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Federal Reserve Bank of Dallas • REPORT TO STOCKHOLDERS December 31, 1943 This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) January 25, 1944 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, 1943, and December 31, 1942; also a comparative statement of earnings and expenses for the years 1943 and 1942. In addition, there are included statistical data reflecting the principal activities of the various departments of the bank. It is hoped this infonnation will be of interest to your bank. Yours very truly, R. R. GILBERT President COMPARATIVE STATEMENT OF CONDITION ASSETS Dec. 31, 1943 Gold certificates on hand and due from U. S. Treasury___ _.... _ --------$ 468,987,403.15 Redemption fund-Federal Reserve 9,836,736.86 notes ------------------------------------------·-- --11,049,632.72 Other cash ------------------- --- ---·-------·---------Total reserves -------·-------- 489,873,772.73 Bills discounted -----------------------------------Industrial advances ___________________ ___ _____ 12,437.50 U. S. Government securities, direct and guaranteed: Bonds -------------------------------------------- 100,408,000.00 Notes ---------------------------------------- ___ 41,772,000.00 Certificates of indebtedness ______ _ 152,038,000.00 Bills ---------------------------------------------- 208,643,000.00 Total U. S. Government securities ---------------------· 502,861,000.00 Total bills and securities 502,873,437.50 4,07 4.69 Due from foreign banks______________________ Federal Reserve notes of other banks 3,930,150.00 Uncollected items ---------------------- ---------69,582,064.51 Bank premises -----------------------------------963,388.86 Other assets ---------------------------------------3,632,570.12 Total assets ___ ______ ___________ $1,070,859,458.41 Dec. 31, 1942 $520,889,122.02 371,094.31 17,175,430.91 538,435,64 7.24 72,500.00 31,082.25 113,568,500.00 54,701,500.00 42,335,000.00 17,040,000.00 227,645,000.00 227,748,582.25 1,355.11 2,694,650.00 53,476,000.09 1,052,487.45 3,590,009.89 $826,998,732.03 LIABILITIES Federal Reserve notes in actual circulation ---- ----------------------------· -----------$ 416,356,140.00 $251,765,520.00 Deposits: Member bank-reserve account.. . 520,289,250.68 468,387 '797 .60 U. S. Treasurer-general account 26,839,829.21 27,947,228.98 20,269,893.36 Foreign ---------------------------------- ---------37,980,849.24 3,456,188.96 Other deposits -------------------------------3,016,352.48 Total deposits --·--------------- 588,126,281.61 520,061,108.90 Deferred availability items _______________ 52,662,848.38 43,312,384.84 Other liabilities ____ ----------------------------- - - - 218,672.28 120,800.01 -'--Total liabilities __ ·------- ____ 1,057,363,942.27 815,259,813.75 CAPITAL ACCOUNTS Capital paid in______ ________________________________ 4,656,950.00 4,450,200.00 4,082,593.56 Surplus (Section 7) --·-------·------------·---4,831,441.42 Surplus (Section 13b) ____ ______________ _____ 1,307,124.72 1,307,124. 72 Other capital accounts_______ __________ _______ 2,700,000.00 1,899,000.00 Total liabilities and capital accounts _______________ _$1,070,859,458.41 $826,998,732.03 COMPARATIVE STATEMENT OF EARNINGS AND EXPENSES FOR THE YEARS 1943 AND 1942 Earnings: 1943 1942 3,171.15 Discounted bills ........................................$ 1,665.55 $ Industrial advances ............................... . 1,075.29 7,938.95 Commitments to make industrial advances ................................................... . 6.87 U. S. Government securities ................... 2, 798,224.53 2,009,841.27 All other .......................................... _____ ____ 11,651.86 11,476.30 Total current earnings ____ ________ 2,812,617.23 2,032,434.54 Current operating expenses _____________ .. _____ 3,773,170.15 2,450,521.13 Less-Reimbursements received for certain Fiscal Agency and other 1,061,233.91 expenses ··-·····················-·-··· ·····-··-······ 2,150,545.84 Net operating expenses __________ 1,622,624.31 1,389,287.22 Assessment for expenses of Boa rd of 71,270.83 Governors -----·--·······-···--······ _____ . Cost of Federal Reserve currency 217,774.92 Total net expenses..... .. . ... . 1,911,670.06 Current net earnings ___ __ ......... . 900,947.17 51,340.83 137,886.37 1,578,514.42 453,920.12 Additions to current net earnings: Profit on U. S. Government securities sold-net ··············-··············-······-········· 1,387,780.12 All other ---·-····-·····-············-·--··--·---············ 1,927.82 1,389,707.94 128,841.01 67,777.41 196,618.42 Deductions from current net earnings: Retirement System (Interest Base Adjustment) ----·············---··-······-------------·· All other ·······-·················-················--·······- 468,031.44 659.49 468,690.93 Net earnings ----------------·--···-- 1,821,964.18 208,523.00 164.65 208,687.65 441,850.89 Disposition of net earnings: 265,769.09 Dividends paid ··-··-·······-···· -------------·······-·- 271,378.12 Paid U. S. Treasury (Section 13b) ____ .. 25,035.76 738.20 Transferred to Surplus (Section 13b) .. 44,515.36 None Transferred to Surplus (Section 7) ___ _ 106,530.68 748,847.86 Transferred to Reserves for Contingencies through Surplus (Section 7) ...... 801,000.00 None $1,821,964.18 $ 441,850.89 ,. FEDERAL RESERVE NOTE CIRCULATION 1943 1942 Average ------------------------------------------------------- -$322,338,000 $173,964,000 Maximum ------------------------------------ --- --------------- 416,976,000 251,766,000 Minimum ------------------------------------ ------------ ------ 244,265,000 132,918,000 NUMBER OF MEMBER BANKS IN OPERATION December 31,1943 ;National State 1 December 31, 1942 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 ____________ 8 2 10 10 1 11 Texas ____ ______________ _.439 94 533 439 88 527 473 102 575 475 95 570 ~·· ··- ------ During the year 1943, the eight banks listed below, located in the Eleventh Federal Reserve District, became members on the dates shown: April 27 June 12 September 16 October 18 November 18 December 1 December 4 December 6 The First State Bank, Avinger, Texas Continental State Bank, Alto, Texas Peoples State Bank, Rocksprings, Texas Heights State Bank, Houston, Texas Houston Land and Trust Company, Houston, Texas The Citizens State Bank, Hugo, Oklahoma First National Bank of Grand Saline, Grand Saline, Texas The Security State Bank, Pecos, Texas J, VOLUME OF THE PRINCIPAL TRANSACTIONS HANDLED DURING THE YEARS 1943 AND 1942 (Units and Amounts Shown in Thousands) 1942 1943 Units Amounts Units Amounts 1 Discounts and advances.................. J Cun-ency received .......................... 108,208 522,205 79,000 334,016 Coin received ·-···············----------------· 84,171 7,494 85,214 7,699 1 $ 4,803 1 $ 5,720 Cun-ency paid out ____________ ____ _____ ·---· 613,602 431,078 Coin paid out ___ ·--·----·----------------·--·-··· 19,259 13,861 Checks handled ----·------·--·--·---·-----·-· 64,082 15,114,582 58,949 12,570,926 Checks returned unpaid _________________ _ 830 46,173 985 56,305 Collections handled -·--···--·--·-·--·--·-·- 251 320,365 264 299,447 278 16,372 214 8,438 75 1,234 97 1,352 rants paid ---··--·-··-·-·-······---··-·------- 14,124 4,353,132 9,504 2,635,800 65 9,469,411 66 6,929,400 U. S. Government securities issued, exchanged and redeemed 11,503 3,735,839 4,371 1,661,031 5 10,026 U. S. Government interest coupons paid ---------·---·-·--·---··---·--·--·-··-··--···· Coupons of governmental agencies paid ·--·-··--··--··-----·--·------··-·-·····--··-· U.S. Government checks and war- Transfers of funds for member banks -·-·-·---------·--··---·--·---·-···--···-·-- Securities of governmental agencies issued, exchanged and redeemed ---------------·-·-·--·-····---·-------- 2 4,662 Purchase and sale of securities and acceptances for investors .. 2 756,608 112,523 DIRECTORS AND OFFICERS 1944 DffiECTORS Chairman •JAY TAYLOR, Ranching and St ockyards, Amarillo, Texae Deputy Chairman J. R. PARTEN, President, Woodley Petroleum Co., Houston, Texas DOLPH BRISCOE Livestock, Wool and Mohair, Uvalde, Texas GEORGE A. IDLL, JR., President, Houston Oil Company of Texas, Houston, Texas E. L. KURTH, Vice President. Angelina County Lumber Company, Keltys, Texas J. R. MILAM, President, The Cooper Company, Inc., Waco, Texas WALTER P. NAPIER, President, Alamo National Bank, San Antonio, Texas FRANK TURNER, President, First National B'ank in Decatur, Decatur, Texas J. E. WOODS, Chairman of the Board, Temple National Bank, Temple, Texas •on leave of absence-serving in the United States Armed Forces OFFICERS R. R. GILBERT, President E. B. STROUD, First Vice President and General Counsel E. B. AUSTIN, Vice President R. B. COLEMAN, Vice President R. 0. WEB'B, Assistant Cashier W. J. EVANS, Vice President and Secretary of the Board W. E. EAGLE, Assistant Cashier W. 0. FORD, Vice President MAC C. SMYTH, Assistant Cashier W. D. GENTRY, Vice President and Cashier ALLEN SAYLES, Assistant Cashier L. G. POND ROM, Vice President H. R. DeMOSS, Assistant Cashier W. H. HOLLOWAY, General Auditor MEMBER FEDERAL ADVISORY COUNCIL ED. H. WINTON, President, Continental National Bank, Fort Worth, Texae EL PASO BRANCH DffiECTORS Chairman FRANK M. HAYNER, President, Las Cruces Lumber Company, Las Cruces, New Mexico R. W. McAFEE. President, State N a tiona! Bank, E1 Paso, Texas J. E. MOORE, Vice President, The First National Bank of Roswell, Roswell, New Mexico H. A. JACOBS, Executive Vice President, El Paso National Bank, El Paso, Texas R. E. SHERMAN, Pre3ident, Leavell & Sherman, Inc. El Paso, Texas JACK B. MARTIN, President, Arizona Ice & Cold Storage Company, Tucson, Arizona JOHN K. IDCKS, President and Manager, Hicka-Hayward Company, El Paso, Texas OFFICERS GROVER C. PAGE, Cashier J. L. HERMANN, Manager HOUSTON BRANCH DffiECTORS Chairman H. RENFERT, Cotton Merchant, Galveston, Texas J. S. AB'ERCROMBIE, President, J. S. Abercrombie Company, Houston, Texas GEO. A. SLAUGHTER. Farming, Wharton, Texas W. NEAL GREER, President, Citizens State Bank, Houston, Texas D. C. ROBERTS, President, Wharton Bank and Trust Company, Wharton, Texas J. W. McCULLOUGH, President, Hutchlngs-Sealy National Bank, Galveston, Texas JAMES A. ELKINS, President, City National Bank, Houston, Texas OFFICERS E. B. AUSTIN, Vice :President in Charge •c. M. ROWLAND, Cashier HOWARD CARRITHERS, Assistant Cashier SAN ANTONIO BRANCH DffiECTORS Chairman J. M. ODOM, General Contractor, Austin, Texas R. D. BARCLAY, President, National Bank of Commerce, San Antonio, Texas ERNEST J. MILLER, Pr~sident, South Texas National Bank, San Antonio, Texas HOLMAN CARTWRIGHT, Livestock and Farming, Dinero, Texas J. A. WALKER, Vice President, Del Rio National Bank, Del Rio, Texas T. C. FROST, Vice President, Frost National Bank, San Antonio, Texas GEORGE W. STOCKING, Professor of Eeonomics, University of Texas, Austin, Texas OFFICERS L. G. POND ROM, Vice President in Charge •J. L. COOK, Cashier H. K. DAVIS, Assistant Cashier •J!:trective February 1, 1944. \ v 0 X ~ w z ~ w <t 0 .z