Full text of Annual Report of the Federal Reserve Bank of St. Louis : Third Annual Report of the Federal Reserve Bank of St. Louis for the Year Ended December 31, 1917

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THIRD ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK
OF ST. LOUIS
FOR THE YEAR ENDED DECEMBER 31, 1917


http://fraser.stlouisfed.org/
Federal Reserve12'^'^y
Bank of St. Louis
i » . l r F '^

WASHINGTON
GOVERNMENT PRINTINGXOFFICE
1918

^

LETTER OF TRANSMITTAL.

FEDERAL RESERVE

BANK,

St, Louis, Mo,, January 15, 1918.
SIR : I have the honor to transmit herewith the third annual report
of the Federal Reserve Bank of St. Louis, covering the year ended
December 31, 1917.
Respectfully,
W M . M C C . MARTIN,

GJiairman and Federal Reserve
Hon.

W. P. G. H A R D I N G ,

Governorf Federal Reserve Board,
Washington, D, G.




Agent,

TABLE OF CONTENTS.
Page.
7
7
8
8
10
11
11
11
12
12
13
13
14
14
15
15
16
16
17
17-21
20
22-24
24
25
25
26
26

Earnings and expenses
Comparative balance sheets, 1916-17
Profit and loss statement
Business and banking conditions in the district
Discount operations
Discount rates
Bankers' acceptances purchased
Municipal warrants purchased
Reserve position of the bank
Membership within the district
Relations with national banks
State banks and trust companies
Accommodation of member banks through discounts
Bill-of-lading drafts
Grants of fiduciary powers
Louisville branch
Memphis agency
Relations with the public
Government deposits
Liberty loan campaigns
Treasury certificates of indebtedness
Federal Reserve note issues
Management of the bank
Election of directors.
Officers and staff
Bank premises
Check clearing and collection
EXHIBTTS.

A.
B.
C.
D.
E.
F.
G.
H,
L.

Comparative statement of earnings and expenses, 1916-17
Comparative statement of condition, 1916-17
Profit and loss statement, 1916-17
Volume of rediscounts accepted, b y States
Rediscount operations, classified b y maturities
Fiduciary powers granted to national banks
Treasury certificates of indebtedness
I, J, K. Federal Reserve notes issues
Check clearing and collection




28
28
29
30
30
31
32
33-35
35
6

THIRD ANNUAL REPORT OF THE FEDERAL.
RESERVE BANK OF ST. LOUIS.
F I N A N C I A L RESULTS OF OPERATION.

F o r t h e months of J a n u a r y , F e b r u a r y , March, and A p r i l , 1916, the
Federal Reserve B a n k of St. Louis showed no net earnings, but in May
of t h a t year the earnings were $1,888.47, and from t h a t date steadily
increased m o n t h by month until in December, 1916, the net earnings
amounted to $23,191.18.
F o r the m o n t h of J a n u a r y , 1917, the earnings amounted to $18,971.82, and from t h a t figure they steadily increased t h r o u g h o u t the
entire year. I n this connection, it must be remembered t h a t in this
district J a n u a r y , F e b r u a r y , March, and frequently A p r i l , are the
lean months, and it must also be borne in m i n d t h a t war was not
declared until A p r i l of this year. I t is therefore reasonable to
presume t h a t the earnings for these first four m o n t h s in 1917 were
not due especially to abnormal conditions but, it would seem, were
d u e more particularly to the fact t h a t banks h a d begun to realize
how easily they could do business with the Federal Reserve B a n k
and Avere using its facilities.
Attached hereto, as E x h i b i t A, is a statement showing earnings
and expenses, by months, for the years 1916 and 1917. T h i s shows
t h a t d u r i n g the year 1917 the percentage of expenses to earnings has
decreased from 3§.58 per cent to 25.93 per cent.
I n 1917 t h e earnings of the Federal Reserve B a n k of St. Louis
amounted to $738,713.38, and the expenses of the bank were $236,557.34, leaving net earnings of $502,156.04.
On March 31, 1917, the bank paid a dividend for the period from
A p r i l 1, 1915, to J u n e 30, 1915, and on J u n e 30, 1917, it paid a
dividend for the period from J u l y 1, 1915, to December 31, 1915.
O n December 31 of this year the bank p a i d a dividend for the year
1916. T h i s left a balance in the profit and loss account of $230,338.58.
C O M P A R A T I V E B A L A N C E S H E E T S FOR D E C E M B E R 3 1 , 1 9 1 0 A N D

1917.

These comparative balance sheets, which are attached to this report
as E x h i b i t B , disclose an increase in the earning assets of this bank



7

8

ANNUAL. R E P O R T O F FEDERALr RESERVE B A N K OP S T . L O U I S .

of $32,988,518.58. Last year a comparison of the balance sheets of
1915 and 1916 showed a large increase in earning assets of all classes
of investments, excepting bills discounted for member banks. This
year, as compared with 1916, the balance sheet shows a large increase
in all items excepting that of municipal warrants. I n 1916 the principal source of income was open-market purchases of bankers' acceptances. During this year the largest source of income has been from
bills discounted for member banks, in which there has been a very
large increase.
An increase is shown in capital, due in large measure to the admission of State banks into the system. There is also a large increase
in deposits, both gross and net.
PROFIT A N D LOSS S T A T E 3 I E N T FOR YEARS 1 9 I G A N D

1017.

During 1917 the earnings from bills discounted for member banks
were much larger than those from any other source. The percentage
of earnings derived from the various sources for 1916 and 1917 are
as follows:
1916

Bills discounted for other Federal Reserve Banks
Bills discounted and loans to member banks
Acceptances
.........
Municipal warrants
Interest on United States securities
Transfers bought
United States securities, profit and appreciation..
Sundry
Total

16
28
12
23
10
9
1
100

1917

1
47
23
2
15
8
4
100

Attached hereto as Exhibit C is a comparative profit-and-losa
statement covering the years 1916 and 1917.
GENERAL B U S I N E S S A N D B A N K I N G CONDITIONS I N T H E DISTRICT.

During 1916, from month to month, business steadily increased
until at the end of the year it was at an extremely high level. Prices
also steadily increased, but at the end of the year they had not
reached a jooint which had curtailed demand. I t continued steady
for both luxuries and necessities.
During the early part of 1917, business continued unabated and
was not affected by the usual after Christmas dullness.
However,
in the early months of 1917, what we may call unrestrained buying*
which was in evidence in the latter part of 1916, began to lessen, and
by the latter part of February buj'^ers began to discriminate.
Prices made them i^ause a little, both buyer and seller became more
conservative, and siieculative buying in this district was about eliminated. However, the buying power of the public continued very



AKNUAXi BEPORT OF FEDERAL RESERVE B A N K OF ST. L O U I S .

9

large, especially in those sections of this district contiguous to L i t t l e
Kock and Memphis.
D u r i n g A p r i l , 1917, business, while still active,* did not increase
in the same ratio as in the past months. Reports from different
houses t h r o u g h o u t the district in describing their business, spoke of
it as " good " and " extremely active," although on closer analysis
it would seem t h a t while business houses were doing a large business
as measured by amounts, it was not so large when measured by the
number of transactions. I n other words, there were not as m a n y
buyers, b u t those who bought paid more for the product.
This country was declared to be at war with Germany in A p r i l ,
1917, but business seemed to have discounted t h e emergency and was
well prepared. I t continued d u r i n g May at a h i g h level, its tone
being one of conservatism, with a strong underlying feeling of confidence.
A scarcity of canned goods became a p p a r e n t and also a
scarcity of sugar.
Building began to show the high cost of material, and while it h a d
never been as active d u r i n g the previous months as other lines, it;
noAV began to fall off perceptibly.
D u r i n g J u n e , J u l y , and August the w a r showed its sobering effect,
and reports from throughout the district showed a quieter condition
in practically all lines, exceiDt munitions. Business was operated
on a conservative basis d u r i n g these months. W h i l e the volume of
sales in wholesale lines continued to be large, they showed smaller
increases t h a n for the previous months. T h e demand for m e r c h a n dise from dry-goods jobbers became less t h a n it h a d been for a n u m ber of m o n t h s previous. Prices continued to increase, and shoAved
a decided effect on such articles as the public could conveniently do
w^ithout. Previous to this the prices of luxuries h a d made t h e
public pause, but now they began to make them stop buying. Doubtless the campaign for economy, which Avas then beginning, also h a d
its effect. However, business held up well, and collections were good.^
D u r i n g the latter months of the year business in general has been
active, the increase in dealings for supplies necessary for war bringing up the average. I n October wholesalers and jobbers reported
t h a t they were doing a large business, and the consumption of goods
was indicated r a t h e r t h a n the accumulation of stocks in the h a n d s
of the retailer.
T h i s year the wheat crop in this district was largely in excess of
t h a t of 1916, but below the five-year average. T h e oats and corn
crops Avere Avell aboA^e those of 1916 and the five-year average. T h e
cotton crop Avas only from 60 to 75 per cent of last y e a r ' s
crop. I t was at least a month late, and was caught by a killing frost
about October 8. I t also moved A^ery slowly, due in great measure
to the lack of A^essels to carry it from port.
54008—18




2

10

A N N U A L REPORT OF FEDERAL RESERVE B A N K OF ST. LOUIS.

The tobacco crop in general was good.
The price index of all crops was 46.1 per cent higher than a 3^ear
ago, and 104.3 per cent higher than the average of the preceding
years. Throughout the year there has been large buying power
in the rural communities, and business, measured in dollars, continues active. A number of country merchants are buying now for
the future, apparently feeling that prices will not be lower.
Throughout the year there has been a shortage in cars. Until
March there was little difficulty in handling shipments to the South
and West, but there were serious delays in handling shipments to
the East. The shortage has increased, and as the year closes transportation in all directions is in an extremely unsatisfactory condition.
Labor has been unsettled throughovit the year, and there have been
many small strikes and threats to strike.
At the beginning of the year the deposits of all banks in this district were at a high level and money was easy. Prevailing rates to
customers in St. Louis were from 4 to 4|^ per cent, and in other sections of the district the rate was somcAvhat higher. As th( year
closes, deposits in the banks in this district are higher than at the
same time last year. In the large centers the rates to customers
range from 5^ to 6 per cent, with rates in the outlying districts
slightly higher. In brief, during 1917 the rates charged customers
by banks in the larger centers have increased about 1^ per cent. This
country is engaged in the greatest war in history; two Liberty bond
issues, aggregating $5,808,766,150, have been sold. I n December of
this year, in this district, the Government withdrew from the banks
over $60,000,000, and many of the banks also had to make the second payment on the second issue of Liberty loan bonds approximately
$17,000,000. This showed its effect on the reserves of the banks
throughout the district, but because they could rediscount with the
Federal Reserve Bank of St. Louis, business felt little, if any, effect.
I n fact, the increase in rates to customers is probably due more to
delay in transportation than to the bond issue. Mail in transit is
all behind time, making the " float" in checks on the average a day
late in this district. Cars can not be obtained for shipment, and this
requires that the commodities, greater in value than for years x^revious, be carried longer. I t is worth repeating again that in our first
year of the war, rates to customers have increased only 1^ per cent.
ACTIVITIES or THE FEDERAL RESERVE B A N K DURING THE YEAR.
DISCOUNT

OPERATIONS.

The total rediscounts accepted by this bank during the year 1917
amounted to $181,117,651.14. Of this amount $68,983,149.22 con


ANKUAL

KEPOBT

OF FEDERAL

RESERVE

BANK

OF

ST.

LOUIS.

11

sisted of notes or single-name p a p e r ; $3,114,505.68 of t r a d e acceptances or two-name p a p e r ; $427,277.24 of commodity paper, and $108,592,719 of notes of member banks secured by United States certificates of indebtedness. Liberty bonds, or eligible commercial paper
as collateral.
F r o m J a n u a r y 1 to December 31, 1916, the total, rediscounts accepted by the bank amounted to $8,842,666.57. T h u s there was an
increase in the amount of rediscounts accepted by the F e d e r a l Reserve B a n k d u r i n g 1917 over the iDrevious year of $172,274,984.57.
I n December this bank rediscounted for another F e d e r a l Reserve
B a n k $5,000,138 of notes secured by Liberty bonds. T h i s was the
first time this bank rediscounted for another Federal Reserve Bank.
D u r i n g 1917 there were 8,471 notes rediscounted for member banks.
D u r i n g 1916 there Avere 3,133 notes rediscounted for member banks,
showing an increase of 5,338 in the number of notes handled.
Attached hereto, as E x h i b i t D , is a table showing the volume of discounts accepted from each State each month, the total amount accepted from each State d u r i n g the whole year, and the number of
banks in each S t a t e rediscounting each month, and attached, as E x hibit E , is a table showing the volume of rediscounts of t h e different
maturities and classes accepted each month and d u r i n g the whole
year.
DISCOUNT

RATES.

T h e following schedule shows the rates in effect at the first of the
year, and the changes made d u r i n g the y e a r :
I n effect—

J a n . 1, 1917
J a n . 5,1917
Feb. 9,1917...
N o v . 7, 1917...
Dec. 11, 1917..

Commodity paper.

Trade acceptance.

15

60
90
15
30
6
days. days. days. days. months.

3i
H
3i
3|
4

4
4
4
4
4i

4
4
4
4
44

4
4
4
4i
44

44
44
5
5
54

34
34
34
34
4

ACCEPTANCE

1
i
i
1
1

30

60

90

15

30

60

90

34
34
34
4
44

34
34
34
4
44

34
34
34
44
44

3
34
34
34
4

3
34
34
34
4

3
34
34
34
4

34
34
34
34
4

15-day
collator a
notes.
34

n

34
34-4

BUSINESS.

T h i s bank d u r i n g the year 1917 purchased a total of $29,732,271.79
bankers' acceptances. Of this amount $7,290,201.25 were purchased
from member banks and $300,000 from nonmember banks in this
district. T h e remainder was purchased mostly t h r o u g h the Federal
Reserve B a n k s of New Y o r k and Boston. T h e rates on these acceptances ranged from 2^ to 4 per cent.
MUNICIPAL,

IVARRANTS.

T h i s bank purchased d u r i n g 1917 a total of $1,005,000 p a r value
municipal w a r r a n t s at rates r a n g i n g from 2^ to 3f per cent.



12

AlJ^NUAL REPOKT

OF FEDERAL
OVERDr^E

RESERVE

BANK

OF

ST.

LOUIS.

PAPER.

T h i s bank has no overdue paper on hand.
CHANGES IN

T H E RESERVE POSITION

OF T H E B A N K D U R I N G T H E

YEAR.

On December 31, 1916, our total reserve against all liabilities
60.8 per cent and on t h e same date this year the percentage
68.8 per cent.
T h e following table shows the reserve position of the F e d e r a l
serve B a n k of St. Louis at the close of each month d u r i n g
year 1917:
N e t deposits.

J a n . 31..
Feb. 28.
Mar. 3 1 .
A p r . 30.
May 31June30.
J u l y 31 Aug. 31.
S e p t . 29
Oct. 3 1 .
N o v . 30,
Dec. 3 1 .

Outstanding
Federal Reserve n o t e s .

$28,525,372. 28
25,047, 603.63
29, 202,912.36
21,856,045. 55
29,608,753.62
42,577,207. 10
43,955,240.90
41,197,416. 57
40,000,055. 31
42,842,016.77
51,159,449.41
40,659,878. 87

$15,960,305
14,989,370
14,160,270
15,061,770
15,767,670
17,346,870
18,674,970
21,694,020
26,970,205
40,207,655
54,080,240
59,923,030

Total.

was.
was
Rethe

T o t a l reserves. P e r c e n t .

$44,485, 677. 28
40,036, 973.63
43,363, 182.36
36,917, 815. 55
45,376, 423. 62
59,924, 077.10
62,630, 210.90
62,891, 436. 57
66,970, 260.31
83,049, 671. 77
105,239, 689.41
100,582, 908.87

$33,821,401
28,053,259
32,950,862
25,199,942
30,427,185
47,179,671
49,186,340
46.562.675
43,942,323
56,745,832
77.647.676
59,136,094

76.0
70.1
75.9
68.3
67.0
78.7
78.5
74.0
65. e
68.3
73.8
58. &

T H E FEDERAL RESERVE BANK: AND MEMBER B A N K S .
CHANGES

IN

MEMBERSHIP
- • -

DUE

TO TRANSFERS

FROM

AND

TO

OTHER

DISTRICTS.

T h e r e has been no change in membership in this district due t o
transfers to and from other districts. T h e b o u n d a r y lines of t h e
district have not been changed since originallj^ designated by t h e
organization committee.
i
M O V E M E N T OF M E M B E R S H I P W I T H I N T H E

DISTRICT.

On J a n u a r y 1, 1917, the F e d e r a l Reserve B a n k of St. Louis h a d
469 member banks, consisting of 468 national banks and one t r u s t
company. I t s authorized capital stock on t h a t d a t e was $5,599,500,
of which one-half, or $2,799,750, was paid in. D u r i n g the year four
national banks, nine State banks, and three t r u s t companies became
members, increasing the authorized capital stock of this bank in the
sum of $1,366,900. T h i r t y - t h r e e banks were allotted 279 additional
shares of stock of this bank, which further increased its authorized
capital $27,900.
D u r i n g 1917 seven member banks holding a total of 426 shares of
stock, surrendered their membership t h r o u g h liquidation, and t h r e e
banks surrendered portions of their holdings a g g r e g a t i n g 25 shares



A N N U A L REPORT OF FEDERAL RESERVE B A N K OF ST. LOUIS.

13

on account of reductions in their capital or surplus, thereby decreasing the capital stock of this bank in the sum of $45,100.
A t the close of 1917 this bank h a d a total of 478 member banks,
consisting of 465 national banks, nine State banks, and four t r u s t
companies, and its authorized caj^ital was $6,949,200, of which $3,474,600 was paid in. This shows a net increase of nine in the number
of member banks, and a net increase in the paid-up capital stock of
$1,349,700 over 1916.
R E L A T I O N TO N A T I O N A L B A N K S .

I t is believed t h a t all the national banks in this district, t h r o u g h
daily contact with this bank, b r o u g h t about by its clearing system
which in some form h a s been in operation practically since the opening of the bank, have been b r o u g h t into closer relation with it. W i t h
banks t h a t have rediscounted with us, any idea of " red t a p e " which
onc^ existed, has disappeared, and they find t h a t they can do their
business with us as easily as they have conducted their business with
other banks. On the other hand, this bank has always taken the
position that, even though its member banks must keep deposits with
us, under the law, nevertheless, it should make every consistent effort
to please its customers just as if it were a commercial bank competing for deposits.
STATE B A N K S A N D TRUST C O M P A N I E S .

D u r i n g the year 1917 twelve State banks and trust companies have
taken stock in the Federal Reserve B a n k of St. Louis. They a r e :
D a t e of admission .
Apr.
May
May
June
July
Oct.
Oct.
Nov.
Oct.
Nov.
Dec.
Dec.

12,1917
4,1917
31,1917
9,1917
2,1917
10,1917
30,1917
2,1917
31,1917
15,1917
15,1917
20,1917

Location.

Name.
St. L/OUis U n i o n B a n k . . ,
Mississippi Valley T r u s t Co
International Bank
G e r m a n Sa\angs I n s t i t u t i o n
German Insurance Bank
L a f a y e t t e S o u t h Side B a n k
Franklin Bank
German-American B a n k
Union & Planters Bank & Trust Co..
Paoli S t a t e B a n k
S t a t e Savings L o a n & T r u s t Co
Effingham S t a t e B a n k

.

S t . L o u i s , Mo
do
do
do
Louisville, K y
S t . L o u i s , Mo
do
do
Memphis, T e n n
Paoli, I n d
Q u i n c y , 111
Effingham, 111

Capital a n d
surplus.

T o t a l resources.

$5,000,000.00 $45,530,370.33
6,500,000.00 31,297,412.73
1,000,000.00
8,100,583.91
2,500,000.00 21,243,246.09
750,000.00
8,470,284.18
1,200,000.00 13,264,217.67
1,300,000.00
9,478,230.67
1,700,000.00
9,915,950.37
1,600,000.00 15,307,795.76
25,750. 00
191,074.49
1,000,000.00
7,947,274.67
60,000.00
677,843.72

P r i o r to the admission of the above, the Mercantile T r u s t Co. of
St. Louis was the only State institution which was a member of the
Federal Reserve Banl^ of St. Louis. I t has been a member of the
Federal Reserve system ever since the system was established.
The number of State banks and trust companies eligible for membership, by States, exclusive of those t h a t have already joined, are as
follows: Arkansas, 177; Illinois, 172; I n d i a n a , 88; Kentucky, 1 0 1 ;
Mississippi, 85; Missouri, 296; Tennessee, 54; total, 973.




14

A N N U A L REPORT OF FEDERAL RESERVE B A N K OF ST. LOUIS.

On May 18, 1917, Mr. W. L. Hemingway, president of the Mercantile Trust Co. of Little Rock, Ark., called a meeting in that city of
all the eligible State banks and trust companies in that State. The
chairman of the board of this bank met with them and discussed
the advantages of membership.
I t is not an overstatement to say that since the President's appeal
to nonmember banks to join the system practically all of the eligible
State banks and trust companies in this district are giving the matter
of membership serious consideration.
ACCOMMODATION OF MEMBER B A N K S T H R O U G H DISCOUNTS.

Below is given a table showing the number of different member
banks offering rediscounts from each State each month during 1917^
the total number of different banks offering rediscounts from the
whole district each month, the number and percentage of different
banks offering rediscounts from each State during the year, and the
number and percentage of different banks offering rediscounts in the
Tvhole district during the year.
M

state.

i
Arkansas
Illinois
Indiana
Kentucky
Mississippi
Missouri
Tennessee
Total

S3

2 i

2

4 1 3

4 =2
ft

f

2
3

5
6

3
12
4

1
2
12
4

3
5
3
3
3
12
4

24

30

33

2
5

1
2

2

3

3
11
3

15

11

31

9
7
4
4
3
14
3

7
7
3
6
3
10
4

44

40

<»

•i

Q

a

CO

17
5
2
6
5
14
12

14
9
4
10
5
17
10

10
17
9
14
3
19
6

13
17
12
17
4
23
6

61

69

78

92

ft
»-»

o
o
o
O

03

5
9

a .
03 bl)
••-133

I

>

-(-a
O

EH

24
31
15
20
6
38
15

67
158
63
66
17
87
20

35.7
19.6
23.8
30.3
33.3
43.6
75.0

149

478

31.1

1

During the year 1916, 114 different member banks rediscounted
with this bank. This year 149 different member banks rediscounted,
showing an increase of 35 in the number of banks accommodated.
This bank has continued the policy of requiring financial statements made either by the borrowers or by the borrowing bank in
every instance where paper has been accepted by us, and this policy
is resulting in the standardizing of credit in this district.
BILL-OF-LADING DRAFTS.

Since the 1st of February, 1916, this bank has handled bill-oflading drafts for its members, under conditions set forth in a cir-.
cular issued January 29, 1916, giving member banks credit on receipt for drafts with bills of lading attached, and charging interest



AINI^tJAL R E P O R T O F F E D E R A L R E S E R V E B A N K OF S T . L O U I S .

15

at the rate prevailing for 30-day commercial paper for t h e time
such d r a f t s have remained impaid.
Although the member banks have not generally availed themselves
of the service offered in this connection, the business for 1917 shows
a very substantial increase over t h a t of 1916. Whereas, d u r i n g 1916
we handled 653 drafts amounting to $4,261,210.95, and on which we
collected $2,854.96 interest, d u r i n g the present year, up to and including December 31, 1917, we have handled 1,453 drafts, amounting t o
$10,431,334.21 and have collected interest amounting to $7,492.56.
T h e greater p a r t of this increase occurred in the month of November^
d u r i n g Avhich month we handled 757 drafts amounting to $5,573,506.04, and collected $3,371.86 interest.
A large p a r t of this business has consisted of New E n g l a n d cotton
paper, and we have had excellent service from the banks in making
collections. T h i s is indicated by the fact t h a t the average time outstanding has been only about five days, and this in spite of the fact
t h a t a large proportion of the p a p e r was payable at sight in States
AA here three days of grace are allowed on sight drafts.
W e feel t h a t those of our members t h a t haA^e availed themselves
of the facilities offered haA e appreciated the serAdce, and we anticipate a still greater increase d u r i n g the coming year.
GRANTS OF FIDUCIARY POWERS.

F r o m the establishment of the Federal Reserve S^^stem to the close
of 1917 the applications of 29 national banks in this district for permission to act as trustee, executor, etc., under section 11 (k) of t h e
Federal KeserA'e Act haAe been granted by the Federal Reserve
Board. Sixteen of these permits AA^ere granted in 1915, six in 1916,
and seA^en in 1917. Of those banks granted fiduciary poAvers, two
are located in Arkansas,fiA^ein Illinois, six in I n d i a n a , eight in Kentuck3% seAen in Missouri, and one in Tennessee. Attached hereto,
as E x h i b i t F , is a list of the national banks in this district Avhich
have been granted fiduciar^^ poAvers up to December 31, 1917.
BANK

FAILURES

AA^THIN

THE

DISTRICT.

No member bank in this district failed d u r i n g the year 1917..
T H E LOUISVILLE

BRANCH.

On J u l y 3, 1917, the board of directors of the Federal ReserA^e
B a n k of St. Louis granted the petition for a branch bank at Louisville^
K y . I t elected as directors representing i t : Mr. George W . Norton,
director of the National B a n k of Commerce, LouisA ille, K y . ; Mr.
W . C. Montgomery, vice president F i r s t - H a r d i n National Bank,



16

ANNXJAT^ REPORT OF FEDERAL RESERVE BAN^K OF ST. LOUIS.

Elizabethtown, K y . ; and Mr. W . P . Kincheloe, until the time of his
election a national bank examiner, living* in Louisville. This lastn a m e d gentleman was also appointed managei" of t h e branch. The
F e d e r a l Reserve B o a r d appointed as directors Mr. F . M. Sackett,
president of the Louisville B o a r d of T r a d e , Louisville, Ky., and Mr.
C h a r l e s E . Hoge, president of the F i r s t State National B a n k , F r a n k fort, K y .
Q u a r t e r s were secured on the second floor of the Fidelity & Columbia T r u s t Co. Building, northwest corner of Main and F o u r t h Streets,
Louisville, and the bank opened for business on Monday, December 3,
1917.
T h e Louisville branch collection zone covers the following t e r r i t o r y : AH cities in t h a t jjart of Kentucky included in the eighth
F e d e r a l Reserve district and all cities located in the following counties in I n d i a n a , viz : Dubois, Jackson, Clarke, Perr3^ Lawrence, W a s h ington, Floyd, Orange, H a r r i s o n , Jefferson, Crawford, Scott, and
Switzerland.
M E M P H I S AGENCY.

Last year d u i i n g the cotton season this bank had an agency in
Memphis, Teim. This gave the local banks the service they desired
a n d proved successful. T h i s year, on October 29, we opened the
agency again and operated under the same plan. Notes, t r a d e acceptances, bankers' acceptances, and offerings for rediscount were
sent direct by the bank to St. Louis, but AAarehouse recei|>ts that Avere
u p as collateral to the loans were held by our agency. I n this way,
substitution of cotton receipts was permitted without delay or inconvenience. I t is proposed to maintain the Memphis office until the
close of the cotton season.
T H E FKDEUAE RP^SEHVE B A N K AND TIIK PITBEK .

" W i t h this war on us, Avhere would Ave lia\e been without the
F\^deral Reserve system?" I n discussion of the general situation, an
^^xpression sinilar to this is often heard, and it states fairly Avell Avhat
t h e general public thinks. The ma.n on the street feels t h a t the Federal Reser\^e system has saA^ed the country financially. I t is due to
i t t h a t business has been able to go on unafraid. T h e Avar is on
m i d business is active—in some lines it is at a high level. However,
t h i s AA'ould not be the situation if it AAere not for the F e d e r a l Reserve
isystem. T h e general public has thorough confidence in the F e d e r a l
ReserA^e system, and banks t h a t are not members are beginning to
i^eel this attitude.



A N N U A L REPORT O F FEDERAL RESERVE B A N K OF S T . LOUIS.
THE

17

FEDERAL, RESERVE B A N K AND T H E G O V E R N M E N T ,
GOVERNMENT DEPOSITS.

The amount of GoAernment deposits held by the Federal Reserve
B a n k of St. T^ouis d u r i n g 1917, while averaging slightly more t h a n
in 1916, gives little indication of the volume of Government business actually taken care of b}^ this bank. From J a n u a r y to Jiuie normal
conditions prevailed, the early p a r t of the year showing loss through
withdrawals being heavier t h a n de^josits until the tax collection period caused a g r a d u a l increase. W i t h the commencement of Government loan operations came a gradual increase in balances during
J u n e , followed by a decrease caused by heavy withdrawals culmin a t i n g Avith a loAV September balance.
Operations in connection with the second Liberty loan resulted in
increased funds, October and November showing the highest figures
for the year. T h i s last half of the 3^ear's business was abnormal in
all respects. I t s volume can be expected to continue while Avar
loans are being placed^ and doubtless afterAAards much AA'ill be retained t h r o u g h bond coupon maturities and taxation.
RELATION

TO T H E

UNITED

STATES

TREASURY.

Transfers of funds and deposits on account of 5 per cent redemj)tion funds haA^e continued to increase throughout the year.
.

T H E LIBERTY LOAN.

•

T H E FIRST LIBERTY LOAN.

T h e first AAar b o n d issue hiAA^ Avas approA ed b y t h e P r e s i d e n t on
A p r i l 24, 1917, a n d Avhen t h e S e c r e t a r y of t h e T r e a s u r y a d v i s e d t h i s
b a n k t h a t t h e h a n d l i n g of t h e l o a n i n t h i s d i s t r i c t w a s t o be t a k e n
c a r e of t h r o u g h it, s t e p s w e r e t a k e n t o o r g a n i z e t h e d i s t r i c t .
On
M a y 10, M r . R o l l a W e l l s , gOA^ernor of t h e F e d e r a l R e s e r v e B a n k of
S t . L o u i s , a p p o i n t e d as a n executiA e c o m m i t t e e t h e p r e s i d e n t s of t h e
18 c l e a r i n g - h o u s e associations i n t h e d i s t r i c t , a n d also representatiA^es
f r o m 5 o t h e r cities l o c a t e d i n p o r t i o n s of t h e d i s t r i c t w h e r e t h e r e w e r e
n o c l e a r i n g houses. H e also a p p o i n t e d a c e n t r a l c o m m i t t e e , comp o s e d of 9 m e n liAnng in S t . L o u i s , w h o w e r e t o g i v e all of t h e i r t i m e
t o t h e p l a c i n g of t h e first L i b e r t y l o a n . Q u a r t e r s w e r e g i v e n t h e
c e n t r a l c o m m i t t e e in t h e C h a m b e r of C o m m e r c e of S t . L o u i s , a n d
t h e y occujDied desks t h e r e .
T o each m e m b e r of t h e executiA^e c o m m i t t e e Avere a s s i g n e d t h e
counties c o n t i g u o u s t o h i s c l e a r i n g - h o u s e city or l o c a l i t y , a n d in
t h i s w a y t h e w h o l e d i s t r i c t Avas a p p o r t i o n e d . E a c h m e m b e r of t h e
executiA^e c o m m i t t e e in t u r n a c t e d as c h a i r m a n of h i s d i s t r i c t a n d
54008—18
3



18

A N N U A L REPORT OF FEDERAL RESERVE B A N K OF ST. LOUIS.

appointed such a committee from the locality to work with h i m as
he t h o u g h t wise. T h e r e Avas t h e n figured the proportion of t h e
$2,000,000,000 3^ per cent issue which should be taken by district
No. 8 in ccmiparison AA'ith the AA hole United States, on three different
bases: (1) B a n k i n g strength basis, AAhich made t h e district's p r o portion amount to $8-1,300,000; (2) wealth basis, Avhich made the
district's proportion amount to $58,600,000; (3) population basis,
AAdiich made the district's proportion amount to $174,600,000. T h e
b a n k i n g strength basis A\ as decided on as the m i n i m u m a m o u n t for
subscriptions to be obtained, a n d the average of the three bases as
a target. There Avas then figured on the same three bases t h e amount
t h a t each county hi the district should subscribe of the a m o u n t AAhich
it seemed fair that district No. 8, as a AAdiole, should take.
E a c h chairman of a local district AA^as a d \ i s e d as to t h e amounts
arrived at for the counties under his supervision, and i t Avas suggested t h a t the figures giA^ing the banking strength basis, the Avealth
basis, and the population basis be added and diAdded by three in
order t o arriA e at the amount for Avhich his different counties should
subsci'ibe. I^ater, Ave Avere advised from W a s h i n g t o n that it AA as estimated that our subscription should amount to between $80,000,000
and $100,000,000, which AA as somewhat less t h a n the figures AA^e h a d
already established.
T o the first Liberty loan this district subscribed an aggregate
of $86,134,700, and Avas allotted a total of $65,469,600, the allotment
by States being as follows:
Arkansas
Illinois
Indiana
Kentncky
INIississippi
INIissouri :
St. L o u i s
Klsewhore
Tennessee
Miscellaneous

i

$4. 202. 750
5, 667, 650
4, 253, 050
1 1 , 997, 950
875, 900

:
^
.
.,
,
--_
.

Total

$81, (>a8. 950
t, 349. 350
—
35. .388. 300
3, 082, 100
2, 800
65. 469, 600

T r i E SECOND I ^ I B ? : K T Y

I>OAX.

F o r the second I^iberty loan the district was organized on someAAhat different lines. Mr. Eolla Wells, goAernor of the bank, appointed three committees: A genei'al committee, composed of 38 men
representing different toAvns throughout the district, of Avhich committee Gov. Wells acted as c h a i r m a n ; an executiAo committee, composed (f irJO men residing throughout the district, and an administratiA'e committee of l'^> men, all of whom were brokers oi- bankers of



A N N U A L BEPORT OF FEDERAL RESERVE B A N K OF ST. L O U I S .

19

St. Louis. } T h e administrative committee was in t u r n divided into
subcommittees, such as purchasing supply committee, etc.
T h e general committee, appointed at the request of the Secretary
of the Treasury, served as advisory council. The executive committee, consisting principally of members of the general committee, also
served in an adAdsory capacity.
The administrative committee was responsible for the active conduct of the campaign. Of both this committee and the executive committee Mr. W. R. Compton Avas chairman and Mr. T. K . Smith, secretary. The members of the administratiA e committee were volunteers
and devoted their entire time to the work.
I n order t h a t the entire membership of this last-named committee
should be available w^henever needed, there was rented for the Liberty loan organization 18 rooms on the tenth and sixteenth floors
of the Boatmen's B a n k Building, as well as a practical store room
on the ground floor. Quarters on the fourteenth floor of the same
Duilding were secured for the women''s Liberty loan committee.
Those who serA^ed on the committees and all others wdio gaAe their
serA^ce are entitled to the highest x^raise for the abandonment AAith
which they treated their respectiAe businesses and gaA^e their entire
energies AA-ithout compensation to make the Liberty loan a success.
Both the men and w^omen who serA^ed have the satisfaction of knoAVing t h a t they have h a d a most honorable p a r t in the serA^ice of their
country in this time of its necessity.
Of this $3,000,000,000 issue, the minimum suggested for district
No. 8 Avas $120,000,000, with a maximum of $200,000,000. The eighth
district subscribed to the second Liberty loan to the amount of
$184,280,750, Avhich was $64,000,000 more t h a n the minimum suggested. T h e district Avas allotted $150,169,250.
The folloAAdng table shows subscriptions and allotments to the
second Libertv loan bv S t a t e s :
Subscriptions
through—

state

Arkansas
Illinois
Indiana
Kentucky....
Mississippi...
Missouri:
St. I^ouis.
Elsewhere
Tennessee
Total...




Subscriptions.

Allotments.

Number
of s u b scribers.

Member
banks.

Nonmember
banks.

$12,878,050
22,119,150
11,711,400
22,442,950
6,088, 200

S12,473,650
21,406,550
11,604,900
20,387,600
5,787,100

33,717
54,125
26, 880
54, 483
11,119

67
154
60
66
17

422
380
134
276
167

74,464,600
20,679,000
13, 897,400

47, 707, 800
20,551,600
10,250,050

123, 484
56,203
25,688

15
71
19

29
979
114

184,280,750 1 150, 169,250 I 385,699

4(>9

2. 501

20

A N N U A L BEPORT OF FEDERAL RESERVE B A N K OF ST. LOUIS.

I n the above table, in order to get the number of subscribers and
subscrij^tions sent t h r o u g h member and nonmember banks it w a s
necessary to address an inquiry to the 3,085 banks in this district. A t
this w r i t i n g replies have been received from all but 115, and probably when they come in they will show more banks as h a v i n g taken
some p a r t in the Liberty loan.
The above table shows t h a t of the 479 member banks in the district
469 sent in subscriptions, and out of a total of 2,606 nonmember
banks 2,501 sent in subscriptions. F r o m the above it is seen t h a t
there were 385,699 subscribers to the second Liberty loan in this
district.
TREASURY CERTIFICATES OF INDEBTEDNESS.

T h r o u g h T r e a s u r y certificates of indebtedness, which could be
used in payment of subscriptions for Liberty bonds, the payments
were distributed and the liability of disturbance, Avhich m i g h t have
occurred if payments on account of bonds had had to be made all
at once in cash, was avoided.
T h e following table shows certificates of indebtedness issued
t h r o u g h this bank in anticipation of the first Liberty loan sold in
this d i s t r i c t :
|
Treasury
Dated.

certificates
Due.

Rate.

J u n e 30
J u l y 17
J u l y 30
...do

A p r . 25
M a y 10
M a y 25

of indebtedness,

Per

cent.
3
3
3i
3i

Offering.

S200,000,0<X)
200,000,000
200, 000, 000
200, 000, 000

first Liberty
Subscriptions.

loan.
Allotment.

$10,400,000
7,045,000
9, 972,000
9,308, 000

$10, 400,000
7, 045,000
7,200,000
8,100,000

Number
ol s u b scribers .

142
131
132
116

32, 745,000

Total

The certificates of indebtedness issued in anticipation of the second
L i b e r t y loan sold in this district were as follows:
Treasury certificates of indebtedness, second Liberty
Dated.

Aug. 9
A u g . 28
S e p t . 17
S e p t . 26
O c t . 18
O c t . 24
Total




Due.

Nov.
Nov.
Dec.
...do
Nov.
Dec.

15
30
15
22
15

Rate.

Per cent.
3i
3i
3i
4
4
4

Offering.

$300,000,000
2.50,000,000
300,000, 000
400,000,000
300,000, 000
685^000,000

Subscriptions.

m, 599, 000
5,176,000
4,874,000
11,000,000
12,710,000
5,028, 000

loan.

Allotment.

$7, 900,000
4,188,000
4,874,000
11,000,000
12,710,000
5,028,000
45, 700,000

Number
of s u b scribers.

116
85
63
239
208
107

A N X U A L REPORT OF FEDERAL RESERVE

BAI^K

OF ST. LOUIS.

21

T h e Federal Reserve B a n k of St. Louis subscribed for its own
account only to four issues of the certificates of indebtedness, and
sold all of these before they matured, except $'249,000 of the issue
dated September 17, 1917, and m a t u r i n g December 15, 1917.
E x h i b i t G shows the distribution of all certificates of indebtedness,
classified by amounts, which were allotted t h r o u g h the bank. I t
also shows the amounts taken by this bank for its own account and
amounts it disposed of by sale before maturity. T h e Federal Reserve Bank of St. Louis did not purchase for its own account any
bonds of either the first or second issue of the Liberty loan. A t the
close of business December 31, 1917, its loans secured by Liberty
bonds and certificates of indebtedness were as follows:
Rediscounts m a t u r i n g in 90 days, secured by IJberty bonds and
certificates of indebtedness
.$1,418,470.33
Member banks 15-day colluteral notes secured by I^ii)erty bonds
and certificates of indebtedness
7.-547,800.00
Total

.—^^j

8, 966, 270. 33

Of the first Liberty loan this district took $65,469,600, and of the
second Liberty loan $150,169,250, making a total of Liberty bonds to
the amount of $215,638,850. As the year closes, of this amount the
Federal Reserve B a n k owns none, and on December 31, 1917, held
loans to member banks on Liberty loan bonds and certificates of indebtedness as collateral to the extent of only 4 per cent of the total
bonds sold in the district.
DEPOSITARIES

OF OOVERKMENT

FUNDS

IX

CONXECTIOX

WITH

SUBSCRIP-

T I O N S FOR I^IBERTY B O N D S .

Such banks as desired were authorized by the Secretary of the
T r e a s u r y to make application to him t h i o u g h the Federal Reserve
Bank to be named as depositaries of funds arising from subscrii^tions
to both the first and second Liberty loans. The bank passed on all
the collateral offered, and there was so nuich work to be done t h a t it
established a department. I t had custody of the collateral, ]Derformed all duties incident to the deposit and withdrawal of funds,
collection of interest, accounting, etc. The largest amount of collateral in its custody at any one time was on Xovember 15, 1917, when
it amounted to $60,100,000.
P:XPENSE OF FISCAU AOENGY OPERATIONS.

I n order to do the work as fiscal agent for the Go\ ermnent it has
been necessary to increase our force very materially. There are
engaged in the dei^artment Avhich is giving its exclusive attention to
duties incident to the fiscal agency 66 employees.



22

AiSr:N^UAT^ R E P O R T

OF FEDERAL RESERVE B A N K

OF

ST. LOUIS.

T h e bank has incurred as fiscal agent of t h e O o v e r n m e n t expenses
amounting to $101,516.36, for Avhich it has been reimbursed to t h e
extent of $66,666.89.
RELrATIO:^ TO T H E

COJMPTROLLER'S

OFFICE.

D u r i n g the past year t h e comptroller's office and this bank have
continued to cooperate w^ith each other in every Avay possible. Copies
of reports of examinations of national banks, made under the supervision of t h e chief examiner of this district, have been p r o m p t l y filed
with t h e Federal Reserve agent. T h e chief examiner a n d his assistants have given such other help as was in their power.
T H E F?:DERAL RESERVE B A N K AND N O T E ISSUES.
GENERAL POLICY I N T H E MATT^ER OF NOTE ISSUES.

D a r i n g the past year t h e F e d e r a l Reserve B a n k of St. Louis h a s
continued its policy of last year. I t h a s issued Federal Reserve notes
freel3^ whenever there was a possibility of conserving gold or reserve
money by their use.
SUBSTITUTION

O F F E D E R A L RESERVE N O T E S
MEDIUM.

FOR GOLD

.VS C I R C U L A T I N G

Considerable progiess has been made in substituting F e d e r a l R e serve notes for gold. A t the end of last year it Avas not uncommon
to find gold certificates paid out over the counter to customers of
banks. As this year ends there are A erv fcAV banks, if anv, in t h e
large centers or, in fact, t h r o u g h o u t the district t h a t p a y out gold
indisci'iininately. Practically all t h e member banks a n d m a n y of
the nonmembers have deposited their gold with u s and taken F e d e r a l
Reserve notes in exchange. I t Avould seem t h a t to a very great extent
the gold of the district has been turned over to t h e F e d e r a l Reserve
Bank.
COVER O F N O T E S I S S U E D .

On December 81, 1917, the total amount of Federal Reserve notes
of this bank outstanding was $61,863,430. Of this amount $32,366,430
Avere covered by gold deposited AA ith the Federal ReserA e agent a n d
$29,497,000 by eligible jjaper hypothecated Avith him. T h i s b a n k ' s
liability on Federal Reserve notes in actual circulation at t h e close
of the vear amounted to $59,923,030.
D E N O M I N A T I O N S OF NOTES ISSUED.

Attached hereto, as E x h i b i t H , is a table showing the amount of
each denomination of Federal ReserA e notes issued by t h e F e d e r a l
ReserA^e agent to the F e d e r a l ReserA e B a n k of St. Louis each m o n t h




A N N U A L REPORT OF FEDERAL RESERVE BANK OF ST. L O U I S .

28

from the opening of the bank, November 1(), 1914, to December 31,
1917.
A n examination of this table will disclose the fact t h a t d u r i n g this
3^ear the greatest demand has been for Federal Reserve notes of the
$10 and $20 denominations. T h i s was due, no doubt, to the fact t h a t
the greater number of gold certificates of these denominations outstanding have been turned in to the F e d e r a l Reserve Banks, and Federal Reserve notes of similar denominations were needed by the public. Also, notes of these denominations were used to a great extent
by the Government in meeting its A r m y pay roll. As was the case
in both 1915 and 1916, the demand for Federal Reserve notes was
heaviest in the months of September, October, and November.
I N T E R D I S T R I C T M O V E M E N T OF N O T E S .

D u r i n g the year 1917 the Federal Reserve B a n k of St. Louis received from other Federal Reserve Banks $3,344,960 of its own Federal Reserve notes and returned to other Federal Reserve Banks
$7,979,770 of their Federal Reserve notes. I n other words, this bank
returned $4,634,810 more notes of other banks t h a n it received of its
own. As was the case in 1916 the Federal Reserve Banks of Chicago
and New York sent to us d u r i n g 1917 for redemption more of our
notes t h a n any other districts, and we returned for redeinption more
notes of the Kansas City and Dallas Federal Reserve Banks t h a n of
any other districts.
Attached hereto, as Exhibit I, is a statement showing the amounts
of Federal Reseive notes of this bank received from other Federal
Reserve Banks for redemption or credit, and notes of other Federal
Resei've Banks returned by this bank to them for redemption or
credit, from J a n u a r y 1, 1917, to December 31, 1917.
R E D E M P T I O N A N D D E S T R U C T I O N OF N O T E S .

D u r i n g 1917 the Treasurer of the United States redeemed out of
the redemption fund maintained with him by the Federal Reserve
agent, $5,816,300 of unfit notes of the Federal Reserve Bank of
St. L/Ouis. F r o m the opening of the bank to December 31, 1917,
$8,426,570 of unfit notes have been redeemed, being of the following
denominations: Fives, $3,780,950; tens, $3,167,010; twenties, $1,436.510; fifties, $40,500; hundreds, $1,600. These Avere turned over to
the Comptroller of the Currency and destroyed. Of the unfit Federal Reserve notes redeemed by the United States Treasurer $5,365,000 were shipped to h i m by the Federal Reserve B a n k of St. Louis,
and $3,061,570 were shipped by other parties.
Out of the redemption fund maintained by the Federal Reserve
Bank of St. Louis with the United States Treasurer, he redeemed



24

A N N U A L R E P O R T O F FEDERAL RESERVE B A N K OF S T . L O U I S .

$1,123,600 of fit notes d u r i n g 1917, m a k i n g a total of $1,953,750
from the opening of the bank to the close of 1917. These were
returned to the bank and again p u t into circulation.
COST OF FEDERAL RESERVE NOTES.

T h e total cost to this bank of the Federal Reserve notes issued
d u r i n g 1917 was $49,363. T h i s is figured on a basis of 1 cent per
note, and does not include the cost of s h i p p i n g Federal Reserve notes
to W a s h i n g t o n by this bank or other parties for redemption and the
r e t u r n of fit notes to this bank. D u r i n g the past year it has cost
this bank $1,228.84 for the r e t u r n of its Federal Reserve notes to t h e
U n i t e d States Treasurer for redemption.
FEDERAL RESERVE B A N K NOTES.

T h e Federal Reserve B a n k of St. Louis has not as yet issued anv
circulating notes secured by United States Government bonds.
FEDERAL RESERVE AGENT AND NOTE ISSUES.

D u r i n g the year shipments of Federal Reserve notes a g g r e g a t i n g
$50,560,000 were received by the F e d e r a l Reserve agent, the majority
being received d u r i n g September, October, and November, when
there was a heavy demand for notes in this district.
Since the first of the year, in addition to the supply of notes kept
in the vaults of the Federal Reserve agent, a iarge supply has been
maintained in the subtreasury at St. Louis. T h i s was of considerable
assistance in meeting the great demand this year.
Attached hereto as E x h i b i t J is a statement of F e d e r a l Reserve
notes received by the Federal Reserve agent from the Comptroller
of the Currency each month from the opening of the bank to December 31, 1917. There is also attached as E x h i b i t K a summarized
statement of the receipt and disposition of all Federal Reserve notes
by the Federal Reserve agent from the opening of the bank t o t h e
end of 1917, as well as of all funds and securities in his possession.
Since the passage of the amendment to section 16 of the F e d e r a l
Reserve Act on J u n e 21, 1917, all Federal Reserve notes, gold, and
gold certificates in the possession of the Federal Reserve Agent have
been held jointly Avith the Federal Reserve Bank of St. Louis.
I N T E R N A L MANAGEMEXT OF T H E B A N K .

The directors of this bank have held meetings on the first and
t h i r d Wednesdays of each month at 10 oVlock a. ni. throughout the
year. There has been a total of 23 meetings, at all of whii^h there
was a quoriun present.



A:NNUAL REPORT OF FEDERAL RESERVE B A N K OF

ST. LOUIS.

25

T h e executive committee, composed of the governor of the bank,
chairman of the board, and Messrs. W a l k e r Hill, F . O. W a i t s , and
D. C. Biggs, has met on Monday and F r i d a y of each week throughout the year at 10:30 a. m.
All offerings come first before the officers' committee, composed
of all the officers of the bank, which meets daily. Offerings passed
by this committee are immediately credited to the offering bank's
account. These are in t u r n reported to the executive committee at
its next meeting, and the full minutes of the executive committee
are always read at the meeting of the board of directors.
I n 1916, Mr. Sam A. Ziegler, of Albion, 111., was elected by group
No. 3 as a class A director to serve for three years from J a n u a r y 1,
1917, to succeed Mr. Oscar Fenley. Mr. W . B . P l u n k e t t , of Little
Rock. Ark., was elected bv group No. 2 as a class B director to succeed himself, to serve for three years from J a n u a r y 1, 1917.
A t the election which took place in December of this year, Mr.
Walker Hill, of St. Louis, was elected by group No. 1 as a class A
director to succeed himself, to serve for three years from J a n u a r y
1, 1918. Mr. LeRoy Percy, of Greenville, Miss., was elected by
group No. 3 as a class B director to succeed himself, to serve for
three years from J a n u a r y 1, 1918.
The lists of banks m a k i n g up groups 1 and 3 were sent out on
September 27, 1917, giving a]3proximately one and one-half months
in which banks interested could certify their electors and make
nominations. However, of 154 banks in g r o u p 1, only 88 voted.
I n group No. 3, of 162 banks, only 42 voted.
On August 2, 1917, Mr. C. P . J . Mooney, of Memphis, Tenn., was
appointed by the Federal Reserve Board as a class C director of this
bank, to serve for three years from J a n u a r y 1, 1917, to fill the vacancy which h a d existed from the beginning of the year.
T h i s bank has been represented on the Federal Advisory Council
by Mr. F . O. W a t t s , of St. Louis.
CHANGES

IN

PERSON N

EI, AND I N

THE

O R G A N I Z A T I O N OF T H E

M E N T S , I N C L U D I N G T H E F E D E R A L RESERVE

AGENT'S

DEPART-

OFFICE.

On J a n u a r y 3, 1917, the same officers who served d u r i n g 1916 were
reelected, and Mr. O. M. Attebery was elected assistant cashier.
On A p r i l 4, 1917, the board of directors elected Mr. R. R. Clabaugh
as assistant cashier, and on J u l y 18, 1917, the board of directors appointed Mr. A. H . Haill, the auditor, as an assistant cashier, and appointed Mr. J o h n A. Will as auditor to succeed Mr. Haill.
A t the end of last year, the bank had 53 employees on its pay roll.
A s this year closes it has 171, of whom 66 are employed exclusively
in the Liberty loan department. I n order to handle the work in


26

A2Sri!^UAL R E P O R T O F F E D E R A L R E S E R V E B A N K

OF ST. L O U I S .

cident to acting as fiscal agent for the ITnited States Government it
was necessary to organize a distinct department. T h i s bank has
grown very rapidly d u r i n g the year, especially in the latter p a r t .
On A u g u s t 2, 1917, Mr. C. M. Stewart, who has been with t h e
bank since its organization, was ap]iointed assistant F e d e r a l Reserve agent.
. 1
!
OFFICE AND VAULT FACILITIES

BANK PREMISES.

A t the close of 1910, our office facilities were so ample t h a t we
did not ex^Dect to be crowded for some years, but as this year closes
we are crowded for working space in our bank room and have h a d to
get quarters on the fourth floor of the P^ederal Reserve B a n k Building for the use of our Iviberty loan organization.
I n order to get the necessary space, we have arranged to take the
second and t h i r d floors of an adjoining building, which will open
into the Federal Reserve B a n k Building. This building has but recently been vacated, and our IICAV quarters are being remodeled.
O u r vault room has also proven inadequate, and we have been compelled to rent temporarily additional vault space in order to care for
interim certificates and Liberty loan conversion 4s. W e are now prejiaring to rearrange our p e r m a n e n t vault in the basement of our
building, and belieA^e t h a t when this is done we shall have sufficient
vault room.
T H E CLEARING

PROBLEM.

T h e clearing plan proposed by the F e d e r a l Reserve B o a r d which
went into effect on J u l y 15, 1916, h a s continued t h r o u g h o u t the year
1917 with very satisfactory results. T h e volume of business h a n d l e d
and the number of State banks clearing at p a r for us are constantl^^
increasing. Attached hereto, as E x h i b i t L, is a table showing the
operations of our present clearing system.
CLEARING HOUSE CHARGES.

D u r i n g the year 1917 changes in clearing-house rules r e g a r d i n g
exchange charges haA e been few and of little importance.
F E D E R A L RESERVE E X C H A N G E A N D T R A N S F E R D R A F T S .

On J u n e 1, 1917, w^e put into effect a plan proposed by the F e d e r a l
Reserve Board, whereby member banks could, under restrictions and
regulations outlined in a circular issued by us, draw upon this bank
and the drafts thus d r a w n be received at p a r without time deduction
by other Federal Reserve Banks.
While this plan made it possible for our member banks to issue
exchange on us available at p a r without time deductions in all reserve



A N I ^ U A L i B E P O R T O F F E D E R A L R E S E R V E BAISTK O F S T . L O U I S .

27

districts, our member banks have not availed themselves of these
facilities.
SERVICE R E N D E R E D TO T H E B A N K S B Y T H E GOLD S E T T L E M E N T

FUND.

T h e gold settlement fund continues as an ideal settlement medium
for exchange operations and as a stabilizer of the exchange market.
T h e great volume of exchange handled d u r i n g the current year by
t h e Federal Reserve B a n k testifies to the success of this feature from
the standpoint of member banks.
COLLECTION

DEPARTMENT.

On August 25, 1917, this bank issued a circular advising t h a t on
September 1 it would establish a department for the h a n d l i n g of
m a t u r i n g notes and bills, coupons, and other s t r a i g h t collection
items. Although the member banks have not generally taken advantage of the opportunity to handle items of the prescribed nature
through this bank, the business has been increasing slowly, as shown
by the fact t h a t d u r i n g the month of September we handled 200
collection items, amounting to $548,214.40, against 400 items in
October, amounting to $932,294.67, 456 items in November, amounting to $1,329,726.17, and 473 items in December, a m o u n t i n g to
$1,479,765.68. T h e greater p a r t of this business has consisted of
checks of large amounts drawn on banks outside of this district,
which, for one reason or another, the indorsing banks have preferred
to handle as collection items r a t h e r t h a n as cash items.
All items handled t h r o u g h this department are sent to banks in
the cities where they are payable and the collecting banks are requested, if they find it inconvenient to remit in St. Louis exchange,
to remit to the F e d e r a l Reserve B a n k of their district for our
account. T h e service we have obtained from other banks has been
good, and returns have been made promptly.
S U M M A R Y ON CONDITIONS I N DISTRICT NO.

8.

Reviewing the year 1917, the conclusion must be reached t h a t in
spite of the war, it has been a prosperous one for district No. 8. T h e
agricultural sections have all received high prices for their products,
and in the majority of lines, manufacturers, wholesalers, and jobbers
are doing an active business. T h e r e is confidence in the future. T h e
w a r is making itself felt more and more in the manner of living,
and the necessary conditions are being met by the people, not g r u d g ingly, but in a spirit of cheerfulness. There is a shortage in sugar,
a shortage in coal, and transportation facilities are r a t h e r chaotic.
The Federal Reserve B a n k of St. Louis has met adequately all
demands made upon it. I t has created confidence, stabilized busi


28

A N K U A L REPORT OF FEDERAL RESERVE B A N K OF ST. LOUIS.

ness, and has done its share in the flotation of the two Liberty loans
without undue disturbance to the general situation.
EXHIBIT

penses
1917.

A.—Condensed co)nijarative
statement
of Federal Reserve Bank of St. Louis

January
1916.
$9, 168. 57
Earnings
$15, 990.14
Expenses
$6, 821. 57
Loss
Gain
P e r cent e x p e n s e t o e a r n i n g s . . .
174.40
1917.
$31,399. 97
Earnings
$12, 428.15
E xpenses
Loss
$18,971.82
Gain
39.58
P e r cent e x p e n s e t o e a r n i n g s . . .

of current earnings
each month during

and ex1916 and

February.

March.

April.

May.

.$11,132.34
$15, 637. 94
$4, 505. 60

$13, 847. 85
$15, 559. 45
$1,711.60

$14, 202. 08
$16, 018. 68
$1,816.60

$17,118.22
$15, 929. 75

$19,076. 24
$15, 283.13

155.80

112. .36

112.79

$188. 47
93.06

$3,793.11
80.12

$31,283.50
$12, 183.17

$33,052.05
$11,377.53

$35, 945. 97
$11,677.40

$43,806. 20
$15, 227. 79

$47,166. 86
$14,494. 87

$19,100. 3;^ $21, 674. 52 $24, 268. 57
39.00
34.42
32.48

June.

i, 578. 41
34.77

$32, 671. 99
30.73

July.

August.

September.

October.

November.

$24,960. 14
$16, 323. 98

$28, 781. 67
$14, 283. 68

$33, 071. 33
$19,702.08

$32, 098.37
$18, 249.10

$38,122. 95
$14,921. 77

$8, 636.12
65. 40

$26,705. 63
$14, 598. 80
$12, 106. 83
54.64

$14,497.99
49.63

$13,369.25
59.57

$13,829.27
56.85

$23,19 i . i s
37.35

$53, 280. 88
$16, 194.15

$55, 826.44
$15,960.52

$66, 899. 76
$19,882.94

$91, 292. 85
$33, 689. 96

$96,823.68
$34, 034.48

$151,935.02
$39, 392. 94

$37, 086. 73
Loss
30. 39
Per cent expense to earnings...

$39, 866. 12
28.60

$47, o i e . 82
29.72

$57, 602. 89
36.90

$62, 789.20
35.16

$112,542.08
25.93

December.

1916.
Earnings

•

Gain
Per cent expense to earnings...
1917.

I n c l u d i n g a m o r t i z a t i o n of organization e x p e n s e .

EXHIBIT

B.—Comparative statement
ro

•: n ; : k I

of condition,

1916-17

Dec. 31, 1916.

D e c . 31, 1917.

RESOURCES.

Bills d i s c o u n t e d , m e m b e r s
Bills d i s c o u n t e d , other F e d e r a l R e s e r v e B a n k s .
Bills b o u g h t i n o p e n m a r k e t
Investments-municipal warrants
Bills of l a d i n g drafts
United States bonds
U n i t e d S t a t e s gold notes
T o t a l e a r n i n g assets,
P r e m i u m on U n i t e d S t a t e s b o n d s
I n t e r e s t a c c r u e d on U n i t e d S t a t e s b o n d s
Furniture and equipment
Cost of u n i s s u e d F e d e r a l Reserve notes
Expenses paid in advance
D u e from m e m b e r b a n k s , overdrafts
E x p e n s e s d u e as fiscal agent from U n i t e d S t a t e s T r e a s u r y .
Total.
D u e from F e d e r a l R e s e r v e B a n k s ,
D u e from Louisville b r a n c h . . . . . .
Deferred d e b i t s , t r a n s i t a c c o u n t . .
E x c h a n g e for clearing house
T o t a l d e d u c t i o n s from gross deposits



,300,711.54
7,036,819.35
575,879. 71
71,067.46
2,202,900.00
891,000.00

$28,584,397.60
4,875,838.00
7,362,724.15
566,536. 89
2,233,400.00
1,444,000.00

12,078,378.06

45,066,896. 64

17,303.15
19,161.17
28,688.75
19, 763. 00
849.30
15,595.22

6,353.15
24,850.94
44,498.74
16,166. 61
1,626.51
124,849.47

101,360.59

218,345.42

20,389,339.94
3,065,478.15
15,221.21

36,678,287. 04
261,950,52
13,715,178.67
514,252. 43

23,470,039. 30

51,169,668.66

ANNUAL. BEPORT OF FEDEBAL. BESEBVE BANK OF ST. LOUIS.
EXHIBIT

B.—Comparative statement

of condition,

29

1916-17—Continued.
D e c . 31,1916.
$11,088,000.00
3,395,000.00
254,850.00
12,542,730.00

D e c . 31,1917.

1,449,273.00

$5,089,137.50
17,884,000.00
923, SOO. 00
32,366,430. 00
2,100,000.00
766.626.50

28,729,853.00

59,136,094.00

806,435.00
431,445.00
321.08

2,047,705.00
1,980,400.00
787.24

Total other cash.

1,238,201.08

4,028,892.24

Total resoiu-ces..

65,617,832.03

159,619,896.96

2,799,750.00
12,748.15
26,791.25
1,601.14

3,474,600.00
230,338.58
133,422.20
853.65

2,614,398.56
12,332,388.18
30,924,920.84

5,430,359.99
30,445,011.49

Gold coin a n d gold certificates
Gold settlement fund
Gold redemption fund. United States Treasurer.
Gold deposited with Federal Reserve agent
Sterling gold account
Other lawful money
Total reserve cash.
National-bank notes and Federal Reserve notes, other banks.
Federal Reserve notes on hand
Nickels and cents

LIABILITIES.

Capital paid in
Undivided profits
Unearned discount and interest.
Reserved for sundry e x p e n s e s . . .
United States Government deposits
D u e to Federal Reserve B a n k s
D u e to member banks
Due to nonmember banks—clearing account.
Deferred credits—transit accoimt
Dividend and expense checks
Gross deposits
Federal Reserve notes issued.
Total liabilities.
Total reserve against net deposit and Federal Reserve note liabilities
per cent.

EXHIBIT

C.—Comparative proftt-and-loss

statement,

15,430.91

93,4 52.34
11,954,257.21
197,223.90

45,887,208. 49

93,917,252.53

16,889,730.00

61,863,430.00

65,617,832.03

159,619,896.96

60.8

59.8

1916 and
J a n . 1 to
Dec. 31, 1916.

Earnings from:
Bills discounted, members
Bills discounted. Federal Reserve banks.
Bills purchased, acceptances
United States securities
Municipal warrants.Exchange
Bill of ladiniT drafts
Appreciation on United States bonds
Depleted reserve penalties
Profit on United States securities sold
Sundry profits
Transit department income (net)
Total.
Expenses:
Current expenses
'.
Federal Reserve Board assessments
Cost of Federal Reserve currency issued.
Total.
Profit on operation
1914-15 organization expense amortization.
Surplus available for dividends
Dividend paid
Undivided profits for year
Undivided profits for previous years.
Total undivided profits



45,796,9.&1.60

$46,041.34
81, 598. 79
70, 362.41
31, 618. 94
30, 000.00
2, 782. 73
17, 873.14
2, 036. 01
3, 776.50
68.67
11, 790.08

1917.
J a n . 1 to
Dec. 31, 1917.

$347,871.10
10,367.40

170,233.28

110,-300.98
13,091.40
57,919.95
7,492.56
14,968.34
l,2a3.28
4,665.13

297,948.61

738,713.38

136,461.44
9, 749. 62
10, 720.00

174,461.12
12,733.22
49,363.00

1.56,931.06

230,557.34

141.017.55
97,169.29

502,156.04

43,848. 26
31,100.11

502,1.56.04
284,565.61

12,748.15

217,590.43
12, 748.15

12,748.15

230,338.58

30

ANNUAL KEPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.

D.—Table shoioing volume of rediscounts
accepted by the
Reserve Bank of St. Louis from each State each month, the total
accepted from each State during the year 1917, and the number of
banks in each State rediscounting
each month.

EXHIBIT

Banks.

February.-.

July
September..
October
November..
December

Amount.

Total..

4
3
9
3
6
5
7
7
5
9
17
17

February
March

September..
November. .
December...
Total..

2
1
3
3
2
3
3
3
6
5
3
4

$19,200.00
40.000.00
7,900.00
35,900.00
29,440.00
45,936.12
41,203.33
28,579. 25
52,496. 66
124,389.33
42,655.67
140,608.29
608,308.65

$.30,129.09
10,381.25
12,213. 63
24,119. 80
140,975.53
102,886.96
152,976.81
87,673, 52
97,708.98
168,779.95
1,498,2.52.50
944,043.06

Banks.
5
2
11
12
12
12
14
10
14
17
19
23

Amount.

I

January
February..
March
April
May
June
July
August
September.
October
November.
December.




Total.

Amount.

Banks.

$149,751.91
875,317.44
396,742.80
583,968.24
570,905.74
1,361,571.49
2,933,769.50

1
3
4
6
6
10
14
17

Banks.
2
3
3
4
4
4
3
4
12
10
6
0

Amount.

$22,060.00
310,000.00
892,547.64
1,358,546.06
824,001.00
1,286,484.93
2,661,832.43
3,315,341.22
10,670,813. 2 8 Total.

Tennessee.

135,074,082.90

E.—Table shotcing the rediscount
Bank of St. Louis, each month during
classes of paper.

Kentucky.

6,872,027.12

$70,364.76
16,568.70
1,214,084.95
3,573,520,62
5,435,121.18
3,694,994.15
13,018,802.07
12,829,944.08
21,094,052.82
19,052,640.00
19,667,886.22
35,406,103.35

EXHIBIT

15 d a y s a n d
less.

3
4
3
2
4
9
12

Missouri,

Mississippi.
Amount.

Banks.

3,270,141.08

10,055,005.95

Banks.

Amount.

Banks.

$310,030.00
186,107. 79
457,318.74
6,200.00
105,158.00
66,968. 59
172,878.14
174,308.34
1,071,883.49
2,433,082.91
2,636,896.19
2,433,568.70

2
2
5
2
5
3
9
7
17
14
10
13

Indiana.

Illinois.

Arkansas.

Federal
amount
different

Amount.

Banks.

Amount.

$176,000.00
315.771.97
146,000.00
293,614.76
216,317.09
172,264.85
227,680.98
228,550.05
1,302,336.67
2,234,864.45
4,444,600.59
4,809,270.75

$605,728. 85
568,829.71
1,837,.517.32
3,933,355.18
5,949,071.80
4,542,802.58
15,381,406.41
15,104,344.10
25,020,447.86
25,871,747.31
32,313,695.09
49,982,704.93

14,567,272.16

181,117,651.14

operations of the Federal
Reserve
1917, classified by maturities
and

NOTES.

days to 6
16 t o 30 d a y s . 31 t o 60 d a y s . 61 t o 90 d a y s . 91 m
onths.
616. 00
83. 731.25
42, 725. 85
170, 024.60
1,218. 957. 47
438, 511,60
1, 678, 545.59
1,026, 823,45
2, 889, 446, 33
1,667, 208.16
2, 754, 881.56
4, 687, 060.31

Total.

$67, 247, 65
10, 811.25
60, 764.97
266, 050. 71
1,381, 746. 59
1, 069, 264. 91
912, 945.60
957, 761. 80
2,242, 773. 78
1,986, 124.44
1.815, 974.09
3, 871, 968. 49

$27, 434.21
800. 00
26, 992.00
41, 713. 75
37, 742. 27
37,491.69
28, 916. 92
81, 657.03
9,012.31
43,193. 96
29, 990. 00
43, 492. 88

$218, 797. 86
181, 449 95
137, 241.58
2, 507, 429. 71
3, 999, 623. 48
2,071, 457. 04
4, 055, 617.84
5, 257. 535.44
11,096, 810.47
8, 203, 177.42
7,431, 652. 32
23, 822, 356.11

22,981,107.32 14, 272,638.43 16, 677, 532.17 14, 643,434.28

408,437.02

68, 983,149.22

$31, 500.00
5, 000. 00
1,331,971.84
706, 848. 21
196, 900. 00
903, 246. 92
2, 398, 047. 59
3,277,591.00
1,131,991.17
1,571,279.84
11, 426, 730.75

$73, 000.00
81, 107.45
758.76
6, 668.
81
697, 328.
654, 288. 94
84
329, 962. 81
531, 245. 57
793, 987, 05
677, 659. 69
374, 526,83
259, 103, 68
793,

AKNUAT. REPORT OF FEDERAL RESERVE BAKK OF ST. L.OUIS.
E.—Table showing the rediscount
BanJc of St. Louis, each month during
classes of
paper—Continued.

EXHIBIT

31

operations of the Federal
Reserve
1917, classified by maturities
and

TRADE ACCEPTANCES.
15 d a y s a n d
less.
January
February..
March
April
Mav
Juno
July
August
September.
October
November.
December.

16 t o 30 d a y s . 31 t o 60 d a y s . 61 t o 90 d a y s .

110,802.75

$6, 209.47
1.302.23
26,354. 73
37, 568.44
157,128.49
71,602.41
30,371.24
11,780.12
111,736,12
130, 884.05
133,986. 78

$11,930.99
1.262.26
28,407.15
18, 524.45
204,923.66
184,337. 98
49,902.22
28,458. 84
29, 503.56
54,374.98
256,931.84
571, 390.19

$154, 859.21
2,153.27
7,913. 73
4,335.03
37, 182.31
132,368. 84
224,562.57
166,429.10

$11,930.99
22,379. 76
30,275. 74
48, 046.47
414,448.32
356,345.54
136, 788. 57
66, 808.66
93,137.39
299,981.26
651,754.16
982, 608.82

225, 859.42

718,924.08

1,439, 918.12

729, 804. 06

3,114,505.68

814,908,03
566.36
3, 107.29
17,097.01
12, 725. 80
7,370.21
3, 643.55
14,671.40
1,501.32
39,405. 70

Total.

Total.

COMMODITY P A P E R .

-

16 t o 30 d a y s . 31 t o 60 d a y s . 61 t o 90 d a y s .

May
JulV
October
November

33,154. 78

$2, 500. bb
15, 000.00
78, 666. 85

$15, 000.00
5, 000.00
67,588. 63
198, 866.98

$15, 000.00
19, 000. 00
82,588.63
310, 688. 61

44, 654.78

96,166. 85

286,455.61

427,277.24

$11,500.00

. Total

Total.

COLLATERAL NOTES.
15 d a y s a n d
less.

15 d a y s a n d
less.
January..
February
March
April
May
June
July

$375, 000. 00
365, 000. 00
1, 670, 000. 00
1, 377, 879. 00
1,520,000.00
2,115,000.00
11,170,000.00

August
September
October...
November.
December.

$9, 780, 000.00
13, 836, 500. 00
17.286,000.00
23, 919, 600. 00
25,177, 740. 00

Total..

108,592,719.00

P.—National banks tcJiich have been granted fidicuary powers, under
section 11 (7c) of the Federal Reserve Act, up to Dec. 31, 1917.

EXHIBIT

Trustee, executor, administrator, and registrar of stocks and b o n d s :
F i r s t National Banlv, Fordyce, Arlv.
Lee County National Bank, Mariauna, Ark.
F i r s t National Bank, Anna, 111.
Ayers National Bank, Jacksonville, 111.
City National Bank, Metropolis, 111.
F i r s t National Bank, Pittsfield, 111.
City National Bank, Evansville, Ind.
Old S t a t e National Bank, Evansville, Ind.
F i r s t National Bank, Mitchell, Ind.
F i r s t National Bank, Mount Vernon, Ind.
Citizens National Bank, Tell City, Ind.
F i r s t - H a r d i n National Bank, Elizabethtown, Ky.
F a r m e r s National Bank, Glasgow, Ky.
Henderson National Bank, Henderson, Ky.



32

A N N U A L REPORT OF FEDERAL RESERVE B A N K OF ST. LOUIS.

Trustee, executor, administrator, and registrar of stocks and
F i r s t National Bank, Hopkinsville, Ky.
Citizens National Bank, Lebanon, Ky.
Marion National Bank, Lebanon, Ky.
Boone County National Bank, Columbia, Mo.
Exchange National Bank, Columbia, Mo.
Citizens National Bank, Sedalia, Mo.
Union National Bank, Springfield, Mo.
Merchants-Laclede National Bank, St. Louis. Mo.
National Bank of Commerce, St. Louis, Mo.
Central-State National Bank, Memphis, Tenn.
Trustee, executor, administrator, and r e g i s t r a r of b o n d s :
Morganfield National Bank, Morganfield, Ky.
Trustee, executor, and a d m i n i s t r a t o r :
Nokomis National Bank, Nokomis, 111.
Bedford National Bank, Bedford, Ind.
F i r s t National Bank, Versailles, Mo.
T r u s t e e and registrar of b o n d s :
American National Bank, Bowling Green, Ky. .

EXHIBIT

^•

G.—Treasury certificates of indebtedness
allotted to
subscribers
through the Federal Reserve Bank of St. LouiSy Mo.
$25,000 or less.
Offering.

Issue.

1
2
3
4
6
6
7
8
9
10

$200,000,000
200,000,000
203,000,000
203.000.000
300.000, 000
250; 000, 000
300,000,000
400,000,000
300,000,000
685,000,000

11

690,000,000
Total

bonds—Continued,

Date.

Maturity.

1917.
1917.
Apr. 25 June 30
May 10 July 17
May 25 July 30
June 8 . . . d o
Aug. 9 N o v . 15
Aug. 28 N o v . 30
Sept. 17 Dec. 15
Sept. 26 . . . d o
Oct. 18 N o v . 22
Oct. 24 Dec. 15
N o v . 30

1918.
June 25

3,725,000,000
Over $100,000 to
$250,000.

Over $250,000 to
$500,000.

Number.

Amount.

77 $1,045,000
87
982,000
97
851,000
87
938,000
80
940,000
58
652,000
38
414,000
194 2,054,000
152 1,647,000
80
903,000
51

Over $25,000 t o
$50,000.
Number.

22 $1,015,000
20
904,000
8
254,000
6
236,000
11
430,000
8
320,000
390,000
9
820,000
19
24 l,0o0,000
578,000
13

598,000

9

1,001 11,024,000

149

Over $500,000 to
$1,000,000.

Amount.

Over $50,000 to
$100,000.
Num- Amount.
ber.

17 $1,755,000
12 1,102,000
12
773,000
9
659,000
9
640,000
8
600,000
5
480,000
9
840,000
11
895,000
7
635,000

450.000

3

275,000

6, 457,000

102

8,654,000

1

Over S1,000,000.

Total.

Issue.
Number.
1
2
3
4
6
6
7
8
9
10
11
Total...



Amount.

Number.

Amount.

Number.

Amount.

12 $1,730,000
7 1,183,000
7
931,000
8 1,427,000
8 1,340,000
6 1,035,000
7 1, 496,000
5
915,000
9 1, 553, 000
5
903,000
1
200,000

6 $2,450,000
6 2,213,000
2
615.000
3 1,130,000
6 2,500,000
4 1,551,000
4 1,494,000
6 2,885,000
7 2,555,000
1
412,000
1
310,000

2 $1,385,000
1
661,000
6 3, 776,000
1
690,000
1
615,000

75 12, 740,000

46 18,115,000

25 18, 778,000

,

1

1
3
6
2
2

603,000
2,451,000
5,003,000
1,600,000
2,030,000

Nnmber.

Amount.

1 §1,020,000

2

":

3,626,666

i

1,435,000

1

1,035,000

5

6,510,000

Number.

Amount.

137 $10,400,000
133
7,045,000
132
7,200,000
116
8,100,000
7,900,000
116
84
4,188,000
64
4,874,000
237 11,000,000
209 12,710,000
108
5,028,000
67
3,833,000
1,403

82,278,000

ANNUAi. BEPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.

33

G.—Treasury certificates
of indebtedness
allotted to
subscribers
through the Federal Reserve BanJc of St. Louis,
Mo.—Continued.

EXHIBIT

Amount
taken b y
Federal R e serve B a n k
of St. Louis
for Its o w n
account.

Issue.

1
2
8
4
6
6
7
8
9
10
11

Amount
disposed of
b y sale.

Amount
held at
maturity.

$860,000
None.
None.
None.
27,000
None.
120,000
701,000
None.
None.
None.

SS60,000
None.
None.
None.
27,000
None.
369,000
701,000
None.
None.
None.

None.
None.
None.
None.
None.
None.
S249,000
None.
None.
None.
None.

Total

H.—Table shoicing the denominations
and amounts of Federal
Reserve
notes issued by Federal Reserve agent to the Federal Reserve BanJc of St.
Louis each inonth from opening of the bank on Nov. 16, 1914, to Dec. 31, 1917.

EXHIBIT

Month.
D e c e m b e r , 1914.
A u g u s t , 1915
S e p t e m b e r , 1915.
O c t o b e r , 1915
N o v e m b e r , 1915.
D e c e m b e r , 1915.

Fives.

Tens.

Twenties.

Fifties.

Hundreds.

Total.

$410,000
307,000
1,500,000
780,000
740.000
460,000

$210,000

$80,000

660,940
&40,000
760,000
400,000

328,560
720,000
640,000
160,000

$200,000

4,197,000

2, 870,940

1,928, 560

200,000

110,000
964,350
941,600
820,000
60,000

40,000
1,392, (KK)
1, 960, 000
1,320, 000
440,000

1, 203, 600
1,600,000
960,000

50

2, 895. 950

5,152,000

3, 763,600

50

200,000
650,000
300,000
810,000
000,000
620,000
960,000

470,000
1, 290, 000
440, 000
1,120, 000
1, 600, 000
2, 130, 000
6, 680, 000
5, 920, 000
1,000,000

160,000
640,000
1, 840,000
560,000
1, 280, 000
880,000
1,440,000
4, 560,000
4,960,000
1,440,000

200,000
1(X),000
800,000
100,000
100,000
300,000
200,000
260,000
600,000
100.000

T o t a l for 1917.

11,540,000

20, 650, 000

17, 760, 000

2, 760,000

2, 550,000

65, 260, 000

T o t a l s i n c e o p e n i n g of b a n k
to D e c . 31,1917

18,632,950

28,672,940

23,452,160

2,960,050

2, 550,000

76,268,100

T o t a l s for 1 9 1 4 - 1 5 .
M a y , 1916
S e p t e m b e r , 1916.
October, 1916. . .
N o v e m b e r , 1916.
December, 1916.
T o t a l for 1916.
M a r c h , 1917
A p r i l , 1917
M a y , 1917
J u n e , 1917
July,1917
A u g u s t , 1917
S e p t e m b e r , 1917.
October, 1 9 1 7 . . .
N o v e m b e r , 1917.
December, 1917.




$700,000
307,000
2, 489, 500
2,540,000
2,140,000
1, 020,000
9.196,500
150,000
3, 560,000
4,501,600
3,100, 000
600,000
11,811,600
$100,000
1,000.000
100,000
100,000
350,000
900,000

360,000
1,510,000
5, 580, 000
1,200,000
2,600,000
3, 430, 000
5, 580, 000
15,500,000
16, 000, 000
3, 500, 000

84

ANNUAL REPOBT OF FEDERAL RESERVE BANK OF ST. LOUIS.
EXHIBIT

I.—Federal Reserve

notes received

and

returned.

(Amounts of Federal Reserve notes of the several denominations received from other Federal Reserve
Banks for redemption or credit and returned to other Federal Reserve Banks for redemption or credit
by the Federal Reserve Bank of St. Louis during 1917.)
Fives.
Exchanged with Federal
R e s e r v e B a n k of—

Boston
New York
Philadelphia
Cleveland
Richmond.
Atlanta
C^hicago
S t . Ivouis
Minneapolis
K a n s a s City
Dallas
S a n Francisco

..
......

Total
E x c h a n g e d w i t h Federal
R e s e r v e B a n k of—
Boston.
New York
Philadelphia
Cleveland
...
Richmond
Atlanta
Chicago..
.
....
.
.
St. Louis
Minneapolis
.................
Kansas C i t y . . . . . . . . . . . . . . . . . . . .
Dallas
.............
S a n Francisco
Total

Twenties.

Tens.

Received.

Returned.

Received.

Returned.

Received.

Returned.

$13,790
136,500
13,500
13,380
6,150
107,250
371,500

$14,000
238,000
17,500
29,905
28,100
227,725
108,500

$44,550
273,000
44,500
18,850
14,000
180,750
454,000

$30,000
355,000
36,700
60,000
41,400
294,720
237,500

$36,160
212,800
46,500
18,140
13,000
125,500
280,000

$4,600
220,000
34,000
86,000
44,380
281,040
557,500

19,9«0
89,250
70,170
9,280

100,000
1,102,700
506,500
38,000

20,940
88,100
153,540
22,300

119,000
687,180
649,000
26,000

i2,.580
32,200
143,360
23,240

102,000
472,120
464,000
66,000

850,750

2,410,930

1,314,530

2,538,500

943,480

2,331,640

Fifties.

Total.

Hundreds.

$3,800
26,400
7,500
61,350
1,000
9,550
27,000

$2,350
30,500
1,600
20,000
6,600
7,950
102,550

$1,400
15,800
1,000
64,800
100
1,400
2,500

$2,500
35,200
800
30,800
1,600
9,200
44,300

$99,700
664,500
113,000
176,520
34,250
424,450
1,135,000

$53,450
878,700
90,600
226,705
122,080
820,635
1,050,350

900
1,500
5,550
2,650

3,400
21,400
18,800
9,250

100
100
1,100
700

3.900
15,100
323,200
9,700

54,500
211,150
373,720
58,170

328,300
2, 298,500
1,961,500
148,950

147,200

224,400

89,000

476,300

3,344,960

7,979,770

J.—Table slioioing Federal Reserve notes received by the Federal Reserve agent from the Comptroller of the Currency each month from
opening
of the bank on Nov. 16, 191//, to Dec. 31, 1017.

EXHIBIT

Month.
N o v e m b e r , 1914
October, 1915
N o v e m b e r , 1915
T o t a l for 1914-15
S e p t e m b e r , 1916
O c t o b e r , 1916
N o v e m b e r , 1916
T o t a l for 1916
March, 1917
A p r i l , 1917
M a y , 1917
J u n e , 1917
J u l y , 1917
A u g u s t , 1917
S e p t e m b e r , 1917
October, 1917
N o v e m b e r , 1917
D e c e m b e r , 1917
T o t a l for 1917
T o t a l since opening of b a n k
t o Dec. 31,1917



Fives.

Tens.

$2,160,000
1,000,000
1,200,000

$840,000
1,000,000
1,000,000

$400,000
800,000
800,000

$400,000

$3,400, 000
3,200,000
3,000,000

4,360,000

2,840,000

2,000,000

400,000

9,600,000

520,000
800,000
1,£00,000

1,520,000
3.000,000
1^680,000

960,000
2,160,000
400,000

3,000,000
5,960,000
3,980,000

3,220,000

6,200,000

3,520,000

12,940,000

800,000
1,400,000
1,000.000
2,360;000
7,960,000
4,360,000
600,000

800,000
800,000
800,000
800,000
1,760,000
400,000
2,240.000
3,680,000
4,400,000
2,400,000

9,000,000

18,480,000

18,080,000

16,580,000

27,520,000

23,600,000

600,000
5,100,000
3,300,000

Twenties.

Fifties.

Hundreds.

1

Total.

800,000
400,000

800,000
1,600,000
800,000
1.600,000
3,760.000
2,600,000
5,200,000
16,940,000
13,860,000
3,400,000

2,600,000

2,400,000

50,560,000

3,000,000

2,400,000

73,100,000

400,000
200,000
800,000
200,000
1,000,000

$400,000
1

400,000
400,000

ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOXJIS.

35

K . — S t a t e m e n t of receipts and disposition of Federal Reserve notes hy
Federal Reserve agent front opening of the hank on Nov. 16, 1914, and of
funds and securities in his possession on Dec. 31, 1917.

EXHIBIT

F e d e r a l R e s e r v e n o t e s received from C o m p t r o l l e r of
Notes issued to Federal Reserve Bank
Notes returned
by F e d e r a l
Reserve
Bank to Federal Reserve agent
$ 5 , 9 6 6 , 500.
F i t n o t e s r e t u r n e d by U n i t e d S t a t e s
T r e a s u r e r to Federal Reserve a g e n t 1 1 , 600.
Unfit n o t e s received by C o m p t r o l l e r
from U n i t e d S t a t e s T r e a s u r e r
for
destruction
8, 426, 570.

Currency
$ 7 3 , 100, 000. 00
$70,268,100.00
00
00
00

14, 404, 670. 00

Federal Reserve notes o u t s t a n d i n g
F e d e r a l R e s e r v e n o t e s in h a n d s of F e d e r a l R e s e r v e a g e n t
Gold for r e t i r e m e n t of F e d e r a l R e s e r v e n o t e s :
I n h a n d s of F e d e r a l R e s e r v e a g e n t
$2, 512, 6 0 0 . 00
I n gold r e d e m p t i o n fund
2, 448, 830. 00
I n F e d e r a l R e s e r v e a g e n t s ' fund
27, 4 0 5 , 000. 00
P a p e r pledged t o s e c u r e F e d e r a l R e s e r v e n o t e s

EXHIBIT

6 1 , 8 6 3 , 4 3 0 . 00
2, 810, 000. 00

32, 366, 430. 00
29, 908, 847. 4 1

L.—Table shoicing the clearing operations of the Federal
Bank of St. Louis from Dec. 16, 1916, to Dec. 15, 1917.

Reserve

D a i l y average.
Items drawn on banks
in Federal Reserve
city.
Number.
Dec. 15 t o Jan. 15
Jan. 16 to Fob. 15
Feb. 16 to Mar, 15
Mar. 16 to Apr. 15
Apr. 16 to May 15
May 16 t o June 15
June 16 t o July 15
July 16 to Aug. 15

1,302
1,205
1,535
1,486
1,673
1,717
1,803
1,636
1,663
1,689
2,167
2,557

Sept. 16 to Oct. 15
Oct. 16 to N o v . 15
N o v . 16 t o Dec. 15

Amount.
$4,013,486
3,210,834
4,532,849
4,281,367
5,008,976
4,688,585
5,190,645
4,820,182
5,167,644
5,593,479
11,558,021
9,219,408

Items drawn on banVs
in district outside
Federal Reserve city.

1
I t e m s drawn on banks
i n other districts.

Number.

Number.

8,106
7,314
8,494
8,524
8,495
8,401
8,448
8,069
9,402
9,612
10,979
12,564

Amount.
$1,868,171
1,922,108
1,569,074
1,656,781
1,727,335
1,651,660
1,623,948
1,641,198
1,875,497
2,126,025
3,009,231
3,176,069

Amount.

292
183
178
175
169
192
214
220
200
165
228
204

$2,292,931
1,277,500
1,784,418
1,545,007
1,977,438
1,710,385
3,281,751
2,314,050
2,038,723
2,036,901
2,390,894
2,057,178

D a i l y average.

-

T o t a l (exclusive of items
drawn on Treasurer of
United States).
Number.

D e c . 15 t o Jan. 15
Jan. 16 to F e b . 15
F e b . 16 to Mar. 15
Mar. 16 to Apr. 15
Apr. 16 to May 15
May 16 t o J une 15
June 16 to July 15
July 16 to Aug. 15
Aug. 16 to Sept. 15
Sept. 16 to Oct. 15
Oct. 16 to N o v . 15
Nov. 16 to Dec. 15




9,700
8,702
10,207
10,185
10,337
10,310
10,465
9,925
11,265
11,466
13,374
15,325

Amount.
$8,174,589
6,410,442
7,886,341
7,483,155
8,713,Y49
8,050,630
10,096,344
8,775,430
9,081,864
9,755,405
16,953,146
14,452,655

o

NonMember member
in banks on
Items drawn on Treas- banks
urer of t h e United district. par list.
States.
Number.
70
1,628
1,184
1,169
2,242
1,165
1,337
2,218
2,705
1,859
2,933
4,490

Amount.
$13,957
143,536
154,115
171,329
318,699
207,334
627,955
422,022
573,861
719,081
884,942
1,468,199

Number. Number.
468
468
467
468
469
471
471
471
473
473
477
479

883
872
867
851
863
95S
961
968

1,003
1,004
1,005

997




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