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Federal Reserve Bank , of Dallas REPORT TO STOCKHOLDERS December 3 1, 19 3 8 This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) January 16, 1939 .. . 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, 1938, and December 31, 1937, 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 ASSETS Dec. 31, 1938 Dec. 31, 1937 Gold certificates on hand and due from U. S. Treasury ------------------------------------$210,498,37 4.64 $181,831,209.82 Redemption fund-Federal Reser ve 236,481.37 190,945.79 notes ---------------------------------------------------14,148,967.20 Other cash ---------------------------------------------- 14,399,797.84 Total reserves ------------------------ 225,089,118.27 196,216,658.39 43,363.28 Bills discounted -------------------------------------24,243.35 15,927.33 Bills bought in open market_____________ _____ 79,566.13 946,219.04 Industrial advances -------------------------------775,041.14 U. S. Government securities: 29,231,500.00 Bonds ---------------------------------------------------- 30,913,000.00 44,926,000.00 Treasury notes ---------------------------------- 42,531,500.00 25,574,000.00 Treasury bills -------------------------------------- 20,814,000.00 Total U. S. Government securities _____ _______________________ 94,258,500.00 99,731,500.00 Total bills and securities_______ 95,073,711.82 100,800,648.45 Due from foreign banks______ __________________ 4,991.83 5,186.65 Federal Reserve notes of other banks _ 1,308,100.00 1,025,450.00 Uncollected items ---------------------------------- 25,621,642.53 27,980,448.50 Bank premises ______ -------------------------------1,260,949.86 1,281,395.15 Other assets -------------------------------------------1,564,462.24 1,368,312.85 Total assets __ _____ _______________ __ ____ $349,922,976.55 $328,678,099.99 LIABILITIES Federal Reserve notes in actual circulation ----------------------------------------------------$ 81,375,590.00 Deposits: Member bank-reserve account________ 183,468,112.98 U. S. Treasurer-general account____ 38,428,172.03 Foreign bank -------------------------------------5,783,810.61 Other deposits -----------------------------------2,686,176.33 Total deposits _______ ________________ 230,366,271.95 Deferred availability items_____ ___ ____________ 27,253,633.97 Other liabilities -------------------------------------36,724.95 Total liabilities ---------------------- 339,032,220.87 CAPITAL ACCOUNTS Capital paid in _______________________________________ _ 3,960,650.00 3,891,869.97 Surplus (Sec. 7) -------------------- __ ---------------1,266,043.21 Surplus (Sec. 13-b) -------------------------------Other capital accounts ___________________________ _ 1,772,192.50 Total liabilities and capital accounts ------------------------------$349,922,976.55 Commitments to make industrial 45,619.42 advances ----------------------------------------------$ $ 86,373,300.00 190,569,865.92 4,003,854.14 5,031,119.94 2,677,504.97 202,282,344.97 29,003,764.19 126,009.99 317,785,419.15 3,890,900.00 3,891,869.97 1,270,077.47 1,839,833.40 $328,678,099.99 $ 268,742.74 COMPARATIVE STATEMENT OF PROFIT AND LOSS ACCOUNT FOR THE YE~S 1938 AND 1937 Earnings on: 1938 1937 9,966.85 Discounted bills ---------------- ------------------------$ 4,799.95 $ 642.01 Purchased bills __ ______ -·------------------------------75.67 U. S. Government securities ____________________ 1,267,075.91 1,527'738.31 69,611.19 Industrial advances ---------------------------- -- _ 48,185.94 Commitments to make industrial ad1,445.82 3,464.74 vances ---------------------------------------------------8,873.08 12,069.98 All other ---------------------------------------------------Total current earnings . ____________ 1,330,456.37 1,623,493.08 Current operating expenses _____________________ 1,552,386.01 1,392,453.25 Less-Reimbursements for services rendered U. S. Treasury, lending agencies, etc. _____________________ ---·---------------------------------- 448,328.70 305,025.45 Net operating expenses _____ __ _______________ ··----- 1,104,057.31 1,087,427.80 Assessment for expenses of Board of Governors ____ __ _____ ________ __ ______ __ 50,734.34 51,390.36 37,154.73 Cost of Federal Reserve currency__________ ____ 70,039.96 Total net expenses. ______________ _ _ 1,191,946.38 1,208,858.12 Current net earnings ____________ _____ 138,509.99 414,634.96 Additions to current net earnings: Profits on sales of Government secur94,275.13 ities -------------------- ------------------------------------ 324,310.29 18,272.87 15,735.74 All other ---------------------------------------------------340,046.03 112,548.00 Deductions from current net earnings: Reserve for losses on industrial ad27,500.00 vances -------------------------------------·-------------Special reserves and charge-offs on bank 70,003.50 premises --- ------------------·-------------------------Prior service contributions to retire109,308.00 ment system ----------------------------- ------------- 218,616.00 Assessment for building for Board of 41,878.04 Governors ---- -----------------------------------------180.61 445.06 All other ----------------------------------------------------- - -246,296.61 221,634.60 Net earnings -·-------------·-------------- $ 232,259.41 $ 305,548.36 Disposition of net earnings: ====== Paid U. S. Treasurer (Sec. 13b) ______________ 25,035.76 Dividends paid ____ _________ ·---------- __________ 236,293.67 231,988.33 Transferred to surplus (Sec. 13b) --·---- - 4,034.26 7,688.23 Transferred to surplus (Sec. 7) ·--·-----· 40,836.04 $ 232,259.41 $ 305,548.36 MEMBER BANKS IN ACTUAL OPERATION 1938 National State 1937 Total National State Total Arizona ---------------- 1 1 2 1 1 2 Louisiana ----·------· 9 2 11 9 2 11 New Mexico .......... 16 3 19 16 3 19 Oklahoma ------------ 10 1 11 10 1 11 Texas ___________________ .449 52 501 453 51 504 Total ........... .485 59 544 489 58 547 l FEDERAL RESERVE' NOTE CIRCULATION 1938 1937 Average ----------------------------------------------------------$ 79,266,132 $ 90,631,635 Maximum -------------------------------------------------------- 86,747,610 94,501,345 Minimum -------------------------------------------------------- 74,898,050 86,373,300 l VOLUME OF THE PRINCIPAL TRANSACTIONS HANDLED DURING THE YEARS 1938 AND 1937 (Units and Amounts Shown in Thousands) 1937 1938 Units 1 Amount Units Amount 2 $ 4,126 Discounts and advances --------------------2 $ Currency received___________________ ____________ _ 55,930 188,159 14,421 61,771 213,051 Coin received _______________________ ______________ ___ 76,723 7,894 73,750 7,471 Checks collected for member banks and other Federal Reserve banks .. 44,110 7,640,564 43,474 8,463,487 Checks returned unpaid______________________ 1,034 33,635 993 34,159 Notes and drafts collected for member banks and other Federal Reserve banks ______________________________ __ __ 224 221,761 243 256,376 Government interest coupons paid __ _ 194 6,361 200 6,622 160 1,708 181 1,962 5, 721 533,274 5,103 485,993 57 3,881,169 64 4,136,212 100 230,150 133 188,338 3 4,275 4 4,627 Coupons of Government agencies paid ------------------------------------------------Government checks and warrants paid ----------------------------------- ·-- -----------Transfers of funds for member banks ----- ----------------------- ____ ____________ _ Government securities issued, exchanged and redeemed..... ____________ _ Securities of Government agencies issued, exchanged and redeemed .. Purchase and sale of securities and acceptances for investors __________ __ 135,612 183,021 DIRECTORS AND OFFICERS 1939 DIRECTORS J. H. MERRITT, Investments, McKinney, Texas Chairman JAY TAYLOR, Livestock, Amarillo, Texns Deputy Chairman PAT E . HOOKS, President First National Bank, Itasca, Texas FORD SEALE, President, Citizens National Bank, Denison, Texas JOHN D. MIDDLETON, President, Texas Refining Company, Greenville, Texas HARRY C. WIESS, President, Humble Oil & Refining Company, Houston, Texas J . R . :MILAM, President, The Cooper Company, Inc., Waco, Texas ED. H. WINTON, Vice President, Continental National Bank, Fort Worth, Texas OFFICERS B. A. McKINNEY, President R. R. GILBERT, First Vice President W . 0. FORD, Assistant Vice President R. B. COLEMAN, Vice President and Cashier E. B. AUSTIN, Assistant Cashier W. J. EVANS, Vice President and Secretary of the Board L. G. PONDROM, Assistant Cashier R. 0. WEBB, Assistant Cashier W. P. CLARKE, General Auditor MEMBER FEDERAL ADVISORY COUNCIL R. E. HARDING, President, Fort Worth National Ba nk, Fort Worth, Texas COUNSEL LOCKE, LOCKE, STROUD AND RANDOLPH EL PASO BRANCH DIRECTORS C. N. BASSETT, President, State National Bank, El Paso, Texas JACK B. MARTIN, President, Arizona Ice & Cold Storage Co., Tucson, Arizona FRANK R. COON, President, Mimbres Valley Bank, Deming, New Mexico R. E. SHERMAN, President, Leavell & Sherman, Inc., El Paso, Texas FRANK M. HAYNER, President, Las Cruces Lumber Co., Las Cruces, New Mexico SAM D. YOUNG, Vice President, El Paso National Bank, El Paso, Texas J. L . HERMANN, Managing Director OFFICERS J. L. HERMANN, Managing Director ALLEN SAYLES, Cashier HOUSTON BRANCH DIRECTORS GEORGE G. CHANCE, Agriculture, Bryan, Texas J. W. NEAL, Chairman of Board, Second National Bank, Houston, Texu P . B. DOTY, President, First National Bank, Benwnont, Texas H. RENFERT, Renfert, Helmbrecht and Company, Galveston, Texas SAM R. LAWDER, Vice President, First National Bank in Houston, Houston, Texas SAM TAUB, J. N. Taub and Sons, Houston, Texas W. D. GENTRY, Managing Director OFFICERS W. D. GENTRY, Managing Director H. R. DeMOSS, Cashier SAN ANTONIO BRANCH DIRECTORS C. M. BARTHOLOMEW, Vice President and Cashier, Austin National Bank, Austin, Texas EDWIN F. FLATO, President, Corpus Christi Hardware Company, Corpus Christi, Texns J. K. BERETTA, President, National Bank of Commerce, San Antonio, Texas GEORGE C. HOLLIS, President, First National Bank, Eagle Pass, Texas DOLPH BRISCOE, Livestock, Uvalde, Texas M. CRUMP, Managing Director OFFICERS M. CRUMP, Managing Director W. E. EAGLE, Cashier
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