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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.

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