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Federal Reserve Bank of Dallas REPORT TO THE STOCKHOLDERS For the Year 1949 This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) January 20, 1950 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, 1949, and December 31, 1948; also a comparative statement of earnings and expenses for the years 1949 and 1948. In addition, there are included statistical data reflecting the principal activities of the bank. It is hoped that this information will be of interest to the officers of your bank. Yours very truly, R. R. GILBERT President COMPARATIVE STATEMENT OF CONDITION ASSETS Dec. 31, 1949 Gold certificates on hand and due from U. S. Treasury ____________________ $ 685,083,031.05 Redemption fund-Federal Reserve notes ---------------------------------------------27,141,914.03 Total gold certificate reserves ___________ ____________ _ 712,224,945.08 13,848,783.99 Other cash ---------------------------------------Total cash _____________________ _ 726,073,729.07 Discounts and advances ___ _____________ __ 2,432,500.00 U. S. Government securities, direct and guaranteed: Bills -------------------------------------------- 208,889,000.00 Certificates of indebtedness ___ _ 271,444,000.00 24,318,000.00 Notes ---------------------------------------Bonds ---------------------------------------- 312,202,000.00 Total U. S. Government securities ---------------------- 816,853,000.00 Total loans and securities 819,285,500.00 Due from foreign banks _________________ _ 1,317.63 Federal Reserve notes of other banks -------------------------------------------11,714,608.00 Uncollected items_____ _________________________ 134,637,040.35 Bank premises____________________________________ 716,525.68 Other assets____ ___________________________ ______ 4,207,889.87 Total assets ____________________ $1,696,636,610.60. Dec. 31,1948 $ 574,292,619.74 26.711 ,361.71 601,003,981.45 14,917,988 .21 615,921,969.66 6,464,250.00 248,684,000.00 275,429,000.00 35,827,000.00 497,477,000.00 1,057,417,000.00 1,063,881,250.00 1,660.25 10,121,800.00 126,991,706.11 755,843.33 6,738.145.61 $1,824,412.374.96 LIABILITIES Federal Reserve notes in actual circulation -·---------------- --------- ---- -----$ 640,273,975.00 Deposits: Member bank-reserve account 814,891,411.52 U. S. Treasurer-general account ---·------------------------------·-·40,242,431.98 Foreign -----------------------------------------26,621,000.00 Other deposits -------------------·------·--· 31,699,868.26 Total deposits________ ______ ____ 913,454,711.76 Deferred availability items____________ 111,612,973.10 Other liabilities ·------------------------------324,722.73 Total Iiabilities................ $1,665,666,382.59 CAPITAL ACCOUNTS Capital paid in __________________________________ $ 8,455,300.00 15,873,439.13 Surplus (Section 7) ·----------------·- ... 1,307 ,124. 72 Surplus (Section 13b) -----------------·---Other capital accounts ___________________ _ 5,334,364.16 Total liabilities and capital accounts .............. $1,696,636,610.60 $ 623,721,345.00 967,561,106.74 71,340.944.45 21,613,800.00 3,052,816.90 1,063,568,668.09 108,994,555.59 418,252.84 $1,796,702,821.52 $ 7,852,350.00 14,954,200.21 1,307,124.72 3,595,878.51 $1,824.412,374.96 COMPARATIVE STATEMENT OF EARNINGS AND EXPENSES FOR THE YEARS 1949 AND 1948 Earnings: 1948 1949 Discounts and advances _____ _________ ________ $ 86,359.89 $ 116,229.80 U. S. Government securities ____________ ____ 13,506,250.90 13,522,038.15 All other ----------------------------------------------12,651.45 Total current earnings ____________ $13,605,262.24 12,987.40 $13,651,255.35 4,015,528.48 3,747,819.06 Less-Reimbursement received for certain Fiscal Agency and other expenses -------------------------------------------913,088.17 Net operating expenses_ _________ $ 3,102,440.31 837,923.05 $ 2,909,896.01 Current operating expenses____________________ Assessment for expenses of Board of Governors _____________________________ _ 113,000.00 Cost of Federal Reserve currency__________ 247,434.49 Total net expenses __________________ $ 3,462,87 4.80 Current net earnings ______________ $10,142,387.44 110,478.13 195,752.03 $ 3,216,126.17 $10,435,129.18 Additions to current net earnings: Profits on sales of U. S. Government securities ------------------------------------------- 1,395,483.73 279,103.77 All other ------------------------------------------------72.20 Total additions ------------------------$ 1,395,555.57 $ 405.75 279,509.52 115,219.80 1,280,335.77 $ 1,440.01 278,069.51 ----~ Deductions from current net earnings__ Net additions --------------------------------------------$ Transferred to reserves for contingencies ----------------------------------------$ Paid United States Treasury (Interest on outstanding F. R. notes) ________________ Net earnings after reserves and payments to United States Treasury______ 8,272,075.61 7,589,538.48 1,412,127.07 1,303,478.10 Dividends paid -----------------------------------------Transferred to Surplus (Section 7) ________ $ 492,888.15 919,238.92 1,738,520.53 $ 1,820,182.11 $ 460,092.95 843,385.15 FEDERAL RESERVE NOTE CIRCULATION 1948 1949 Average ................................................................$610,452,844 $607,891,682 Maximum ............................................................ 650,753,510 632,228,780 Minimum .............................................................. 588,852,635 586,827,765 I NUMBER OF MEMBER BANKS December 31, 1948 December 31, 1949 National Arizona ---------------------- 0 Louisiana ------------------ 10 New Mexico -------------- 18 Oklahoma -------- ---------- 9 Texas .......................... 440 Totals .............. ..477 State Total National State 1 4 1 14 24 13 571 623 0 10 17 9 438 474 1 4 6 4 131 146 6 4 131 146 ~ Total 1 14 23 13 569 620 During the year 1949 the five banks listed below, located in the Eleventh Federal Reserve District, became members on the dates shown: February21 First National Bank of Monahans, Monahans, Texas April4 First State Bank, Hawkins, Texas June 14 First National Bank of Hobbs, Hobbs, New Mexico July 25 Citizens State Bank & Trust Company, Kilgore, Texas September 13 First National Bank of Edna, Edna, Texas VOLUME OF THE PRINCIPAL TRANSACTIONS HANDLED (Units and Amounts Shown in Thousands) 1949 Units I 1I 1948 Amonnt Units Amonnt Discounts for member banks: Secured by U. S. Government obligations ---------------------------- 1 $ Other ------------------------------------------ 1 194 1 109 Currency received ------------------------128,890 691,173 119,359 674,992 16,652 194,625 15,102 Coin received ___________________________ 194,292 153,568 1 $ 179,675 Currency paid out _________________________ _ 665,916 612,718 Coin paid out..... ----------------------------- 19,102 18,852 Checks handled ---------------------------- 94,386 32,464,964 91,931 33,481,423 Checks returned unpaid ____________ .___ 1,428 121,403 1,276 131,234 Collections handled -----------··-·--·--·· 591 447,367 552 546,838 U. S. Government interest coupons paid ------------------------------------ 373 29,490 350 25,876 Coupons of governmental agencies paid ---------------·-------·-------------------- 9 240 9 462 U. S. Government checks and warrants paid ---------------------------- 19,394 3,490,655 17,686 3,325,882 80 20,167,461 79 18,002,481 U. S. Government securities issued, exchanged and redeemed 5,232 4,560,489 5,585 3,923,304 Securities of governmental agencies issued, exchanged and redeemed ____ ________ __________ __ _ ___ _ 1 4,398 1 2,095 Purchases and sales of securities and acceptances for investors .. 3 842,133 3 595,989 Transfers of funds for member banks ------··-···-- _________________________ _ DIRECTORS AND OFFICERS 1950 DIRECTORS Chairman J. R. PARTEN, President, Woodley Petroleum Company, Houston, Texas Deputy Chairman R. B. ANDERSON, General Manager, W. T. Waggoner Estate, Vernon, Texas W.F.BEALL, President and Generallllanager, S Beall Brothers 8, Department Stores, Jacksonville, Texas P. P. BUTLER, President, First National Bank in Houston, Houston, Texas G. A. FRIERSON, G. A. Frierson & Son, Merchants and Planters, Shreveport, Louisiana GEORGE L. MacGREGOR, Chairman of the Board, President and General Manager, Dallas Power & Light Company, Dallas, Texas J. EDD McLAUGHLIN, Vice President, Security State Bank and Trust Company, Ralls. Texas J. R.IIIILAIII, President, The Cooper Company, Inc., Waco, Texas W. L. PETERSON, President, The State National Bank, Denison, Texas OFFICERS R. R. GILBERT, President W. D. GENTRY, First Vice President R. B. COLEMAN, Vice President MORGAN H. RICE, Assistant Vice President and Secretary of the Board E. B. AUSTIN, Vice President J. L. COOK, ABBistant Cashier L. G. PONDROIII, Vice President and Cashier HOWARD CARRITHERS, Assistant Cashier H. R. DeMOSS, Vice President W. D. WALLER, Assistant Cashier W. H. IRONS, Vice President T. W. PLANT, Assistant Cashier lilAC C. SMYTH, Vice President HERMAN W. KILMAN, Assistant Cashier HARRY A. SHUFORD, Counsel F. T. NOVEY, General Auditor MEMBER FEDERAL ADVISORY COUNCIL J. E. WOODS, Chairman of the Board, Temple National Bank, Temple, Texas EL PASO BRANCH DffiECTORS Chairman HAL BOGLE, Livestock feedin g, farming, and ranching, Dexter, New Mexico HIR·AM S. CORBETT, President, J. Knox Corbett Lumber Company, Tucson, Arizona W. H. HOLCOMBE, Executive Vice President, Security State Bank, Pecos, Texas GEORGE G. MATKIN, President, State National Bank, El Paso, Texas DORRANCE D. RODERICK, President, Newspaper Printing Corporation, (EI Paso Times and Herald-Post) E1 Paso, Texas W. S. WARNOCK, Vice President, El Paso National Bank, El Paso, Texas W. HENRY WOOLDRIDGE, President, Lone Star Motor Company, El Paso, Texas OFFICERS C. M. ROWLAND, Vice President in Charge E. H. BERG, Cashier T. C. ARNOLD, Assistant Cashier HOUSTON BRANCH DffiECTORS Chairman ROSS STEWART, President, C. Jim Stewart & Stevenson, Inc., Houston, Texas P. R. HAMILL, President, Bay City Bank & Trust Company, Bay City, Texas R. LEE KEMPNER, Chairman of Executive Committee, United States National Bank, Galveston, Texas MELVIN ROUFF, First Vice President, Houston National Bank, Houston, Texas CHARLES N. SHEPARDSON, Dean of Agriculture, A. & M. College of Texas, College Station, Texas HERBERT G. SUTTON, T. 0. Sutton and Sons, Colmesneil, Texaa 0. R. WEYRICH, President, Houston Bank & Trust Company, Houston, Texas OFFICERS W. H . HOLLOWAY, Vice President in Charge H. K. DAVIS, Cashier B. J. TROY, Assistant Cashier SAN ANTONIO BRANCH DIRECTORS Chairman HENRY P. DROUGHT, Attorney at Law, San Antonio, Texas E. A. BAETZ, President, Bexar County National Bank, San Antonio, Texas RILEY PETERS, Executive Vice President, First State Bank, Kerrville, Texas EDWARD E. HALE, Chairman of the Department and Professor of Economics, The University of Texas, Austin, Texas C. L. SKAGGS, President, The First National Bank of Weslaco, Weslaco, Texas D. HAYDEN PERRY, Livestock farmin g, Robstown, Texas E. R. L. WROE, President, American National Bank, Austin, Texas OFFICERS W. E. EAGLE, Vice President ln Charge ALFRED E. MUNDT, Casbi ..r F. C. MAGEE, Assistant Cashier J> z· )> 2 n 0 )( "' 3 ~ A
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