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FIFTH ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ST. LOUIS FOR THE YEAR ENDED DECEMBER 31, 1919 FIFTH ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ST. LOUIS FOR THE YEAR ENDED DECEMBER 31, 1919 LETTER OF TRANSMITTAL. FEDERAL RESERVE BANK, 8t. Louis, Mo., February 14,1920. SIR: I have the honor to transmit herewith the fifth annual report of the Federal Reserve Bank of St. Louis, covering the year ended December 31, 1919. Respectfully, W M . M C C MARTIN, Chairman and Federal Reserve Agent. HON. W. P. G. HARDING, Governor, Federal Reserve Board, Washington. D. V, IND KX Acceptances Bankers' acceptances Permission to accept up to 100% Trade acceptances Assets and liabilities Branches, operations of Conferences Little Rock Branch Louisville Branch Memphis Branch Certificates of Indebtedness Clearings Collections. , Commercial banks, position of Conditions, general business and banking Deposits to 5% Fund for National Banks Directors of parent bank and branches Discount operations Earnings and expenses Earning assets, movement of Employees of parent bank and branches Examination Department Federal Reserve Bank Notes Federal Reserve Notes Fiduciary powers granted to national banks Fiscal agency operations Gold settlement fund Government deposits with banks Membership, movement of National bank members, relations with Officers of parent bank and branches Quarters Rates, discount and interest Reporting banks, condition of Reserve position State banks and trust companies, relations with Victory Liberty Loan War Finance Corporation War paper, liquidation of War Savings Stamps, etc EXHIBITS. A. Movement of earning assets during year 1919 B. Movement of cash reserves, net deposits, etc Page. 7-8-34 8 7-31 5-6-30 18 17 15 16 18-19-45-46 12-13-39-40-41 13-42-43 21-22 22-23-24 9 13-14-16-17-18 6-7-25-26-31-32-33-34 5-29 6-25-26 15-16-17-18 10 12-39 10-11-12-37-38 9-36 18-19-20-21 13-44 20 8-35-36 9 14-15-16-17-18 15-16 7-24-33-50-51 22-49 8-27-28 9-10 19-20-47 21-48 22-25-26 20-21-48 25-26 27-28 4 INDEX SCHEDULES. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. Page Comparative profit and loss statement 29 Comparative balance sheets 30 Volume of different classes of paper discounted 31 Volume of paper discounted for member banks each month." 31-32 Paper rediscounted for other Federal Reserve banks 32 Discount rates of Federal Reserve bank 33 Bankers' acceptances purchased each month 34 Banks admitted to membership, liquidated, etc 35-36 Fiduciary powers granted to national banks 36 Federal Reserve notes issued each month, by denominations 37 Denominations of Federal Reserve notes outstanding, etc 37 Statements of Federal Reserve Agent's accounts 38 Federal Reserve notes received from and returned to other Federal Reserve banks 38 Denominations of Federal Reserve bank notes outstanding, e t c . . . 39 Number and amount of clearing items handled 39-40-41 Number and amount of collection items handled 42 Number and amount of United States coupons handled 43 Total debits and credits through gold settlement fund 44 Certificates of Indebtedness in anticipation of Victory Loan 45 Loan Certificates of Indebtedness 45 Tax Certificates of Indebtedness 46 Victory Liberty Loan 47 War Savings Stamps, etc 48 "War Finance Corporation 5% Gold Bonds 48 Changes in resources and liabilities of reporting banks 49 Interest rates in leading cities 50-51 FIFTH ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ST. LOUIS. A marked change in financial and commercial activities took place during the year 1919. Attention was turned from winning the war to restoring conditions to a peace basis, and the banks in this district were called upon to finance a larger volume of commercial, industrial and agricultural business than ever before. The usefulness of the Federal Reserve Bank was further demonstrated during 1919. It rendered valuable assistance in the flotation of the Victory Loan and the various issues of Certificates of Indebtedness during the year, and also greatly aided member banks in taking care of increased commercial demands. Its rediscounting, clearing, collection and other facilities were used to a greater extent than in any previous year. Measured both by the service rendered and the financial results of operation, the year 1919 was a most successful one for this bank. FINANCIAL. RESULTS OF OPERATION. The gross earnings during the year 1919 amounted to $3,884,478.29 and the current expenses were $1,174,793.26, leaving net earnings of $2,709,685.03. This was an increase of $758,877.79 over the net earnings for 1918. After charging off $335,000 of the cost of bank premises, paying the dividends for 1919 amounting to $234,659.91, and setting aside a reserve of $19,519.44 to pay the Federal Reserve Board's assessment for the first six months of 1920, net profits of $2,120,494 were left for the year. These net profits were transferred to surplus account, making $3,723,805.22 in that account on December 31, 1919. The principal source of revenue during 1919 was bills discounted. Of the $3,884,478.29 of gross earnings, $2,918,462.08 was derived from this source. Schedule 1 shows in detail the earnings and expenses for the years 1918 and 1919. Comparative balance sheets as of December 31, 1918, and 1919, are given in Schedule 2. From these balance sheets, it will be seen that the total resources of the Federal Reserve Bank of St. Louis increased g ANNUAL. REPORT OP FEDERAL RESERVE BANK OP ST. LOUIS. from $220,189,394.05 on December 31, 1918, to $301,094,164.75 on December 31, 1919. Between these dates, its gross deposits increased from $88,203,789.46 to $131,963,641.07 and its earning assets increased from $85,717,141.81 to $128,874,552.62. The reserve deposits of member banks increased from $52,830,678.16 to $72,282,788.29 within that time, due in great measure to the admission of state banks and trust companies into the System. DISCOUNT OPERATIONS. The total amount of paper discounted for member banks during 1919 was $2,100,630,595.51, exclusive of rediscounts for other Federal Reserve Banks and bankers' acceptances purchased. Of this amount $226,478,442.35 was commercial or single-name paper, $7,946,180 consisted of trade acceptances, or two-name paper, and $1,866,205,973.16 consisted of member banks' 15-day collateral notes. Of the $226,478,442.35 of commercial paper discounted, $33,082,706.47 was secured by Liberty Bonds and Certificates of Indebtedness, and of the $1,866,205,973.16 of members banks' collateral notes, $1,862,163,473.16 was secured by such Government obligations. The total paper discounted for member banks during 1919 shows an increase of $1,015,493,341.29 over the amount discounted in 1918. The total number of bills handled during 1919 was 33,866, as follows: Rediscounts, 20,177; member banks' collateral notes, 9,104, and bills bought, 4,585. Of the 540 member banks, 305 different member banks rediscounted with this bank during 1919, which is an increase of 27 over the number accommodated in 1918. Schedule 3 shows the volume of the different classes of paper discounted by this bank and each of its branches during the year, and Schedule 4 shows the volume of paper received from each state each month and the number of different banks in each state discounting during the year. Exhibit A gives a table and chart showing (1) discounted paper secured by Liberty Bonds and Treasury Certificates, (2) other discounted paper, (3) total discounts, (4) ratio of paper secured by Government obligations to total discounted paper, (5) bills bought in open market, (6) total bills discounted and purchased, (7) United States securities, and (8) total earning assets, as at close of business each Friday. During the year, the Federal Reserve Bank of St. Louis rediscounted for the Federal Reserve Bank of Philadelphia, $53,500,000, and for the Federal Reserve Bank of Richmond, $86,709,000 of paper. ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS. 7 Schedule 5 shows the discounts acquired from other Federal Reserve Banks each month during the year. This bank did not rediscount with any other Federal Reserve Bank, nor did it sell any of its bankers' acceptances to other Federal Reserve Banks during 1919. The discount rates of this bank in effect at the opening and closing of the year and the changes made during the year are shown in Schedule 6. TRADE ACCEPTANCES. During 1919 this bank discounted a total of $7,946,180 of trade acceptances for member banks, which is a decrease of $7,735,021 as compared to 1918. However, this does not necessarily indicate that the use of the trade acceptance is declining in this district. On the contrary, it is our belief that the volume of trade acceptances materially increased during the year, but they were not rediscounted. Every effort has been made to encourage the use of trade acceptances, and throughout the year the Federal Reserve Bank maintained a preferential rate of discount for such paper, ranging from one-quarter to one-half of one per cent lower than the rates for other commercial paper of similar maturity. BANKERS' ACCEPTANCES. During the past year this bank purchased a total of $127,822,917.32 of bankers' acceptances, of which $81,783,085.52 were purchased from banks and dealers in the district and $46,039,831.80 from or through other Federal Reserve Banks. This is an increase of $97,175,284.14 over the amount purchased during 1918. The rates on these acceptances ranged from 4 to 5 per cent. Schedule 7 shows the amounts of bankers' acceptances purchased each month from and through other Federal Reserve Banks and from banks and dealers in this district. During 1919 this bank continued its policy of encouraging the legitimate use of bankers' acceptances, and it is believed that substantial progress was made. It is estimated that approximately $80,000,000 bankers' acceptances were created in this district in 1919, and while many of these found their way into this bank, a substantial amount was sold by dealers to banks in other districts. The intradistrict distribution of bills has seemed desirable, and we have largely confined our open market purchase to bills bearing the name of one bank in District No. 8 and of one name in another Federal Reserve district. When member banks in this district have offered their own acceptances, the rate of discount for commercial paper has been charged instead of the rate for endorsed bank bills, in an effort to discourage such practice. The rate on open market purchases has g ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS. been subject to contract at time of offering, thus affording a measure of control on the improper use of bank bills. The following member banks were authorized by the Federal Reserve Board during 1919 to accept up to 100 per cent of their capital and surplus, drafts and bills of exchange growing out of transactions involving the importation or exportation of goods, as provided in Section 13 of the Federal Reserve Act: Liberty Bank, St. Louis, Mo Authorized April IS, 1919. First National Bank, St. Louis, Mo Authorized October 23, 1919. The addition of these two makes seven member banks in this district which have been granted permission to accept up to 100 per cent. RESERVE POSITION. The reserve position of the Federal Reserve Bank of St. Louis was well maintained throughout the year, and it was not necessary to rediscount with any other Federal Reserve Bank to build up the reserve. On December 31, 1919, the reserve of this bank against all liabilities was 47.7 per cent. Exhibit B gives a table and a chart showing (1) gold reserve, (2) total cash reserve, (3) Federal Reserve notes in actual circulation, (4) net deposit liability, (5) combined net deposit and Federal Reserve note liabilities, and (6) ratio of total cash reserves to net deposit and Federal Reserve note liabilities, as at the close of business each Friday. MOVEMENT OF MEMBERSHIP. On January 1, 1919, the Federal Reserve Bank of St. Louis had a total of 513 member banks, consisting of 469 national banks and 44 state banks and trust companies. Its authorized capital was $7,599,200, of which one-half, or $3,799,600, was paid in. During the year, fourteen new national banks became members, six liquidated and five consolidated with other national banks. Twentyseven state banks and trust companies were admitted to membership, one consolidated with another member state bank, one was converted into a national bank, and one withdrew from the System. On December 31, 1919, this bank had a total of 540 member banks, consisting of 472 national banks and 68 state banks and trust companies. Its authorized capital stock was $8,130,900, of which $4,064,450 was paid in. This shows a net increase in the paid-up capital stock of $264,850 over December 31, 1918. Schedule 8 gives a list of the national and state banks which became members during 1919, and also the banks which liquidated, consolidated or withdrew from the System. ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS. 9 RELATIONS WITH NATIONAL BANK MEMBERS. Continued progress has been made during the past year in developing a closer relationship between the Federal Reserve Bank and its members. In addition to paying the charges on shipments of currency, assuming the cost of telegrams regarding money shipments or deposit transactions, making transfers of funds by wire, furnishing forms of financial statements for use by customers, and accepting United States bonds for safekeeping, which were previously inaugurated, the Federal Reserve Bank in March, 1919, began to assort currency for its members without charge and to furnish them with drafts for use in drawing on it or its branches. Thirty-three national banks in this district were granted permission by the Federal Reserve Board during 1919 to act as trustee, executor, etc., under the provisions of Section 11 (k) of the Federal Reserve Act as amended by the Act of September 26, 1918. Seven national banks which had been granted the fiduciary powers as originally provided by the Federal Reserve Act were authorized to exercise the additional powers conferred by the amendment of September 26, 1918. On December 31, 1919, there were 71 national banks in this district authorized to exercise fiduciary powers, of which 10 were located in Arkansas, 15 in Illinois, 13 in Indiana, 18 in Kentucky, 1 in Mississippi, 13 in Missouri and 1 in Tennessee. Schedule 9 gives a list of the national banks granted permission during 1919 to exercise fiduciary powers. The Federal Reserve Bank of St. Louis has continued the practice started in April, 1918, of making deposits for national banks to their 5 per cent Redemption Account with the Treasurer of the United States at Washington, through the medium of the Federal Reserve Board and the Gold Settlement Fund. The volume of such deposits during 1919 was as follows: Month. January February March April May June July Number of deposits. 148 174 131 239 437 355 432 Amount. $525,361.97 918,835.35 1,191,871.50 1,574,610.50 1,726,500.00 1,812.082.50 1,452,400.00 Month. August September October November December Totals for year.. Number of deposits. Amount. 284 321 244 240 315 $1,516,800.00 1,989,825.00 1.822,650.00 2,267,950.00 2,685,530.00 3,320 $19.484,416.82 RELATIONS WITH STATE BANKS AND TRUST COMPANIES. The solicitation of par points and the activities in connection with subscriptions to the Victory loan and the various issues of certificates 10 ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS. of indebtedness during the year, have brought the state banks and trust companies of the district into still closer touch with the Federal Reserve Bank. Also, many non-member banks have borrowed through members from the Federal Reserve Bank on their Government securities, as authorized by the Federal Reserve Board, and this has caused them to appreciate more fully the service rendered by this bank. Increased interest has been manifested in membership by state banks and trust companies. Twenty-seven state banks and trust companies were admitted to membership during the year, making a total of 68 member state banks. A number of banks have expressed an intention to file application in the near future. Some are increasing their capital in order to be eligible to join. On December 31, 1919, there were 937 eligible non-member state banks and trust companies in this district with total resources aggregating approximately $505,000,000. The total resources of the 68 member state banks and trust companies amounted to $413,412,927.91, which is over 45 per cent of the total resources of all the eligible state institutions in the district. Of the $72,282,788.29 of reserve deposits of all member banks in the Federal Reserve Bank of St. Louis on December 31, 1919, the reserves of the 68 member state banks and trust companies amounted to $21,971,031.71, or over 30 per cent of the total reserve deposits. The state banks and trust companies that are members have availed themselves freely of the facilities offered by the Federal Reserve Bank. Under arrangements with the banking departments of the states in this district, examiners for the Federal Reserve Bank participated jointly with state examiners in 48 examinations of 37 member state banks during 1919. The following table shows the work done, by states: State. Arkansas Illinois . . . . Indiana . . .. Kentucky . . Mississippi . . Missouri . . .. Tennessee . . Number of member State Banks. Number of State examinations. Participations by Federal Reserve Examiners. 23 12 20 12 14 2 2 5 0 19 2 9 0 18 2 9 0 11 7 13 10 68 71 48 FEDERAL RESERVE NOTES. During the year the Federal Reserve agent received from the Comptroller of the Currency, Federal Reserve notes aggregating $138,220,000. ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS. JJ The Federal Reserve agent issued and re-issued to the Federal Reserve Bank of St. Louis during 1919, against the pledge of gold and eligible paper, a total of $134,025,000 of Federal Reserve notes, which is an increase of $31,420,000 over the amount issued and reissued the previous year. The greatest demand for notes was during the months of September, October, and November. Schedule 10 shows the amount of each denomination of Federal Reserve notes issued by the Federal Reserve agent to the bank each month during the year. The bank returned to the Federal Reserve agent a total of $14,315,000 fit Federal Reserve notes during the year. The Treasurer of the United States during 1919 redeemed out of the redemption fund maintained with him by the Federal Reserve agent $84,110,920 of unfit notes of the Federal Reserve Bank of St. Louis which were turned over to the Comptroller of the Currency for destruction. The amount of Federal Reserve notes outstanding' at the close of 1918 was $129,119,875. Adding the $134,025,000 of .notes issued during 1919, and subtracting the $14,315,000 of fit notes returned by the bank to the Federal Reserve agent and the $84,110,920 of unfit notes redeemed, left a total of $164,718,955 Federal Reserve notes outstanding on December 31, 1919. To secure these outstanding notes there were $61,624,715 of gold deposited with the Federal Reserve agent and $110,358,070.82 of eligible paper hypothecated with him. Of the $164,718,955 Federal Reserve notes outstanding, $17,589,880 were held by the Federal Reserve Bank and its branches and $1,830,745 were in transit to Washington for redemption, leaving $145,298,330 in actual circulation on December 31, 1919. Schedule 11 shows the amount of each denomination of Federal Reserve notes outstanding December 31, 1918, issued, returned and redeemed during 1919, and outstanding December 31, 1919. Comparative statements of the Federal Reserve agent's accounts as of December 31, 1918, and 1919, are given in Schedule 12. Out of the redemption fund maintained by the Federal Reserve Bank of St. Louis with the United States Treasurer, $2,031,550 of fit, Federal Reserve notes were redeemed during the year, win jh were returned to the bank for reissuance. During 1919 the Federal Reserve Bank of St. Louis received from other Federal Reserve Banks for redemption or credit $50,469,925 of its own Federal Reserve notes, and returned to other Federal Reserve Banks for redemption or credit $75,559,285 of their Federal Reserve notes. In other words, this bank returned $25,089,360 more notes of other banks than it received of its own. As was the case in 1918. the ^2 ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS. Federal Reserve Bank of Chicago returned to this bank more notes of the Federal Reserve Bank of St. Louis than did any other district. This bank also returned more notes of the Federal Reserve Bank of Chicago than of any other district. Schedule 13 shows the amount of Federal Reserve notes received by this bank from each other Federal Reserve Bank and the amount of notes of each other Federal Reserve Bank returned by this bank during 1919. FEDERAL RESERVE BANK NOTES. During the year 1919, $16,304,000 of Federal Reserve Bank notes were issued, consisting of $10,596,000 new circulation and $5,708,000 new notes to replace unfit ones. A total of $6,136,000 unfit Federal Reserve Bank notes were redeemed during the year. The amount of Federal Reserve Bank notes outstanding on December 31, 1919, was $16,608,000. These bank notes were secured by $17,068,000 of United States special certificates of indebtedness, deposited with the Treasurer of the United States. Of the $16,608,000 of bank notes outstanding on December 31, 1919, $1,109,676 were held by the Federal Reserve Bank and its branches, leaving $15,498,324 of Federal Reserve Bank notes in actual circulation at the end of the year. Schedule 14 shows by denominations the Federal Reserve Bank notes outstanding December 31, 1918, issued, replaced and redeemed during 1919, and outstanding on December 31, 1919. CLEARINGS. The cheek clearing facilities of the Federal Reserve Bank were availed of both by member banks and non-member banks to a greater extent during the year 1919 than in any previous year. The total number of clearing items handled by this bank and its branches during 1919 was 19,107,635, and the total amount was $6,008,535,869.76. This is an increase of 10,521,169 in number and $1,458,645,126.17 in amount over the year 1918. The steady increase in the volume of items handled by the parent bank and by each of its branches each month is evidenced by Schedule 15. On December 31, 1918, the Federal Reserve Bank of St. Louis was collecting at par checks on 1,558 of the banks and trust companies in this district. During the year 1919, as a result of a campaign by correspondence and personal interviews, the number of banks on which checks were collectible at par through the Federal Reserve Bank was increased to 2,845, which is almost 90 per cent of all the banks in the district. Of the remaining 355 non-member banks in ANNUAL REPORT OP FEDERAL RESERVE BANK OF ST. LOUIS. ^3 this district with which arrangements have not yet been made to collect checks at par, 129 are in Arkansas, 74 in Kentucky and 152 in Mississippi. COLLECTIONS. Member banks, during the year 1919, also made greater use of the facilities of the Federal Reserve Bank for the collection of such items as drafts, notes, coupons, acceptances, etc., than ever before. During the year this bank and its branches handled a total of 34,372 collection items, amounting to $87,257,166.92, not including coupons. This is an increase of 23,010 in number and $53,787,560.37 in amount over those handled in 1918. Schedule 16 shows the number and amount of collection items handled by the parent bank and each of its branches each month during 1919. The number of Government coupons handled in 1919 was 5,653,395, and they amounted to $21,422,555.56. This shows an increase of 3,945,270 in number and $15,500,229.79 in amount over 1918. The number and amount of coupons from United States securities handled by the parent bank and each of its branches each month are shown by Schedule 17. GOLD SETTLEMENT FUND. The gold settlement fund has continued to be an admirable medium for quick settlement of accounts between this bank and other Federal Reserve Banks. The totals of such settlements during the year show a steady increase. The balance to the credit of this bank in the gold settlement fund at the beginning of the year was $26,996,785.30. The total receipts through the gold settlement fund amounted to $5,364,011,300.60, and the total disbursements were $5,377,634,303.12 to December 26. 1919. The balanee to the credit of this bank in said fund on the date mentioned was $13,373,782.78. Schedule 18 shows the total receipts and disbursements through the gold settlement fund for each week during 1919, also the balance to the credit of this bank each week. INTERNAL ORGANIZATION. The directors of the Federal Reserve Bank of St. Louis, on January 1, 1919, were as follows: Messrs. Walker Hill, J. C. Utterback, and Sam A. Ziegler, Class A directors; Messrs. David C. Biggs, LeRoy Percy, and W. B. Plunkett, Class B directors; Messrs. "Wm. McC. Martin, John W. Boehne, and C. P. J. Mooney, Class C directors. Mr. Wm. McC. Martin was also chairman of the board and Federal Reserve agent, and Mr. John W. Boehne was deputy chairman. Of 24 ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS. these directors the terms of Messrs. Sam A. Ziegler, W. B. Plunkett, and C. P. J. Mooney expired on December 31, 1919. On February 5th Mr. David C. Biggs resigned as a Class B director to accept the governorship of the bank. An election was held from March 20th to April 4th for the selection of his successor. Mr. Rolla Wells was elected by the banks in Group 1 as a Class B director, to serve during the unexpired term of Mr. Biggs, ending December 31, 1921. From November 18th to December 5th an election was held for the selection of Class A and Class B directors to succeed Messrs. Sam A. Ziegler and W. B. Plunkett, whose terms expired December 31, 1919. Mr. Sam A. Ziegler was re-elected by the banks in Group 3 as a Class A director, and Mr. W. B. Plunkett was re-elected by the banks in Group 2 as a Class B director, both to serve for three years from January 1, 1920. On December 19th the Federal Reserve Board reappointed Mr. C. P. J. Mooney as a Class C director for three years from January 1, 1920. The Board of Directors held 23 meetings during the year, with an average attendance of seven. On January 8th the directors elected Directors Biggs, Hill, and Boehne to serve on the Executive Committee with the Governor and Federal Reserve agent. On April 16th Mr. Rolla Wells was elected a member of the Executive Committee to fill the unexpired term of Mr. Biggs. Throughout the year the Executive Committee met three times each week, on Mondays, Wednesdays and Fridays, except from July 8th to September 19th, when it met daily. At the meeting of the Board of Directors, on January 8th; the following officers for the year 1919 were elected: Mr. W. W. Hoxton, Deputy Governor; Mr. Jas. G. McConkey, Secretary and Counsel; Mr. Olin M. Attebery, Cashier; Messrs. R. R. Clabaugh, A. H. Haill, J. W. White, and J. W. Rinkleff, Assistant Cashiers, and Mr. E. J. Novy, General Auditor. Mr. F. 0. Watts was also re-elected to represent this bank on the Federal Advisory Council during 1919. Mr. Rolla Wells was not re-elected governor, for the reason that he had resigned on December 18, 1918, to take effect when a successor was elected. On February 5th the directors elected Mr. David C. Biggs as governor of the bank to succeed Mr. Rolla Wells. On February 19th the directors accepted the resignation of Mr. R. R. Clabaugh as assistant cashier, effective March 1st, and on March 15th the resignation of Mr. W. W. Hoxton as deputy governor was accepted, effective April 1st. At a meeting of the directors on March 15th Mr. Olin M. Attebery was elected deputy governor and cashier, and at the meeting ANNUAL, REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS. ]£ on April 2nd the office of deputy governor and cashier was divided, Mr. Olin M. Attebery being elected deputy governor and Mr. J. W. White, cashier. Mr. W. H. Glasgow, manager of the credit department, was also elected an assistant cashier at this meeting. Mr. C. M. Stewart was assistant Federal Reserve agent during the year. At the close of 1919 the bank with the branches had 541 employees (including the officers), of whom 104 were engaged in fiscal agency work. At the close of 1918 the bank had 385 employees, of whom 126 were employed on fiscal agency work. BANKING QUARTERS. During 1919 the Federal Reserve Bank continued to occupy its quarters in the Federal Reserve Bank Building, at the northeast corner of Broadway and Pine Streets, St. Louis, though it was necessary to take additional space in the building and to rent additional vault space in one of the local banks. As stated in the last annual report, this bank purchased for permanent quarters the premises formerly occupied by the St. Louis Union Trust Company and the St. Louis Union Bank, on the northwest corner of Fourth and Locust Streets, and three pieces of property on Fourth Street contiguous to and immediately north of this property, making a frontage of 161 feet 4 inches on Fourth Street and a frontage of 127 feet dy2 inches on Locust Street. On November 19, 1919, the directors authorized the purchase of an additional area at the northeast corner of Broadway and Locust Street, fronting 65 feet on Broadway and 127 feet Sy2 inches on Locust Street, provided that an alley 15 feet wide could be vacated. The purchase of this additional property has been approved by the Federal Reserve Board, and the deal is being consummated. When the matter is closed, this bank will possess all of the property on the north side of Locust Street, between Broadway and Fourth Street. It is proposed to have on this property a building extending from Broadway to Fourth Street, which will be sufficiently large to take care of the future as well as the present requirements of this bank. OPERATIONS OF FEDERAL RESERVE BANK BRANCHES. LOUISVILLE BRANCH. The total earnings of the Louisville branch for the year 1919 amounted to $352,694.28 and its expenses amounted to $134,241.76, leaving net earnings of $218,452.52. Of the total earnings, $343,919.06 was derived from bills discounted for member banks. During the year Jg ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS. the Louisville branch discounted for member banks a total of $466,485,985.02 of paper and purchased a total of $1,073,899,76 of bankers' acceptances. Schedule 3 shows the amounts of the different classes of paper discounted during the year, and Schedule 7 gives the amount of bankers' acceptances purchased each month. During 1919, the Louisville branch handled a total number of 2,778,148 clearing items, amounting to $966,499,972.70. It also handled a total of 7,021 collections, amounting to $11,695,196.60, and a total of 886,617 Government coupons, aggregating $4,114,842.09. Schedules 15, 16 and 17 show the clearing items, collection items and coupons handled each month. On January 8th the directors of the Federal Reserve Bank of St. Louis reappointed Mr. W. P. Kincheloe, manager, and Mr. John T. Moore, cashier, for the year 1919. They also re-elected the following directors of the branch: Messrs. W. P. Kincheloe, Geo. W. Norton and W. C. Montgomery. The Federal Reserve Board reappointed Directors Chas. E. Hoge and F. M. Sackett. On April 1, 1919, Mr. Chas. E. Hoge died, and on April 25th the Federal Reserve Board appointed Mr. Embry L. Swearingen, of Louisville, Kentuckv, to fill his unexpired term. On May 7, 1919, the directors of the Federal Reserve Bank of St. Louis authorized the purchase of the lot and banking house, vaults, furniture and fixtures, formerly occupied by the National Bank of Commerce, at the northwest corner of Fifth and Market Streets, Louisville, Ky., as permanent quarters for the Louisville branch. The purchase of this property was approved by the Federal Reserve Board on May 12th, and the branch moved into its new quarters on June 10th. At the close of the year the Louisville branch had 53 employees, including the officers, as compared to 23 at the close of 1918. The number of member banks assigned to it was 95. MEMPHIS BRANCH. The total earnings of the Memphis branch for the year 1919 amounted to $571,591.51 and its expenses were $196,851.32, leaving net earnings of $374,740.19. Of the total earnings, $558,409.49 were derived from bills discounted for member banks. During the year the Memphis branch discounted for member banks a total of $286,295,260.25 of paper and purchased a total of $274,503.90 of bankers' acceptances. Schedule 3 shows the amounts of the different classes of paper discounted during 1919, and Schedule 7 gives the amount of bankers' acceptances purchased each month. ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS. 17 The Memphis branch handled during 1919 a total of 1,639,431 clearing items, amounting to $527,400,702.71. It also handled a total of 6,141 collection items, amounting to $19,662,465.18, and a total of 397,250 Government coupons, aggregating $1,538,854.33. Schedules 15, 16 and 17 show the clearing items, collection items and coupons handled each month. The directors of the Federal Reserve Bank of St. Louis reappointed as officers of the branch for 1919, Mr. John J. Heflin, manager, and Mr. A. J. Williams, cashier. As directors of the branch this bank reelected Messrs. John J. Heflin, Jno. D. McDowell, and R. Brinkley Snowden. The Federal Reserve Board reappointed Directors S. E. Ragland and T. K. Riddick. On March 15th Mr. W. P. Alexander was appointed by this bank as an assistant cashier of the Memphis branch. He resigned at the close of the year. At the end of the year the Memphis branch had 68 employees, including the officers, as compared to 29 employees at the close of 1918. Forty-two member banks were assigned to it. LITTLE ROCK BRANCH. The Little Rock branch was opened for business on January 6, 1919. The total earnings of the branch during the year amounted to $230,895.01 and its expenses amounted to $126,660.06, leaving net earnings of $104,234.95. Of the total earnings, $221,922.07 were derived from bills discounted for members. During the year the Little Rock branch discounted for member banks a total of $96,326,751.12 of paper and purchased a total of $3,331.12 of bankers' acceptances. Schedule 3 shows the amounts of the different classes of paper discounted during the year, and Schedule 7 gives the amount of bankers' acceptances purchased each month. During 1919, the Little Rock branch handled a total number of 1,541,271 clearing items, amounting to $353,979,985.27. It also handled a total of 3,604 collection items, amounting to $7,658,218.77. and a total of 227,260 Government coupons, aggregating $617,752.30. Schedules 15, 16 and 17 show the clearing items, collection items and coupons handled each month. As officers of the Little Rock branch for 1919 the Federal Reserve Bank of St. Louis appointed Mr. John M. Davis, manager, and Mr. A. F. Bailey, cashier. It also appointed as directors, Messrs. John M. Davis, C. A. Pratt and Ed. Cornish. The Federal Reserve Board appointed Messrs. Goo. W. Rogers and Moorhead Wright as directors. On April 2nd Mr. John M. Davis resigned as manager and a director ]g ANNUAL REPORT OF FEDERAL RESERVE BAXK OF ST. LOUIS. of the branch, and Mr. A. F. Bailey was appointed as manager and a director in his place. Mr. M. H. Long was elected cashier, to succeed Mr. Bailey. At the close of the year the Little Rock branch had 38 employees, including the officers. The number of member banks assigned to it was 57. BRANCH BANK CONFERENCES. In order to foster a closer relationship between this bank and its branches, an invitation was extended to the officers and directors of ihe respective branches to meet with the officers and directors of this bank in St. Louis on April 16, 1919. The managers of the respective branches and a large number of the directors were present. Mr. J. A. Broderick, secretary of the Federal Reserve Board, also attended. A definite program was carried out. Mr. Broderick delivered a message from the Federal Reserve Board, reports were made by the managers of the branches, and important topics discussed bjr different directors and officers. This was the first conference of its kind, not only in the history of this district, but in the history of the System, and it proved highly beneficial. On December 29th and 30th a conference of the officers and field workers of the parent bank and its branches was also held in St. Louis. FISCAL AGENCY OPERATIONS. As fiscal agent of the United States Government, during the past year the Federal Reserve Bank of St, Louis continued to receive and disburse funds for its account. Acting in this capacity, it also handled the sale and delivery of certificates of indebtedness, Victory Liberty loan notes, and war savings stamps in this district for the Treasury Department, and assisted in the work of the War Finance Corporation. It furthermore attended to the exchange and conversion of Liberty bonds for the banks and the public. TREASURY CERTIFICATES OF INDEBTEDNESS. As in the case of the previous Liberty loans, United States Treasury certificates of indebtedness were issued in anticipation of the Victory Liberty loan, and were used to a great extent by purchasers in making payment for the Victory notes. In anticipation of this loan, there were ten offerings of certificates of indebtedness, two of which were offered in December, 1918. The aggregate quota assigned to this district for the eight issues offered in 1919 amounted to $182,000,000 and the total subscriptions received aggregated $199,737,000. Of the 3,092 banking institutions in this district, 2.403, or 77.71 per cent, ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS. ^9 subscribed to these issues. Schedule 19 shows the various issues of certificates of indebtedness issued in 1919 prior to the Victory Liberty loan, and also the subscriptions received from the different classes of banking institutions in the district. In August there were also two offerings of so-called loan certificates of indebtedness. The aggregate quota of these certificates for this district amounted to $40,000,000, and the total subscriptions received aggregated $42,269,000. In September and December there were also two additional offerings of these certificates of indebtedness, on which the Treasury Department did not set a specific amount to be offered, nor was any quota assigned to the Federal Reserve Banks. The total subscriptions received to the September issue of certificates of indebtedness amounted to $17,975,500, and to the December issue $8,728,000, making a total of $68,972,500 for the four issues. Of the 3,092 banks in this district, 1,467, or 47.46 per cent, subscribed for these certificates. Schedule 20 shows the four offerings of loan certificates of indebtedness and also the subscriptions received from the different classes of banks in the district. During the year eleven offerings of tax certificates were also issued in anticipation of income and excess profits taxes due the Government. The first six issues were in anticipation of taxes due in 1919. The banks, corporations, and individuals in this district subscribed to $53,700,500 of these certificates. The last five issues were in anticipation of taxes to be paid in 1920; $65,929,500 of these five issues were taken in this district. The various offerings of tax certificates issued during 1919 and the subscriptions to each received in this district are shown in Schedule 21. FLOTATION OF VICTORY LIBERTY LOAN NOTES. The campaign for the Victory Liberty loan opened on April 21, 1919. The amount of the loan was $4,500,000,000, and the quota assigned to this district was $202,393,500. This was the first district to meet its quota. The total subscriptions received amounted to $210,418,700, oversubscribing the quota by $8,025,200. Of these subscriptions, $201,787,600 were allotted by the Treasury Department. The number of subscribers was 505,001. Of the 3,098 banking institutions in this district, 3,027, or 97.71 per cent, sent in subscriptions for themselves and their customers. Of the $210,418,700 subscriptions, $41,408,829.09 was paid in cash, $59,468,500 in Treasury certificates of indebtedness, and $100,910,270.91 by credit on the books of special Government depositaries. Schedule 22 shows the quota, subscriptions, allotments, and number of subscribers, by states, the subscriptions received from each class 20 ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS. of banking institutions, and the methods of payment for subscriptions to the Victory Liberty loan. The campaign work in connection with the Victory Liberty loan was conducted by the Liberty Loan Organization under the supervision of the Federal Reserve Bank, as w;is done in the case of the four previous Liberty loans. Mr. D. C. Biggs, Governor of the Federal Reserve Bank, was chairman of this organization. The Central Committee, of which Mr. William R. Compton was chairman, Mr. Tom K. Smith, vice-chairman, and Mr. George Oliver Carpenter, Jr., secretary, was the active administrative body. Tn addition to these gentlemen, the committee consisted of a chairman for each state, and directors in charge of the various departments of the organization. DEPOSITS OF TREASURY FUNDS WITH BANKS AND THEIR WITHDRAWAL. During the year 52 banks in this district qualified for deposits arising out of the sale of Victory Liberty loan notes and Treasury certificates of indebtedness. Adding those qualified prior to January 1, 1919, and deducting those not assenting to Treasury Department Circular No. 92, as amended and supplemented April 21, 1919, made a total of 480 Government depositaries at the end of the year. This bank had custody of all collateral offered as security for these deposits and performed all duties incident to the deposit and withdrawal of funds, collection of interest, etc. The largest amount of collateral in its custody at any one time was held on June 4, 1919, when the securities totaled $100,638,055.31. The largest amount of deposits outstanding with depositaries at any one time was $79,235,236.51, on June 5, 1919. The total amount of deposits made with depositaries during the year amounted to $411,370,232.36, of which, at close of business December 31st, about $28,058,201.36 was still outstanding. The interest collected by the Federal Reserve Bank for account of the United States Government on such deposits during the year amounted to about $631,668. WAR SAVINGS STAMPS, THRIFT STAMPS, AND TREASURY SAVINGS CERTIFICATES. During the 1919 savings campaign, 118,200 war savings stamps, with a maturity value of $591,000, and 44,905 thrift stamps, maturity value $11,226.25, were reported sold by agents in the Eighth Federal Reserve District. These sales show a material decrease as compared with the results obtained in 1918. It is very gratifying, however, to note the stimulating effect produced in this campaign by an issue of registered treasury savings certificates in denominations of $100, and $1,000 maturity value, which was placed on sale by the Treasury Department the latter part of ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS. 21 July, 1919. To the close of the year, 11,550 of these certificates were sold, having a maturity value of $2,259,300. Schedule 23 shows the number and maturity value of the thrift stamps, war savings stamps, and Treasury savings certificates sold each month during the year. The savings campaign during 1919 was under the supervision of Mr. D. C. Biggs, Governor of this bank. Mr. L. A. Wilson, Government Director of the States of Arkansas, Kentucky, and the greater portion of Missouri, was in active charge. The sales above mentioned, with few exceptions, were made in these states. WAR FINANCE CORPORATION. The transactions on account of the War Finance Corporation greatly increased during 1919. In April the War Finance Corporation offered $200,000,000 series "A," one-year 5°/b gold bonds, dated April 1, 1919, and due April 1, 1920. The Federal Reserve Bank handled the subscriptions to this issue for this district. The subscriptions received amounted to $4,247,000. Only 187 of the 3,098 banking institutions in the district sent in subscriptions for themselves and their customers. Of the $4,247,000 subscriptions, $4,071,000 were paid in cash and $176,000 in Treasury certificates of indebtedness. Schedule 24 shows the subscriptions received from each class of banking institution and from each state, and the methods of payment for the subscriptions to these bonds. The Federal Reserve Bank has also attended to the redemption and cancellation of the maturing coupons from the War Finance Corporation bonds. During the year $1,654,000 par value of these bonds were repurchased by the War Finance Corporation through the Federal Reserve Bank of St. Louis. $15,648,000 in various issues of United States Treasury certificates of indebtedness were also purchased for account of the War Finance Corporation at various times. These security purchases have assisted the financial situation through the assimilation of excess securities carried by banks. POSITION OF COMMERCIAL BANKS AS A RESULT OF WAR FINANCING. A total of $201,787,600 of Victory Liberty loan bonds were allotted to the banks in district No. 8, which, with the $710,804,500 bonds of the four previous issues, makes a total of $912,592,100 of Liberty bonds sold in this district. The total amount of certificates of indebtedness taken by this district to December 31, 1919, was $832,883,000, but pi these certificates all had matured and been paid by the Government 22 ANNUAL. REPORT OP FEDERAL RESERVE BANK OF ST. LOUIS. except $134,902,000. These outstanding certificates added to the amount of Liberty bonds sold, makes a total of $1,047,494,100 of war obligations outstanding in this district at the end of 1919. While the banks were urged to purchase the short-term certificates of indebtedness as issued, they have been discouraged from tying up their commercial deposits in long-term Government bonds, and the statistics available show that by far the greater portion of the bonds sold in this district have been absorbed by the general public. The thirty-five reporting banks in the five centers, St. Louis, Louisville, Memphis, Little Rock and Evansville, which are the largest banks in the district, on December 26, 1919, held $5,501,000 of Victory notes, $14,782,000 of other Liberty bonds and $22,247,000 of certificates of indebtedness, making a total of $42,530,000 war obligations, which is $29,014,000 less than the amount held by them at the end of 1918. This would indicate that out of the total of $1,047,494,100 war obligations outstanding in this district, close to a billion dollars has been absorbed by the public or gone to other districts. On December 26, 1919, the total investments and loans of these thirty-five reporting banks, including the paper they had re-discounted with the Federal Reserve Bank, amounted to $591,306,000. Of this amount only $79,079,000, or 13 per cent, consisted of Government war obligations and loans secured by war obligations. Schedule 25 is a comparative statement showing the changes from month to month during the year in the principal resources and liabilities of the thirty-five reporting banks in the five centers above mentioned. The total borrowings of all member banks from the Federal Reserve Bank on December 31, 1919, amounted to $77,679,473.26. Of this sum, $45,068,227.23, or 58 per cent, was secured by Government war obligations. At the close of 1918, the total paper discounted with the Federal Reserve Bank amounted to $70,702,653.85, of which $53,117,641.50, or 75 per cent, was secured by Government obligations. This shows that a substantial amount of war paper was liquidated in this district during the year 1919. GENERAL BUSINESS CONDITIONS DURING 1919. The year 1919 began with business readjusting itself to peace conditions and feeling its way cautiously toward an uncertain future. There was a tendency in some quarters to buy only for immediate needs, but a tone of optimism prevailed which led most dealers to anticipate greater activity later in the year. The public at large cherished the belief that the end of the war would bring lower prices, and deferred making purchases in expectation of them. ANNUAL REPORT OF FEDKRAL RESERVE BANK OF ST. LOUIS. 23 However, the accumulated wants resulting from various war restrictions and economies and the strong retail demand consequent on the return to civil life of great numbers of soldiers created a great need of merchandise. This, coupled with unusual buying power due to savings during the war, high wages, high prices for farm products, and also to many released soldiers having a considerable amount of money to spend, caused the volume of business to grow steadily from month to month. It soon became apparent that there was a scarcity of goods. Wholesalers and jobbers were unable to fill the orders of the retailers. Manufacturers were not prepared to meet the unexpected demands of the middlemen; they could not secure sufficient raw materials, and production was further hampered by labor difficulties. The advancing market caused many buyers to order more than they needed, so as to avoid rising prices, and this kited prices still higher. A sellers' market developed in which the sellers could practically make their own terms and allot their products to whom they pleased. This, naturally, resulted in a considerable shortening of credits, and collections were exceptionally good. The year closed with production increased, but still lagging behind the exceptionally large orders waiting to be filled. As a result of this, there is apparently sufficient momentum to insure prosperity for several months to come. The prosperity of the district was due in large measure to the high prices received for its farm products. While the cotton crop was short, the fifth short crop in succession, yet the exceptionally high prices made up to producers in value whatever they might have lost in quantity. The winter wheat crop, which was expected to be unusually large, was disappointing, as the quality of the grain was inferior to last year's. The yield of tobacco was larger than usual, but the quality was variable. As with cotton, however, prices were higher than ordinary. The corn crop was somewhat larger than last year's and also beyond the five-year average. The apple yield was very satisfactory. One of the outstanding features of the past year was the general labor unrest. At the beginning of the year it appeared as though the demobilization of the soldiers would cause a serious labor surplus, but the various agencies created to help find positions for the men, and the fine spirit displayed by many concerns in taking back their former employees, soon eliminated any possible danger from that source. With the rapid development of business, the labor surplus was converted at the beginning of summer into a shortage. This, together 24 ANNUAL. REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS. with numerous small strikes and other labor difficulties, interfered with business considerably. While the labor unrest was, to a considerable extent, the reflection of unsettled conditions elsewhere, it no doubt was also a natural consequence of the reaction to the constraint and routine of war discipline. However, the district was particularly fortunate in that it had no serious labor troubles. The strikes of the steel workers and of the soft coal miners caused no grievous injury to industry as a whole. Concerns were functioning normally again soon after the strikes ended. In spite of the shortage of goods, impaired transportation facilities and the labor unrest, practically every line of business prospered during 1919. The business of many concerns was far greater than they had ever had before, both in volume and value. The increased money value of transactions resulted in a heavy call upon the banks for funds, which is evident from their rediscount operations with the Federal Reserve Bank. Schedule 25 shows the condition of reporting banks in the principal cities of the district throughout the year. It will be observed that from January 3 to December 26 demand deposits in these banks increased $50,204,000, time deposits $31,793,000 and total loans and investments $93,684,000. During the same period the total United States securities owned by these banks decreased $28,991,000. The interest and discount rates charged by banks in the centers did not vary much from 6% during the year. The customary discount and interest rates prevailing in St. Louis, Louisville, Memphis and Little Rock each month are shown in Schedule 26. At the beginning of the year the commercial paper market was rather dull, with rates at ^A% to 5 ^ % , but it became more active as business developed and rates tended gradually higher. At the close of the year, rates had reached 6%, and business was active. City banks bought very little paper, but country banks, when the local call upon them for loanable funds was not exacting, were good buyers. Firms dealing in bankers' acceptances report a large volume of business during the year. ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS. 25 EXHIBIT A.—Movement of principal earning assets of the Federal Reserve Bank of St. Louis, during the calendar year 1919. [In thousands of dollars: i. e., 000 omitted] Discounted paper secured )y United States W a r obligations Jan. 3 10 17 24 31 Feb. 7 14 20 28 Mar. 7 14 21 28 Apr. 4 11 18 25 May 2 9 16 23 29 J u n e 6. . . . 13 20.... 27. . . . July 3 . . . . 11.... 18. . . . 25.... Aug. 1. . . . 8. . . . 15 22 29.... Sept. 5 12 19. . . . 26.... Oct. 3.... 10. . . . 17. . . . 24.... 31.... Nov. 7 . . . . 14. . . . 21. . . . 88.... Dec. 5 . . . . 12.... 19.... 26.... Other dis- 1 & 2 counted Per cent 1H-3 paper $55,585 56,196 48,537 50.0S8 44,445 41,737 43,025 45,248 49,282 54,968 57,931 77,274 66,536 73,806 73.06S 71,320 71,774 68,052 59,592 56,384 61,625 61,623 53,956 62,903 58,573 56,405 42,634 47,711 46,636 49,853 63,507 59,490 53,513 60,095 51,496 59,552 60,400 57,715 60,181 59,685 58,095 56,966 58,424 53,748 48,297 43,055 45,614 49,151 43,519 36,126 43,601 44,142 $17,258 14,492 13,165 10,883 9,149 8,454 7,279 8,355 9,215 8,343 8,197 8,627 11,820 10,896 9,620 9,325 9,074 9,680 8,003 8,241 8,726 8.350 9,567 10,436 10,070 9,693 11,159 10,490 11,602 10,950 10,732 10.271 9,224 9,458 10,162 10,768 14,?30 19,228 24,357 32,473 32,189 26,059 22,231 23,826 21,977 21,192 23,273 24,150 31,328 31.270 27,621 34,093 Bills bought in open market $72,843 70,688 61,752 60,971 53,594 50,191 50,304 53,603 58,497 63,311 66,128 85,901 78,356 84,702 £2,688 80,645 80,848 77,732 67,595 64.625 70,351 69,973 63,523 73,339 68,649 66,098 53,793 58,201 58,238 60,808 74,239 69,761 62,737 69,553 61,658 70,320 74,630 76,943 84,538 92,158 90,284 83,025 80,655 77,574 70,274 64,247 68,887 73,301 74,847 67,896 71,122 78,235 76.3 79.5 78.7 82.2 82.0 83.2 85.5 84.4 84.2 86.8 87.6 89.9 84.9 87.1 88.4 88.4 88.8 87.5 88.2 87.2 87.6 88.1 84.9 85.8 85.3 85.3 79.3 82.0 80.1 82.0 85.6 85.3 85.3 86.4 83.5 84.7 80.9 75.0 71.2 64.8 64.3 68.6 72.4 69.3 68.7 67.0 66.2 67.1 58.1 53.6 61.2 56.4 $8,743 8,334 7.493 6.820 8,298 8,649 15,268 17,991 17,455 17,943 17,366 14,278 13.4 53 13,334 11,052 8,476 6,976 4,263 3,806 3,668 4,443 4,264 5,360 4,108 6,893 7,396 8,505 8,973 8,823 8,873 9,842 9,612 9,817 8,500 11,101 15,274 14,918 14,017 11,077 9,106 7,343 7,444 6,213 9,634 18,544 28,581 29,077 33,638 31,149 31,971 37,112 36,936 Total bills discounted and bought $81,586 79,022 69,245 67,791 61,892 58,840 65,572 71,594 75,952 81,254 83,494 100,179 91,809 98,036 93,740 89,121 86.824 81,995 71,401 68,293 74,794 74,237 68,883 77,447 75,542 73,494 62,298 67,174 67,061 69,681 84,081 79,373 72,554 78.053 72,759 85,594 89,548 90,960 95,615 101,264 97,627 90,469 86,868 S7.208 88,818 92,828 97,964 106,939 105,996 99,367 108,234 115,171 U. S. Securi- ties $7,721 8,221 8,221 8,221 8,221 8,221 8,222 8,721 9,222 9,222 9,221 10,221 11,221 12,721 13,221 13,221 14,221 14,721 15,343 15,836 15,835 16,335 20.335 17,335 17,830 18,221 18,221 18,221 18,221 18,221 18,221 18,221 18,221 18,221 18,221 18,221 18,221 18,222 18,221 18.221 18,221 18,252 18,252 18,221 18,237 18,229 18,622 18.519 18,453 18,291 18,462 18,369 Total earning assets $89,307 87,24" 77,4f.e 76,015 70,11: 67,061 73,794 80,31' 85,17.1 90,47( 92,71 110,401 103,03 110,75 106,96 102,34 101,04 96,71 86,74 84,12 90,62 90,57 89,21 94,78 93,37 91,71 80,51 85,39 85,28 87,90 102,30 97,59 90,77 96,27 90,98 103,81 107,76 109,18 113,83 119,48 115,84 108,72 105,12 105,42 107,05 111,05 116,58 125,45 124,44 117,6E 126,6$ 133,54 26 ANNUAL. REPORT OP FEDERAL RESERVE BANK OP ST. LOUIS. FEDERALR&ERVEBANKOFSUOUIS MOVEMENT OFEARNING ASSETS DURING CALENDAR YEAR 1919. il I UNITEDSTATES SECURITIES. SO • ACCEPTANCES B0U6HT ll 2S CO so 60 40 PERCENTAGE OF WAR PAPER TO TOTALDtSCOUriTS. TOTAL BILLS DISCOUNTED, -D; AND MR PAPER,'IV; lOTAL EARNING ASSETS ao o ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS. 27 EXHIBIT B.—Movement of gold and cash reserves, Federal Reserve note and net deposit liabilities, and the reserve percentage of the Federal Reserve Bank of St. Louis during the calendar year 1919. [In thousands of dollars: i. e., 000 omitted] Gold reserves Jan. 3. 10. 17. 24. 31. Feb. 7. 14. 20. 28. M a r . 7. 14. 21. 28. Apr. 4. 11. 18. 26. M a y 2. 9. 16. 23. 29. June 6. 13. 20. 27. July 3. 11. 18. 26. A u g . 1. 8. 15. 22. 29. Sept. 5. 12. 19. 26. Oct. 3. 10. 17. 24. 31. Nov. 7. 14. 21. 28. Dec. 5. 12. 19. 26. $86,587 90,562 98,642 96,452 109,928 111,103 107,557 104,882 99,782 95,017 86,90S 68,374 72,925 71,349 78,638 73,762 75,438 82,35] 89,236 101,684 85,851 93,173 85,148 92,546 88,019 84,856 92,970 95,877 92,401 93,299 82,340 84,769 96,787 92,494 93,299 83,696 74,967 74,803 76,415 76,741 84,820 97,295 98,362 106,060 108,059 105,937 103,510 100,948 95,206 106,099 93,109 94,267 Cash reserves $88,971 92,863 100,907 98,862 112,486 113,567 109,868 107,114 101.987 97,322 S9.218 70,572 75,080 73,527 80,866 76,010 77,717 84,719 91,672 103,911 88,059 95,482 87,505 95,193 90,908 87,906 96,233 99,438 96,223 1(7,517 S6.834 89,305 101,329 97,014 98,102 88,777 80,239 80,465 82,517 82,729 90,774 103,029 103,896 111,227 112,893 110,781 108,462 105,748 99,950 109,466 95,668 96,507 F. R. notes in actual circulation $119,139 116,141 112,949 109,126 109.367 109,442 109,282 108,979 108,838 108.431 107,708 107,025 108,015 109,222 107,763 106,357 104,095 105,020 104,081 105,491 103,365 104,180 103,909 103,159 102,740 102,860 104,350 103,883 105,629 104,729 105,109 106,004 106,387 106,260 107,152 108,532 108,039 109,030 113,392 120,420 126,438 128,315 128,611 130,760 135,580 138,282 139,634 141.009 142,049 142,710 147,704 148,452 Net deposits $48,120 52,795 54,267 54,427 62,314 59,987 63,064 66,926 66,697 67,200 61,850 61,261 56,568 60,637 65,107 56,350 58,481 59,557 56,920 64,369 56,959 62,933 53,535 67,221 61,722 56,313 52,179 60,281 54,995 59,693 62,682 59,223 64,159 65,324 60,040 62,205 58,025 58,615 60,704 59,494 57,725 61,018 58,052 62,908 61,324 60,495 62,421 67,077 59,343 61,712 52,278 59,038 (3 + 4) $167,259 168,936 167,216 163,553 171.681 169,429 172,346 175,905 175,435 175,631 169,558 168.276 164,583 169,859 172,870 162,707 162,576 164.677 161,001 169,860 160,324 167,113 157,444 170,380 164,462 159,173 156,529 164,164 160,624 164,422 167,791 165,227 170,546 171,684 167,192 170,737 166,064 167.645 174.096 179,914 184,163 189,333 186,663 193,668 196,904 198,777 202,055 208,0S6 201,392 204,422 199,982 207,490 Ratio of cash reserves to net deposit and Federal R e serve note liabilities combined ANNUAL 11EPORT OF FEDERAL RESERVE BANK OF ST. LOUIS. i FEPERALRESERVEBAtlKOFST.LOUIS NET DEPOSIT LIABILITY. r.R. NOTE CIRCULATION. CASH RESERVES.AHD RESERVERATIO. 1919. l! J \ >—/ A V / RESERVE RATIO, (PERCENTAGEOFC+L) 75 SO 25 it p p m m m m • ii H• m mm m• it PS so 25 DEPOSIT'LIABILITY DEPOSlTArtDF:R.NOTEUABlUTlES;L'./WDTOTALR5SERV5S:C'. G. \scn\ OCT.\HW\DEC. \ ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS. 29 SCHEEULE 1.—Comparative profit and loss statements of Federal Reserve Bank of St. Louis, including branches, for years 1918 and 1919. 1919 Earnings from— Bills discounted for members nnd other Federal Reserve Banks Bills purchased—acceptances United States securities Transfers—net earnings Deficient reserve penalties (including interest) Service and collection All other Total 1918 $2,918,462.08 5G4,49r>.64 320,411.78 10,570.02 $2,218,»68.61 226,163.86 89,096.26 48,209.16 52,372.89 18,165.88 52,106.85 11,404.14 5,703.16 26.076.31 3.S84.478.29 2.676,828.35 charges earnings Expenses— [ Operating Current expenses.. •{ Furn. & equip. [ charged off . . . . Federal Reserve Board assessments... Cost of Federal Resorve currency Current $808,783.53 $472,885.40 73,798.23 24,981.38 267,230.12 87,391.10 18,397.54 147,347 07 2,709,685.03 net earnings Deductions account of— Reserve for Federal Reserve Board assessments, J a n u a r y - J u n e , 1920.... Bank premises cost reduced Depreciation United States securities. All other .... 1,950,807.24 $ 19,519.44 335,000.00 $172,997.00 11.68 Net earnings available for dividends, surplus, etc., December 31st Dividends paid 2,355,153.91 234,659.91 1,777,810.24 404,837.60 Balance transferred to surplus Surplus previous year 2,120,494.00 1,603,311.22 1,272,972.64 230,338.58 Surplus a t end of year 3,723,805.22 1,603,311.22 30 ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS. SCHEDULE 2.—Comparative balance sheets of Federal Reserve Bank of St. Louis, including branches, as of December 31, 1918, and 1919. RESOURCES Reserve cash— Gold deposited with F. R. agent Gold settlement fund Gold redemption fund against F. R. notes Gold coin and gold certificates Sterling gold account Other lawful money Deductions from gross deposits— Exchange for Clearing House Collection items National bank notes and bank notes of other P. R. banks P. R. notes of other F. R. banks Unassorted currency Earning assets— Bills discounted—members Acceptances bought U. S. bonds owned U. S. Certificates of Indebtedness securing circulation F. R. bank notes U. S. Certificates of Indebtedness other Other assets— Interest accrued U. S. bonds and treasury notes Deferred charges Fiscal agent expenses due from U. S. Treasury Real estate owned Due from War Finance Corporation Unmatured Government coupons Five per cent fund against F. R. bank notes Overdrafts Nickels and cents Total resources LIABILITIES Federal Reserve notes—actual circulation Gross deposits— U. S. Government deposits Due to branches (net) Due to member banks—reserve account Due to non-member banks—clearing account. Cashiers' checks Collection items Gold settlement fund, suspense account Foreign government credits Federal Reserve bank note issue (secured by Certificates of Indebtedness) actual circulation Reserves—Sundry expenses F. R. Board assessments Depreciation on U. S. bonds Unearned discount and interest. Difference account Capital paid ii. Surplus , http://fraser.stlouisfed.org/ Total liabilities .. Federal Reserve Bank of St. Louis Dec. 31, 1919 Dec. 31, 1918 $61,624,715.00 17,887,751.75 6,132,620.00 2,757,127.50 6,172,049.99 2,353,895.50 ?66,673,935.00 12,474,094.62 3,369,850.00 4.056,010.00 233,154.97 2.449,950.40 96,928,159.74 89,256,994.89 3,460,255.75 61,717,611.16 1,735,820.86 38,731,733.06 • 818,502.00 1,957,805.00 5,888,621.00 3,921,420.00 73,842,794.90 44,388,973.92 77,679,473.26 32,803,679.36 1,153,400.00 70,702,653.85 7,293,087.96 1,153,400.00 17,068.000.00 170,000.00 6,568,000.00 128,874,552.62 85,717,141.81 181,756.28 17,263.35 105,203.98 355,736.50 1,252.95 111.81 672,800.00 1,046.64 113,486.98 33,499.35 8,551.80 448,223.89 1,448,667.49 826,283.43 301,094,164.75 220,189,394.05 317,400.00 18,608.39 Dec. 31, 1919 Dec. 31, 1918 $145,298,330.00 $120,037,040.00 2,352,383.96 3,333,007.84 2,178,523.27 52,830,678.18 201,070.66 1,750,667.31 20,425,347.21 7,484,495.01 72,282,788.29 348,498.66 199,436.62 30,981,102.37 22,401,610.62 3,397,820.65 131,963,641.07 88,203,789.46 15,498,324.00 6.216.000.00 56,180.04 19,519.44 172,997.00 172,997.00 248.696.48 178,895.75 296,691.41 226.57 149,980.73 776.89 296,917.98 150,767.62 4,064,460.00 3,723,805.22 3,799,600.00 1,603,311.22 7,788,255.22 5,402,911.22 301,094,164.75 220,189,394.05 6,898.75 SCHEDULE 3.—Volume of the different classes of paper discounted for member banks by the Federal Reserve Bank of St. Louis and its branches during the year 1919 (exclusive of paper rediscounted for other Federal Reserve banks, and bankers' acceptances purchased). St. Louis Parent Bank Member banks' collateral notes secured by Government war obligations Member banks' collateral notes otherwise secured Customers' paper secured by Government war obligations Agricultural and live stock paper Trade acceptances Other discounts Totals Louisville Branch Memphis Branch Little Rock Branch Totals $1,114,790,f>65.50 3,742,500.00 15,917,031.29 3.347.025.9S 2,716,646.92 111.008,829.43 $431,383,303.03 65,(100.00 2,999,247.83 15,000.00 806,902.86 31,216,531.30 $237,353,039.63 235,000.00 12,081,996.46 550,007.61 2,140,370.71 33,934,845.84 $78 036,565.00 850,048.65 2,2S2,259.51 12,473,447.07 $1,862,163,473.16 4,042,500.00 33,082,706.47 4.762,082.24 7,946,180.00 188.633,653.64 1,251,522,599.12 46C,4S5,9S5.02 286,295,260.25 90,326,751.1! 2,100 C::0.595.51 SCHEDULE 4.—Volume of paper discounted by Federal Reserve Bank of St. Louis, including branches, for member banks in each state each month, and the number of different banks in each state discounting during the year 1919. March April May January February Arkansas . Illinois . . . Indiana . . Kentucky . Mississippi . Missouri . . Tennessee . $8,664,964.10 1,630,200.00 4.299,595.37 16,946,854.25 844,421.05 88,691,338.02 18.223.661.84 $9,308,166.78 2,206,696.50 3,817,300.00 4,825,500.00 692,166.02 80.551,218.93 14,177,826.63 $11,95^.488.97 6,721,783.10 4,310.848.04 27,957,600.00 714,327.13 111,904,956.79 21,661,036.83 $12,891,645.04 7,109,549.SI 3,737,700.00 26,911,550.00 769,639.26 122,800,563.43 23,916,426.86 $15,861,001.70 4,207,850.00 3,895,100.00 40,063,027.36 3,687,961.63 116,651,373.81 21,899,239.46 $13,349,045.94 5,507,878.60 2,401,700.00 40,335,950.00 749,000.00 88,091,746.81 20,608,288.86 $11,256,595.45 5,248,000.00 2,727,498.17 32,692,587.46 855.000.00 73,913,661.04 20,133,814.97 Totals 119,201,034.63 11S.C77.864.86 185,126,940.66 197.127,063.39 206,166,643.86 171,043,610.21 146,827,157.09 SCHEDULE 4.—Volume of paper discounted by Federal Reserve Bank of St. Louis, including branches, for member banks in each state each month, and the number of different banks in each state discounting during the year 1919—Continued. August September October November December ' Total amount discounted during 1919 Total different banks discounting Total member banks Dec. 31, 1919 Arkansas Illinois Indiana Kentucky Mississippi Missouri . . Tennessee $12,440,247.28 3,412,500.00 2,985,013.46 45,961,935.28 814,663.34 70,499,964.45 16,305,959.02 $18,807,283.13 6,979,970.16 4,230,199.99 49,145,426.38 1,195,187.56 101,606,405.84 26,400,227.09 $16,896,237.08 8,841,400.00 3,988,342.87 68,548,570.49 1,843,435.37 92,643,207.33 27,517,826.57 $10,143,497.30 7,637,272.05 3,977,512.30 64,128,106.95 1,465,000.00 69,093,118.82 23,766,256.30 $12,076,818.07 9,955,682.18 4,960,698.63 45,033,176.86 1.714,086.S6 87,213,359.06 18,425,792.71 $153,651,990.84 69,357,782.40 45,331,508.83 461,550,185.02 15,336,868.09 1,102,465,904.33 252,936,356.00 65 93 23 36 7 65 16 104 168 66 66 15 98 23 Totals 152,420,282.83 208,364,700.14 220,286,019.71 180,110.763.78 179,379,014.30 2,100,630,595.51 305 540 SCHEDUIE 5.—Paper rcdiscountcd by Federal Reserve Bank of St. Louis for other Federal Reserve Banks each month during 1919 (exclusive of bankers' acceptances purchased from other Federal Reserve Banks). January... February.. March April May June July August.... September. October... November. December. Totals. Discounts acquired from Philadelphia P. R. Bank Discounts acquired from Richmond P. R. Bank $5,000,000 $5,000,000 $10,000,000 20,000,000 61,709,000 10,000,000 10,000,000 30,000,000 20,000,000 51,709,000 10,000,000 10,000,000 30,000,000 8,500,000 8,600,000 53,500,000 86,709,000 140,209,000 SCHEDULE 6.—Discount rates of Federal Reserve Bank of St. Louis during 1919. Rates in effect: Member banks' 15-day collateral notes: Secured by Liberty bonds or certificates of indebtedness Secured by Liberty bonds, Victory notes or 4%% certificates of indebtedness Secured wholly by 4 % % certificates of Indebtedness Secured by Liberty bonds or Victory notes Secured by certificates of Indebtedness Secured by War Finance Corporation bonds Secured by bills receivable Rediscounts: , Secured by Liberty bonds or certificates of Indebtedness— 15 days or less 16 to 90 days Secured by Liberty bonds. Victory notes or 4(4% ctfs. of Indebtedness, 90 days or less. Secured whclly by 4%% certificates of Indebtedness, 90 days or less Secured by Liberty bonds or Victory notes, 90 days or less Secured by certificates of indebtedness Secured by War Finance Corporation bonds— 16 days or less 16 to 90 days Commercial paper— 16 days or less 16 to 90 days Agricultural or livestock paper— IB days or less 16 to 90 days 91 days to 6 months Trade acceptances— 16 days or less 16 to 90 days Bankers' acceptances purchased at the market rate, subject to agreement. J a n . 1, 1919 Apr. 4, 1919 June 5,1919 Nov. 7, 1919 Dec. 19,1919 4", 4%% 4%% 6%% 4%% •i,; 4% 4 V* % 4 M) % 4 ' • , ' . - ; 4%% 5% 6% 5%% *% 4*4% 4% 4% 4% 4% 4%% 4% 4%% 4% 4%% 4% 4%% 4% 4%% 4%% 4%% 4%% 4Mi% SCHEDULE 7.—Bankers' acceptances purchased in open market and from other Federal Reserve Banks each month during 1919. Month January February March April May June July August September October November December Totals By St. Louis parent bank from member banks By parent bank from dealers in St. Louis market $2,011,911.76 5,850,344.71 5,292,814.22 2,399.487.59 1,961,980.61 4 909 253 61 5,173.688.22 4,624,853.40 4,637,732.14 411,722.44 3 026 965.80 4,558,757.86 $6,786,763.35 1,609,264.76 3,665,052.82 2,599.886.08 3,334.667.90 3,775 318 44 2,272,286.15 2,844,955.78 2,522,407.86 3,110,301.75 2,227,938.59 822,995.00 44,859,512.26 35,571,838.48 By Louisville branch from members $923,079.49 32.300.00 48,088.17 70,432.10 1,073,899.76 By Little By Memphis Rock branch branch from from members members Through Federal Reserve Bank New York Direct from Federal Reserve Bank Xew York $1,401,214.70 3,846,184.39 $40,000.00 44,341.72 100,167.91 Direct from Federal ReBerve Bank Boston 15,117,718.43 6,061,119.16 $10,199,889.81 16,416,813.46 9.925.288.25 6.353.983.32 5 546,648.51 8,684,571.95 7,445,974.37 7 469,809.18 7,213,274.79 8,624,354.83 30,499,436.83 10,442,872.02 25,249,857.19 127.822.917.32 $5,071,019.60 222,141.74 250.000 00 63,134.79 36,859.48 $3,331.12 274,503.90 3,331.12 $5,014,051.87 10,056,381.91 5.719,540.83 15,070,433.78 Totals ANNUAL, REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS. SCHEDULE 8.- 35 -Banks admitted to membership in Federal Reserve Bank of St. Louis, and banks consolidated, liquidated, etc., during 1919. NEW NATIONAL BANK MEMBERS. Name First National Bank First National Bank Arkansas National Bank First National Bank First National Bank St. Clair National Bank Waltonville National Bank National Bank of Munfordville First National Bank First National Bank First National Bank First National Bank First National Bank Location Black Rock Ark . . Dardanelle, Ark Heber Springs, Ark Lake Village, Ark Lepanto, Ark Belleville, 111 Flora, 111 . Waltonville. Ill Munfordville, Ky Russell Springs, Ky Perryville, Mo Stoutland, Mo Sweet Springs, Mo Paid-in capital when admitted $25,000 25,000 25,000 25,000 19,250 150,000 65,000 30,000 25,000 25,000 50,000 25,000 25,000 50,000 Surplus when admitted $2,500 2.500 2,500 4,000 3.500 30.000 4,000 3.000 2,500 5,000 4,000 5.000 STATE BANKS AND TRUST COMPANIES ADMITTED TO MEMBERSHIP DURING 1919. Name Desha Bank & Trust Co Citizens Bank & Trust Co Union Bank & Trust Co Dardanelle Bank & Trust Co Merchants & Farmers Bank Bank of Commerce Citizens Bank & Trust Co Chicot Bank & Trust Co W. B. Worthen & Co., Bankers Columbia County Bank Farmers Bank & Trust Co Cotton Belt Savings & Trust Co First State Bank Warren Bank Belleville Savings Bank Union Trust & Savings Bank State Bank of Lebanon Clay County State Bank Union Trust Co Lincoln Savings Bank & Trust Co Farmers & Commercial Savings Bank.. Bank of Maplewood Bank of Versailles Bank of Waynesville First State Bank Farmers & Merchants Bank Citizens Bank Location Arkansas City, Ark Batesville, Ark Batesville, Ark Dardanelle, Ark Dumas, Ark El Dorado. Ark England, Ark Lake Village, Ark Little Rock, Ark Magnolia, Ark Magnolia, Ark Pine Bluff, Ark Warren, Ark Belleville, 111 E. St. Louis, 111 Lebanon, III Louisville, 111 Madison, 111 Louisville, Ky Clayton, Mo Maplewood, Mo Versailles, Mo Waynesvllle, Mo Brownsville, Tenn Dyer, Tenn Dyersburg, Tenn Capital and surplus when admitted Total resources when admitted $200,000. 62,500 84,000 60,000 63,250 55,000 110,000 121,000 400,000 61,500 78,000 140,000 51,500 96.000 550,000. 250,000 55.000 32,500 50,000 600,000 82,500 56.050 82,000 30,000 200,000 58,941 100,000 $1,134,163 505,775 879.276 424,880 314.424 55,000 465,912 796,388 1.876.494 569,271 757,673 901,561 805,616 495,019 4.239,859 2,470,781 288,931 192.067 60,000 3,117.261 82.600 473.097 577,984 562.378 1,291.310 331,18* 866.281 MEMBER BANKS CONSOLIDATED DURING 1919. Union Trust Co. and Mercantile Trust Co., both of Little Rock, consolidated under title of Union & Mercantile Trust Co. American Southern National Bank. National Bank of Commerce, and National Bank of Kentucky, all of Louisville, Ky., consolidated under title of National Bank of Kentucky. First National Bank and Farmers National Bank, both of Mayfield, Ky., consolidated under title of First National Bank. St. Louis Union National Bank, Mechanics American National Bank, and Third National Bank, all of St. Louis, Mo., consolidated under title of First National Bank in St. Louis. og ANNUAL REPORT OP FEDERAL RESERVE BANK OF ST. LOUIS. SCHEDULE 8.—Banks admitted to membership in Federal Reserve Bank of St. Louis, and banks consolidated, liquidated, etc., during 1919—Continued. .STATE BANKS WITHDRAWN FROM MEMBERSHIP DURING 1919 Disposition Location Name Fanners & Merchants Bank Hickman, Ky St. Louis Union Bank St. Louis, Mo Surrendered membership. Converted Into St. Louis Union National Bank. NATIONAL BANKS LIQUIDATED DURING 1919. Name Location Army National Bank First National Bank First National Bank Heber Springs, Ark American National Bank Little Rock, Ark First National Bank Polo, Mo First National Bank Covington, Tenn Disposition Absorbed by American National Bank of Little Rock. Absorbed by a State bank. Absorbed by a State bank. Absorbed by a State bank. Succeeded by a trust company. Succeeded by a State bank. SCHEDULE 9.—National batiks granted fiduciary pozvcrs during 1919, undc Section 11 (k) of the Federal Reserve Act, as amended by the Act of September 26. 1918. First National Bank, Batesville, Ark. Farmers National Bank, Princeton, Merchants National Bank, Fort Smith, Ind. Ark. Peoples American National Bank, Arkansas National Bank, Hot Springs, Princeton, Ind. Ark. First National Bank, Seymour, Ind. Citizens National Bank, Hot Springs, Seymour National Bank, Seymour, Ind. Ark. Citizens National Bank, Danville, Ky. England National Bank, Little Rock, Farmers National Bank, Danville, Ky. Ark. First National Bank, Harrodsburg, Ky. First National Bank, Newport, Ark. Anderson National Bank, LawrenceState National Bank, Texarkana, Ark. burg, Ky. Edwardsville National Bank, Edwards- Lawrenceburg National Bank, Lawville, 111. renceburg, Ky. Farmers & Merchants National Bank, Louisville National Banking Company, Nashville, 111. Louisville, Ky. First National Bank, Nashville, 111. National Bank of Kentucky LouisFirst National Bank, O'Fallon, 111. ville, Ky. First National Bank, Sparta, 111. City National Bank, Paducah, Ky. First National Bank, Vandalia, 111. First National Bank, Carrollton, Mo. First National Bank, Farmersburg, Ind. Hannibal National Bank, Hannibal, Mo. First National Bank, Jeffersonville, Citizens National Bank, Kirksville, Mo. Ind. First National Bank, Ridgeway, Mo. New Albany National Bank, New Al- State National Bank, St. Louis, Mo. bany, Ind. National banks granted additional fiduciary pozvers under the Amendment of September 26, 1918, to Section 11 (k) of the Federal Reserve Act. Citizens National Bank, El Dorado, First-Hardin National Bank, ElizabethArk. town, Ky. First National Bank, Belleville, 111. First National Bank, Hopkinsville. Ky. Ricker National Bank, Quincy, 111. National Bank of Commerce, St. Louis, Old State National Bank, Evansville, Mo. Ind. ANNUAL. REPORT OP FEDERAL. RESERVE BANK OF ST. LOUIS. SCHEDULE 10.—Amount of each denomination of Federal Reserve notes issued by Federal Reserve agent to Federal Reserve Bank of St. Louis each month during 1919. Tens Twenties January . . February . , March . . . April May June July August . . . September . October . . November . December . $400,000 1,040.000 1,255,000 1,100,000 1,460,000 2,680,000 3,200,000 4,700,000 6,640,000 6,820,000 4,100,000 2,300,000 $1,320,000 1,240,000 2,170,000 960,000 1,920,000 1,320,000 2,640,000 5,440,000 7,400,000 6,480,000 5,400,000 3,600,000 $680,000 1,760,000 1.909,000 Totals 35,695,000 35,890,000 44,500,000 One Thousands Five Hundreds January . February . March . . April . . . . May . . June . . . . July August . . September October . , November December 100,000 11—Federal Reserve 400,000 1,200.000 100,000 200,000 300,000 7,650.000 3,900,000 Ten Thousands $250,000 100,000 350,000 200,000 outstanding $100,000 400.000 1,000,000 200,000 100,000 300,000 350,000 $200,000 1,340,000 notes Hundreds $200,000 500,000 1,250,000 1,000,000 1,550,000 1.200,000 1,200,000 50,000 100,000 90,000 300,000 200.000 100.000 70,000 80,000 100,000 500,000 SCHEDULE Five Thousands $200,000 100,000 100,000 100,000 $150,000 3,040,000 1,040,000 5,120,000 1,360,000 5.600,000 8,720,000 8,1)80,000 7,200,000 Fifties December 31, $2,600,000 5,090,000 7,425,000 4,160,000 8,270,000 6,240,000 12,810,000 12,800.000 20.000,000 22,900,000 18,530,000 13,200,000 134,025,000 1918. issued, returned and redeemed during 1919, and outstanding December 31, 1919. Outstanding December 31, 1918 Fn ea Tens Twenties Fifties One hundreds Five hundreds One thousands Ftve thousands Ter thousands) Totals Issued and re-i3sued during 1919 Returned by b a n k during 1919 Redeemed during 1919 Outstanding December 31. 1919 $23,814,385 42,342,320 52,856,720 6,159,950 3.946.500 $35,695,000 39,890,000 44,500,000 7,650,000 3,900,000 500,000 1,340,000 200,000 350,000 $1,165,000 3,210,000 5,600,000 2,400,000 1,500,000 100,000 140,000 100,000 100,000 $22,317,580 30,384,220 28,176,320 2,373,600 850,700 2,500 6,000 5<36,O26.8O5 48.638,100 63,580.400 9,036,350 5,495,800 397,500 1,194.000 100.000 250,000 129,119,875 134,025,000 14,315,000 84,110,920 •164,718,955 •$17,589,880 of F e d e r a l Reserve notes were held by t h e F e d e r a l Reserve Bank a n d i t s branches a n d $1,830,745 were in t r a n s i t to AVashington for redemption, leaving $145,298,330 in a c t u a l circulation a t end of t h e year. 38 ANNUAL, REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS. SCHEDULE 12.—Comparative statements of Federal Reserve agent's accounts as of December 31, 1918, and 1919. RESOURCES Federal Reserve notes on h a n d . . . . Federal Reserve notes outstanding. Discounted paper pledged to secure Federal Resoive notes Oold deposited to secure Federal Reserve notes— In hands of Federal Reserve agent In Federal Reserve .igent'p fund at Washington In gold redemption fund at Washington Unfit notes redeemed and destroyed by Comptroller (total) Total December 31, 1918 December 31, 1919 $21,500,000.00 164,718,955.00 $2,990,000.00 129,119,876.00 110,358,070.82 75,085,896.33 $4,000,000.00 53,930,600.00 $64,130,600.00 3,694,115.00 2,643,335.00 6-i 673 93ft 00 113,381,045.00 29,270,125.00 471,582,785.82 303,139,831.33 299,600,000.00 161,380,000.00 110,358,070.82 61,624,715.00 75.085,896.33 66,673,935.00 471,582,786.82 303.139,831.33 LIABILITIES Federal Reserve notes received from Comptroller (gross) Collateral received from Federal Reserve Bank— Discounted paper Gold Total SCHEDULE 13.—Federal Reserve notes received from other Federal Reserve Banks for redemption or credit and returned to other Federal Reserve Banks for redemption or credit by Federal Reserve Bank of St. Louis during 1919. Federal Reserve Bank of— Received from Returned to Boston New York . . . Philadelphia . Cleveland . . . Richmond . . A tlanta Chicago . . .. Minneapolis . Kansas City . Dallas San Francisco $1,207,350 7,747,100 1,526,500 1,993,200 2,582,000 8,802,075 13,102,000 953,500 8.200,400 2,805,705 1,660,095 $1,098,565 10,234,335 2,037,755 6,237,965 2,705,855 9,518,855 25,107,085 1,871,705 9,093,880 5,495,840 2,157,445 Totals . 50,469,925 75,559,285 ANNUAL. REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS. 39 SCHEDULE 14.—Federal Reserve bank notes outstanding December 31, 191S, issued and redeemed during 79/9, and outstanding December 31, 1919. Outstanding New circulaDecember tion issued 31. 1918 in 1919 Ones Twos Fives Tens Twenties New notes issued in 1919 to replace unfit notos redeemed $3,213,150 996,700 1,236,750 993,400 $5,824,000 1.512,000 3,260,000 $4,604,000 224,000 480,000 6,440,000 10,596,000 6,708,000 400,000 Total Unfit potts redeemed during 1919 Outstanding December 31, 1919 $2,496,998 687,002 2.639,400 512,600 $11,144,152 2,145,698 2.437,360 480,800 400,000 6,136,000 •16,608,000 •$1,109,676 of Federal Reserve bank notes were held by the Federal Reserve Bank and its branches, leaving $15,498,S24 of bank notes in actual circulation at end of the year. SCHEDULE 15.—Number and amount of the various classes of clearing items handled by Federal Reserve Bank of St. Louis and each of its branches each month during 1919. CHECKS ON LOCAL, BANKS. Little Rock January... February.. March April May June July August. September. October.... November.. December. . 18,894 22,199 38,725 29,158 30,461 30,485 31,324 31,233 34,443 39,261 36,639 41,871 $10,239,288.61 11,479,191.94 14,573,493.29 13,437,474.74 14,602,227.89 14,224,971.16 13,695,036.49 14,869,400 85 18.491,136.88 28,306,492.97 26,368,375.42 29,342,978.80 48,292 42,990 62,490 57,473 57,478 60,007 59,474 66,290 68,332 67,303 70,599 101,840 $68,206,111.68 65,663,363.59 66,337,711.67 64,F39,236.52 62.543,471.25 55,761,316.48 50,218,069.21 49,100,786.15 66,965,152.50 62.187,499.43 57.924,099.33 68,132,292.75 Total 384,693 209,620,069.04 752,568 707,578,107.66 Memphis Number January... February- • March April May June July August September October... November. December. 38,526 33,428 46,954 40,875 45,108 46,064 47,247 46,712 50,903 57.532 65,941 64,884 $29,298,045.48 20,708,369.63 26.471,470.23 24,003,582.37 26,776,344.12 26,991,094.SO 25,785,283.22 24.723.502.86 31,064,169.15 60,331,858,28 56,382,027.67 54,374,067.68 133,904 124,153 194,640 152,132 154,864 154.255 159,038 150,993 170,855 196,499 178,470 224,062 $212,546,667.08 178.329,436.83 223,851,683.12 210.625,851.92 226,269,670.77 244,884,074 54 222,983,731.21 238.688,788.17 273,380,583.42 300,001,771.35 239,308,398.50 297,664,220.66 239,616 222,770 342,809 279,638 287.911 290,811 297,083 295,228 314,533 360,595 341,649 442,657 $329,289,002.85 266.180,361.99 331,234,358.31 302,606,144.66 329,191,714.03 341,861,455.41 312.582,120.13 327,382,477.0* 379,901,041.95 440,827,622.03 379.972,900.92 449,513,559.89 Total. 574,174 396,909,814.99 2,003,865 2,867,534,767.57 3,715,300 4,181 542,759.16 40 ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS. SCHEDULE IS.—Number and amount of the various classes of clearing items handled by Federal Reserve Bank of St. Louis and each of its branches each month during 1919—Continued. CHECKS ON OTHER BANKS IN THIS DISTRICT. Louisville Little Rock Number March. . . . April May June July September. October. . . November. December. Tota Memphis Number J a n u a r y . . . 38,958 February.. 30,048 March 54,672 April 54,186 May 56,815 June 56,787 July 62.S05 August. . . . 68,358 September. 79,220 October. . . 102,018 November. 124,432 December. 153,950 Total. 891,249 Amount $5,432,165.01 4,501,440.34 6,044,128.84 5,619,682.87 5,961,501.92 6,204.071.00 5,981,405.06 6,787,907.40 8,916,803.50 15,163,018.18 16,527,105.69 17,725,145.97 104,864,375.78 Amount Number Amount 32,514 48,095 69,929 77,312 83,681 79,427 79,809 81,345 88,703 118,996 125,381 158,010 $4,352,864.96 5,213,679,99 6,733,612.13 7,720,347.OS 7,894,021.46 7,087,584.54 6,918,291.56 7,511,671.62 9,379,471.46 14,711,113.18 15,046,621.17 17,737,926.54 127,299 109,560 133,924 129,592 132,094 133,642 148,154 147,820 168,158 187,637 189,398 234,091 $14,098,106.28 11,624,591.47 14,932,617.32 12,747,480.75 14,011,687.45 14,317,074.91 14,098,346.27 14.601,576.13 17,402,253.31 18,408,860.76 17,853,625.15 29,522,214.67 1,043,202 110,307,205.69 1,841,369 193,618,334.47 St. Louis Number Amount Total Number Amount 485,984 ' 465,999 623,030 639,482 657,204 700,851 748,414 809,298 877,470 1,004,914 946,467 1,151,731 $61,921,192.75 54,125,190.69 72,242,728.03 68,703,572.28 71,210,163.53 69.883.463.63 73,788,140.05 87,163,261.83 97,879,672.23 104,053,859.69 101,408,678.10 122,811,214.73 684,755 662,702 881,555 900,572 929,794 970,707 1,039,182 1,106,821 1,213,551 1,413,565 1,385,678 1,697,782 $85,804,329.00 75,464,902.49 99,953,086.32 94,791,082.98 99,077,374.36 97,492,194.08 100.786,182.94 116,064,416.98 133,578,200.50 152,336,861.81 150,835,930.11 187,796.601.91 9,110,844 985,191,137.54 12,886,664 1,393.981,053.48 CHECKS ON BANKS IN OTHER DISTRICTS. Little Rock Number January. . . February.. March April May June July August. . . . September. October. . . . November. , December. . Total 3,972 5,054 6,057 4,569 1,321 1,486 1,650 2,381 2,378 2,211 2,540 3,692 $745,053.55 1,133,471.23 1,186,053.73 756.907.88 622,317.56 683,202.63 577,775.22 400.126.8S 677,064.82 986.115.14 699,882.97 669,468.44 1,565 1,347 4,908 1,769 2,105 2,552 1.664 2.266 5,824 3,539 3,663 7,854 $556,425.95 ?09,574.10 1,417,084.48 535,514.39 2,680,927.31 1,513,130.19 302,912.53 331,494.37 3,662,176.99 1,393,776.77 1.789,799.78 3,502,406.13 37.311 9,137,440.05 39,056 17,995.222.99 ANNUAL REPORT OP FEDERAL RESERVE BANK OF ST. LOUIS. 41 SCHEDULE 15.—Number and amount of the various classes of clearing items handled by Federal Reserve Bank of St. Louis and each of its branches each month during IQIQ—Continued. Number January.. . February. . March April May June July August. . . . September. October. . . November. December. Total. . Total St. Louis Memphis Amount Number Amount Number Amount 1,267 2,207 $67,051.91 109,066.43 162,943.08 110,415.37 298,684.40 270,286.00 158,817.58 87,974.31 329,315.11 463,179.20 504,654.01 885,050.80 12,142 11,510 15,041 14,981 16,054 16,559 19,213 20,229 19.0S7 15,627 16,705 18,992 $19,497,294.82 8,164,845.70 6,948,197.61 6,237,793.35 9,719,407.49 7,575.934.01 7,157,181.25 11,183,118.38 10,287,739.24 9,204,360.22 S,645.281.16 10,936,232.09 18,197 18,237 26,345 21,939 19,864 21,260 23,157 25,447 27,849 22,094 24,175 32,745 $20,865,826.23 9,716,957.46 9.714,278.90 7,640,631.45 13,321,336.76 10,042,552.83 8,196,686.58 12,002,713.94 14,956,296.16 12,047,431.33 11,639,617.92 15,993,157.46 8,822 3,417,438.70 196,120 115,557.385.32 281,309 146,137,487.06 518 326 339 640 484 563 630 571 560 717 CHECKS AND WARRANTS ON UNITED STATES TREASURER. Little Rock January... February.. March April May June July August. . . . September. October. . . . November.. December. . 3,350 6,274 8,264 9,155 7,803 6,594 5,903 5,557 5,339 6,459 6,380 4,987 $510,673.56 1,059,811.99 1,012,037.44 2,543,796.80 2,574,679.40 2.426,652.23 3,418,356.27 1,996,790.90 1,648,777.74 2,230,351.91 2,190,141.15 3.403,201.10 2,407 3,885 6,366 8 952 7^49 4,599 7,955 22,019 17,508 25,443 24,083 14,489 $3,018 502.92 3,024 936.51 3,221 425.83 2,694 554.59 3,526 569.2? 4,424 002.39 7,322 679.29 3,458 S62.38 2,705 492.40 3.549 302.82 3,730 874.05 6.631. 105.28 Total 76,065 25,015,270.49 145,155 47,308,307.68 Memphis St. Louis Number Amount January. . , February.. March April May June July August. . . . September October. . . November. December. 16,567 12,095 17,771 23,338 18,110 14,322 13,257 10,539 10,388 10,367 8,839 8.593 $1,376,529.98 1,398,535.30 1,006,380.41 1,509,147.57 2,508,093.47 3,850,606.64 2,306,251.33 994,075.67 2,389,496.34 1,243,637.45 1,309,002.09 2,287,316.99 202,027 172,888 207,990 278,669 203,209 133,392 111,381 102,272 96,661 14S.245 111,323 Total.. 165,186 22,179.073.24 72,899 $29,151,039.14 25,621,637.92 21,277,345.36 18,604,226.29 16,463,295.80 10,417,019.33 13.462,451.33 13,881,845.75 9.935,941.87 8,513,584.41 10,697,443.52 14,346,087.93 224,351 196,142 240.391 320,114 235,571 159,907 138,496 140,387 129,896 187,514 150,625 100,968 $34,056,745.60 31,104,921.72 26,517,189.04 25,352,725.25 25.072,639.89 21,118,278.59 26,509,738.22 20,331,574.70 16,678,708.35 15,536,876.59 17.927,460.81 26,667,711.30 1,837,956 192,371,918.65 2.224.362 286,874.570.06 42 ANNUAL, REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS. SCHELULE 16.—Number and amount of collection items handled by the Federal Reserve Bank of St. Louis and each of its branches each month during 191Q. Little Rork Number of items Month January.. . February.. March April May June July August. . . . September. October... November. December Total Number of items January... February.. March April May , June July August. . . . September. October... November. December. 208 180 142 162 298 253 429 462 562 922 1,202 1,321 Total. . 6,141 $482,170.87 304,008.89 2S5.865.80 724,830.51 474,398.58 870.254.50 1,432,050.31 970,760.09 984,520.41 4,124,274.65 5,160,889.54 3,848,441.03 19.662.465.18 Amount $271,540.49 166,929.51 323,787.47 235,401.11 408,008.24 410,191.20 754,250.08 534,791.89 654,253.10 754,704.28 1,311,161.62 1,833,199.78 1,385 433 301 614 508 474 613 389 344 559 631 770 $836,372.54 449,941.23 966.832.50 698,414.82 1,001,240.71 711,175.35 1,188,716.73 V94.228.45 544,650.04 693,453.68 1,719,820.44 2,090,350.11 3,604 7,658,218.77 7,021 11,695.196.60 t. Louis Amount Number of items so 134 1,435 134 167 192 186 210 216 241 318 295 Memphis Month Amount L o i 1 sville Number of items Amount Total Number of items Amount 1,305 1,637 917 821 992 1,103 1,199 1,316 1.475 2.059 2,284 2,498 $917,359.25 2,975,846.68 3,184,288.06 2,057,961.27 2,886,269.74 4.752,556.27 3,362,486.70 3,548,666.95 3,886,868.03 7,186,674.21 6,928,764.60 6.553,544.61 2,984 2,384 2,795 1,731 1,956 2,022 2,427 2,377 2,597 3,781 4,435 4,884 $2,507,443.15 3,896,726.31 4,760,773.83 3,716,607.71 4,769,917.27 6,744,177.32 6,737,503.82 5.848,447.38 . 6,070,291.58 12,759,106.82 15.120,636.20 14,325,535.53 17,606 48,241,286.37 34,372 87,257,166.92 ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS. 43 SCHEDULE 17.—Number and amount of coupons from United Stales securities handled by the Federal Reserve Bank of St. Louis and each of its branches each month during 1919. Little Rock Number coupons handled Month January. . . February. . April June July September. October... November. December. Total dumber coupons handled Amount Number coupons handled Amount 3,130 4,059 13,118 28,044 28,166 16.256 9,888 6,760 17,881 32,875 29,419 37,664 $5,472.66 6,113.87 30,736.28 68,171.97 80,960.31 39,805.35 21,891.61 11,778.57 41,692.67 79,253.89 82 029.13 149,845.99 19,801 6,417 57,994 137,069 95,032 53,620 37,379 19,172 74,360 164,453 95,276 126,044 $75,372.35 18,643.28 256,302.97 535,900.24 461,784.70 238,844.39 132,935.20 46 169.40 319,998.78 743,240.84 456,690.56 828,959.38 227,260 617,752.30 886,617 4,114,842.09 Memphis Month Amount Louisville St. Louis Number coupons handled Amount Total Number coupons handled Amount 14,003 7,225 26,036 56,617 39,829 31,145 17,591 10,333 28,373 55,344 46,938 63,816 $45,474.20 20,020.33 87,514.98 215,531.98 156,207.31 113,881.86 55,719.99 27,610.00 92,185.75 217,546.52 177,070.72 330,090.69 116,017 50,883 346,583 654,208 164,852 247,658 147,290 87,240 332,520 674,158 448,135 572,724 $313,531.80 105,343.57 1,245,582.67 2,101,252.81 1.623.634.35 892.301.93 384,654.42 178,410.72 1,223,902.42 2,385,019.73 1,654,063.65 3,043,408.77 152,951 68,584 443,731 876,938 627.879 348,679 212,148 123,505 453,134 926,830 619,768 800,248 $439,851.01 150,121.05 1,620,136.90 2,920,857.00 2,322,586.67 1,284,833.63 595,201.22 263,968.69 1,677,779.62 3,425,060.98 2,369,854.06 4,352,304.83 Total. . 397,250 1,538,154.33 4,142,268 15,151,106.84 5,653,395 21.422,555.56 January.. . February. . March. . . . April May June July August. . . . September. October.. . November. December. ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS. 44 SCHEDULE 18.—Total debits and credits of Federal Reserve Bank of St. Louis through gold settlement fund in Washington for each zveek during 1919, and the balance to its credit on the dates shozun. For week ending Jan. 3. 10. 17. 24. 31. Feb. 7. 14. 20. 28. Mar. 7. 14. 21. 28. A pr. 4. 11. 18. 25. May 2. 9. 16. 23. 29. June 6. 13. 20. 27. July 3. 11. 18. 25. Balance December 27. 1918. 15. 22. 29. Sept. 5. 12. 19. 26. Oct. 3. 10. 17. 24. 31. Nov. 7. 14. 21. 28. Dec. 5. 12. 19. Total debits (receipts) $26,996,785.30 64,436,781.89 62,996,186.94 70,651.110.41 73,413,120.30 69,278,347.68 S9,272,256.40 77,202,227.88 69,476,324.74 90,804,788.60 88,151,913.44 85,250,111.73 113,078,559.01 86,646,061.43 80,431,248.37 86,587,467.71 89,210,804.70 82,601,778.91 89,536,646.31 85,701,531.52 91,849,262.26 106,532,730.59 73,432,110.28 99,171,293.89 104,109,802.84 121,491,177.85 101,510,618.00 93,674,445.01 97,486,850.44 114,528,102.32 99,324,304.69 108,975,733.95 101,306,193.99 136,319,459.38 106,-726,776.30 105,583,149.33 90,148,842.40 99,405,125.78 136,161,784.20 122,031,094.04 108,092,009.51 124,300,445.66 132,164,641.71 137,978,710.79 139,177,602.53 130,943,047.25 138,099,588.73 150,282,842.23 113,904,892.11 150,919,782.29 119,865,002.77 143,747.210.19 110,039,398.72 5,391,008,085.90 Total credits (disbursements) Credit balance of F. R. B., St. Louis $74,226,390.15 59,157,927.50 62,387,039.46 78,151,854.52 55,899,401.31 93,597,428.36 81,745,215.06 71,903,797.21 94,865,117.09 87,826,711.05 92,060,635.37 112,552,643.02 80,674,395.53 84,472,268.96 77,962,702.78 94,039,086.04 79,752,588.93 86,487,191.15 80,713,184.61 90,122,495.66 123,015,484.46 64,019,163.65 108,918,738.10 95,555,716.90 124,169,522.38 102,469,492.58 91,882,591.88 95,633,812.85 119,335,799.03 96,083,294.56 112,605,565.74 98,654,406.08 128,464,623.70 108,587,958.12 112,666,422.97 93,559,030.58 107,101,178.02 133,256,513.11 118,990,984.89 113,104,722.59 120,803,341.37 132,290,430.35 140,147,532.35 134,763,681.62 124,758,880.37 150.112,078.45 145,530,912.17 115,616,610.93 148,203,807.50 121,981,064.65 146,178,233.05 110,574,634.36 $17,207,177.04 21,045,436.48 29,309,507.43 24,570,773.21 37,949,719.58 33,624,547.62 29.081,560.44 26,654,087.97 22.593,759.48 22,918,961.87 16,108,438.23 16,634,354.22 22,606,020.12 IS,564,999.53 27.189,764.46 22,361.483.12 25.210.673.10 28,260,128.26 33,248,475.17 34,975.241.77 18,492,487.90 27,905,434.53 13,157,990.32 26,712,076.26 24,033,731.73 23,074,857.15 24,866,710.88 26,719,748.47 21.912,051.76 25,153,061.89 21,523,230.10 24,175,018.01 32,029,853.69 30,168,671.87 23,085,398.23 19,675,210.05 11,979,157.81 14,884,428.90 17,024,538.05 12,911,824.97 16,408,929.26 16,283,140.62 14,114,319.06 IS,528,239.97 24,712,406.85 12,699,917.13 17,451,847.19 15 740,128.37 18.456,103.16 16,340,041.28 13 909,018.42 13,373,782.78 5,377,634,303.12 ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS. 45 SCHEDULE 19.—Treasury certificates of indebtedness, issued in anticipation of Victory liberty loan. ( E x c l u d i n g first t w o series issued in 1918.) Maturity D a t e of issue J a n u a r y 2, 1 9 1 9 . . J a n u a r y 16, 1 9 1 9 . . J a n u a r y 30, 1919. . February 13, 1919. February 27, 1919. March 13, 1919 April 10, 1919 May 1, 1919 Quota for district Subscription Rate Total offering 4% 4% 4% 4% 4V6 4% 4% 4% $7f>0,000,000 600,000,000 600,000,000 600,000,000 500.000,000 500,000,000 500,000,000 500,000,000 $30,000,000 24,000,000 24,000,000 24,000,000 20,000,000 20,000,000 20,000,000 20,000,000 $30,927,000 26,445,500 29,678,500 27,405,000 21,225,500 22,219,000 21,761,500 20.075.000 4,550,000,000 182,000,000 199,737,000 June 3, 1919 June 17, 1919 July 1, 1919 July 15, 1919 July 29, 1919 August 12, 1919 September 9, 1919. . October 7, 1919 Total ANALYSIS OF SUBSCRIPTIONS. Total banks Class of banks in district National banks Trust companies Private banks Total Subscriptions of 7 individuals, Number of banks subscribing Percentage of banks Amount of subscription 470 2,179 218 225 438 1,598 187 180 93.19 73.33 85.77 80.00 $91,602,000 69,782,500 34,329,000 3.860,000 3,092 2,403 77.71 $199,573,500 163,500 199,737,000 Total SCHEDULE 20.—Treasury certificates of indebtedness, offered as loan certificates. Date of issue August 1, 1919 August 15, 1919 September 2, 1919. . December 1, 1919. . Maturity January 2, January 15, February 2, February 16, Quota for district Subscription Rate Total offering 4% 4% 4% 4% $500,000,000 500,000,000 $20,000,000 20.000.000 $21,700,000 20,569,000 17,975,500 8,728,000 1,000,000,000 40,000,000 68,972,500 1920... 1920... 1920.. 1920.. Total.. ANALYSIS OF SUBSCRIPTIONS. Class of banks National banks Trust companies Private banks Total Subscriptions of 14 individuals, corporations, etc Total Number of banks subscribing Percentage of banks 466 2,175 232 219 338 912 114 103 72.53 41.47 49.78 47.02 $33,224,000 19,979,000 14,413.500 1,109,000 3,092 1,467 47.46 68,725,500 Total banks in district Amount of subscriptions 247,000 68,972,500 4G ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS. SCHEDULE 21.—Tax certificates offered during 1919, and the subscriptions to each. IN ANTICIPATION OF TAXES DUE IN 1919. Maturity Date of issue January 16, 1919 March 15, 1919" June 3, 1919 June 3, 1919 July 1, 1919 July 1, 1919 June 17, 1919 June 16, 1919 September 15, 1919 December 15, 1919 September 15, 1919 December 15, 1919 Rate 4% 4% 4% 4% 4% 4% received Subscription $4,335,500 6,437,000 12,854.600 6,906,500 11,203,500 11,963,500 53,700,500 Total. . . IN ANTICIPATION OF TAXES DUE IN 1920. Date of issue July 15, 1919 September 15, 1919 September 15, 1919 December 1, 1919 December 15, 1919 Total Maturity March 15, 1920 March 15, 1920 September 15, 1920 March 15, 1920 June 15, 1920 Rate 4% 4% 4Mi 4% 4% Subscription $11,198,500 3,614,500 12,232,500 9,191,500 29,692,500 f5,929,600 ANNUAL. REPORT OP FEDERAL RESERVE BANK OF ST. LOUIS. 47 SCHEDULE 22.—Victory liberty loan. (Amount $4,500,000,000, dated May 20, 1919, due June 15, 1923, rate 3%% and 4%%.) State Arkansas Illinois Indiana Kentucky Mississippi Missouri— St. Louis Elsewhere Tennessee Total Quota Total subscription Subscriptions allotted Number of subscribers $20,541,150.00 30,366,650.00 14,092,950.00 24,795,150.00 10,683,800.00 $20,488,600.00 33,639,950.00 14,795,500.00 26,771,650.00 10,820,650.00 $18,689,550.00 31,975,500.00 14,463,150.00 25,619,150.00 10,600,400.00 50,987 73,768 31,413 58,820 19,095 51,342,650.00 36,080,250.00 14,490,900.00 52,142,750.00 37,378,700.00 14,380,900.00 50,693,350.00 35,741,550.00 14,004,950.00 134,968 107,003 28,947 202,393,500.00 210,418,700.00 201,787,600.00 505,001 ANALYSIS OP ALLOTMENTS. Class of banks Number of banks in district Number of banks subscribing Percentage of banks subscribing Amount of allotments National banks State banks Trust companies 471 2,188 229 210 470 2,134 218 205 99.79 97.49 95.20 97.62 $77,659,200 81,897,450 36,822,350 5,051,700 Total Allotments of 24 individuals, corporations, etc 3,098 3,027 97.71 201,430,700 356,900 ?01,787,600 Total allotment ANALYSIS OP PAYMENTS. Cash National banks State banks Trust companies Private banks Individuals, corporations, etc. Total Credit C. of I. Total $12,537,169.09 22,011,665.00 4,872,730.00 1,675,365.00 311,900.00 $39,283,905.91 33,814,260.00 26,440,270.00 1,326,835.00 45,000.00 $25,838,125.00 26,071,525.00 5,509,350.00 2,049,500,00 $77,659,200 81,897,450 36,822,350 5,051,700 356,900 41,408,829.09 100,910,270.91 59,468,500.00 201,787,600 48 ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS. SCHEDULE 23.—War savings stamps, thrift stamps and treasury savings certificates sold during the year 1919. Thrift stamps Treasury savings certificates War savings stamps Number Maturity value Number Maturity value January February March April May June July August September . . .. October November . . . . December (est.) 20,379 4,614 2,218 750 2,953 3,933 818 2,380 1,478 1,833 1,903 1.146 $5,094.75 1,153.50 554.50 187.50 738.25 983.25 204.50 720.00 369.50 458.25 475.75 286.50 Totals . . . . 44.905 11.226.25 77,326 $386,630 11,686 58,430 8,635 43,175 3,355 16,775 3,955 19,775 2,219 11,095 2,513 12,565 1,697 8,485 2,118 10,590 1,674 8,370 1,533 7,665 1,489 7,445 118,200 591,000 $100 Maturity $1,000 value Maturity value 159 1,593 1,992 2,883 2,471 1,225 $15,900 159,300 199.200 288,300 247,100 122,500 33 226 199 256 294 219 $33,000 226,000 199,000 256,000 294,000 219,000 10,323 1,032,300 1,227 1,227,000 SCHEDULE 24.—Subscriptions to War Finance Corporation 5% gold bonds. Number in district National banks State banks .. . Trust companies Private banks Individuals, corpora's, etc. (16). Total Number Amount of subscrib- subscriptions ing How paid Cash Certs, of ind. 471 2,188 229 210 68 110 7 2 $1,426,000 1,195,000 798,000 6,000 822,000 $1,371,000 1,074,000 798,000 6,000 822,000 $55,000 121,000 3,098 187 $4,247,000 $4,071,000 $176,000 SUBSCRIPTIONS BY STATES. Total subscriptions Arkansas Illinois Indiana Kentucky Mississippi Missouri Tennessee St. Louis Total Paid by cash $43,000 556.000 206,000 854,000 41,000 332,000 12,000 2,203.000 $43,000 533,000 183,000 849,000 41,000 282,000 12,000 2,128,000 4,247,000 4,071,000 Paid by certs, of Ind. $23,000 23,000 5,000 50,000 75,000 176,000 SCHEDULE 25.—Principal resources and liabilities of reporting member banks in St. Louis, Louisville, Memphis, Little Rock and EvansviUe, during the year 1919. (In thousands of dollars, i. e., 000 omitted.) Jan. 3 Number of banks reporting United States bonds to secure Feb. 7 March 7 April 11 May 9 June 6 July 11 Aug. 8 Sept. 5 Oct. 10 Nov. 7 Dec. 5 Dec. 26 31 3« 37 3G 36 34 34 35 35 35 35 35 17,155 16,908 16,908 16,908 16,956 17,056 17,156 17,155 17,154 17,154 17,154 17,154 17,178 39.733 30,242 23,176 18,609 19,219 16,566 22,660 12,524 14,793 17,184 12,143 15,713 10,324 15,294 8,321 14,935 7,105 14,068 5,550 14,782 5,501 31,811 43,575 65,581 73,463 75,996 4!),905 29,890 36,199 40.856 23,347 19,097 13,779 22,247 88,699 90,725 105,665 108,980 112,171 106,187 74,:!«.'! 81,681 N4.O47 04,116 58,291 50,551 59,708 26,366 Other United States bonds, includUnited States Victory notes United States certificates of Total United States securities owned Loans secured by United States bonds and certificates Loans secured by stock and bonds other than United States securities All other loans and investments. . . •Total loans and investments Reserve with the Federal Reserve Bank 24,509 24,217 22,556 26,509 25,489 26,3:56 28,304 27,753 29,793 28,187 30,641 32,193 356,580 368,379 380,686 388,035 385,633 380,813 392,394 410,288 1 135,568 5 276,520 142,111 273,654 144,606 293,983 151,800 303,613 157.824 313,747 469,788 483,321 508,907 523.524 523,193 519,366 495,061 518,335 623,888 509,674 525,066 536,608 563,472 42,444 15,166 41.755 10,806 41,526 10,949 39,710 10,266 37,468 10,382 39.8S5 10,338 43,809 10,258 42,118 9,656 43,005 10,195 45,827 10,331 41,822 11,205 44,420 12,502 44,069 13,250 302,680 80,222 16,799 300,170 92,672 19,663 307,122 91,060 23,003 298,380 99,954 23,444 304,914 98,390 20,145 289,862 97,930 307,599 97,092 17,434 320,753 99,780 23,771 326,599 100,896 23,310 318,262 103,761 12.267 330,490 106,615 6,501 337,534 111,664 13,037 352,884 112,015 24,585 Net demand deposits on which •Exclusive of paper rediscounted with the Federal Reserve Bank of St. Louis. SCHEDULE 26.—Customary discount and interest rates charged customers by banks in St. Louis, Louisville, Memphis and Little Rock, during the 30-day periods ending the 15th of each month in 1919. St. Louis Customers' prime commercial paper— 30 to 90 days 4 to 6 months Prime commercial paper purchased in open market— 30 to 90 days 4 to 6 months Loans to other banks Bankers' acceptances of 60 and 90 days— Endorsed Unendorsod Loans secured by prime stock exchange collateral or other current collateral— Demand 3 months 3 to 6 months Cattle loans Commodity paper secured by warehouse receipts, etc Loans secured by Liberty bonds and certificates r.v. 5*4 5M f. ¥2 514 r> ¥J § SCHEDULE 26.—Customary discount and interest rates charged customers by banks in St. Louis, Louisville, Memphis and Little Rock, during the 30-day periods ending the 15th of each month in IQKJ—Continued. 6 6 6 Commodity paper secured by warehouse receipts, etc 5 e 5 6 6 6 6 "•'•• 6*4 6 6 6 6 5 6 6 6 6 6 6 6 6 6 6 8 6 6 6 6 6 6 6 6 6 g 6% 8 6 6 6 6 6 6*6 5Vi 6 6 6 6 6 6 5 8 6 6 5 6 6 6 a 6 6 5*6 5*6 t 6 6*6 8 6 i; i., December 6 6 November 6 6 6 6 6 6 6 6 6 6 October September August 6 6 September 6 8 6 6*6 6 6 6 August 6 6 6 July 6 6 June 6 6 May 6 6 December 6 6 4% 6 6 6 July June May April March 6 5 5 Loans secured by prime stock exchange collateral or other current collateral— Demand 8 months 8 to 6 months 6 6 6 8 6 Bankers' acceptances of 60 and 90 days- 6 6 November 6 6 Little Rocl, October Customers' prime commercial paper— 30 to 90 days 4 to 6 months Prime commercial paper purchased in open market— 30 to 90 days February January Memphis fiifc 7 IK 5*6 6 a a 6 6 8 6 6 6 6 6 6 6 6 7 7 6*6 7 7 7 6 6 6 6 6 6*6 7 8 6*6 7 8 7 7 7 7 6*6 7 7*6 7*4 8 6 6 8 6 7 6*& 7 6