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Federal Reserve Bank
of Dallas

•
REPORT TO STOCKHOLDERS

December 31,1936

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

January 18, 1937.

To the Stockholders of the
Federal Reserve Bank of Dallas:
I am pleased to submit herewith comparative balance
sheet of the Federal Reserve Bank of Dallas, including
branches, at the close of business December 31, 1936,
and December 31, 1935, together with a statement of
the Profit and Loss Account for these years and statistical data reflecting the activities of the various
departments of the bank.
Very truly yours,
B. A. McKINNEY,

President.

COMPARATIVE STATEMENT OF CONDITION
RESOURCES
Dec. 31, 1935
Earning Assets:
Dec. 31, 1936
Bills Discounted._________________________________ $
11,774.75 $
11,821.00
Industrial Advances______ ___________ __ ________
1,325,109.89
1,780,594.53
Bills Bought in Open Market______ ______
86,920.95
126,002.55
U.S. Government Securities ________ _____ 100,637,000.00
78,975,000.00
Total ---------------------------- 102,060,805.59

------

Reserves:
Gold Certificates on Hand and Due
from U.S. Treasury ________________________ 170,362,677.22
Redemption Fund-Federal Reserve
Notes -----------------------------------------------198,078.56
Other Cash__________________ ________________________
6,694, 722.70
Total ---------------------------- 177,255,4 78.48
Due from Foreign Banks__________________
6,390.06
Federal Reserve Notes of Other F. R.
1,044,100.00
Banks ---------------------------------------------Uncollected Items ------------------------------ 26,933,524.45
Bank Premises, Net _____________________ ______ _ 1,261,184.98
All Other Resources _____ ______________________ .
283,071.59

80,893,418.08

128,869,276.24
681,208.74
6,658,961.95
136,209,446.93
17,279.27
608,150.00
19,607,226.28
1,523,803.10
761,077.21

$308,844.555.15 $239,620,400.87
LIABILITIES
Capital Paid In _____________________________ ___________ $ 3,825,250.00 $ 3,772,750.00
3,783,161.95
Surplus (Section 7) ------------------------------ -3,851,033.93
1,256,096.35
Surplus (Section 13b) ---- -----------------------1,262,389.24
Deposits:
Member Bank-Reserve Account __ __ 168,142,730.76 123,816,056.60
U. S. Treasurer-General Account .
4,232,983.16
4,855,759.66
756,685.73
Foreign Bank --------------------------------·-··-·
2,871,463.45
All Other______________________________________________
3,820,086.58
2,234,676.99
Total --------------- ------------- 179,067,263.95
Deferred Availability Items__________________ 27,044,660.69
Federal Reserve Notes in Actual Circulation _____ ------------------ ------------------------ 91,863,020.00
Reserve for Contingencies__ __ ________________ 1,828,438.25
102,499.09
All Other Liabilities _____________________________ --

131,663,178.98
21,693,543.88
76,064,025.00
1,361,207.94
26,436.77

$308,844.555.15 $239,620,400.87
Ratio of Total Reserves to Deposit and
F. R. Note Liabilities Combined .... __
Commitments to Make Industrial Advances ------------ ---------- ------------------------- ---$

65 %
489,043.96 $

66 %
592,987.96

COMPARATIVE STATEMENT OF PROFIT AND LOSS ACCOUNT
FOR THE YEARS 1936 AND 1935
Earnings on:
1936
1935
6,651.06
Discounted Bills ----------------------------------------$
6,585.52 $
Purchased Bills__________________ ___________ _____________
832.49
933.94
97,424.50
Industrial Advances --------------------------------93,293.41
U. S. Government Securities __________________ 1,458,500.48
1,382,121.23
Commitments to make Industrial Ad3,178.40
5,433.82
vances ____ --------------------------------------------853.17
Deficient Reserve Penalties______________ ____ ___ _
818.81
11,133.21
Miscellaneous ____________ -------------------------- __
9,205.93
Total Current Earnings ______________ __ 1,574,704.82
1,502,261.15
Current Operating Expenses _____________________ 1,435,768.79
1,373,178.53
Less-Reimbursements for services rendered U. S. Treasury, lending agencies,
236,506.24
etc. --------------------- -------------------------------------- 306,463.46
Net Operating Expenses _____________________________ 1,129,305.33
1,136,672.29
Assessment for Expenses of Board of
Governors ____ __ __ ______________________________ _ 49,148.38
37,973.58
Cost of Federal Reserve Currency ______________ 104,080.49
19,017.86
Total Net Expenses ________________ _____ _ 1,282,534.20
1,193,663. 73
Current Net Earnings _________________ _ 292,170.62
308,597.42
Additions to Current Net Earnings:
Profits on Sales of Government Securities ______________ ------------ --------------------------- 896,349.82
172,443.32
All other Additions to Current Net
11,566.26
Earnings __ __ ___ ----------------------------------------- - -4,072.86
'--900,422.68
184,009.58
Deductions From Current Net Earnings:
Reserves for Contingencies ____ _______________ _ 500,000.00
Special Reserves and Charge-offs on
90,000.00
Bank Premises .. _ ----------------- ------------ 192,464.27
Prior Service Contributions to Retire109,423.40
ment System ------------------- --------------------- 109,308.00
Assessment for Building for Board of
Governors ____________________ -----------------------58,742.74
26,143.09
All Other Deductions from Current Net
Earnings ________________________ ---------------------124.25
183.41
- -- -860,639.26
225,749.90
Net Earnings ----------------- -------------- -$ 331,954.04 $ 266,857.10
======
Disposition of Net Earnings:
Paid U. S. Treasurer (Section 13-B) _____ _ 25,035.76
23,428.05
Dividends Paid ______________ _ ________________ _ 228,445.14
237,615.39
Transferr ed to Surplus (Section 13-B)
10,601.16
Transferred to Surplus (Section 7) _______ _ 67,871.98
5,813.66
--~-$ 331,954.04 $ 266,857.10

MEMBER BANKS IN ACTUAL OPERATION
1936
National

State

1935
Total

National

State

Total

Arizona ----------------

2

1

3

3

2

5

Louisiana ------------

9

2

11

9

2

11

New Mexico ________ 16

3

19

16

3

19

10

10

Oklahoma ------------ 10

10

Texas ___________________ .456

51

507

456

53

509

Total ________ ____ 493

57

550

494

60

554

FEDERAL RESERVE NOTE CIRCULATION
1936

1935

Average ----------------------------------------------------------$ 82,529,218 $ 57,120,381
Maximum ------------------------------------------ --------------

95,664,485

77,818,845

Minimum --------------------------------------------------------

71,043,535

46,458,075

VOLUME OF THE1PRINCIPAL TRANSACTIONS HANDLED DURING
THE YEARS 1936 AND 1935
(Units and Amounts Shown in Thousands)

1935

1936
Units

Discounts and Advances ____________________

1 $

Amount

Units

Amount

3 $
5,230
176,152
51,653

Currency Received ------------------------------ 61,308

5,192
210,966

Coin Received --------------------------------- ----- 57,683

6,543

45,258

5,343

7,239,022

35,562

6,045,063

927

30,359

886

26,946

Reserve Banks --------------------------- -----

215

233,254

203

276,384

Government Interest Coupons Paid __

195

5,774

249

5,484

226

2,425

295

2,846

6,730

634,576

4,848

405,925

Banks ------------------------------------------------

58

3,386,129

65

3,026,722

Government Securities Issued, Exchanged and Redeemed____ ____ __ ________

1,031

317,769

136

386,183

16

16,176

54

42,407

Checks Collected for Member Banks
and Other Federal Reserve Banks 39,785
Checks Returned Unpaid ____ _______ ________ _
Notes and Drafts Collected for Member Banks and Other Federal

Coupons of Government Agencies
Paid -------------------------------------------------Government Checks and Warrants
Paid -------------------------------------------------Transfers of Funds for Member

Securities of Government Agencies
Issued, Exchanged and Redeemed
Purchase and Sale of Securities and
Acceptances for Investors ___________ ___

249,514

249,362

OFFICERS AND DIRECTORS
OF THE

FEDE:RAL RESERVE BANK OF DALLAS
AND BRANCHES

OFFICERS

i

W. 0. FORD, Assistant Vice President

C. C. WALSH, Cha irma n of the Board and
Federal Reserve Agent

E . B. AUSTIN, Assistant Cashier

B. A. McKINNEY, P resident

L. G. PONDROM, Assistant Cashier

R. R. GILBERT, First Vice President
R. B. COLEMAN, Vice President and Cashier

R . 0. WEBB, ABBistant Caehier

W. J. EVANS, Vice President a nd Secretary of
the Board

W . P . CLARKE, General Auditor

MEMBER FEDERAL ADVISORY COUNCIL
R. E. HARDING, President, Fort Wor th National Bank, Fort Worth, Texas

COUNSEL
C. C. HUFF, General Counsel
LOCKE, LOCKE, STROUD and RANDOLPH, Counsel

DIRECTORS

ClauA

Term
Expires

PAT. E. HOOKS, President, First National Bank, I tasca, Texas ......................................................... 1D37
ALF MORRIS, President, First National Bank, Winnsboro, Texas.................................................... 1988
ED. H. WINTON, Vice President, Continental National Bank, Fort Worth, Texaa....................-.1939

Claaa B
A. S. CLEVELAND, Wm. D. Cleveland & Sons, Houston, Texas............................... - ........................ 1937
JOHN D. MIDDLETON, President, Texas Refining Company, Greenville, Texas.-.................... 1938
J. R . MILAM, Vice President, The Cooper Company, Inc., Waco, Texas .. ·--··-···----···········---·······-1939
ClauC
C. C. WALSH, Dallas, Texas ............-----·---·--···-----------------·----·---·---·----····--····----····--·--· .............. .. 1937
J. H. MERRITT, Investments, McKinney, Texas............ ..... ---·------·--- -·······------·- .......................... 1988
---···-·--·-----···----··--- -··---·---·-··-------·-- -·-·····-------·-- - - · - - - --········-·-- ............... 1939

EL PASO BRANCH

OFFICERS
J. L. HERMANN, Managing Director

ALLEN SAYLES, Cashier

DIRECTORS
C. N. BASSETT. President, State National
Bank. El Paso, Texas

J. L. HERMANN, Managing Director, Ei Paso,
Texas

FRANK R. COON, President, Mimbres Valley
Bank, Deming, New Mexico

JACK B. MARTIN, President, Arizona Ice &
Cold Storage Company, Tucson, Arizona

FRANK M. HAYNER, President, Las Cruces
Lumber Company, Las Cruces. New Mexico

SAM D. YOUNG, Vice President, El Paso Na.
tiona! Bank, El Paso, Texas

HOUSTON BRANCH

OFFICERS
W. D. GENTRY, Managing Director

H. R. DeMOSS, Cashier

DIRECTORS
P. B. DOTY, President, First National Bank,
Beaumont, Texas

H. RENFERT, Renfert, Helmbrecht and Company, Galveston, Texas

W. D. GENTRY, Managing Director, Houston,
Texas

SAM TAUB, J. N. Taub and Sons, Houston,
Texas

SAM R. LA WDER, Vice President, First National Bank in Houston, Houston, Texau

J. A. WILKINS, President, Slate National
Bank, Houston, Texas

SAN ANTONIO BRANCH

OFFICERS
M. CRUMP, Managing Director

W. E. EAGLE, Ca.hier

DIRECTORS
J. K. BERETTA, President, National Ban\. of
Commerce, San Antonio, Texas

GEORGE C. HOLLIS, Pre•ident, First National Bank, Eagle Pass, Texas

M. CRUMP, Managing Director, San Antonio,
Texas

FRANK M. LEWIS, SR., Owner, F . M. Lewis
Company, Sugar Brokers, San Antonio,
Texas.

EDWIN F. FLATO, President, Corpus Chl'i•ti
Hardware Company, Corpus Christi, •.rexas

WALTER P. NAPIER, President, Alamo National Bank, San Antonio, Texas