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I I Federal Reserve Bank of Dallas REPORT TO STOCKHOLDERS December 31, 1940 This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) January 23, 1941 To the Stockholders of the Federal Reserve Bank of Dallas: There is presented herein a comparative statement of condition of the Federal Reserve Bank of Dallas, including its branches, for the years ended December 31, 1940, and December 31, 1939; also a comparative statement of earnings and expenses for the years 1940 and 1939. In addition, there are included statistical data reflecting the principal activities of the various departments of the bank. It is hoped this information will be of interest to your bank. Yours very truly, R. R. GILBERT President COMPARATIVE STATEMENT OF CONDITION ASSETS Dec.31,1940 Gold certificates on hand and due from U. S. TreasurY--------------------------------------$280,158,786.08 Redemption fund-Federal Reserve notes -------····-··············-·······---------········ 509,393.17 Other cash ···-····-··-·····-··-·······-·······-··········· 14,009,315.10 Total reserves --------------·········· 294,677,494.35 40,304.67 Bills discounted ······--··················-··········· Industrial advances ................................ 278,346.14 U. S. Government securities, direct and guaranteed: Bonds ··-·········-···········--···················· 49,948,000.00 Notes ············-·-································· 34,974,500.00 Total U. S. Government securities ............................ 84,922,500.00 Total bills and securities________ 85,241,150.81 Due from foreign banks________________________ 1,401.20 Federal Reserve notes of other banks.. 1,023,850.00 Uncollected items ·····························-··· 29,528,994.51 Bank premises ........................................ 1,226,150.54 Other assets ----------------···--··················-··· 1,864,227.61 Total assets ·····························-------$413,563,269.02 LIABILITIES Federal Reserve notes in actual circulation ....................................................$ 97,864,595.00 Deposits: Member bank-reserve account _______ _ 240,274,756.51 U. S. Treasurer-general account____ 10,925,758.93 Foreign bank -------------------------------------- 23,248,035.84 Other deposits ----------------------------------- 2,446,097.17 Total deposits --------------------···· 276,894,648.45 Deferred availability items____________________ 27,399,365.31 Other liabilities -----------------·--···--------------61,011.04 Totalliabilities ------------------------ 402,219,619.80 CAPITAL ACCOUNTS Capital paid in _______________________________________ _ 4,207,550.00 3,97 4,489.86 Surplus (Section 7) ---------------------------····· 1,262,609.36 Surplus (Section 13b) ------------·-··-----------Other capital accounts ___________________________ _ 1,899,000.00 Total liabilities and capital accounts ------------------------------$413,563,269.02 Commitments to make industrial 3,907.12 advances ---------------········ ······ -----------------$ Dec.31,1939 $242,195,849.92 364,374.99 15,258,031.06 257,818,255.97 149,780.00 500,359.67 48,970,000.00 41,075,500.00 90,045,500.00 90,695,639.67 1,354:01 865,450.00 26,817,913.55 1,175,000.96 2,138,533.32 $379,512,147.48 $ 83,573,910.00 - 216,793,717.02 21,232,956.79 11,784,306.77 9,584,184.70 259,395,165.28 25,388,178.26 48,438.97 - --'---368,405,692.51 4,065,950.00 3,974,461.76 1,266,043.21 1,800,000.00 $379,512,147.48 COMPARATIVE STATEMENT OF EARNINGS AND FOR THE YEARS 1940 AND 1939 Earnings: 1940 4,656.38 Discounted bills ·····------···-·····-········-·····-·---$ Purchased bills ......................................... . 22,477.03 Industrial advances ·-·-··--·-······---·············-· Commitments to make industrial ad15.49 vances ··············--··-·····----·········--·-····------U. S. Government securities.................... 1,624,280.89 11,860.08 All other ··-------··--·------·-····--·····-··---·-·--·--·--·· Total current earnings............ 1,663,289.87 Current operating expenses______ ________ __________ 1,694,392.32 Less-Reimbursements received for certain fiscal agency and other expenses.... 518,613.82 Net operating expenses............ 1,175, 778.50 Assessment for expenses of Board of Governors ··--··-·---·-··---------···-···-··-····-----·----· 50,508.56 35,976.73 Cost of Federal Reserve currency.............. Total net expenses.................... 1,262,263.79 Current net earnings................ 401,026.08 Additions to current net earnings: Profits on U. S. Government securities sold-net -·--····-----·--··-···--···----···-·--·-··-···- 449,202.79 52,951.76 All other --------·-------·---------------·····------------··502,154.55 Deductions from current net earnings: Special reserve on bank premises __________ __ 543,737.78 Reserve for estimated losses on industrial advances-net ............................. . 16,000.00 All other ........,. ........................................... 271.39 560,009.17 Net earnings ............................ $ 343,171.46 Disposition of net earnings: Paid U. S. Treasurer (Section 13b) ···-···.............. Dividends paid ···········-·--·····-·-··-·····-··------- 247,577.21 Transferred from surplus (Section 13b) 3,433.85 Transferred to surplus (Section 7) -----·-99,028.10 $ 343,171.46 SURPLUS ACCOUNT (SECTION 7) Balance at close of previous year................ $3,974,461.76 99,028.10 Addition as above.......................................... Transferred to reserves for contingencies 99,000.00 Balance at close of current year....$3,974,489.86 EXPENSES $ 1939 3,672.49 67.37 32,598.51 127.25 1,422,669.85 7,075.97 1,466,211.44 1,623,832.16 509,981.33 1,113,850.83 47,679.31 37,945.73 1,199,475.87 266,735.57 169,192.05 8,514.18 177,706.23 78,000.00 14,000.00 240.17 92,240.17 $ 352,201.63 616.93 241,185.41 ······-·-----110,399.29 $ 352,201.63 $3,891,869.97 110,399.29 27,807.50 $3,97 4,461. 76 NUMBER OF MEMBER BANKS IN OPERATION December 31, 1939 December 31, 1940 National State Total National State Total Arizona ---------------- 1 1 2 1 1 2 Louisiana ------------ 9 2 11 9 2 11 New Mexico ________ 16 3 19 16 3 19 Oklahoma ____________ 10 1 11 10 1 11 Texas __________________ __446 79 525 445 56 501 Total ________ __ __482 86 568 481 63 544 FEDERAL RESERVE' NOTE CIRCULATION 1940 Average -----------------------------------------------------------$ 84,285,000 1939 $78,851,000 Maximum -------------------------------------------------------- 98,408,000 86,142,000 Minimum -------------------------------------------------------- 78,028,000 75,329,000 1 J VOLUME OF THE PRINCIPAL TRANSACTIONS HANDLED DURING THE YEARS 1940 AND 1939 (Units and Amounts Shown in Thousands) 1940 Units Discounts and advances _____________________ _ 1 J 1939 Amount 1 $ 4,694 Units Amount 1 $ 4,485 Currency received ------------------------------ 59,619 195,636 57,270 189,066 Coin received ---------------------------------------- 77,860 7,524 74,833 7,354 Currency paid out.. .............................. 212,240 197,856 Coin paid out........................................ 9,292 8,504 Checks handled ------------------------------------ 49,713 8,563,569 47,023 7,929,323 Checks returned unpaid ...................... 1,111 39,148 1,024 34,938 Collections handled ------------------------------ 250 190,029 230 221,349 174 5,018 191 5,712 99 1,244 138 1,436 7,117 665,015 6,883 634,942 banks ------------------------------------------------ 52 4,138,356 55 4,202,878 U. S. Government securities issued, exchanged and redeemed ________________ 104 248,796 98 269,925 8 11,405 26 42,188 u. s. Government interest coupons paid ---------------------------------------------------Coupons of governmental agencies paid ---------------------------------------------------- u. s. Government checks and war- rants paid ---------------------------------------Transfers of funds for member 1 J Securities of governmental agencies issued, exchanged and redeemed.... Purchase and sale of securities and acceptances for investors ................ 82,610 113,600 DIRECTORS AND OFFICERS January 1,1941 DmECTORS J. H. MERRITT, Investments, McKinney, Texu Chairman JAY TAYLOR, Livestock. Amarillo, Texas Deput;y Chairman J. B. COZZO, Womack & Cozzo, Builders & Contractors, Dallas, Texas E. L. KURTH, Vice President, Angelina County Lumber Company, Keltya, Texas J. R. MILAM, President, The Cooper Company, Inc., Waco, Texas FORD SEALE, President, Citizens National Bank, Denison, Texas FRANK TURNER, President, Firat National Bank in Decatur, Decatur, Texu J. M. WEST, Chairman of Board, West Production Company, Houston, Texas ED. H. WINTON, Executive Vice President, Continental National Bank, Fort Worth, Texu OFFICERS R. R. GILBERT, President E. B. STROUD, First VIce President and General Counsel W. 0. FORD, Cashier R. B. COLEMAN, Vice President L. G. PONDROM, Assistant Cashier W. J. EVANS, VIce President and Secretary of the Board R. 0. WEBB, Aeelatant Cashier E. B. AUSTIN, Assistant Cashier MAC C. SMYTH, Assistant Cashier W. H. HOLLOWAY, General Auditor MEMBER FEDERAL ADVISORY COUNCIL R. E. HARDING, President, Fort Worth National Bank, Fort Worth, Texas EL PASO BRANCH DmECTORS R. W. McAFEE, Vice President, State National Bank, El Paso, Texas H. A. JACOBS, Vice President, El Paso National Bank, El 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 R. E. SHERMAN, President, Leavell & Sherman, Inc., El Paso, Texas J. L. HERMANN, Managing Director OFFICERS ALLEN SAYLES, Cashier J. L. HERMANN, Managing Director HOUSTON BRANCH DmECTORS GEORGE G. CHANCE, Agriculture, Bryan, Texas SAM R. LAWDER, Vice President, Firet National Bank In Houston, Houston, Texas P. B. DOTY, President, First N at!onal Bank, Beaumont, Texas H. RENFERT, Cotton Merchant, Galveston, Texas W. NEAL GREER, Vice President, Citizens State Bank, 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 DmECTORS J. K. BERETTA, President, National Bank of Commerce, San Antonio, Texas ERNEST J. MILLER, President, South Texas National Bank, San Antonio, Texas DOLPH BRISCOE, Livestock, Uvalde, Texa1 J. M. ODOM, General Contractor, Austin, Texas EDWIN F. FLATO, President, <Jorpus Christl Hardware Company, Corpus Christl, Texas J. A. WALKER, Cashier, Del Rio National Bank, Del Rio, Texas M. CRUMP, Managing Director OFFICERS M. CRUMP, Managing Director W. E. EAGLE, Calhler
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