The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
SEVENTH ANNUAL REPORT
OF THE
FEDERAL RESERVE BANK
OF ST. LOUIS
FOR THE YEAR ENDED DECEMBER 3 1 , 1921
SEVENTH ANNUAL REPORT
OF
THE
FEDERAL RESERVE BANK
OF ST. LOUIS
- FOR THE YEAR ENDED DECEMBER 3 1 , 1921
LETTER OF TRANSMITTAL
FEDERAL RESERVE BANK,
St. Louis, Mo., March 18, 1922.
SIR: I have the honor to transmit herewith the seventh
annual report of the Federal Reserve Bank of St. Louis, covering
the year ended December 31, 1921.
Respectfully,
WM. McC. MARTIN,
Chairman and Federal Reserve Agent.
HON. W. P. G. HARDING,
Governor, Federal Reserve Board,
Washington, D. C.
DIRECTORS AND OFFICERS
OF
FEDERAL RESERVE BANK OF ST. LOUIS
FOR 1922
DIRECTORS
CLASS A
JOHN G. LONSDALE, St. Louis, Mo.
J. C. UTTERBACK, Paducah, Ky.
SAM. A. ZIEGLER, Albion, 111.
CLASS B
LE ROY PERCY, Greenville, Miss.
W. B. PLUNKETT, Little Rock, Ark.
ROLLA WELLS, St. Louis, Mo.
CLASS C
WM. McC. MARTIN, St. Louis, Mo.
JOHN W. BOEHNE, Evansville, Ind.
C. P. J. MOONEY, Memphis, Tenn.
MEMBER FEDERAL ADVISORY COUNCIL
FRANK O. WATTS, St. Louis, Mo.
OFFICERS
WM. McC. MARTIN,
Chairman of the Board and Federal
Reserve Agent.
JOHN W. BOEHNE,
Deputy Chairman.
C. M. STEWART,
Asst. Federal Reserve Agent.
E. J. NOVY,
General Auditor.
L. H. BAILEY,
H. L. TRAFTON,
A. E. DEBRECHT,
E. I. NOWOTNY,
L. A. MOORE,
C. E. MARTIN,
L. T. WALKER,
Assistant Auditors.
D. C. BIGGS,
Governor.
OLIN M. ATTEBERY,
Deputy Governor.
J. G. McCONKEY,
Counsel and Secretary.
J. W. WHITE,
Cashier.
A. H. HAILL,
J. W. RINKLEFF,
W. H. GLASGOW,
S. F. GILMORE,
E. C. ADAMS,
F. N. HALL,
Assistant Cashiers.
LOUISVILLE BRANCH
OFFICERS
W. P. KINCHELOE,
Manager.
JOHN T. MOORE,
Cashier.
EARL R. MUIR,
Assistant Cashier.
DIRECTORS
GEO. W. NORTON
W. C. MONTGOMERY
W. P. KINCHELOE
F. M. SACKETT
EMBRY L. SWEARINGEN
MEMPHIS BRANCH
OFFICERS
JNO. J. HEFLIN,
Manager.
A. J. WILLIAMS,
Cashier.
V. S. FUQUA,
Assistant Cashier.
DIRECTORS
R. B. SNOWDEN
j . D. M C D O W E L L
JNO. J. HEFLIN
T. K. RIDDICK
S. E. RAGLAND
LITTLE ROCK BRANCH
OFFICERS
A. F. BAILEY,
Manager.
M. H. LONG,
Cashier.
F. A. COE,
Assistant Cashier.
DIRECTORS
C. A. PRATT
J. E. ENGLAND, Jr.
A. F. BAILEY
MOORHEAD WRIGHT
GEO. W. ROGERS
—3—
M I S S O U R I V l L L I N O l S )INDIANA
—4—
GENERAL BUSINESS CONDITIONS DURING 1921
VOLUME OF BUSINESS
The closing months of 1920 were marked by a drastic readjustment which embraced all the great industries of the United States.
This movement, which was the inevitable sequel of the post-war
period, continued with varying intensity and constituted the
impelling influence in business throughout 1921. The latter year
was the first in which business as a whole suffered damaging
effects of the world war, these materializing in the form of enormously reduced volume, collapsing commodity markets, unemployment, curtailed production and consumption, record commercial
mortality, depression in the agricultural industry and other similar
manifestations. Like conditions, only more acute, obtained in
foreign countries and were reflected in restricted export outlet
for American products, demoralized foreign exchange markets
and disrupted agencies of distribution.
Fundamentally this country entered and progressed through
the year in strong position. The unfavorable forces affecting business worked steadily in the direction of equalizing general economic
levels rather than to produce permanent disabilities. Enormous
wealth was created through agricultural production and the output
of mines and factories. The failure of trade to respond favorably
to these constructive factors was due to lack of balance in the
economic structure and disturbed psychology of the consuming
public. At the close of 1921 there was abundant evidence that the
processes of readjustment had made notable strides, and that
substantial foundations had been laid for reconstruction. In numerous important industries liquidation had run its course, while
in virtually all, peak levels were left far behind and appreciable
progress made toward normal.
Inventories taken at the beginning of the year disclosed in the
main heavy stocks of both raw and finished materials, most of
which had been purchased at high prices. The outlet for these
goods was constricted by the disposition to economize among
ultimate consumers, and ultra-conservatism on the part of wholesale and retail merchants. The practice of providing for future
— 5—
requirements was almost completely abandoned, distributors holding down their purchases to such goods as they could dispose of
from week to week or month to month. Unusual emphasis was
laid on values and prices, and merchandise which was not reduced
was moved only with the greatest difficulty, if at all. As the year
became older the volume of buying was further curtailed by unemployment in the cities and the sweeping decline in the market values
of farm products in the country. The decline in spending by the
public during 1921 is reflected in Chart F, which gives the total
debits charged by banks in the leading centers of this district to
checking accounts, savings accounts and trust accounts each week
during the year.
In the early autumn there began to develop signs of improvement in general business, which during the final months of the
year became well defined in some of the leading industries of the
district. Boots and shoes, clothing, groceries, furniture, drugs,
chemicals and hardware moved much more satisfactorily, and in
these lines there was some relaxation in the matter of immediate
buying, fair sales being made for forward delivery. The advance
in raw cotton prices resulted in a partial revival in the southern
part of the district, and marketing of the tobacco and rice crops
had a buoyant effect. In the typical grain and live stock areas,
however, the latter months failed to bring notable relief in the
general business situation.
AGRICULTURAL CONDITIONS
Agriculture, upon which prosperity in the Eighth Federal
Reserve District is largely dependent, sustained reverses in 1921.
In the case of leading crops, cotton excepted, it was not failure
that was responsible for the trouble, but the low prices obtained
by producers as contrasted with prices of other commodities. In
addition to being obliged to pay high for their necessary supplies,
farmers were handicapped by exorbitant freight rates, which at
certain stages of the market and where long hauls were involved,
made profitable shipment of their products impossible. To offset
reduced incomes it became necessary for agriculturists to practice
rigid economies, and the soil was prepared and fall crops put in at
smaller cost and with the purchase of fewer new implements than
has been the case in several decades.
The cotton crop was short, due to smaller acreage, an extremely
unfavorable growing season and depredations of boll weevils.
During the first seven months of the year prices of raw cotton
were very low, and these debased prices applied on large stocks
carried over from 1921. In sections where cotton is the chief crop,
considerable business depression was felt, but this was relieved
to some extent by advance in the price of cotton about the first
of September. From that time to the end of the year cotton prices
were well sustained.
The fruit crops of the district, notably apples, peaches and
pears, were virtually a complete failure, due to spring frosts
and freezes. Other small crops varied in size, but the general average was well up to that of recent years. Throughout the year
every possible assistance was given by the Federal Reserve Bank
to the agricultural industry through the medium of its member
banks. In the closing months the demand for credit in the country
was mainly for the purchase of live stock, farmers being anxious
to augment their herds in order to take advantage of cheap and
abundant feed crops. Credit in large volume was granted for this
purpose.
BANKING CONDITIONS
As a result of the unprecedented conditions outlined above,
banks of the district were confronted with complex and difficult
problems to handle, none more difficult than those of the Federal
Reserve Bank. During no year since its establishment were there
wider swings or more marked changes in the items representing
its principal activities. Its part in the general readjustment was
of first importance, both to member banks and to the business
community. The extent of the services rendered is reflected in
the following pages.
The reduced volume of business and the smaller credit needs
had a marked effect on commercial banking. Between January 7
and December 7 the loans and discounts (exclusive of rediscounts)
of 37 of the largest member banks in this district decreased from
$450,365,000 to $408,478,000. Their bills rediscounted with the
Federal Reserve Bank decreased from $56,730,000 to $30,365,000,
and their bills payable with the reserve bank fell from $17,579,000
to $7,319,000. Between the dates mentioned the demand deposits
in these reporting banks decreased from $325,494,000 to $296,495,000,
but the time deposits increased from $137,553,000 to $150,312,000.
due largely to the increase in savings.
The customary interest rate charged customers by banks in
St. Louis remained at 7 per cent from the beginning of the year to
the first of October, when a softening in the rate set in. At the
7
close of the year the customary rate was 6 per cent. In Memphis
the customary interest rate was 7 per cent and in Little Rock
practically 8 per cent throughout the year. The banks in Louisville
charged 6 per cent, which is the limit under the laws of Kentucky.
Changes in the principal asset and liability items of reporting
member banks in leading cities of this district during 1921 are set
forth in Schedule 25 and Chart E. The discount and interest rates
charged by member banks are given in Schedule 26.
OPERATIONS OF
FEDERAL RESERVE BANK OF ST. LOUIS
The greatly reduced volume of business in the country during
1921, coupled with lower commodity prices and smaller credit
needs, was directly reflected in the operations of the Federal
Reserve Bank of St. Louis. Items representing routine activities
show sharp declines as compared with the preceding year, excepting
the reserve ratio, which on December 31, 1921 stood at 64.8 per
cent, against 44.3 per cent at the close of 1920. Liquidation of
discounted paper was almost continuous throughout the year, and
was accompanied by a heavy return flow of Federal Reserve notes.
Total earning assets of this bank on December 31 were only
slightly more than half as large as on the same date in 1920. As
a result of these movements, net earnings of this bank in 1921
showed a substantial decrease as compared with the year before.
FINANCIAL RESULTS OF OPERATION
Gross earnings of the Federal Reserve Bank of St. Louis for
1921 aggregated $5,166,315. Current expenses amounted to
$1,961,250, leaving net earnings of $3,205,065, which were $2,050,596
less than those for 1920. Dividends, amounting to $270,253 were
paid during the year, and $1,639,109 were paid to the Government
as a franchise tax. The amount transferred to surplus was
$1,042,564.
The chief source of revenue during 1921 was bills discounted
for member banks, $4,739,032 of the gross earnings being derived
from these transactions. Acceptances purchased yielded $41,427
and United States securities $284,151. Schedule 1 shows in detail
the earnings and expenses for 1921 as compared with previous
years. A comparative statement of the profit and loss account is
given in Schedule 2.
The total resources of the Federal Reserve Bank of St. Louis
decreased from $263,102,000 on December 31, 1920, to $213,487,000
on December 31, 1921. Between these dates its deposits decreased
from $70,237,000 to $69,264,000, and its earning assets decreased
from $133,308,000 to $71,204,000. Federal Reserve notes in circulation fell from $135,785,000 to $95,246,000. These movements
—9—
were accompanied by a heavy gain in reserves, this item standing
at $88,876,000 on December 31, 1920 and at $106,641,000 on the last
day of 1921. Comparative balance sheets are given in Schedule 3.
The movement of principal asset and liability items during the
year is shown in Schedule 4 and Charts A and C.
RESERVE POSITION
During the year under review the reserve position of this bank
was progressively strong, its reserve ratio working upward from
the first business day and reaching its high point toward the middle
of December. It was not necessary to rediscount with any other
Federal Reserve Bank, neither did any other reserve bank rediscount with this institution. On January 3, 1921, the reserve carried
against net deposit and Federal Reserve note liabilities was 44.8
per cent, which, incidentally, was the low point of the year. The
high level in January was 50.9 per cent, and during each succeeding month until and including May the trend was steadily upward,
62.7 per cent being reached in the latter month. In June the high
point was 55 per cent, and in July it fell to 54.7 per cent, this slight
dip being caused by increased borrowings incident to crop financing. However, the August high point was 60.5 per cent, and in
September the range was from 55.8 to 59 per cent. Each of the
following months showed radical advances, which culminated
in the year's high record of 69.5 per cent, reached on December
12. On December 31 the ratio stood at 64.8 per cent.
The total cash reserves, net deposit and Federal Reserve note
liabilities and reserve percentages by weeks are shown in Schedule
4 and Chart C.
DISCOUNT OPERATIONS
The total amount of paper discounted for member banks during
1921 was $1,609,023,938.91. Of this amount $638,183,391.51 was
single name paper; $5,140,714.54 consisted of trade acceptances, or
two-name paper, $7,973,689.53 consisted of bankers' acceptances,
and $957,726,143.33 consisted of member banks' fifteen day collateral notes. Of the $638,183,391.51 of commercial paper discounted, $38,102,650.30 was secured by Government obligations,
and of the $957,726,143.33 of member banks' collateral notes,
$956,436,581.33 was secured by Government obligations. The total
paper discounted for member banks during 1921 shows a decrease
of $829,016,774.70 under the amount discounted in 1920.
— 10 —
The paper entitled to classification as agricultural or live stock
paper discounted in 1919 amounted to $4,762,082.24; in 1920,
$24,591,095.49; and in 1921 such paper amounted to $52,191,415.36.
It will be noted that there was an increase in the discount of agricultural paper of over $27,600,000 in 1921 as compared to 1920.
The figures given for these three years indicate an enormous growth
in the amount of agricultural or live stock paper rediscounted for
the farming communities. The assistance given by this bank to the
rural communities is even greater than indicated by the figures,
because so much of the borrowings of country banks on their own
promissory notes, which do not indicate whether the proceeds are
to be used for agricultural purposes, in reality are for benefit of the
farmer.
The total number of bills handled during 1921 was 80,820 as
follows: Rediscounts 67,881 ; member banks' collateral notes
11,017; and acceptances bought 1,922. There where 2,959 fewer
bills handled than in 1920.
Of the 588 member banks, 390 different member banks borrowed from this bank in 1921, which is an increase of four over
the number accommodated in 1920.
Schedule 5 shows the volume of the different classes of paper
discounted by this bank and each of its branches, also the volume
of paper received from each state each month and the number of
different banks in each state discounting during the year. The
total amount of discounts held each week is given in Schedule 4
and Chart A. The demand for accommodations in the territories
served by the parent bank and each branch is shown in Chart B.
TRADE ACCEPTANCES
During 1921, this bank discounted a total of $5,140,714.54 of
trade acceptances for member banks, which is a decrease of
$8,330,436.47, as compared to 1920. The decrease is due in part to
unfavorable conditions and in part to the fact that banks did not
rediscount as much as during the previous year.
BANKERS' ACCEPTANCES
During the past year this bank purchased a total of
$21,187,537.51 of bankers' acceptances, of which $1,000,059.27 were
purchased from the Federal Reserve Bank of Chicago. This is a
decrease of $14,832,079.95 under the amount purchased during 1920.
The rates on these acceptance ranged from 4y& to 6^2 per cent.
Schedule 6 shows the amount of bankers' acceptances purchased
each month.
The following member banks were authorized by the Federal
Reserve Board during 1921 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:
Peoples Savings Bank & Trust Co
First National Bank
Pine Bluff, Ark.
Itta Bena. Miss.
The addition of these two makes ten member banks in this
district which have been granted permission to accept up to 100
per cent.
DISCOUNT RATES
During the year the normal discount rates of this bank did
not exceed 6 per cent. The normal rates in effect at the opening
and close of the year, and changes made during the year, are
shown in Schedule 7.
On May 21, 1921 the btmk modified its progressive discount
rate, which was established May 26, 1920. Under the new plan,
the average borrowings in excess of the basic line were charged a
rate of 7 per cent per annum. The progressive rate was abolished
entirely, effective June 23, 1921.
FEDERAL RESERVE NOTES
Federal Reserve notes aggregating $71,640,000 were received
by the Federal Reserve Agent from the Comptroller of the Currency during 1921. A total of $74,960,000 was issued and reissued
by the Agent to the Federal Reserve Bank of St. Louis against
the pledge of gold and eligible paper, which was $31,510,000 less
than the amount issued and reissued during 1920. The demand for
Federal Reserve notes was heaviest in February and through July,
August, September and October. Schedule 8 shows the amount
of each denomination of Federal Reserve notes issued to the bank
each month.
During the year the bank returned to the Federal Reserve
Agent $5,600,000 of fit Federal Reserve notes.
The Treasurer of the United States during 1921 redeemed, out
of the redemption fund maintained with him by the Federal Reserve
— 12 —
Agent, $110,648,440 of unfit notes of the Federal Reserve Bank of
St. Louis, which were turned over to the Comptroller of the Currency for destruction.
Federal Reserve notes outstanding on December 31, 1921,
amounted to $114,102,945. To secure these notes there were
$66,158,105 of gold and $63,240,311.84 of eligible paper pledged
with the Federal Reserve Agent. Of the $114,102,945 Federal
Reserve notes outstanding, $17,775,195 were held by the Federal
Reserve Bank and its branches and $1,081,550 were in transit to
Washington for redemption, leaving $95,246,200 in actual circulation on December 31, 1921. This was $40,539,130 less than the
amount in circulation at the close of 1920.
Schedule 9 shows the amount of each denomination of Federal
Reserve notes outstanding December 31, 1920, issued, returned
and redeemed during 1921 and outstanding December 31, 1921.
A comparative statement of the Federal Reserve Agent's accounts
is given in Schedule 10.
During 1921 the Federal Reserve Bank of St. Louis received
for redemption or credit $61,726,100 of its own Federal Reserve
notes from other Federal Reserve Banks, and returned to other
Federal Reserve Banks for redemption or credit $79,627,865 of their
notes. In other words this bank returned $17,901,765 more notes
of other banks than it received of its own. As was the case in 1920
the 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 11 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.
FEDERAL RESERVE BANK NOTES
Federal Reserve Bank notes issued during 1921 totaled
$6,124,000, all of which amount represented replacement of unfit
notes redeemed. Redemptions of unfit Federal Reserve Bank
notes during the period under review were $11,655,000, representing a net reduction of $5,531,000 in the amount of notes outstanding.
The amount of Federal Reserve Bank notes outstanding on
December 31, 1921, was $4,077,600. They were secured by
— 13 —
$6,569,000 United States Special 2 per cent certificates of indebtedness, deposited with the Treasurer of the United States. Of the
bank notes outstanding at the close of the year, $154,171 were held
by Federal Reserve Bank of St. Louis and its branches, leaving
$3,923,429 in actual circulation. This was $5,563,321 less than the
amount in circulation at the end of 1920.
Schedule 12 sets forth by denominations Federal Reserve Bank
notes outstanding December 31, 1920, also, redemptions and replacements during 1921, together with balance outstanding December
31, 1921.
CURRENCY RECEIPTS AND PAYMENTS
As stated in preceding annual report, the Federal Reserve
Bank of St. Louis and its branches absorb costs incident to shipments of paper currency, subsidiary silver and minor coin to member banks and of paper currency and all coin from member banks;
also, the cost of incoming shipments of paper currency and coin
from non-member banks remitting regularly to the Federal Reserve
Bank at par. In addition, at the request of a member bank, the
Federal Reserve Bank also ships paper currency, subsidiary silver
and minor coin to any bank or trust company, either member
or non-member, in the district. It pays the charges when such
shipment is made to another member bank, but not when made
to a non-member.
Greatly increased operations have resulted, covering both
receipts and shipments, the increased volume being particularly
noticeable in shipments to non-member banks at the request of
members. This arrangement has proved of great value to member
banks, in that it obviates rehandling shipments.
During the year the Federal Reserve Bank of St. Louis and its
branches paid out $365,703,943.82 in paper currency and coin, of
which $322,452,917.31 were paid to member banks and $43,251,026.51
to non-member banks. Of the $468,160,862.27 paper currency and
coin received, member banks' deposits amounted to $432,892,495.62
and those of non-member banks totaled $35,268,366.65.
Schedule 13 gives in detail the amounts of currency received
and paid out by the parent bank and each of its branches.
CLEARINGS
During 1921 the Federal Reserve Bank of St. Louis and its
branches handled 33,997,778 checks amounting to $5,605,464,501,
indicating an increase of 2,307,210 in the number of checks han
14
died, but a decrease of $2,039,135,641 in the amount, as compared
with the respective totals of the preceding year. The average
daily number of items handled during the year was 113,326. In
point of number of checks handled, 1921 established a new high
record. The sharp decrease under the preceding year in the total
dollar amount represented by the checks cleared is attributable
in large part to the radical downward readjustment in commodity
prices, and consequent shrinkage in the average size of transactions covered by check payments.
Schedule 14 shows the number and amount of the various
classes of clearing items and Chart D shows the daily average
number of items handled by the Federal Reserve Bank of St. Louis
and its branches each month.
The member banks in the district which were availing themselves of the clearing facilities at the close of the year was 345,
against 332 at the close of 1920. Nineteen non-member banks were
maintaining clearing accounts with the Federal Reserve Bank and
branches, against 17 at the end of the preceding year.
At the end of the year, this bank and its branches were collecting, at par, checks on 3,076 banks out of a total of 3,243 banks in
the Eighth Federal Reserve District. The difference represented
167 non-member banks located in Mississippi, which had not agreed
to remit for checks at par.
The privilege of routing items which are payable in other
Federal Reserve Districts direct to other Federal Reserve Banks
and branches for the credit of this bank and for use of the forwarding bank, has been granted to 35 banks in the district.
In July, 1920, this bank put into operation a plan whereby cash
letters, addressed to other Federal Reserve Banks and branches by
direct sending member banks in St. Louis, could be deposited in
the Federal Reserve Bank of St. Louis during certain hours on
each business day. These cash letters are enclosed with similar
items of the St. Louis Federal Reserve Bank and dispatched to the
addressees. During the year under review there were dispatched
through the St. Louis parent bank 329,235 letters amounting to
$2,234,435,807.62. The expense of postage was borne by this bank.
This service was extended to the local members of the Memphis branch during the year, and will be extended to the local
member banks in Louisville and Little Rock shortly after January 1, 1922.
— IS —
COLLECTIONS
The machinery set up by the Federal Reserve Bank for serving
its member banks in the matter of collections proved eminently
successful during the year under review. The members availed
themselves to a greater extent than in any preceding year of the
facilities for collecting such items as notes, drafts, acceptances,
coupons, etc. The total representing both items and amount show
good gains over those of 1920. During 1921 this bank handled all
told 130,952 collection items, amounting to $190,104,225.67, which
compares with 90,593 items, amounting to $180,848,903.41 in 1920.
Of the collection items handled 118,144 items, amounting to
$177,526,828.71 were collected, leaving 12,808 items representing
$12,577,396.96 returned unpaid. The average item handled in 1921
was approximately $1,451, against an average of $1,996 in 1920 and
about $2,538 in 1919. Schedule 15 gives the number and amount
of collections handled each month by this bank and its branches.
GOLD SETTLEMENT FUND
The gold settlement fund in Washington is used for the settlement of transactions between the several Federal Reserve Banks,
and with each succeeding year its efficiency and usefulness becomes
more apparent. The facility and quickness for making settlements
through this medium, along with its other advantages, permit of
an immediate reflection of the true reserve condition of each district.
Through this fund are cleared not only the balances between
Federal Reserve districts on check clearances, but transfers of
funds for account of the United States Treasury and of member
banks and their customers, rediscounts and sales of acceptances
between Federal Reserve Banks. Advices directing these operations are dispatched over the private wire system which connects
the Federal Reserve Banks, their branches and the Federal Reserve
Board at Washington.
The total amount of the 1921 gold settlement fund operations
with this bank indicates a marked decrease as contrasted with
1920. The reduction in rediscount transactions and other items
reflecting the trend of commercial affairs had direct bearing on
the decline shown in gold settlement operations.
The balance in this account on December 30, 1920, was
$21,852,704.38 and the balance on December 28, 1921 was
$20,728,174.05. Total settlements were as follows: Receipts,
— 16 —
$4,545,632,082.11 and disbursements, $4,546,756,612.44, indicating
a net loss of $1,124,530.33. Schedule 17 shows the debits, credits
and balance in the gold settlement fund, each week.
Most of the gold pledged with the Federal Reserve Agent
as security for Federal Reserve notes is deposited in the Federal
Reserve Agents' fund in Washington. Through this fund transfers
are made by wire between the Federal Reserve Bank and the Federal Reserve Agent, as well as transfers to the funds in Washington
used to redeem Federal Reserve notes. During 1921 the total
deposits made to the credit of the Federal Reserve Agent at St.
Louis through this fund amounted to $159,569,400, and the withdrawals aggregated $142,000,000. The balance to his credit in
this fund at the close of the year was $57,100,000.
TRANSFERS OF FUNDS
To a relatively greater extent than during any preceding year
member banks availed themselves of the service of the Federal
Reserve Bank in transferring funds. It is possible through the
facilities offered to make payments between points separated by
great distance immediately, without cost to member banks and
at par. The following table gives statistics covering outgoing and
incoming wire transfers handled by the St. Louis Federal Reserve
Bank and its branches:
Outgoing Wire Transfers
Number
Amount
St. Louis
Louisville
Memphis
Little Rock
18,521 $ 846,699,431.44
4,247
164,013,124.38
3,173
67,283,608.48
2,151
41,208,405.82
Totals for 1921..28,092
Totals for 1920-32,068
1,119,204,570.12
1,225,250,058.53
Incoming Wire Transfers
Number
Amount
12,077 $411,381,770.78
1,455
85,155,141.26
3,644" 114,025,982.23
3,643
94,085,650.36
20,819
17,982
704,648,544.63
756,496,519.11
DEPOSITS TO 5% FUND FOR NATIONAL BANKS
Analysis of the deposits made by the Federal Reserve Bank
of St. Louis for national banks to their 5 per cent redemption
accounts with the Treasurer of the United States at Washington,
— 17 —
through medium of the Federal Reserve Board and the Gold Settlement Fund, in 1921 shows an enormous increase over the preceding year both in the number of deposits and the dollar amounts
involved. Details of these operations by months follow:
January
February
March
April
May
June
July
August
September
October
November
December
_
No. of Deposits
Amount
1,953
$ 2,104,188.44
1,733
2,473,725.39
1,591
2,681,058.40
1,094
2,197,147.81
1,932
2,804,680.00
941
2,478,350.00
721
2,411,663.50
2,078
2,963,510.00
2,037
2,637,877.50
2,458
2,884,652.50
2,458
3,228,458.57
1,816
3,002,103.98
Totals for 1921
Totals for 1920
20,812
7,661
31,867,416.09
18,768,282.21
NATIONAL BANKS GRANTED FIDUCIARY POWERS
At the end of 1921 there were 89 national banks in the Eighth
Federal Reserve District authorized to exercise fiduciary powers
under the provisions of Section 11 (k) of the Federal Reserve
Act, as amended September 26, 1918, a net gain for the. year of
7 banks. The distribution by states of these banks was as follows:
Arkansas, 15; Illinois, 21; Indiana, 15; Kentucky, 20; Mississippi, 2; Missouri, 15 and Tennessee, 1. Schedule 18 gives a list of
the national banks granted permission in 1921 to exercise fiduciary
powers.
MONTHLY REPORT ON CONDITIONS
The scope of the report on general business conditions in the
Eighth Federal Reserve District, issued monthly by this bank,
was broadened during the year by the introduction of several new
investigations and studies. Notable among these may be mentioned compilations of labor, power consumption, and savings
statistics.
— 18 —
RELATIONS WITH BANKS
More thorough acquaintance by member and non-member
banks of the district with the services of the Federal Reserve Bank
resulted during the year in closer and more profitable relations.
As in the past, every effort was made by this institution
to increase its usefulness to member banks and the communities served by them.
Following the practice of preceding years, representatives of
the Federal Reserve Bank attended conventions and group meetings of bankers' organizations in the several states, and in addition
personal calls were made by officers and representatives on banks
of the district.
MOVEMENT OF MEMBERSHIP
On January 1, 1921 the Federal Reserve Bank of St. Louis
had a total of 571 member banks consisting of 480 national banks
and 91 state banks and trust companies. Its authorized capital
was $8,741,(XX), of which $4,364,750, was paid in. During the year
nine new national banks were admitted to membership and six
surrendered their memberships through liquidation or consolidation.
Fourteen state banks and trust companies became members.
On December 31, 1921 this bank had a membership of 588,
consisting of 483 national banks and 105 state banks and trust
companies, an increase of 3 national banks and fourteen state institutions for the year. The total authorized capital stock was
$9,2O6,1GO, of which $4,603,050 was paid in. The paid-in capital
increased $238,300 during the period under review.
Schedule 19 gives a list of the national and state banks which
became members during 1921; also, the banks which liquidated
or consolidated and banks that changed their titles.
At the close of the year there were 1,128 eligible non-member
state banks and trust companies in this district with total resources
aggregating approximately $628,106,000. The total resources of
the 105 member state banks and trust companies amounted to
$417,959,000, which is almost 40% of the total resources of all
eligible state institutions in the district. Several applications of
state banks for membership were pending at the close of the year.
— 19 —
EXAMINATION DEPARTMENT
Examiners of the Federal Reserve Bank participated with the
various state banking departments of the district in 89 examinations
of 66 member state banks and trust companies. The Federal
Reserve examiners also made 12 independent examinations of state
banks applying for membership.
The following table shows the work done by states:
STATE
Member
state
banks
Arkansas
Illinois
Indiana
Kentucky
Mississippi ....
Missouri
Tennessee
36
15
2
Totals....
Independent
examinations
by F. R.
examiners
Independent
examinations
by state
examiners
Participations
by Federal
Reserve
examiners
41
0
1
7
2
3
33
11
0
0
0
1
3
1
16
0
0
2
3
0
105
12
23
5
7
0
19
21
89
FOREIGN ACCOUNTS
Reductions in balances of foreign accounts took place during
the year under review. The Bank of England sterling gold
account, with a balance of $3,029,109.69 was completely eliminated
from the books of this bank.
The balance to credit of the Bank of France, earmarked gold
account, as of January 1, 1921, $155,100, was eliminated by final
withdrawal on March 30.
Balance of a proportionate share of the Bank of Japan deposits,
represented on January 1, 1921, by $188,000, was increased by
$188,000, making a balance on December 31, 1921, of $376,000.
INTERNAL ORGANIZATION
The Board of Directors of the Federal Reserve Bank of St.
Louis on January 1, 1921, was composed of the following members:
John G. Lonsdale, J. C. Utterback and Sam A. Ziegler, Class A
directors; LeRoy Percy, W. B. Plunkett and Rolla Wells, Class B
directors, and John W. Boehne, William McC. Martin and C. P. J.
Mooney, Class C directors. Mr. Martin was also Chairman of the
Board and Federal Reserve Agent, and Mr. Boehne was Deputy
Chairman. Of the above directors, the terms of Messrs. Wells,
Utterback and Martin expired on December 31, 1921.
— 20 —
From November 17 to December 3 an election was conducted
for the selection of Class A and Class B directors to succeed Mr.
Utterback and Mr. Wells, respectively. Both retiring directors
were reelected, Mr. Utterback by banks in Group 2 and Mr. Wells
by the Group 1 banks, to serve for three years from January 1,
1922. In December the Federal Reserve Board reappointed Mr.
Martin as Class C director and Chairman of the Board and Federal
Reserve Agent. It also redesignated Mr. Boehne as Deputy Chairman. The Board held 23 meetings during the year, with an average
attendance of 7 directors.
On January 5 the Board elected Directors Boehne, Lonsdale
and Wells to serve on the Executive Committee with the Governor
and Federal Reserve Agent. Throughout the year the Executive
Committee met on Mondays, Wednesdays and Fridays. All told,
152 meetings were held.
At the meeting of the directorate on January 5 the following
officers were elected to serve during 1921 : David C. Biggs, Governor; Olin M. Attebery, Deputy Governor; J. G. McConkey, Secretary and Counsel; J. W. White, Cashier; A. H. Haill, J. W. Rinkleff,
W7. H. Glasgow, S. F. Gilmore, E. C. Adams and F. N. Hall, Assistant Cashiers. The Board also elected E. J. Novy as General Auditor
and L. H. Bailey, H. L. Trafton, A. E. Debrecht, L. A. Moore, C E .
Martin and E. I. Nowotny as Assistant Auditors. F. O. Watts,
President of the First National Bank in St. Louis, was reelected to
represent the Federal Reserve Bank of St. Louis on the Federal
Advisory Council during 1921. L. T. Walker was elected acting
assistant auditor in October.
C. M. Stewart was reappointed Assistant Federal Reserve
Agent at the beginning of the year.
At the close of 1921 the Federal Reserve Bank of St. Louis
and its branches had 762 officers and employees, of whom 87 were
engaged in fiscal agency work. At the close of 1920 the total personnel was 851, of whom 136 were employed in fiscal agency work.
BANKING QUARTERS
During the year under review the Federal Reserve Bank of
St. Louis continued to occupy its rented quarters in the Federal
Reserve building, northeast corner of Broadway and Pine street,
four floors in the adjoining Commerce Trust building and also
space formerly occupied by the Sub-treasury in the Custom House,
Ninth and Olive streets.
— 21 —
As mentioned in preceding annual reports, this bank has purchased land upon which to erect permanent quarters, located in the
heart of the financial district of St. Louis, and having a continuous
frontage on Broadway, Locust and Fourth streets. Work during
1921 consisted of razing old buildings on the site, and drawing
of plans for the new structure.
— 22 —
OPERATIONS OF BRANCHES
Routine operations of this bank in the southern sections of
the district were handled largely through its three branches at
Louisville, Ky., Memphis, Tenn., and Little Rock, Ark. To a much
greater extent than in preceding years the member banks appeared
to understand and appreciate the facilities afforded by the branches
and to take advantage of them. This was true not only of discounting privileges, but of such miscellaneous services as collections,
clearings, transfer of funds, etc.
LOUISVILLE BRANCH
Total earnings of the Louisville branch in 1921 were $691,550.96
and its expenses amounted to $186,866.58, leaving net earnings of
$504,684.38. Of the total earnings $681,313.36 were derived from
bills discounted for member banks. Bills discounted for member
banks in 1921 totaled $362,424,862.17. Schedule 5 shows amounts
of the different classes of paper discounted during the year.
During 1921 the Louisville branch handled 6,209,943 clearing
items, representing a face value of $976,889,080. It handled a total
of 18,628 collection items amounting to $26,711,547.35. Schedules
14 and 15 show the clearing items and collection items handled
each month. Currency receipts of this branch from member and
non-member banks for the year amounted to $80,624,578.07 and its
payments totaled $61,451,183.88, as shown in Schedule 13.
On January 5, 1921, the directors of the parent bank reelected
W. P. Kincheloe, manager, John T. Moore, cashier, and Earl R.
Muir, assistant cashier, for 1921. They also reelected as directors
of the Louisville branch Mr. Kincheloe, George W. Norton and W.
C. Montgomery. F. M. Sackett and E. L. Swearingen were reappointed directors by the Federal Reserve Board.
At the close of the year the Louisville branch had 89 officers
and employees, which compares with 79 officers and employees at
close of 1920. The number of member banks assigned to it was 94.
— 23 —
MEMPHIS BRANCH
In 1921 total earnings of the Memphis branch amounted to
$1,151,991.88 and the expenses to $246,249.29, with the resultant
net earnings of $905,742.59. Of the total earnings $1,131,409.76
were derived from bills discounted for member banks. During
the year this branch discounted a total of $215,454,134.12 of paper
for member banks and purchased bankers' acceptances in the sum
of $38,037.22 from member banks. Schedule 5 gives the amounts
of the several classes of paper discounted, and Schedule 6 sets forth
the amount of bankers' acceptances purchased each month.
The Memphis branch in 1921 handled a total of 2,897,023 clearing items, representing $471,659,642. It handled 17,065 collection
items amounting to $18,764,347.87. Schedules 14 and 15 show the
clearing items and collection items handled each month. The
currency receipts from member and non-member banks for the
year amounted to $47,732,464 and payments totaled $47,844,259
as set forth in Schedule 13.
At its meeting on January 5, 1921, the directorate of the
parent bank reelected John J. Heflin, manager, A. J. Williams,
cashier and V. S. Fuqua, assistant cashier. As directors of this
branch, Mr. Heflin, R. Brinkley Snowden and John D. McDowell
were reelected to serve during 1921. The Federal Reserve Board
reappointed T. K. Riddick and S. E. Ragland members of the
branch directorate.
At the end of 1921 the Memphis branch had a total of 91 officers
and employees, which compares with 84 at the close of business
on December 31, 1920. The number of member banks assigned to
it was 55.
LITTLE ROCK BRANCH
The earnings of the Little Rock branch for 1921 totalled
$670,937.99 and its expenses were $169,314.90, leaving net earnings
of $501,623.09. Of the total earnings $654,361.58 were derived from
bills discounted for member banks. In course of the year this
branch discounted for member banks an aggregate of $141,079,685.86
of paper and purchased $19,735.27 of acceptances from member
banks. Schedule 5 shows the amounts of the diffierent classes of
paper discounted during 1921 and Schedule 6 shows the amount of
bankers' acceptances purchased each month.
A total of 4,252,127 clearing items was handled by the branch
in 1921, amounting to $525,178,903. It also handled 12,685 collection items amounting to $11,620,968.49. Schedules 14 and 15 show
— 24 —
the clearing items and collections handled each month. Its currency receipts from member and non-member banks for the year
amounted to $30,007,563 and its payments aggregated $27,554,236,
as shown in Schedule 13.
A. F. Bailey was reelected manager of the Little Rock branch
by the board of directors of the parent bank at its meeting on January 5, 1921. M. H. Long and F. A. Coe were reelected cashier
and assistant cashier respectively. Mr. Bailey, C. A. Pratt and
J. E. England, Jr., were reelected members of the board of directors
of the branch by the parent board, and the Federal Reserve Board
reappointed Moorhead Wright and George W. Rogers as directors.
At the close of the year the Little Rock branch had 66 officers
and employees, which compares with 68 officers and employees at
the close of 1920. The number of member banks assigned to this
branch was 69.
•25 —
FISCAL AGENCY OPERATIONS
The year under review was the first full twelve-month period
during which the Federal Reserve Bank of St. Louis performed
all the duties in this district of fiscal agent of the United States
Government. Heretofore the larger part of subtreasury functions
devolved upon this bank, but the few remaining activities in this
category were transferred to it with the actual taking over of the
St. Louis Subtreasury on January 8, 1921.
The principal business of the fiscal agency department consisted of receiving and disbursing funds for account of the Government, the sale and delivery of United States certificates of
indebtedness, treasury notes, and war savings securities, also, the
exchange and conversion of Liberty Loan bonds for financial
institutions and the public. Since July 1, 1921, the Federal Reserve
Bank has absorbed the expenses of the fiscal agency department.
CERTIFICATES OF INDEBTEDNESS AND TREASURY NOTES
During 1921 the Government offered eighteen issues of certificates of indebtedness and treasury notes, aggregating $2,950,000,000,
which was $1,000,000,000 less than the amount offered in 1920. The
total quota of these issues assigned to this district was $118,000,000.
Financial institutions, corporations and individuals subscribed to
$231,774,200 of the issues, or almost twice the district's quota. The
total amount allotted by the Treasury Department was $130,485,600.
Of these issues, nine were in anticipation of income and excess
profits taxes, seven were offerings of so-called loan certificates,
and two were short-term treasury notes to mature in 1924. The
latter were issued in anticipation of refunding the Victory Notes
which will mature in 1923.
All of the issues, except the two dated March 15, enjoyed
tremendous popularity and subscriptions were far in excess of the
quotas assigned to this district. Subscriptions to the various issues
during the year were made by 1,198 different banks. Schedule 20
shows the different offerings of certificates of indebtedness and
treasury notes, also the subscriptions and allotments to each issue.
The Federal Reserve Bank of St. Louis and its branches
redeemed during 1921 a total of $107,909,000 of certificates of
— 26 —
indebtedness, of which $100,432,000 were redeemed in cash and
$7,477,000 were applied on subscriptions to other issues of certificates and treasury notes. Schedule 21 sets forth the amount of
certificates redeemed by the parent bank and each branch.
DEPOSIT OF TREASURY FUNDS WITH BANKS
In the course of the year two more banks in this district qualified to receive deposits arising out of the sale of treasury certificates
of indebtedness and notes. Adding these two to the number which
had qualified prior to January 1, 1921, and deducting those which
were dropped from the list, there remained 476 Government depositaries at the end of the year under review, which compares with
478 on December 31, 1920.
All collateral put up as security for these deposits was in
custody of this bank, and in addition it performed all duties incident
to the deposit and withdrawal of funds, interest, etc. In order to
facilitate these transactions, several outside custodians of collateral
were appointed. The largest amount of collateral held at any one
time was on September 22, when the securities totaled $29,824,000.
The average securities pledged against war loan deposits at the end
of each month during 1921 were as follows: In our own vaults
$14,172,609; outside custodians $1,317,792. The average number
of outside custodians at the end of each month was 2. The largest
amount of deposits outstanding with depositaries at any one time
was $22,003,000 on September 17. The total amount of deposits
made with depositaries during the year was $96,039,000, of which
$8,123,000 was outstanding at the close of business December 31.
Interest collected by the Federal Reserve Bank for account of the
United States Government on such deposits during the year
amounted to $148,917.
DELIVERY OF PERMANENT LIBERTY BONDS ON
CONSIGNMENT
Pursuant to Treasury Department Circular No. 164, 25 banks
and trust companies which had previously qualified as Government
depositaries under Treasury Department Circular No. 92, as
amended and supplemented April 17, 1919, availed themselves of
their privilege to obtain permanent Liberty Bonds on consignment
to exchange for temporary bonds. This privilege expired June 30,
1921 and all consignment accounts have since been closed and the
collateral securing same withdrawn. This bank had custody of all
27
collateral offered as security for consignment of bonds and performed all duties incident to the consignment of permanent and surrender of temporary bonds for credit in Permanent Bond Account.
The largest amount of collateral in custody at any one time was
held on February 25 when securities totaled $2,321,350. The largest
amount of bonds outstanding on consignment at any given time
was $2,077,100 on February 9. Deliveries of permanent Liberty
Loan Bonds on consignment for the year amounted to $6,243,550.
These were divided among the several issues as follows:
First Liberty Loan Bonds, Con. 4*4% of 1932-47....$
5,500.00
Second Liberty Loan Bonds Con. 4l/A% of 1927-42..
20,000.00
Third Liberty Loan Bonds, A)/A% of 1928
43,450.00
Fourth Liberty Loan Bonds, 4*4% of 1933-38
6,174,600.00
Total
$6,243,550.00
EXCHANGES AND CONVERSIONS OF LIBERTY LOAN BONDS
The volume of business transacted in 1921 by the fiscal agency
department in connection with the exchange and conversion of war
bond issues was extremely heavy. This bank and its branches
received for exchange or conversion a total of 1,191,302 Liberty
Bonds and Victory notes of a par value of $233,107,600, and
delivered 988,906 bonds and notes of the par value of $269,310,650.
These figures represent the actual transactions handled during
1921, and the increase in the amount delivered over the amount
received largely represents Fourth temporary 4*4% Liberty Bonds
received during 1920 but the permanent bonds were not delivered
until 1921.
Schedule 22 gives details relative to the exchange and conversion of the different classes of Liberty Loan Bonds and Victory
Notes.
TREASURY SAVINGS SECURITIES
During 1921, only 8,800 thrift stamps, treasury savings stamps,
war savings stamps and treasury savings certificates, amounting
to $391,230, were sold by this bank and other banks in the district.
In 1920, 29,782 treasury savings securities, aggregating $1,422,109,
were sold.
While the sales of savings securities during 1921 were considerably under those of the preceding year, circumstances considered,
the showing is rather favorable. No active selling compaign was
conducted and business depression and general unemployment
tended to hold down the volume of sales, as did the higher interest
— 28 —
returns offered by other investments during the early months of
the year. Toward the close of the year there was a much better
demand for this variety of security, and the new issue of treasury
savings certificates, which was placed on sale December 15, gives
every indication of being more popular than preceding issues.
There were redeemed during the year 9,128 treasury savings
securities, of the value of $170,555.75. In 1920, 45,722 securities,
amounting to $1,236,034, were redeemed. This reduction in
redemptions shows that a greater percentage of treasury savings
securities are remaining in the hands of the public.
Schedules 23 and 24 give the number and amount of the different classes of treasury savings securities sold and redeemed each
month.
WAR FINANCE CORPORATION
During the early months of 1921 War Finance Corporation
activities were discontinued. Later in the year, however, the Corporation again became active, taking up loans in connection with
financing needs of the agricultural communities. This necessitated
a revival of the fiscal agency services of the Federal Reserve Banks.
Advances made by this bank for account of the War Finance
Corporation in 1921, including the handling of notes and collateral
covering these operations, totaled $5,630,718.29. Detail of these
advances is as follows: St. Louis, $1,142,140; Louisville Branch,
$149,378.47; Memphis Branch, $3,707,139.21 and Little Rock
Branch, $632,060.61.
GOVERNMENT CHECKS, WARRANTS AND COUPONS
During the year, the Federal Reserve Bank of St. Louis and
its branches handled a total of 2,012,032 checks and warrants
drawn on the United States Treasurer, amounting to $202,057,794,
as shown by Schedule 14. These figures show an increase of
367,903 in the number of items handled, but a decrease of $21,546,452
in the amount, as compared to 1920.
The number of Government coupons handled in 1921 was
5,216,274 with a face value of $30,405,260.28, which compares with
6,332,980 coupons amounting to $28,606,861.67 in 1920. Schedule
16 gives the number and amount of the different classes of coupons
handled each month.
The Government deposits in the Federal Reserve Bank of
St. Louis at the close of business December 31, 1921, amounted to
$3,802,000, as compared to $2,618,000 at the close of 1920.
— 29 —
APPENDIX
SCHEDULES
No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
Page
Comparative statement of earnings and expenses
31
Comparative profit and loss statement
32
Comparative statement of condition
32
Movement of principal asset and liability items
33-34
Paper discounted for member banks
35
Bankers' acceptances purchased
36
Discount rates of Federal Reserve Bank
36
Federal Reserve notes issued each month
37
Federal Reserve notes returned, redeemed and outstanding
37
Comparative statement of Federal Reserve Agent's accounts
38
Federal Reserve notes received from and returned to other
Federal Reserve Banks
38
Federal Reserve Bank notes issued, redeemed and outstanding
38
Currency receipts and payments
„.
39
Clearing items handled
39
Collection items handled
40
Coupons from U. S. securities handled
40
Debits and credits through Gold Settlement Fund
41
National banks granted fiduciary powers
42
Banks admitted to membership and banks surrendering memberships—.42
U. S. Treasury certificates of indebtedness and Treasury notes,
offerings and subcriptions
43
U. S. Treasury certificates of indebtedness redeemed
43
Exchanges and conversions of Liberty Bonds and Victory Notes
44-45
Sales of Thrift Stamps, Treasury Savings Stamps, etc
46
Redemptions of Thrift Stamps, Treasury Savings Stamps, etc
46
Changes in resource and liability items of reporting member banks
47
Interest rates of banks in St. Louis, Louisville, Memphis and
Little Rock
48
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
CHARTS
A Movement of earning assets
B Bills discounted and bought
C Deposits, Federal Reserve note circulation, cash reserves and
reserve ratios
D Daily average number of clearing items handled
E Loans and investments, and deposits of reporting member banks
F Debits to individual accounts
•
— 30 —
49
50
51
52
53
54
SCHEDULE 1.— Comparative statement of earnings and expenses of Federal Reserve
Bank of St. Louis, including its branches.
EARNINGS
1920
Discounted bills
Purchased bills
United States securities
Transfers—net earnings
Deficient reserve penalties.
Miscellaneous
Total earnings..
1919
,739,032
41,427
284,151
3,382,357
273,425
391,611
80,640
21,065
104,164
28,560
!,918,462
564,495
320,412
10,570
52,373
18,166
$5,166,315
$7,180,117
$3,884,478
$151,043
931,158
28,069
38,763
$126,916
747,312
22,984
30,693
$95,040
400,860
13,408
20,289
675
287
277
282
1,200
11,948
29,373
31,597
116
1,200
11,849
25,525
26,618
1,505
553
229
1,150
11,586
22,933
24,981
61
39,654
27,107
18,961
97,264
43,980
CURRENT EXPENSES
Salaries:
Bank officers
Clerical staff
Special officers and watchmen..
All other
Governors' conferences
Federal Reserve Agents' conferences
Federal Advisory Council
Directors' meetings
Traveling expenses*
Assessment for Federal Reserve Board expenses..
Legal fees
Insurance (life, fidelity, casualty, workmen's compensation and general liability)
Banking house:
Taxes and fire insurance
Light, heat and power
Repairs and alterations
All other
Rent, including light, heat and power and minor
alterations
Fire insurance—furniture and equipment
63,897S
907J
Printing and stationery
Telephone
Telegraph
65.809
8.217
43,262
76,743
6,629
44,800
34,676
3,548
15,609
Security shipments
Currency and coin shipments
Postage and expressage (other than on money and
security shipments)
5,0721
30/646
139,221
107,228
Furniture and equipment
54,082
176,102
73,798
236.047
20,049
238,051
32,988
188,617
20,313
:
Federal Reserve currency:
Original cost, including shipping charges
Cost of redemption, including shipping charges....
2,284
3,184
296
168 \
87,479
Taxes on Federal Reserve bank note circulation
26,500
58,000
58,300
All other expenses
49,468
32,390
18,673
Total current expenses..
$1,961,250
$1,924,456
$1,174,793
Current net earnings..
$3,205,065
$5,255,661
$2,709,685
•Other than those connected with Governors' and Agents' conferences and meetings of directors
and of the advisory council.
SCHEDULE 2.—Comparative profit and loss statement of Federal Reserve Bank of
St. Louis, including its branches.
PROFIT AND LOSS ACCOUNT
Earnings
Current expenses.
Current net earnings..
1921
1920
1919
$5,166,315
1,961,250
$7,180,117
1,924,456
$3,884,478
1,174,793
$3,205,065
$5,255,661
$2,709,685
Additions to current net earnings:
Assessments account expenses Federal Reserve
Board previously charged to profit and loss
Allother
$13,241
Total additions..
Deductions from current net earnings:
Depreciation allowances on bank premises
Reserve for possible losses
Reserve for depreciation on U. S. bonds
Assessment account expenses Federal Reserve
Board
All other
19,520
$13,241
$19,520
§$112,224
150,000
$350,000
$335,000
34,615
19,520
11
4,156
15,000
$266,380
$399,615
$354,531
$253,139
$380,095
$354,531
Net earnings available for dividends, surplus and
franchise tax
$2,951,926
$4,875,566
$2,355,154
Dividends paid
Transferred to surplus account
Franchise tax paid U. S. Government.
§Includes reserve of $100,000 for dismantling old
P 270,253
1,042,564
1,639,109
building.
$ 253,711
4,621,855
$ 234,660
2,120,494
Total deductions
Net deductions from current net earnings..
SCHEDULE 3.— Comparative statement of condition of Federal Reserve Bank of
St. Louis, including, its branches. (In thousands of dollars)
RESOURCES
Dec. 31, 1921 Dec. 31, 1920 Dec. 31, 1919
Gold and gold certificates
Gold settlement fund—Federal Reserve Board..
Gold with foreign agencies
$
3,257
22,963
5,129
21,763
155
2,757
17,888
6,172
Total gold held by bank
Gold with Federal Reserve agent.
Gold redemption fund
$ 26,220
66,158
3,695
27,047
49,337
6,404
26,817
61,625
6,132
Total gold reserves
Legal tender notes, silver, etc..
Total reserves
$ 96,073
10,568
82,788
6,088
94,574
2,354
$106,641
$ 88,876
$ 96,928
$ 21,831
41,222
218
$ 43,776
71,156
1,200
$ 45,069
32,611
32,804
Total bills on hand
U. S. bonds and notes
U. S. certificates of indebtedness:
One year certificates (Pittman Act).
All other
$ 63,271
1,161
$116,132
H153
$110,484
1,153
6,569
203
15,568
455
17,068
170
Total earning assets
Bank premises
5 per cent redemption fund against Federal Reserve bank
notes
Uncollected items
All other resources
$ 71,204
615
$133,308
541
$128,875
356
523
33,744
760
623
39,224
530
672
73,843
420
$213,487
.$263,102
$301,094
4,603
9,388
4,365
8,346
4,064
3,724
3,802
64,613
849
2,618
66,903
716
2,353
72,283
3,947
$ 69,264
95,246
3,923
30,263
800
$ 70,237
135,785
9.487
34,032
850
$ 78,583
145,298
15,499
53,381
545
$213,487
$263,102
$301,094
Bills discounted:
Secured by U. S. Government obligations..
All other
Bills bought in open market
'.
Total resources..
LIABILITIES
Capital paid in..
Surplus
Deposits:
Government
Member bank—reserve account..
All other
Total deposits
Federal Reserve notes in actual circulation
Federal Reserve bank notes in circulation—net liability.
Deferred availability items
All other liabilities
Total liabilities..
—32 —
SCHEDULE 4.—Movement of principal asset and liability items of Federal Reserve Bank of St. Louis, including its branches, during 1921.
{Amounts in thousands of dollars)
Date
Total
Earning
Assets
(2+5+8)
Jan.
Feb.
7 ..
14 .
21
28
4
11
18
25
March 4
11
18
25
April 1 .
8
15
22
27 :
4
11 ..
18
25 .
June
1
8
15 ...
22
29 .
July
6 ...
May
13
20
Aug.
27
3
10
17
24
31 .
Bills Discounted for Member
Banks in this District l
Secured
Per
Total
by U. S.
Cent
Govt.
(3-=-2)
Obligations
1
2
$123,654
119,359
122,413
117,120
114,450
107,511
108,387
107.375
106,309
101,636
109,636
109,172
104,387
100,137
94 438
96,120
95,656
93 351
86,002
89,252
91.736
96,003
94,588
100,240
93,468
97,177
100,203
94,817
95,771
94.379
93.029
83,811
87,322
83 838
86,530
$105,937
101 653
104,320
98,989
97,070
89,393
90,452
89,180
89,442
84,709
92,799
92,644
87,685
84,506
78 719
80 487
80,671
78 549
71,195
74,556
75 987
82,250
80,747
77 008
79,813
84 045
87,153
81,472
82,892
81,305
79,420
70,395
73,814
70 766
73,098
3
$39,597
37 256
40,600
40,315
38 347
35 205
34 758
33.918
35.079
34,753
35,889
37,204
36.665
35,993
35 225
34 584
34 564
34 225
31,091
32,040
31 266
31,761
31,495
30 623
31,428
31 782*
32,556
31,133
31,857
30,901
29,366
26,091
28,100
27 174
27,325
Purchased Bills
Total
Held
(6+7)
4
5
37.4
36 7
38.9
40.7
39 5
39 4
38 4
38.0
39.2
41.0
38.7
40.2
41.8
42.6
44 7
43 0
42 8
43 6
43.7
43.0
41 1
38 6
39 0
39 8
39 4
37 8
37.4
38.2
38.4
38 0
37.0
37.1
38.1
38 4
37.4
$606
585
948
1,014
334
Bought
Purchased
from Other in Open
F. R.
Market
Banks
(5—6)
6
$606
585
948
1,014
334
688
387
964
2,170
2,111
2,330
2,030
2,225
1.380
1 453
784
764
575
7
688
387
$1,000 '
1,000
1,000
1,000
1,000
50
964
1,170
1,111
1,330
1,030
1,225
1,330
1 453
784
764
575
570
435
1 515
570
435
1 515
528
562
372
272
219
528
562
372
272
219
437
437
104
136
85
230
340
123
. 357
139
104
136
85
230
340
123
357
139
U. S.
Securities
8
$17,111
17 121
17,145
17,117
17 046
17 430
17 548
17,231
14,697
14,816
14,507
14,498
14,477
14,251
14 266
14 849
14 221
14 227
14,237
14.261
14 234
13 225
13 279
22 860
13 383
12 913
12.946
13,209
12,794
12,844
13,269
13,293
13,151
12 933
12,995
Total
Cash
Reserves
Total
Deposits
9
10
$95,287
95 087
91,815
95.051
99 598
104 993
104 855
103.405
104,577
107,182
102,508
93,593
96,512
103,494
105 453
101 572
100 378
103 031
107.525
105,871
99 232
91 893
92,435
90 276
87 818
85 805
85,081
87,286
87,068
87,602
92,563
97,646
95,513
95 874
93,806
$69,418
67 482
68,506
68,161
70 398
70,403
71 775
68,436
69,633
70,418
73,264
67,684
65,629
67,005
66 622
65 879
66 862
66 741
65,542
67,645
65 080
61 954
63 059
67 648
59 196
60 847
63,358
62,210
61,774
63,139
65,803
62,601
64,106
62 281
61,780
Reserve
Percentages -
F. R.
Notes
in
Circulation
Actual
11
12
$131,697
129,513
126,468
125,448
124,601
122,847
123,203
122.984
123,237
120,351
119,283
115,944
116,103
115,111
113 756
112 183
109,808
110 973
109,146
108,600
105 849
107,875
104,963
104 272
102 499
102 669
104,739
101,750
101,257
99,274
99.980
98,748
99,298
97 771
98,359
48.2
49 2
47.5
49.6
51.4
54 6
54 3
54.2
54.7
56.6
53.2
51.0
53.1
56.8
58 5
57 0
56 8
58 0
61.6
60,1
58 1
54 1
55 0
52 5
54 3
52 5
50.6
53.2
53.4
53 9
55.8
60.5
58.5
59 9
58.6
Adjusted
13
55.2
57.2
53.8
51.5
53.7
56.9
!
SCHEDULE 4 (Continued).—Movement of principal asset and liability items of Federal Reserve Bank of St. Louis, including its branches, during
1921. {Amounts in thousands of dollars.)
Date
Total
Earning
Assets
(2+5+8)
1
Sept.
7
14
Oct
Nov
21
. ..
28
....
5
11
19
26
2 ..
9
16
23
30
Dec
7
14
21 .
28
86,599
86,143
88,238
87,083
87,150
78,101
80,368
73,905
74,032
70,666
76,766
76,364
76,799
71,980
69,737
75,759
74,298
Bills Discounted for Member
Banks in this District '
Per
Secured *
Total
by U. S.
Cent
Govt.
(3-=-2)
Obligations
2
73,828
73,483
75,291
73,583
76,221
67,367
70,737
64,304
64,780
61,242
66,773
66,613
67,349
63,178
61,588
67,260
66,029
3
28,722
28,198
26,867
28,065
27,337
25,601
26,330
23,522
22,843
22,895
24,978
23,843
24,948
22,008
24,877
24,759
23,533
Purchased Bills
Total
Held
(6+7)
4
38 9
38.4
35 7
38 1
35 9
38 0
37 2
36 6
35.3
37.4
37.4
35.8
37.0
34.8
40 4
36 8
35.6
5
374
Bought
Purchased
from Other in Open
F. R.
Market
Banks
(5—6)
6
7
374
304
592
1,108
304
592
1,108
504
247
299
212
380
545
504
247
299
212
380
545
1,528
1,213
914
396
180
1,528
1,213
914
396
180
382
148
382
148
U. S.
Securities
8
12,397
12,356
12,355
12., 392
10,425
10,487
9,332
9,389
8,872
8,879
8,465
8,538
8,536
8,406
7,969
8,117
8,121
F. R.
Notes
in
Circulation
Actual
10
11
12
64,090
61,455
61,872
61,758
62,680
64,315
62,679
65,478
• 64,763
63,671
64,568
64,663
64,730
64,335
66,397
65,763
66,607
98,936
99,347
100,215
100,470
103,416
103,120
103,126
101,972
103,145
101,976
102,914
100,507
99,940
98,196
97,708
97,746
96,654
57 4
57.9
57 0
58 9
58.5
64 3
63 1
67.2
66.5
68.0
65.5
64.7
63.5
66.8
68 0
64 0
63.2
Total
Cash
Reserves
Total
Deposits
9
93,536
93,066
92,434
95,528
97,132
107,624
104,550
112,471
111,639
112,574
109,685
106,922
104,578
108,542
111,525
104,697
103,151
Reserve
Percentages 2
Adjusted
3
13
'No bills were discounted for or with other Federal Reserve banks.
2
Prior to March 18, net deposits, as given below were used in calculating reserve percentages:
Jan. 7
$65,819,000
Feb. 4
$68,994,000
14
63,672,000
11
69,500,000
21
66,781,000
18
70,007,000
28
65,996,000
25
67,817,000
Mar. 4
11
$67,927,000
68,934,000
'Adjusted percentages are calculated after increasing or reducing reserves held by the amount of accommodation extended to or received from other Federal Reserve banki
A blank (...) in this column indicates that no accommodation was extended to or received from other Federal Reserve banks.
SCHEDULE 5.—Paper discounted for member banks by the Federal Reserve Bank of St. Louis and its branches.
St. Louis
Parent Bank
Classes of Paper Discounted
Memphis
Branch
Louisville
Branch
Member banks' collateral notes secured by U. S. Government
$467,639,135.54 $304,077,955.03
obligations
567,750.00
Member banks' collateral notes otherwise secured
9",'6i5',4i4".'87
13,313,990.72
Customers' paper secured by U. S. Government obligations....
14,710,508.56
1,407,214.98
Agricultural and live stock paper
1,351,859.54
345,485.36
Trade acceptances
3,179,288.03
1,961,059.08
Bankers' acceptances
389,302,724.37
45,017,732.85
Other discounts
January
February
March
April
May
June
July
August
September
October
November
December
Totals for 1921
Totals for 1920
Number member banks 12-31-21 ....
Different banks discounting during
1921
Different banks discounting during
1920
Totals for 1921
$91,546,392.01
2,892,141.95
12,310,201.18
1,493,911.44
2,561,291.31
30,275,747.97
Totals for 1920
956,436,581.33 $1,346,813,633.82
1,289,562.00
2,952,369.78
38,102,650.30
94,417,329.54
52,191,415.36
24,591,095.49
5,140,714.54
13,471,151.01
7,973,689.53
7,124,000.00
948,671,133.97
547,889,325.85
$890,065,256.76 $362,424,862.17 $215,454,134.12 $141,079,685.86 $1,609,023,938.91
1,587,539,649.00 434,793,549,61 264,222,585.86 151,484,929.14
$2,438,040,713.61
Totals for 1921
Totals for 1920
Total Paper Discounted by
Months and States
$93,173,098.7f
721,812.00
12,281,102.76
23,763,490.64
1,949,458.20
272,051.11
83,293,120.66
Little Rock
Branch
Arkansas
17,410 ,553.44
15,271 ,297.88
17,822 ,947.29
14,796 ,746.93
13,753 ,849.47
16,443 ,507.82
14,795 ,521.27
15,522 ,386.26
14,300 ,047.42
13,502 ,020.06
19,165 ,225.30
13,655 ,129.67
Illinois
7,366 ,156.34
6,036 ,030.94
9,581 ,977.52
9,695 ,776.56
6,848 ,279.67
8,783 ,427.48
7,827 ,812.49
7,525 ,920.53
7,541 ,850.56
8,729 ,514.45
8,251 ,751.06
7,486 ,109.60
Indiana
3,154, 442.32
2,568, 762.49
3,833, 878.69
3,098, 028.60
2,600, 705.64
2,979, 197.27
2,145, 917.28
1,163,322.96
1,675,910.44
2,507,995.88
2,245, 586.43
2,042, 068.10
Kentucky
17,516 ,846.44
16,635 ,530.33
21,155 ,109.30
29,539 ,075.56
25,633 ,442.27
31,444 ,118.68
40,391 ,230.11
31,976 ,879.28
37,715 ,438.29
33,002 ,576.26
40,462 ,433.44
27,840 ,825.91
Mississippi
2,386, 357.66
2,409, 813.37
2,994, 171.45
2,702, 190.48
2,302,,445.43
2,804 ,282.55
1,940 ,377.39
2,373 ,947.06
2,105 ,622.88
1,891 ,148.48
2,467 ,758.42
2,705 ,331.45
Missouri
81,808, 059.34
67,397, 774.77
84,095, 839.05
62,492, 480.34
75,784. 576.77
73,324, 325.91
57,211, 451.86
46,279 102.32
52,579 952.64
49,246 450.66
52,668 649.09
51,851 169.21
Tennessee
14,597,904.34
11,330,926.04
14,934,040.13
12,651,687.37
10,282,375.99
11,502,256.96
9,765,979.98
12,690,867.11
13,402,425.58
12,348, 872.62
21,796, 039.74
14,454, 122.49
Totals
144,240 ,319.88
121,650 ,135.82
154,417 ,963.43
134,975 ,985.84
137,205 ,675.24
147,281 ,116.67
134,078 ,290.38
117,532 ,425.52
129,321 ,247.81
121,238 ,578.41
147,057 ,443.48
120,034 ,756.43
$186,439,232.81 $ 95,674,607.20 $30,015,816.10 $353,313,505.87 $29,083,446.62 $ 754,739,831.96 $159,757,498.35 $1,609,023,938.91
204,422,074.93 122,458,460.43 41,544,244.64 426,245,095.16 18,705,531.06 1,407,879,097.63 216,786,209.76 2,438,040,713.61
119
181
61
67
18
116
26
103
105
33
45
15
66
23
390
94
103
30
45
11
82
21
386
588
SCHEDULE 6.—Bankers' acceptances purchased by Federal Reserve Bank of St. Louis and Us branches.
By St. Louis
Parent Bank
from Member
Banks
January
February
March
April
May
June
July
October
November .
December
Totals for 1921
Totals for 1920
$594,999.00
209,998.65
37,390.63
20,000.00
20,000.00
...
26,600.00
$908,988.28
19,228,592.68
By St. Louis
Parent Bank
from Dealers
By Louisville
Branch from
Members
$1,308,334.00
977,410.26
1,389,985.09
1,775,676.69
2,262.821.61
927,230.14
755,839.23
1,167,430.38
2,626,452.04
750,730.53
4,102,706.84
1,176,100.66
$19,220,717.47
14,950,276.09
By Memphis
Branch from
Members
By Little
Rock Branch
from
Members
From Other
Federal
Reserve
Banks
Totals
$1,308,334.00
2,572,468.53
1,599,983.74
1,813.067.32
2,262.821.61
947,230.14
755.839.23
1,187,430.38
2,651,334.96
753,948.32
4,113,346.44
1,221,732.84
$1,000,059.27 $21,187,537.51
36,019,617.46
$1,000,059.27
$24,882.92
3,217.79
1,717,115.96
9,936.51
$38,037.22
123,632.79
$10,639.60
9,095.67
$19,735.27
SCHEDULE 7.—Discount rates of Federal Reserve Bank of St. Louis during 1921.
In effect:
Member banks' 15-day collateral notes:
Secured by certificates of indebtedness bearing less than 5J4%
Secured by 534% certificates of indebtedness
Secured by certificates of indebtedness bearing more than 534%
Secured by Liberty Bonds or Victory Notes
Secured by bills receivable
Secured by bills receivable or bonds or notes of the U. S., except Liberty Bonds or Victory
Notes.
Secured by bills receivable or bonds or notes of the U. S
Rediscounts:
Secured by certificates of indebtedness bearing less than 534%
Secured by 534% certificates of indebtedness
Secured by certificates of indebtedness bearing more than 534%
Secured by Liberty Bonds or Victory Notes
Secured by bonds or notes of the U. S., except Liberty Bonds or Victory Notes
Secured by bonds or notes of the U. S
Commercial paper
Agricultural or live stock paper
,
Trade acceptances
Bankers acceptances
Bankers acceptances, purchased in the market, subject to agreement.
January 1
January 22
May 21
November 3
5%
534%
V2
534%
6%
5%
534%
534%
5}4%
c
6%
534%
534%
67c
;
6'-,
6%
534%
?7
•v ;•
6<;,
6%
534
5%
SCHEDULE 8.—Federal Reserve notes issued by Federal Reserve Agent to Federal
Reserve Bank of St. Louis.
Fives
Tens
Twenties
Fifties
Hundreds
500, 000$ 200, 000$ 400,000
3,220,000
400,000
400,000
960,000
800,000
400,000
400,000
1,200,000
2,080,000
2,640,000
4,640,000
600,000
1,760,000
2,000,000
800,000
2,080,000
January
February....
March
April
May
June
July
August
September..
October
November..
December...
$ 1,000,000
1,900,000 $
2,500,000
1,600,000
3,200,000
1,700,000
2,700,000
3,600,000
3,900,000
2,500,000
500,000
Totals for 1921..
Totals for 1920
$25,100,000 $22,080,000 $21,880,000 $2,400,000 $1,200,000
32,560,000 34,560,000 31,400,000 4,150,000 2,100,000
2,640,
l,'72O!
800,
2,200,
2,200;
1,400;
5,160,
2,400,
2,200,
Five
One
Five
Ten
Hundreds Thousands Thousands Thousands
January
February....
March
April
May
June
July
August
September..
October
November..
December...
$100,000$
100,000
400,000
300,000
400,000
400,000
Totals for 1921.
Totals for 1920
$600,000 $1,100,000
600,000
900,000
Totals
$200,000
$300,000 $
100,000
$200,000
100,000
$400,000$ 74,960,000
100,000 106,470,000
3,100,000
9,060,000
4,820,000
4,120,000
5,600,000
5,100,000
6,980,000
7,640,000
14,300,000
6,660,000
5,500,000
2,080,000
SCHEDULE 9.—Federal Reserve notes outstanding December 31, 1920, issued, returned and redeemed during 1921 and outstanding December 31, 1921.
Outstanding
December
31, 1920
Fives
Tens
Twenties
Fifties
Hundreds
Five Hundreds..
One thousands...
Five thousands..
Ten thousands...
Totals for 1921.
Totals for 1920
Issued and
Re-issued
Fit Notes
Returned
by Bank
Unfit Notes
Redeemed
32,735,235$ 25,100,000 I 200,000$
44,667,520 22,080,000 1,600,000
59,016,280 21,880,000 3,000,000
9,655,850
2,400,000
400,000
6,295,000
1,200 000
400,000
908,500
600,000
1,723,000
1,100,000
150,000
200,000
240,000
400,000
Outstanding
December
31, 1921
33,856,250$ 23,778,985
34,700,220
30,447,300
35,755,020
42,141,260
4,072,550
7,583,300
1,688,400
5,406,600
154,000
1,354,500
242,000
2,581,000
350,000
460,000
180,000
$ 74,960,000 $5,600,000 $110,648,440 •$114,102,945
$155,391,385 106,470,000 3,350,000 112,447,570
*$17,775,195 of Federal Reserve notes were held by the Federal Reserve Bank of St. Louis and
its branches and $1,081,550 were in transit to Washington for redemption, leaving $95,246,200 in
actual circulation at end of year.
37 —
SCHEDULE 10.— Comparative statement of Federal Reserve Agent's accounts.
RESOURCES
December 31, 1921
December 31, 1920
$ 26,060 000.00
Federal Reserve notes on hand
$ 23,780,000.00
Federal Reserve notes out114,102 945.00
155 391 385 00
Discounted paper pledged to
secure Federal Reserve notes
63,240 311.84
116,079,990.83
Gold deposit to secure Federal
Reserve notes—
In hands of Federal Reserve Agent
$5,960,000.00
$6,060,000.00
In Federal Reserve Agents
fund at Washington
57,100,000.00
39,530,600.00
In gold redemption fund
at Washington
3,098,105.00
3,746,545.00
Unfit notes redeemed and destroyed by Comptroller (total)
336,477 055.00
225,828,615.00
Totals
$606,038 416.84
$570,417,135.83
LIABILITIES
Federal Reserve notes received
from Comptroller (gross)
Collateral received from Federal Reserve Bank—
Discounted paper
Gold
Totals
$476,640, 000.00
$405,000,000.00
63,240, 311.84
66,158, 105.00
$606,038, 416.84
116,079,990.83
49,337,145.00
$570,417,135.83
SCHEDULE 11.—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, including its branches.
Federal Reserve Bank of—
Received from
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Minneapolis
Kansas City
Dallas
San Francisco
Totals for 1921.
Totals for 1920
SCHEDULE 12.— Federal Reserve Bank
Returned to
850,050
,063,750
,147.850
,695,650
,426,540
,976,115
,469,850
,023,150
,519,400
,003,900
,549,845
$ 1,244,030
5,991,280
1,805,330
8,467,550
2,044,605
6,997,995
34,665,780
1,336,610
9,536,315
5,004,375
2,533,995
$61,726,100
59,593,580
$79,627,865
95,669,985
notes outstanding
December 31,
1920,
issued and redeemed during 1921 and outstanding December 31, 1921.
Outstanding
Dec. 31,
1920
Ones
Twos
Fives
Tens
Fifties
$4,690,152 $4,240,000
1,709,698
1,464,000
2,578,250
420,000
152,200
285 700
192,600
Unfit
Notes
Redeemed
$9,608,600
Outstanding
Dae. 31,
1921
$5,895,000 $3,035,152
2,296,000
877,698
2,406,000
592,250
91 000
61 200
164 500
121 200
67,500
125,100
10,920,000
735,000
Denominations unadvised
Totals for 1921
Totals for 1920
New Notes
Issued
to Replace
Unfit Notes
Redeemed
4,812,600
735,000
$ 6,124,000 $11,655,000 $ 4,077,600*
11,880,000 18,879,400
*$154,171 of Federal Reserve Bank notes were held by the Federal Reserve Bank of St. Louis
and its branches, leaving $3,923,429 of bank notes in actual circulation at end of year.
— 38 —
SCHEDULE 13.—Currency {paper and coin) receipts from and payments to member and non-member banks by Federal Reserve Bank of St. Louis
and its branches.
RECEIPTS FROM
St. Louis parent bank
Louisville branch
Memphis branch
Little Rock branch
Totals for 1921....
Totals for 1920
PAYMENTS TO
Members
Non-members
Totals
Members
Non-members
Totals
$287,598,682.87
79,242,509.75
41,972,717.00
24,078,586.00
$432,892,495.62
412,140,884.27
$22,197,574.33
1,382,068.32
5,759,747.00
5,928,977.00
$35,268,366.65
31,285,903.89
$309,796,257.20
80,624,578.07
47,732,464.00
30,007,563.00
$468,160,862.27
443,426,788.16
$203,569,706.31
60,156,245.00
35,494,130.00
23,232,836.00
$322,452,917.31
344,456,290.43
$25,284,558.63
1,294,938.88
12,350,129.00
4,321,400.00
$43,251,026.51
25,878,107.69
$228,854,264.94
61,451,183.88
47,844,259 00
27,554,236.00
$365,703,943.82
370,334,398.12
SCHEDULE 14.— Clearing items handled by Federal Reserve Bank of St. Louis and its branches.
St. Louis Parent Bank
Classes of Items Handled
Number
Amount
Louisville Branch
Number
Amount
Memphis Branch
Number
Amount
Little Rock Branch
Number
Amount
Totals
Number
Amount
3,122,982 $2 ,444,861,775 1,093,424
Checks on local banks
977,449,846 4,589,614
Checks on other banks in this district 15,579,574
133,292,606
369,012
Checks and Warrants on U. S. Treas. 1,440,360
$643,207,858$ 839,131
271,875,775 1,888,390
38,374,879
116,074
$330,039,580
523,022
116,949,205 3,257,243
15,974,529
86,586
$264,271,,083 5,578,559 $3 ,682,380 296
201,744,038
,038 25 ,314,821 1,568,018,864
14,415,,780 2,012,032
202,057,794
Totals for 1921, without duplications
Checks on banks in other districts. .
Checks handled by Parent Bank and
Branches
20,142,916 $3 ,555,604,227 6,052,050
386,757
63,740,202
127,882
$953,458,512
20,189,709
2,843,595
20,660
$462,963,314 3,866,851
4,507,117
92,996
$480,430,
14,248,
3,240,859
32,768
Totalsfor 1921,including duplications
20,638,685 $3,631,736,876 6,209,943
109,012
12,392,447
30,011
$976,889,080 2,897,023
4,189,211
292,280
$471,659,642 4,252,127
30,499,180
32,905,412 $5 ,452,456,954
628,295
102,685,850
464,071
50,321,677
$525,178,903 33,997,778 $5,605,464,501
Total Items Handled by Months
January
February
March
April
May
June
July
August
September
October
November
December
Totals for 1921, including duplications
Totals for 1920, including duplications
1,543,039
1,450,250
1,889,583
1,702,056
1,609,034
1,717,072
1,594,311
712,080
744,052
890,963
809,864
1,976,381
$334. 689,339
279. 043,094
851, 181,944
286. 596,357
275 988,814
295. 062,139
264. 136,774
289 303,571
298. 216,110
322. 900,075
310. 273,734
324, 344,925
443,411
437,411
589,552
545,145
507,842
523,544
482,086
502,491
511,016
552,611
530,712
584,122
$84,033,102
71,678,556
94,300,914
83,612,246
76,848,365
82,159,398
76,252,029
76,384,033
80,837,510
83,153,837
77,081,182
90,547,908
210,866
200,871
258,674
229,475
220,359
236,616
211,442
218,773
236,732
289,744
285,260
298,211
20,638,685 $3,631,736,876 6,209,943 $976,889,080 2,897,023
19,408,867 4,966,077,918 5,392,887 1,272,433,462 2,856,571
$41,887,781
35,067,675
38,809,585
34,610,543
31,437,108
33,356,925
28,501,414
29,949,023
38,783,647
56,249,867
53,172,527
49,833,547
338,009
315,781
384,227
346,629
340,341
336,859
315,980
323,236
347,733
408,244
391,281
403,807
$471,659,642 4,252,127
710,828,426 4,032,243
$45,216,696
40,085,408
47,105,713
42,152,027
40,850,559
40,415,707
36,957,121
35,895,228
44,999,610
54,857,102
49,438,718
47,205,014
2,535,325
2,404,313
3,122,036
2,823,305
2,677,576
2,814,091
2,603,819
2,756,580
2,839,533
3,141,562
3,017,117
3,262,521
$505
425
531
446
425
450
405
431
462
517
489
511,
826,918
874,733
398,156
971,173
124,846
994,169
847,338
531,855
836,877
160,881
966,161
931,394
$525,178,903 33,997,778 $5,605,464,501
695,260,330 31,690,568 7,644,600,136
SCHEDULE 15.—Collection items handled by Federal Reserve Bank of St. Louis and its branches.
St. Louis Parent Bank
Louisville Branch
Memphis Branch
Totals
Little Rock Branch
Month
No.
January. ..
February
March ..
April
May
June
July
August..
September
October
November....
December
7,487
6,418
6,752
6,026
6,357
5,789
6,163
6,376
6,492
8,059
8,016
8,639
Totals for 1921
Totals for 1920
4».
82,574
52,306
Amount
$11,674,366.02
11,429,135.03
14,133,814.58
9,531,544.00
8,546,724.80
8,402,514.28
8,880,345.88
8,825,588 13
11,745,530.39
13,355,186.75
12,851,161.06
13,631,451.04
No.
1,793
1,515
1,618
1,648
1,802
1,368
1,716
1,270
1,086
1,465
1,590
1,757
$133,007,361.96 18,628
105,469,597.56 14,940
Amount
$2,349,548.60
1,687,076.41
2,222,195.78
2,251,803.44
3,133,132.22
2,258,967.24
2,876,842.62
2,556,046.97
1,524,072.07
1,686,923.24
1,427,815.28
2,737,123.48
No.
Amount
1,335
1,272
1,399
1,293
1,398
1,167
1,304
1,170
1,431
1,911
1,631
1,754
$26,711,547.35 17,065
27,559,504.99 16,649
$1,461,262.67
1,406,264.06
1,311,107.73
1,201,052.74
1,312,845.59
1,135,921.02
1,136,605.62
1,067,474.21
1,776,903.67
2,897,905.10
2,035,193.57
2,021,811.89
No.
812
736
867
790
942
952
1,107
1,107
1,254
1,472
1,226
1,420
$18,764,347.87 12,685
32,571,303.91 6,698
Amount
No.
$911,353.88
809,253.50
729,371.66
692,821.42
790,907.06
763,542.10
675,635.56
763,260.84
910,173.24
1,876,488.91
1,303,391.43
1,394,768.89
11,427
9,941
10,636
9,757
10,499
9,276
10,290
9,923
10,263
12,907
12,463
13,570
Amount
$16,396,531.17
15,331,729.00
18,396,489.75
13,677,221.60
13,783,609.67
12,560,944.64
13,569,429.68
13,212,370.15
15,956,679.37
19,816,504.00
17,617,561.34
19,785,155.30
$11,620,968.49 •130,952 •$190,104,225.67
15,248,496.95 *90,593 •180,848,903.41
* D u r i n g 1 9 2 1 , 12,808 i t e m s a g g r e g a t i n g $12,577,396.96 w e r e r e t u r n e d u n p a i d ; d u r i n g 1920, 8,919 i t e m s a m o u n t i n g t o $13,236,686.64 w e r e r e t u r n e d u n p a i d .
SCHEDULE 16.—Coupons from United States securities handled by Federal Reserve Bank of St. Louis, including its branches.
Government Bonds
Certificate of Indebtedness
Philippine C. of I.'s
Totals
Treasury Notes
Month
April
May .
July
December
Totals for 1921
Totals for 1920
Pieces
Amount
Pieces
Amount
Pieces
Amount
Pieces
Amount
Pieces
Amount
404,346
178,511
428,311
619,908
446,923
615,203
243,634
127,680
364,283
601,538
430,476
659,217
$1,280,093 68
501,375 74
1,818,960.72
3,510,925.31
2,473,236.35
3,505,337 32
921,899 89
399,675 52
1,659,229 2fl
3,653,662 48
2,433,744 46
3,500,539.25
1,259
2,710
12,396
3,074
4,539
13,636
7,421
5,463
13,337
9,402
4,007
12,072
$48,995 51
106,571 93
615,862.85
106,689.49
232,220.76
886,699 64
315,405 71
219,928 76
617,772 52
377,069.87
244,726 12
761,815.42
1
8
3
1
13
1
$100 00
800.00
• 300.00
100.00
1,300.00
100.00
19
1,900.00
16
38
790.00
380.00
6,828
$206,051.68
5,120,030 $25,659,680.02
89,316
$4,533,758.58
100
$5,770.00
6,828
$206,051.68 5,216,274 $30,405,260.28
6,332,980 28,606,861.67
405,606 $1,330,189.19
181,229
608,747 67
440,710 2,435,123.57
622,983 3,617,714.80
451,475 2,706,757.11
628 840 4,392,136 96
251,055 1,237,305 60
133,162
621,504 38
377,620 2,277,001.72
610,940 4,030,732 35
434,499 2,679,260 58
678,155 4,468,786.35
SCHEDULE 17.— Total debits and credits of Federal Reserve Bank of St. Louis
through Gold Settlement Fund in Washington for each week during 1921 and the
balance to its credit on the dates shown.
For Week Ending
Total Debits
(Receipts)
Total Credits
(Disbursements)
Dec. 30, 1920
Jan.
7,1921
14
21
28
Feb. 4
11
18
25
March 4
11
18
25
April 1
8
15
22
27
May 4
11
18
25
June 1
8
15
22
29
July
6
13
20
27
Aug. 3
10
17
24
31
Sept. 7
14
21
28
Oct.
5
11
19
26
Nov. 1
9
16
23
30
Dec. 7
14
21
28
$ 113,553,848.25 $ 110,894,596.03
95,454,888.44
96,267,943.54
96,265,102.64
98,837,612.47
91,250,099.49
87,144,427.99
90,045,101.23
84,934,931.16
93,460,799.09
98,277,208.86
86,207,264.56
85,172,233.84
82,415,724.22
83,780,642.09
93,908,542.45
92,928,000.55
94,715,931.88
94,588,294.25
97,758,195.12
102,649,781.97
91,963,629.28
94,974,781.57
84,559,929.36
82,104,114.10
86,848,076.99
80,519,756.01
94,418,928.00
101,239,636 09
93,528,727.43
94,071,545 91
53,653,555.0«
54,630,124.44
84,515,217.29
81,459,472.41
85,071,049.03
83,124,966.78
92,095,161.43
95,358,484.77
78,765,634.07
85,293,660.25
74,296,126.51
73.560,838.09
86,818,397.12
81.179,416.17
83,595,991.17
87,624,552.66
89,148,287.04
91,647,918.64
76,398,820.73
76,601,688.89
66,912,464.73
63,419,734.35
74,979,311.28
75,619,104.17
84,305,896.20
84,443.505.78
74,314,393.23
73,759,784.43
77,901,649.68
72,738,147.78
78,336,239.53
80,125,399.19
79,252,454.74
81,257,565.91
77,650,687.06
77,251,301.56
73,507.187.18
75,457,181.26
62,120,531.73
62,297,942.39
82,000,471.12
82,371,996.05
101,028,717.50
103,739,230.45
91,015,247.40
87,427,091.63
98,143,333.51
95,743,565.97
90,259,819,10
86,100,309.93
119,559,816.18
121,848,058.33
104,740,491.52
100,456,873.35
94,920,848.09
95,712,741.28
95,758,382.83
94,683,778.22
88,784,994.80
91,611,366.49
99,560,609.71
103,691,467.51
80,839,316.91
82,360,605.72
93,349,627.70
88,427,834.67
87,322,089.50
84,358,135.99
102,973,024.61
106,978,209.19
75,381,448.39
76,009,051.31
Totals for 1921
Totals for 1920
$4,545,632,082.11 $4,546,756,612 44
6,629,605,118.05 6,621,126,196.45
Credit Balance of
Federal Reserve
Bank
of St. Louis
$
21,852,704.38
24,511,956.60
23,698,901.50
21,126,391.67
25,232,063 17
30,342,233.24
25,525,823.47
26,560,854.19
25,195,936 32
26,176,478.22
26,304,115.85
21,412,529.00
18,401,376.71
20,857,191.97
27,185,512.95
20,364,804 86
19,821,986 38
18,845,417.00
21,901,161.88
23,847,244.13
20,583,920.79
" 14,055,894.61
14,791,183.03
20,430,163.98
16,401,602.49
13,901,970.89
13,699,102.73
17,191,833.11
16,552,040.22
16,414,430.64
16,969,039.44
22,132,541.34
20,343,381.68
18,338,270.51
18,737,656.01
16,787,661.93
16,610,251.27
16,238,726.34
13,528,213.39
17,116,369.16
19,516,136.70
23,675,645.87
21,387,403.72
25,671', 021.89
24,879,128.70
25,953,733.31
23,127,361.62
18,996,503.82
17,475,215.01
22,397,008.04
25,360,961.55
21,355,776.97
20,728,174.05
SCHEDULE 18.—National banks granted fiduciary powers during 1921 under
section 11 (k) of the Federal Reserve Act, as amended September 26, 1918.
First National Bank
First National Bank
Exchange National Bank
First National Bank
Carlinville National Bank
First National Bank
First National Bank
First National Bank
First National Bank
Eldorado, Ark.
Fort Smith, Ark.
Little Rock, Ark.
Breese, 111.
Carlinville, 111.
Carlyle, 111.
Mayfield, Ky.
Murray, Ky.
Greenwood, Miss.
National banks granted additional fiduciary powers under the amendment of
September 26, 1918, to Section 11 (k) of the Federal Reserve Act.
First National Bank
Mount Vernon, Ind.
Henderson National Bank
Henderson, Ky.
SCHEDULE 19.—Banks admitted to membership in Federal Reserve Bank of St.
Louis, banks surrendering memberships and banks changing their names during
1921.
NEW NATIONAL BANK MEMBERS
Name
Location
Cantralia National Bank
Centralia, 111
City National Bank
Centralia,
111..111..
First National Bank
Coulterville,
First National Bank
Woodriver, 111....
Rosedale, Miss..
Rosedale National Bank
Cardwell, Mo..
First National Bank
National City Bank
St. Louis, Mo
Republic National Bank
Security National Bank Savings and Trust St. Louis, Mo
Co
St. Louis, Mo
Paid-in
Capital When
Admitted
Surplus
When
Admitted
$100,000
100,000
25,000
50,000
85,000
25,000
1,000,000
800,000
160,000
250,000
50,000
20,000
20,000
15,000
5,000
STATE BANKS AND TRUST COMPANIES ADMITTED TO MEMBERSHIP
Name
Bank of Commerce
Bank of Eastern Arkansas
Bank of Marvel
Arkansas Bank & Trust Co
Peoples Savings Bank & Trust Co
Bank of Waldron
First State Bank
Grenada Bank
Citizens Bank
Citizens Bank
Lemay Ferry Bank
Pine Lawn Bank
Bank of Henning
Location
Conway, Ark
Earle, Ark
Forrest City, Ark
Marvel, Ark
Newport, Ark
Pine Bluff, Ark
Waldron, Ark
O'Fallon, 111.
Grenada, Miss
Tunica, Miss
Cabool, Mo....
Luxemburg, Mo
Pine Lawn, Mo
Henning, Tenn
Capital
and Surplus
When
Admitted
Total
Resources
When
Admitted
% 70,000
180,000
100,000
58,000
235,000
150,000
80,000
30,000
569,000
102,500
50,000
35,000
33,000
32,500
$ 824,333
902,479
743,126
306,760
1,249,664
1,075,115
324,015
43 443
8,025,071
1,188,615
500,040
863,364
75,422
302,575
BANKS SURRENDERING THEIR MEMBERSHIPS
Name
Citizens National Bank
Arkansas National Bank
United States National Bank
Allen County National Bank
First National Bank
Central National Bank
Location
Disposition
Eldorado, Ark
Marshall, Ark
Owensboro, Ky
Scottsville, Ky
Cabool, Mo
St. Louis, Mo
Consolidated
Liquidated
Liquidated
Liquidated
Liquidated
Liquidated
MEMBER BANKS CHANGING THEIR TITLES
Name
Union Trust & Savings Bank
First National Bank
Louisville National Banking Co
Liberty Bank
Location
East St. Louis, 111
St. Francisville, 111
Louisville, Ky
St. Louis, Mo
— 42 —
New Name
Union Trust Co.
Peoples National Bank
Louisville National Bank
Liberty Central Trust Co.
SCHEDULE 20.— United States Treasury certificates of indebtedness and Treasury notes offered and subscriptions to each issue handled by Federal
Reserve Bank of St. Louis.
Description
Loan Certificates.
Tax Certificates.
Loan Certificates..
Tax Certificates...
Treasury Notes
Tax Certificates...
Loan Certificates.
Tax Certificates....
Treasury Notes
Tax Certificates...
Loan Certificates..
Tax Certificates...
Totals for 1921..
Totals for 1920..
Date of Issue
January 15, 1921.
February 15, 1921...
March 15, 1921
April 15, 1921.
May 16, 1921..
June 15, 1921..
August 1, 1921
September 15, 1921.!
November 1, 1921...
December 15, 1921...
Maturity
April 15, 1921
October 15, 1921
July 15, 1921
September 15, 1921.,
March 15, 1922
October 15, 1921..
February 16, 1922...
June 15, 1922
June 15, 1924
March 15, 1922
August 1, 1922
September 15, 1922..
March 15, 1922
September 15, 1924..
September 15, 1922..
April 1, 1922
June 15, 1922
December 15, 1922...
Rate
5'2
Total Offering
Quota for
District
Subscriptions
$250,000,000
$10,000,000
100,000,000
4,000,000
400,000,000
16,000,000[
150,000,000
200,000,000
6,000,000
8,000,000
500,000,000
20,000,000
300,000,000
12,000,000
600,000,000
24,000,000
200,000,000
8,000,000
250,000,000
10,000,000
$2,950,000,000
3,950,000,000
$118,000,000
158,000,000
Allotments
$ 7,204,500
9,768,000
13,680,500
4,705,000
8,574,000
18,533,000
26,315,000
16,664,500
9,940,100
5,829,500
14,900,500
15,206,500
9,409,500
17,904,100
17,352,000
5,429,500
6,209,000
24,149,000
$4,981,500
5,760,500
6,511,500
4,705,000
8,574,000
8,512,000
10,797,500
12,701,500
9,740,100
3,695,000
9,233,500
6,145,500
3,035,500
16,212,500
6,638,500
2,218,500
2,411,500
8,611,500
$231,774,200
136,066,500
$130,485,600
128,934,500
SCHEDULE 21.— United States Treasury certificates of indebtedness redeemed by Federal Reserve Bank of St. Louis and its branches.
Cash
Redemptions
St. Louis parent bank
Louisville branch
Memphis branch
Little Rock branch
Totals for 1921.
Totals for 1920.
Applied on
Subscriptions to
Certificates and
Treasury Notes
Totals
$81,059,500
15,741,500
1,976,000
1,655,000
$7,477,000
$88,536,500
15,741,500
1,976,000
1,655,000
$100,432,000
200,249,000
$7,477,000
11,588,000
$107,909,000
211,837,000
SCHEDULE 22.—Exchanges and conversions of Liberty Bonds and Victory Notes handled by Federal Reserve Bank of St. Louis
and its branches during 1921.
Temporary Coupon Bonds Exchanged for Permanent
Coupon Bonds
Pieces Received
First 33^%
First Temp. 4% ....
First Perm. 4%
First Temp. 434%
First Perm. 434%
First 2nd Conv. 434%
Second Temp. 4%
Second Perm. 4%
Second Temp. 4J4%
Second Perm. 434%
Third Temp. 434%
Third Perm. 434%
Fourth Temp. 434%
Fourth Perm. 434%
Par Amount
$
Pieces Delivered
Par Amount
3,100
Pieces Received
$433,700
199
1,101
1
24
6
22,250
361,500
50
2,000
850
93,550
2,256,050
289,500
3,785,500
4,879,550
5,618,250
3,447,600
2,000
$21,192,700
41
5,469
881,650
4,936
915,200
100
592
15,550
42,050
118
513
16,750
39,600
20,322
3,192,550
17,864
3,310,550
62,587
5,476,050
54,623
5,627,450
816,182
166,126,150
787,335
200,378,650
6,749
3,021
17,045
24,648
18,317
13,513
905,300
$175,737,400
865,430
$210,291,300
85,882
663
Viccory Notes 3M%
Totals
Registered Bonds Exchanged for Coupon
Bonds
Pieces Received
First 3 H %
First Temp. 4%
First Perm. 4% .
First Temp. 4J4%.
First Perm. 4J4%
First 2nd Conv. 4 34%
Second Temp. 4%
Second Perm. 4%
Second Temp. 4 34%
Second Perm. 434%
Third Temp. 4 J4%
Third Perm. 434%
Fourth Temp. 434%
Fourth Perm. 434%
Victory Notes 4M%
Victory Notes 3 % %
Totals
Par Amount
51
$373,000
1
100
353
8
188,400
7,900
Pieces Delivered
Par Amount
587
6
3,400
48
$
Coupon Bonds Exchanged for Registered
Bonds
350
Pieces Delivered
Par Amount
148
8
$455 200
194
768
4
31
6
4,464
2,976
10,248
20,797
9,423
8,047
2
51,250
374,000
350
2,500
850
165,400
2,518,650
358,200
4,102,500
6,500,850
5,290,050
3,784,450
2,000
57,846
$23,606,750
730
500
Registered Bonds Transferred
Par Amount
Pieces Received
Par Amount
Pieces Delivered
Par Amount
289
$273,000
25
$66,700
30
$91,800
357
8
174,250
7,900
273
136,150
245
135,050
532,550
26
4,200
15
3,000
1,600
766,950
1,518
667,400
1,087
580,300
903
4,450
1,256,700
3,989
1,117,800
2,782
859,850
2,377
808,450
7,961
3,196
7,758
3,101
1,522,800
817,800
3,992
1,570
5
2,638,100
1,520,250
40,000
5,033
1,670
9
2,825,900
1,650,250
75,000
1,467 600
827,400
17,655
$7,148,400
17,040
$6,441,700
10,870
$3,983,600
9,117
$3,862,850
SCHEDULE 22.—Exchanges and conversions of Liberty Bonds and Victory Notes handled by Federal Reserve Bank of St. Louis
and its branches during 1921—Continued.
Denominational Exchanges
Conversions
Pieces Received
First 3H%
First Temp. 4%
First Perm. 4%
First Temp. 4\i%
First Perm. 4\i%
First 2nd Conv. 434%
Second Temp. 4%
Second Perm. 4%
Second Temp. 4XA%
Second Perm. 4%%
Third Temp. 4\i%
Third Perm. 4%%
Fourth Temp. 4)4%
Fourth Perm. 4\i%
Victory Notes 4%% ........
Victory Notes 3%% ........
Totals
Par Amount
Pieces Delivered
Par Amount
Converted into Pieces Received Pieces Delivered
3,787
231
$303,150
79,450
3,556
224
$311,400
90,300
4J4% bonds
4M% bonds
14,494
1,349
1,230,150
280,600
13,788
1,248
1,311,200
282,250
4}4% bonds
4M% bonds
106
260
154,000
356,450
89
164
154,000
316,500
20,227
$2,403,800
19,069
$2,465,650
3 % % notes
4%% notes
First 3H%
First Temp. 4%
First Perm. 4%
First Temp. 4M%
First Perm. 4J4%
First 2nd Conv. 4J4%
Second Temp. 4%
Second Perm. 4%
Second Temp. 4 ^ % ...
Second Perm. 4\i%
Third Temp. 4\i%
Third Perm. 4J£%
Fourth Temp. 4\i%
Fourth Perm. 4J^%
Victory Notes 4%%
Par Amount
1
9
$100
650
7
1,000
Victory Notes 3%%
Totals
17
$1,750
Pieces Delivered
1,707
362
$222,150
4,375
610
620,750
21,327
3,380
4,645,150
36,554
1,151
41,267
44,943
26
4,729
204
5,919
5,169
7
4,409,200
172,500
6,745,550
5,789,600
35,000
151,350
20,380
$22,639,900
Mutilated Registered Bonds Replaced
Mutilated Coupon Bonds Replaced
Pieces Received
Par Amount
Par Amount
9
1
5
3
$600
100
1.300
150
3
150
21
$2,003
Pieces Received
Par Amount
Pieces Delivered
Par Amount
1
$50
1
50
2
150
1
$50
3
$200
SCHEDULE 23.—Sales of Thrift Stamps, Treasury Savings Stamps, War Savings Stamps and Treasury Savings Certificates through
Federal Reserve Bank of St. Louis.
Trsas. Sav. Stamps
Thrift Stamps
War Savings Stamps
Treasury Savings Certificates
Month
Number
May
July
September
October
November
Totals for 1921
Totals for 1920
Number
Value
Number
$206.00
229.50
45 25
76.00
77.25
30 50
15.75
30 25
10.75
3.50
10.00
14.25
225
41
$225
41
1,076
446
181
304
309
122
63
121
43
14
40
57
25
25
50
50
485
116
350
63
63
174
107
110
84
69
2,996
12,016
$749 00
3,004.00
341
824
918
February
Value
$341
•
Maturity
Value
$25
Number
Maturity
Value
$5,380
2,230
2,425
108
22
$2,700
550
580
1,750
315
315
870
535
550
420
345
$15,715
57,705
3,143
11,541
16
12
23
6
11
16
16
11
22
70
1,750
333
$8,325
400
300
575
150
275
400
400
275
550
$100
Number
Maturity
Value
300
163
$30,000
16,300
23,000
15,300
26,400
11,700
15,700
9,900
7,100
8,700
5,800
10,200
49
25
230
153
264
117
157
99
71
87
58
102
1,801
5,404
$180,100
540,400
$1,000
Number
Maturity
Value
14
17
21
11
13
7
5
$49,000
25,000
14,000
17,000
21,000
11,000
13,000
7 000
5,000
6
18
6,000
18,000
186
821
$186 000
821,000
SCHEDULE 24.—Redemption of Thrift Stamps, Treasury Savings Stamps, War Savings Stamps and Treasury Savings Certificates
through Federal Reserve Bank of St. Louis.
Thrift Stamps
Month
Number
Value
Treasury Saving
Stamps
Number
Value Number
4,810 $1,202.50
172
43.00
69
17.25
June
July
Treasury Savings Certificates
$100
Maturity $1,000 Maturity
Maturity
Value Number
Value Number
Value
2,183 $10,915
686
30
$68,600
3,000
250
62.50
1
100
109
217
27.25
54.25
32
3,200
57
14.25
99
24.75
26
$26
5,783 $1,445.75
20,256 5,064.00
26
$26
November
Totals for 1921
Totals for 1920
War Saving
Stamps
17
749
6,023
$74,900
602,300
Number
$69,000
6,000
150
29
11
$600
116
44
1
6
1,000
6,000
32
6
1
128
24
4
82
535
$82,000
535,000
Treasury Saving
Stamp Cards
Amount Number
69
6
85
2,200 $11,000
18,038 90,190
Fillsd Thrift
Stamp Cards
1
Value
$20
21
84
36
144
1
20
286
870
$1,144
3,480
2
$40
SCHEDULE 25.—Changes in principal resource and liability items of reporting member banks in St. Louis, Louisville, Memphis, Little Rock and
Evansville during 1921.
January 7
Number of banks reporting
Loans and discounts (excluding rediscounts):
Secured by U. S. Government obligations
Secured by stocks and bonds other than U. S. bonds..
All other loans and discounts
Total loans and discounts
Investments:
U. S. bonds
U. S. Victory notes
U. S. Treasury notes
U. S. Certificates of Indebtedness...
Other bonds, stocks and securities..
Total Investments
Reserve balance with Federal Reserve Bank
Cash in vault
Net demand deposits on which reserve is computed..
Time deposits
Government deposits
Bills rediscounted with Fedaral Reserve Bank
Bills payable with Federal Reserve Bank
Total loans and discounts
Investments:
U. S. bonds
U. S. Victory notes
U. S. Treasury notes
U. S. Certificates of Indebtedness
Other bonds, stocks and securities
Total investments
Reserve balance with Federal Reserve Bank
Cash in vaUlt
Net demand deposits on which reserve is computed
Time deposits
Government deposits
Bills rediscounted with Federal Reserve Bank
Bills
with Federal Reserve Bank
Digitized for payable
FRASER
March 4
April 1
May 4
June 1
37
37
37
37
37
$21,986,000
121,947,000
306,432,000
$21,259,000
115,871,000
311,194,000
$19,316,000
120,977,000
304,859,000
$18,641,000
120,993,000
292,751,000
$17,892,000
118,563,000
291,779,000
$17,326,000
117,804,000
276,993,000
$450,365,000
$448,324,000
$445,152,000
$432,385,000
$428,234,000
$412,123,000
29,207,000
2,422,000
29,192,000
2,298,000
28,595,000
2,372,000
28,667,000
2,221,000
27,882,000
2,148,000
25,832,000
2,027,000
2,374,000
64,036,000
3,106,000
64,223,000
2,979,000
66,016,000
1,152,000
65,519,000
1,365,000
66,452,000
720,000
66,694,000
$98,039,000
44,379,000
10,245,000
325,494,000
137,553,000
2,983,000
56,730,000
17,579,000
$98,819,000
44,518,000
9,639,000
328,718,000
142,686,000
2,754,000
51,495,000
17,290,000
$99,962,000
42,716,000
9,425,000
325,391,000
144,476,000
2,428,000
46,080,000
16,490,000
$97,559,000
40,138,000
8,473,000
311,837,000
143,138,000
6,527,000
42,692,000
17,165,000
$97,847,000
41,926,000
7,830,000
308,623,000
143,144,000
5,567,000
35,053,000
15,490,000
$95,273,000
37,242,000
7,699,000
286,393,000
143,377,000
2,516,000
40,357,000
15,301,000
October 5
November 2
December 7
36
July 6
Number of banks reporting
Loans and discounts (excluding rediscounts):
Secured by U. S. Government obligations
Secured by stocks and bonds other than U. S. bonds
All other loans and discounts
February 4
August 3
September 7
37
37
37
$17,126,000
119,710,000
271,916,000
$18,228,000
118,789,000
270,514,000
$15,948,000
118,495,000
271,483,000
$16,475,000
118,297,000
271,490,000
$16,165,000
121,741,000
269,088,000
$15,445,000
121,650,000
271,383,000
$408,752,000
$407,531,000
$405,926,000
$406,262,000
$406,994,000
$408,478,000
25,446,000
1,992,000
932,000
1,894,000
67,871,000
25,568,000
1,957,000
797,000
5,292,000
66,193,000
26,868,000
1,925,000
94,000
894,000
67,571,000
26,858,000
1,988,000
2,554,000
4,515,000
67,803,000
27,067,000
1,167,000
137,000
5,615,000
69,588,000
26,584,000
852,000
110,000
2,447,000
69,398,000
$98,135,000
39,347,000
8,233,000
284,949,000
144,480,000
8,862,000
43,303,000
14,811,000
$99,807,000
39,944,000
6,998,000
285,042,000
142,489,000
10,892,000
39,884,000
11,311,000
$97,352,000
40,015,000
7,441,000
283,698,000
145,379,000
3,859,000
32,327,000
13,907,000
$103,718,000
38,514,000
7,405,000
280,643,000
146,595,000
17,328,000
35,980,000
11,490,000
103,574,000
39,731,000
7,243,000
290,823,000
149,039,000
8,865,000
29,988,000
8,305,000
$99,391,000
40,110,000
7,636,000
296,495,000
150,312,000
3,974,000
30,365,000
7,319 ,.000
37
37
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 fifteenth of each month in 1921.
8
8
434
6j|
6
534
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
<>
6
6
6
6
6
6
6
6
6
6
6
7
7
7
7
7
7
7
7
g
8
8
8
8
8
8
8
8
8
8
7
8
7
7
8
7
7
8
8
8
8
8
8
8
8
8
8
8
7
634
634
7
8
8
8
8
8
8
8
7
7
7
8
8
8
8
8
8
8
7
8
7
7
8
8
8
8
7
7
7
8
7
7
8
7
8
8
iy2
8
8
6 i/4
6 /*2
6}J
7
7
7
7
7
7
7
634
634
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6
T
7
7
7
6
7}/
7
7
4
-3-3-3
-3-3-3
5
5
6
7
7
7
7
7
7
7
7
7
00 00
8
8
7
7
7
7
7
7
OSO3O5-3-3-3-3-3-3
8
7
7
7
7
8
534
-3-3-3
-3-3-3
-3-3
-3-3-3
7
7
7
5jl
6J4
7
7
7
7
7
7
3 to 6
Months
7
7
7
CD CO to t£
7
7
634
6
6
6
6
6
6
6
6
IP
3
Months
Loans
Secured
by
Liberty
Bonds
and
Certif.
of Ind.
c-t-t-
7
7
7
7M
734
7
7
2
Demand
7
7
7
7
7
6
6
7
8
7
6
8
8
8
8
7
6
7
6
7
g
g
g
8
8
8
8
8
8
8
8
8
g
8
8
8
7
8
8
8
7
8
8
ooa
7
7
7
734
7
7
634
6
6
Unindorsed
634
6
fi
Commodity
Paper
Secured
by Warehouse
Receipts,
etc.
7
7
7
7
7
7
7
7 .
7
7
CO CD CD CC
May
June ..
July
August
September
October
November
December
8
8
7
8
8
|
to to
Little Rock
(Legal
limit in
Ark., 10%)
July .
August
September
October
November
December
January .
February
March
April
634
6
6
6
6
6
6
6
6
6
6
6
6
6
Indorsed
to to
Memphis
(Legal
limit in
Tenn., 8%)
December
June
5}J
534
to coco tc
October
%2
6
6
534
7
6%
7
7
7
7
7
7
tc to to tc to to to co co to to to
December
[ January
February
March
April
May
Louisville
June
(Legal
July
limit in
August
Ky., 6%)
7
7
7
7
7
7
4 to 6
Months
Cattle
Loans
co to to
October
7
7
7
7
7
7
6*4
30 to 90
Days
Collateral Loans, Secured
by Stock Exchange or
Other Current
Collateral
'Bankers'
Acceptances
60 to 90 Days
to to to cc
July
August
4 to 6
Months
Loans
to
Other
Banks
to to to
St. Louis
(Legal
limit in
Mo., 8%)
January
February
March
April
May
30 to 90
Days
Purchased in
Open Market
35O5O5O5
Prime Commercial Paper
Customers'
Paper
CHART A
FEDERAL RESERVE BANK OF ST. LOUIS
MOVEMENT OF EARNING ASSETS
DURING 1920 AND 1921
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
UNITED STATES SECURITIES
40
1
20
YM
0
A
60
60
PU RCIHASED BIL LS
40
40
20
20
0
1
0
180
180
DISCOUNTED BILLS
I SEE NOTE BELOW \
160
160
140
140
120
120
100
100
80
80
20
1920
1921
A - Paper seoured by 0. 3. Govorruoont obligations discounted for bangs in district.
B - Total paper discounted for banks in district.
C - Total discounted paper held.
Space between lines B and 0 represents - where above line B - paper discounted for,
and - where below line S - paper redlsoounted with, other Federal Reserve Banlcs.
— 49 —
CHART B
BILLS DISCOUNTED AND BOUGHT
BY
FEDERAL RESERVE BANK OF ST LOUIS
AMD ITS BRANCHES
— —
,
Cvi***/
/3y L i r r i. £ ROCK ftn*n*ic ••/.
CM<V£ SL • &y t~ ou/j MIU t. £ &Ait/si c H..
Cux.iM'J:
Cuttvef:
Cv/t\l Hi
") " *
1 c&
my SrJ.wij
P/tx£*iT
0/l/v/C.
\j>i,
rtrni. /3yP*>itliniT0/tAi<./i*v®iiHi*CHiC£JCH
Tor*
IBMMAC HA/0
*z\ ^^^ ^S1*? t~^ * t ^ 3 ' j
>0?
'fa
— 50 —
CHART C
FEDERAL RESERVE BANK OF ST. LOUIS
DEPOSITS, F. ft.NOTE CIRCULATION, CASH RESERVES
AND RESERVE RATIOS, 1920-1921
PERCENT
90
80
70
k
i\
k\
A T,
\
\
/'
/
MILLIONS OF DOLLARS
MILLIONS Or DOLLARS
DEPOSITS
*
I111i111iii1111111ii111i
*777
250
F. R.NOTE
CIRCULATION
2CX)
50
DEPOSIT AND F. R.NOTE LIABILITIES, L, AND TOTAL RESERVES, C
1921
1920
Adjusted peroentages axe calculated after reduolng or Increasing reserves held by
tha amount of aooonoodation received from or extended to other Federal Reserve banks.
The deposit eurre is based on "net deposits'' up to Uarch 11, 1921, and on
"total deposits" thereafter.
— 51
CHART D
DAILY AVERAGE NUMBER OF CLEARING ITEMS HANDLED
BY FEDERAL RESERVE BANK OF STLOUIS AND ITS
BRANCHES
(NOT
|NCL_U_DlN<J COLLECTION ITEMS AND GOVERNMENT COUPONS)
|JAN I FEB I MAR I APR | MAY | J UN | j UL | AUG \ SEP \ OCT | NIOV | DEC
IJ A N I FEB
| M A R | A P R | M A Y \ J U N | J U L \AUG \ S E P \ OCT\ N O \ / \ l > £ C \
— 52 —
CHART E
TOTAL LOANS AND INVESTMENTS
AND DEPOSITS OF'REPORTINC MEMBER. BANKS
GUKVC / •
ToTMi.Omi'osirs
-
THC fans*.*L
lf>l
{CLOSE OF BUSII^ICSS £RCH
Re&*fiv£
J3M/*X
FK/DAY)
o
I
I
— 53 —
CHART F
DEBITS TO INDIVIDUAL ACCOUNTS
TOTHL. DIOITJTO
Lot/iJviLL£i
IA/OIVIJIUAL. ACCOUNTS
M£/n^Mi<s^
11 ll
(ron
LITTUE ROCK
ERCH WSZK
JAN FEB MAR APR MAY
Oi BKH/CS /N ST Leu U,
A/*O f v ^ j
CNDINS
v/itfl
wej>n/E-ss»y)
JUM JUL AUG SEP OCT NOV
nil
DEC
4oi
I/O
Hi
tit
it.
i-73
*/\
i/j
1/0
»o/
>ti
Hi
4/
XL',
nr
JAN FEB MAR
%
'M
APR MAY J l ' N JUL AUG SEP OCT NOV
—.54 —
DEC
INDEX
Page
Acceptances:
Bankers' acceptances
11-12-33-34-35-36-49
Permission to accept up to 100%
12
Trade acceptances
11-35
Agricultural conditions
6-7
Assets and liabilities
9-10-32-33-34-49-51
Banking conditions
:
7-8-47-48-53
Branches, operations of:
Little Rock Branch
24-25
Louisville Branch
23
Memphis Branch
'.
24
Business conditions
5-6-54
Certificates of indebtedness
26-43
Clearings
14-15-29-39-52
Collections
16-29-40
Coupons
29-40
Currency
14-39
Debits to individual accounts
6-54
Deposits to 5% Fund for national banks
17-18
Directors of parent bank and branches
3-20-21-23-24-25
Discount operations
10-11-33-34-35-36-49-50
Earnings and expenses
9-31-32
Employees of parent bank and branches
21-23-24-25
Examination department
20
Federal Reserve Bank notes
13-14-38
Federal Reserve notes
12-13-33-34-37-38-51
Fiduciary powers granted national banks
18-42
Fiscal agency operations
26-27-28-29-39-40-43-44-45-46
Foreign accounts
20
Gold settlement fund
16-17-41
Government deposits
27-29
Liberty bonds:
Exchanges and conversions of
28-44-45
Delivery of permanent bonds on consignment
27-28
Map of district
4
Membership, movement of
19-42
Monthly report on business conditions
18
Officers of parent bank and branches
3-20-21-23-24-25
Progressive discount rates
12
Quarters
21-22
Rates, discount and interest
7-8-12-36-48
Relations with banks
19
Reserve position
10-33-34-51
Savings Stamps, etc
28-29-46
State banks and trust companies
19-20-42
Subtreasury
26
Transfers of funds
17
Treasury notes
26-43
War Finance Corporation
29
— 55 —
@FedFRASER