .76 1.41 .05 217 1,152 54 .62 3.31 .15 Total Returned- ------- ---$ 7,165,256.42 Total Accepted _____ 159,445,397.63 4.30 95.70 2,030 32,810 5.82 94.18 TotaL_____$166,610,654.05 100.00 34,840 100.00 AVERAGE DAILY OUTSTANDING BORROWINGS FROM THE FEDERAL RESERVE BANK OF DALLAS AND BRANCHES DURING THE YEAR 1929, SEGREGATED AS TO BANKS IN GROUPS 1, 2 AND 3 Otherwise Secured Total Group 1- - - - -$ 8,548,000 Group 2- - - -- 2,281,000 Group 3______ 459,000 $10,405,000 8,208,000 1,270,000 $18,953,000 5,489,000 1,729,000 $11,288,000 $14,883,000 $26,171,000 Secured by Government Securities CONTRIBUTION OF MEMBER BANKS TO THE CAPITAL STOCK OF THE FEDERAL RESERVE BANK OF DALLAS AND BRANCHES, SEGREGATED IAS TO BANKS IN GROUPS 1, 2 AND 3 Group 1 -- - - -- -- - - -- - Group 2 --- - Group 3 Total_ -- -- ---$2,434,800 1,844,000 674,100 ---$4,452,900 PERCENTAGES OF AVERAGE DAILY BORROWINGS FROM THE FEDERAL RESERVE BANK OF DALLAS AND BRANCHES OF EACH GROUP TO ITS CAPITAL STOCK PAYMENT Group 1 - -- -- ------ --------- 778% Group 2 - - --------------------- 408 % Group 3 256% •Does not include advances to The Federal Intermediate Credit Bank of Houston aggregating $1,740,875.00. ' ' J VOLUME OF THE PRINCIPAL TRANSACTIONS HANDLED DURING THE' YEARS 1929 AND 1928 (Units and Amounts Shown in Thousands) 1928 1929 Units Amount 1 1 Units Amount Discounts and Advances to Member Banks 29 $ 870,414 Bankers' Acceptances Purchased for Our Own Account__ 11 106,705 12 122,760 61,413 268,659 51,125 223,263 _48,039 7,891 43,351 7,441 Currency Received_ _ Coin Received 26 $ 737,651 Checks Collected for Member Banks and Other Federal Reserve Banks 40,553 8,595,942 38,761 8,225,958 Checks Returned Unpaid______ 1,096 41,198 1,064 39,480 Notes and Drafts Collected for Member Banks and Other Federal Reserve Banks ___________ 133 249,900 129 218,337 Government Interest Coupons Paid__ 864 7,649 498 5,625 Government Checks and Warrants Paid 1,085 122,268 1,038 115,554 Transfers of Funds for Member Banks Government Securities Issued, Exchanged, Transferred, Converted and Redeemed____ 136 5,497,524 57 234,882 127 5,091,958 127 268,791 Purchase and Sale of Government Securities for Investors ____ 109,748 79,024 Purchase and Sale of Bankers' Acceptances for Account of Member Banks _______ __ 94,603 57,857 OFFICERS AND DIRECTORS OF THE FEDERAL RESERVE BANK OF DALLAS AND BRANCHES JANUARY 1, 1930 OFFICERS C. C. WALSH, Chairman or the Board and Federal Reserve Agent LYNN P. TALLEY, Governor R. R. GILBERT. Deputy Governor CHAS. C. HALL, Assistant Federal Reserve Agent and Secretary of the Board It. B. COLEMAN, Deputy Governor FRED HARRIS, Cashier W. J. EVANS, Assistant Federal Reserve W. 0. FORD, Assistant Deputy Governor Agent E. B. AUSTIN, Assistant Cashier L. G. PONDROM, Assistant Cashier W. P. CLARKE, General Auditor R. 0. WEBB, Assistant Cashier C. C. TRUE, Assistant Auditor MEMBER FEDERAL ADVISORY COUNCIL B. A. McKINNEY, Vice-President, Firs t National Bank, Dallas, Texas C. C. HUFF, General Counsel LOCKE, LOCKE, STROUD and RANDOLPH, Counsel DmECTORS Claaa A Term Expi~es J. H. FROST, President, Frost National Bank, Sao Antonio, Texas ____ ··---·- ·- - - - -1980 W. H. PATRICK, President, First National Bank, Clarendon, Texas- - - - · - - - - · · - - - - 1931 J. P. WILLIAMS, President, First National Bank, Mineral Wells, Texas•- - - - - - - -1982 Class B J. R. MILAM, Vice-President, Cooper Grocery Company, Waco, Texas _ _ _ _ _ _ _ _ _ _ 1930 A. S. CLEVELAND, W. D. Cleveland & Sons, Houston, Texas ______________ 19~1 J. J. CULBERTSON, Vice-President, Southland Cotton Oil Company, Paris, Texas _______ 1932 Class C S. B. PERKINS, President, Perkins Dry Goods Company, Dallas, Texas, Deputy Cbairman ___ 1930 - - - - - - - - - - - -1931 C. C. WALSH, Chairman, Dallas, Texas E. R. BROWN, President, Magnolia Petroleum Company, Dallas, Texas _ _ _ _ _ _ _ _ _ J932 EL PASO BRANCH OFFICERS ALLEN SAYLES, Cashier J. L. HERMANN, Managing Dlreetor DIRECTORS A. J. CRAWFORD, Stockman, Carlsbad, New Mexico, Chairman A. P. COLES, Investments, EI Paso, Texas GEORGE D. FLORY, Vice-President, National Bank, El Paso, Texas State J . L. HERMANN, Managing Director, El Paso Texas E. M. HURD, General Manager, H. Lesinaky Company, El Paso, Texas A. F. JONES, Cashier, Firat National Bank, Portales, New Mexico C. M. NEWMAN, Investments, EI Paso, Texas HOUSTON BRANCH OFFICERS C. B. MENDEL, Cashier W. D. GENTRY, Managing Director H. R. DeMOSS, Assistant Cashier DIRECTORS E. A. PEDEN, Peden Iron & Steel Company, Houston, Texas, Chairman GUY M. BRYAN, President, Second National Bank, Houston, Texas W. D. GENTRY, Managing Director, Houston, Texas FRED W. CATI'ERALL, Vice-President and Cashier, First National Bank, Galveston, Texas N . E. MEADOR, President, National Bank of Commetce, Houston, Texas R. M. FARRAR, President, Farrar Lumber Com- J. C. WILSON, Wilson Broach Oil Company, Houston, Texas pany. Houston, Texas SAN ANTONIO BRANCH OFFICERS M. CRUMP, Managing Director W. E. EAGLE, Cashier T. E. PARKS, Assistant Cashier DIRECTORS J. M. BENNETT, President, Standard Trust Company, San Antonio, Texas, Chairman FRANK G. CROW, Investments, McAllen, Texas M. CRUMP, Managing Director, San Antonio, Texas FRANZ C. GROOS, President, Groos National Bank, San Antonio, Texas REAGAN HOUSTON, Vice-President and General Manager, A. B. Frank Company, San Antonio, Texas R. T. HUNNICUTT, Vice-President, Firat National Bank, Del Rio, Texas ERNEST STEVES, Chairman of the Board, Alamo National Bank, San Antonio, Texas 1
