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Federal Reserve Bank
of Dallas

REPORT TO STOCKHOLDERS

December 31, 1945

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

January 23, 1946

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, as of December 31, 1945, and December 31, 1944; also a comparative statement of earnings
and expenses for the years 1945 and 1944. 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, 1944
Dec. 31, 1945
Gold certificates on hand and due
from U. S. Treasury ---------------------$ 465,459,424.52 $ 527,145,400.09
Redemption fund-Federal Reserve
17,754,551.86
notes ___________ ------------------------- ___ __ __ 26,155,394.99
9,434,169.13
11,800,067.87
Other cash ----------------------------------- ___ _
554,334,121.08
Total reserves ------·-- ----- 503,414,887.38
Bills discounted ____ ___·___:___________________ _
200,000.00
1,410,000.00
U.S. Government securities,
direct and guaranteed:
Bonds ______ ____ ____ ... . _-----·-· -----·
33,957,000.00
41,306,000.00
42,827,000.00
92,466,000.00
Notes ............ ----········ ----···········
133,449,000.00
Certificates of indebtedness .... 364,886,000.00
461,372,000.00
Bills _........................................ . 444,765,000.00
Total U.S. Government
671,605,000.00
securities ................ 943,423,000.00
671,805,000.00
Total bills and securities 944,833,000.00
3,314.82
3,933.42
Due from foreign banks ................ .
Federal Reserve notes of other
banks ... ····-·······--- -· ........................
5,812,000.00
5,802,400.00
Uncollected items . ..........................
83,162,443.84
80,740,270.47
Bank premises .... _ ----·····················
· 828,709.08
901,186.65
Other assets ................................. .....
2,911,596.91
1,785,632.20
Total assets .................$1,540,965,952.03 $1,315,372,543.82
LIABILITIES
Federal Reserve notes in actual
circulation ................... ............ $ 618,639,375.00
Deposits:
Member bank-reserve account . 764,669,977.22
U.S. Treasurer-general
account ____ ...... ..........................
36,544,012.44
Foreign .................................. ·----··
24,611,948.64
Other deposits ___ .... ...................
1,359,852.54
Total deposits .............. 827,185,790.84
Deferred availability items . ..... ....
75,172,477.05
Other liabilities ............ .................
238,800.25
Total liabilities .. ... _ $1,521,236,443.14
CAPITAL ACCOUNTS
6,007,150.00
Capital paid in . _........ ................ .$
Surplus (Section 7) ___ ........ ······----·
10,669,643.41
1,307,124.72
Surplus (Section 13b) .... -----···· .......
Other capital accounts ····----··-·- .....
1,745,590.76
Total liabilities and capital accounts ___ . ...... $1,540,965,952.03

$ 546,526,550.00
642,980,502.54
12,084,870.40
33,524,397.59
3,720,787.99
692,310,558.52
60,206,800.54
558,393.78
$1,299,602,302.84

$

5,238,150.00
6,024,966.26
1,307,124.72
3,200,000.00

$1,315,372,543.82

COMPARATIVE STATEMENT OF EARNINGS AND EXPENSES
FOR THE YEARS 1945 AND 1944
1945

Earnings:

1944

4,578.63 $ 13,964.11
Discounted bills ---·-- --- ------------- ·-·---·-··---·--··$
166.40
Industrial advances ---·-····-··--·-··-··---··-···-···
Commitments to make industrial ad477.49
vanccs . . .. ..
.. ··--- .... ... .. . . .. .
800.37
U. S. Government securities - System
account _-·- -----··-···--·----··----····-·-·· . .. . _ 5,422,333.93 3,804,840.70
96,568.22
Other U. S. securities......... ..... ....... _ 108,696.74
9,359.45
9,802.38
All other --··---·-··------·-··········-··-··----·· -···-----Total current earnings ............$5,546,212.05 $3,925,376.37
Current operating expenses ..... ·· --···-·--·-· ·-- 3,578,192.31
Less-Reimbursement received for
certain Fiscal Agency and Other
expenses -···-··------·-·------·-··--. ··-·-----·-·--··- 1,740,869.57
Net operating expenses ........... 1,837,322.74
Assessment for expenses of Board of
Governors ---------·-------------·-·-·-·-·--·---------····-71,180.25
Cost of Federal Reserve currency .. ····--·-- 213,425.15
Total net expenses........ .. .. ... 2,121,928.14
Current net earnings................ 3,424,283.91

3,798,649.65
2,025,759.43
1,772,890.22
67,753.40
231,216.10
2,071,859. 72
1,853,516.65

Additions to current net earnings:
Profit on U. S. Government securities
Sold-net ---·---------·---------------·--·-·--------· ..
All other ----·---------·-----------------------·----·-·--··-·

141,060.75
11,321.47
152,382.22

135,188.20
1,567.61
136,755.81

41,215.20
41,215.20
Net earnings ------···-····-····-·-··-·-· 3,535,450.93

345.10
345.10
1,989,927.36

Disposition of net earnings:
Paid U. S. Treasury (Section 13b) ________
729.87
Dividends paid -----·-----·------------··-------·---··. .. 344,375.40
Transferred to Surplus (Section 7) ------·· 3,190,345.66
Transferred to Surplus (Section 13b) -·None
$3,535,450.93

513.57
295,888.95
1,693,524.84
None
$1,989,927.36

Deductions from current net earnings:
All other --·--·-----··------ ·-·--··-----··-·-----·--·-·-· ··-

FEDERAL RESERVE NOTE CffiCULATION
1945

1944

Average ........................................................$581,023,163

$468,616,218

Maximum ...................................................... 627,029,255

546,526,550

Minimum ................................................... ... 534,802,705

405,632,215

NUMBER OF MEMBER BANKS IN OPERATION
December 31, 1944
December 31, 1945
National

State

Total

National

1
3
3
2

1
9
16

Arizona ................ 0
Louisiana ............ 9
New Mexico ....... 16
Oklahoma ............ 8
Texas ············ .... .434

109

1
12
19
10
543

467

118

585

State

I

Total

1

2

8
435

2
3
2
102

11
19
10
537

469

110

579

J

"

During the year 1945, the nine banks listed below, located in the
Eleventh Federal Reserve District, became members on the dates
shown:
March3
April13
April14
April23
May5
June 1
June 16
December 10
December 24

Panhandle State Bank, Borger, Texas
State Bank of Mansfield, Mansfield, Texas
First State Bank of Uvalde, Texas
First State Bank, Odessa, Texas
Central Savings Bank & Trust Company, Monroe,
Louisiana
Harlingen State Bank, Harlingen, Texas
The First State Bank, Booker, Texas
McAllen State Bank, McAllen, Texas
First State Bank & Trust Company of Lufkin, Texas

J

I

VOLUME OF THE' PRINCIPAL TRANSACTIONS HANDLED DURING
THE YEARS 1945 AND 1944

(Units and Amounts Shown in Thousands)

1945
Units

Discounts and advances_---·------------

1 $

1944

Amounts

29,531

42,616

594,164 106,901

568,369

Coin received ----------------------· ___________ 110,707

9,170 105,577

8,833

Currency paid out ___________________________ _

591,887

622,239

Coin paid out ________________ -------- ------------

13,467

14,672
66,286

15,869,933

Checks returned unpaid __________________

776

63,737

757

53,676

Collections handled _-----------·--·-------

293

368,020

263

281,368

U. S. Government interest coupons
paid ----------------------------·-----------------

452

32,025

369

24,663

Coupons of governmental agencies
paid --·----------------·----------------------- __

19

1,286

51

779

U. S. Government checks and warrants paid ---------·-------------------·------ 22,830

4,382,669

19,556

4,564,295

61

10,497,906

68

10,452,644

s.. Government securities issued, exchanged and redeemed __ 17,679

4,528,481

15,749

4,480,277

Transfer of funds for member
banks -- ------------------------·-----------------

I

1 $

Amounts

Currency received ---·---·--·---··-·--------104,853

Checks handled ------·--·---···-··--·-------- 71,483 18,213,755

i

Units

U.

Securities of governmental agencies issued, exchanged and redeemed ------------------------------------------

7

11,973

23

25,051

Purchase and sale of securities
and acceptance for investors ___ _

3

1,097,936

3

1,344,191

DIRECTORS AND OFFICERS

1946

DIRECTORS

Chairman
J. R. PARTEN, President, Woodley Petroleum Company, Houston, Texas
Deputy Chairman
R. B. ANDERSON, General Manager, W. T. Waggoner Estate, Vernon, Texas
G. A. FRIERSON,
G. A. Frierson & Son, Planters and Merchants,
Shreveport, Louisiana
GEO. A. IDLL, JR.,
President, Houston Oil Company of Texas,
Houston, Texas
E. L. KURTH,
President and General Manager, 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 Bank In Decatur,
Decatur, Texaa
J. E. WOODS,
Chairman of the Board, Temple National Bank,
Temple, Texas

OFFICERS

R. R. GILBERT, President
W. D. GENTRY, First Vice President
R. B. COLEMAN, Vice President

•w.

0. FORD, Vice President

E. B. AUSTIN, Vice President and Cashier
L. G. PONDROM, Vice President
W. H. HOLLOWAY, Vice President

MORGAN H. RICE, Assistant Vice President and
Secretary of the Board
R. 0. WEBB, Assistant Cashier
MAC C. SMYTH. Aasistant Cashier
C. M. ROWLAND, Assistant Cashier
J. L. COOK, Assistant Caahler
A. C. MICHAELIS, Assistant Cashier

W. E. EAGLE, Vice President

HUBERT D. JOHNSON, Counsel

H. R. DeMOSS, Vice President
W. H. IRONS, Director of Research

F. T. NOVEY, General Auditor

•On leave of absence

KEMBER FEDERAL ADVISORY COUNCIL
ED. H. WINTON, President, Continental National Bank, Fort Worth, Texas

I

EL PASO BRANCH
DIRECTORS
Chairman

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

\I

HAL BOGLE,
Owner , Pecos Valley Alfalfa. Mill Company,
Dexter, New Mexico

DORRANCE D. RODERICK,
President, Newspaper Printing Corporation,
E1 Pa.so, Texas

R. W. McAFEE,
President, State National Bank,
El Paso, Texas

W. S. WARNOCK,
Vice President, El Paso, National Bank,
El Pa.so, Texa.s

J. E. MOORE,
Vice President, First National Bank,
Roswell, New Mexico

W. HENRY WOOLDRIDGE,
President, Lone Star Motor Company,
El Paso, Texa.s
OFFICERS

W. E. EAGLE, Vice President In Charge

E. H. BERG, Ca.shier

HOUSTON BRANCH
DIRECTORS
Chairman

GEORGE A. SLAUGHTER, Farming, Wharton, Texa•
JAMES A. ELKINS,
President, City N atlonal Bank,
Houston, Texas

B.C. ROBERTS
President, Wharton Bank & Trust Company,
Wharton, Texas

W. NEAL GREER,
President, Citizens State Bank,
Houston, Texas
JOHN W. McCULLOUGH,
President, Hutch!ngs-Sealy National Bank,
Galveston, Texa.s

J. E. WHEAT,
Attorney at Law,
Woodville, Texa.s
OFFICERS

HOWARD CARRITHERS, Cashier
L. G. PONDROM, Vice President In Charge
B. J. TROY, Assistant Ca.shier

SAN ANTONIO BRANCH
DIRECTORS
Chairman
J. M. ODOM, General Contractor, Austin, Texas
ROBERT D. BARCLAY,
President, National Bank of Commerce,
San Antonio, Texas

C. L. SKAGGS,
President, The First National Bank of
Weslaco, Weslaco, Texas

HOLMAN M. CARTWRIGHT,
Livestock and Farming, Twin Oak• Ranch,
Dinel'o, Texas

•JEORGE W. STOCKING,
Professor Economics, Unitversity of Texas,
Austin, Texas

t. C. FROST,

J. A. WALKER,
Executive Vice President, Del Rio National
Bank, Del Rio, Texas

Vice President, Frost National Bank,
San Antonio, Texas

OFFICERS
H. K. DAVIS, Cashier
W. II. HOLLOWAY, Vice President in Charge
ALFRED E. MUNDT, Assistant Cashier

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