Full text of Annual Report of the Federal Reserve Bank of St. Louis : Fifth Annual Report of the Federal Reserve Bank of St. Louis for the Year Ended December 31, 1919

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FIFTH ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK
OF ST. LOUIS
FOR THE YEAR ENDED DECEMBER 31, 1919




FIFTH ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK
OF ST. LOUIS
FOR THE YEAR ENDED DECEMBER 31, 1919




LETTER OF TRANSMITTAL.
FEDERAL RESERVE BANK,

8t. Louis, Mo., February 14,1920.
SIR: I have the honor to transmit herewith the fifth annual
report of the Federal Reserve Bank of St. Louis, covering the year
ended December 31, 1919.
Respectfully,
W M . M C C MARTIN,

Chairman and Federal Reserve Agent.
HON. W. P. G. HARDING,

Governor, Federal Reserve Board,
Washington. D. V,




IND

KX

Acceptances
Bankers' acceptances
Permission to accept up to 100%
Trade acceptances
Assets and liabilities
Branches, operations of
Conferences
Little Rock Branch
Louisville Branch
Memphis Branch
Certificates of Indebtedness
Clearings
Collections. ,
Commercial banks, position of
Conditions, general business and banking
Deposits to 5% Fund for National Banks
Directors of parent bank and branches
Discount operations
Earnings and expenses
Earning assets, movement of
Employees of parent bank and branches
Examination Department
Federal Reserve Bank Notes
Federal Reserve Notes
Fiduciary powers granted to national banks
Fiscal agency operations
Gold settlement fund
Government deposits with banks
Membership, movement of
National bank members, relations with
Officers of parent bank and branches
Quarters
Rates, discount and interest
Reporting banks, condition of
Reserve position
State banks and trust companies, relations with
Victory Liberty Loan
War Finance Corporation
War paper, liquidation of
War Savings Stamps, etc
EXHIBITS.
A. Movement of earning assets during year 1919
B. Movement of cash reserves, net deposits, etc



Page.
7-8-34
8
7-31
5-6-30
18
17
15
16
18-19-45-46
12-13-39-40-41
13-42-43
21-22
22-23-24
9
13-14-16-17-18
6-7-25-26-31-32-33-34
5-29
6-25-26
15-16-17-18
10
12-39
10-11-12-37-38
9-36
18-19-20-21
13-44
20
8-35-36
9
14-15-16-17-18
15-16
7-24-33-50-51
22-49
8-27-28
9-10
19-20-47
21-48
22-25-26
20-21-48
25-26
27-28

4

INDEX
SCHEDULES.

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.

Page

Comparative profit and loss statement
29
Comparative balance sheets
30
Volume of different classes of paper discounted
31
Volume of paper discounted for member banks each month."
31-32
Paper rediscounted for other Federal Reserve banks
32
Discount rates of Federal Reserve bank
33
Bankers' acceptances purchased each month
34
Banks admitted to membership, liquidated, etc
35-36
Fiduciary powers granted to national banks
36
Federal Reserve notes issued each month, by denominations
37
Denominations of Federal Reserve notes outstanding, etc
37
Statements of Federal Reserve Agent's accounts
38
Federal Reserve notes received from and returned to other
Federal Reserve banks
38
Denominations of Federal Reserve bank notes outstanding, e t c . . .
39
Number and amount of clearing items handled
39-40-41
Number and amount of collection items handled
42
Number and amount of United States coupons handled
43
Total debits and credits through gold settlement fund
44
Certificates of Indebtedness in anticipation of Victory Loan
45
Loan Certificates of Indebtedness
45
Tax Certificates of Indebtedness
46
Victory Liberty Loan
47
War Savings Stamps, etc
48
"War Finance Corporation 5% Gold Bonds
48
Changes in resources and liabilities of reporting banks
49
Interest rates in leading cities
50-51




FIFTH ANNUAL REPORT OF THE FEDERAL
RESERVE BANK OF ST. LOUIS.

A marked change in financial and commercial activities took place
during the year 1919. Attention was turned from winning the war
to restoring conditions to a peace basis, and the banks in this district
were called upon to finance a larger volume of commercial, industrial
and agricultural business than ever before.
The usefulness of the Federal Reserve Bank was further demonstrated during 1919. It rendered valuable assistance in the flotation
of the Victory Loan and the various issues of Certificates of Indebtedness during the year, and also greatly aided member banks in taking
care of increased commercial demands. Its rediscounting, clearing,
collection and other facilities were used to a greater extent than in
any previous year.
Measured both by the service rendered and the financial results of
operation, the year 1919 was a most successful one for this bank.
FINANCIAL. RESULTS OF OPERATION.

The gross earnings during the year 1919 amounted to $3,884,478.29
and the current expenses were $1,174,793.26, leaving net earnings of
$2,709,685.03. This was an increase of $758,877.79 over the net earnings for 1918. After charging off $335,000 of the cost of bank
premises, paying the dividends for 1919 amounting to $234,659.91, and
setting aside a reserve of $19,519.44 to pay the Federal Reserve
Board's assessment for the first six months of 1920, net profits of
$2,120,494 were left for the year. These net profits were transferred
to surplus account, making $3,723,805.22 in that account on December
31, 1919. The principal source of revenue during 1919 was bills
discounted. Of the $3,884,478.29 of gross earnings, $2,918,462.08 was
derived from this source. Schedule 1 shows in detail the earnings
and expenses for the years 1918 and 1919.
Comparative balance sheets as of December 31, 1918, and 1919, are
given in Schedule 2. From these balance sheets, it will be seen that
the total resources of the Federal Reserve Bank of St. Louis increased



g

ANNUAL. REPORT OP FEDERAL RESERVE BANK OP ST. LOUIS.

from $220,189,394.05 on December 31, 1918, to $301,094,164.75 on
December 31, 1919. Between these dates, its gross deposits increased
from $88,203,789.46 to $131,963,641.07 and its earning assets increased
from $85,717,141.81 to $128,874,552.62. The reserve deposits of member banks increased from $52,830,678.16 to $72,282,788.29 within that
time, due in great measure to the admission of state banks and trust
companies into the System.
DISCOUNT OPERATIONS.

The total amount of paper discounted for member banks during
1919 was $2,100,630,595.51, exclusive of rediscounts for other Federal
Reserve Banks and bankers' acceptances purchased. Of this amount
$226,478,442.35 was commercial or single-name paper, $7,946,180 consisted of trade acceptances, or two-name paper, and $1,866,205,973.16
consisted of member banks' 15-day collateral notes. Of the
$226,478,442.35 of commercial paper discounted, $33,082,706.47 was
secured by Liberty Bonds and Certificates of Indebtedness, and of the
$1,866,205,973.16 of members banks' collateral notes, $1,862,163,473.16
was secured by such Government obligations. The total paper discounted for member banks during 1919 shows an increase of
$1,015,493,341.29 over the amount discounted in 1918.
The total number of bills handled during 1919 was 33,866, as follows: Rediscounts, 20,177; member banks' collateral notes, 9,104,
and bills bought, 4,585.
Of the 540 member banks, 305 different member banks rediscounted
with this bank during 1919, which is an increase of 27 over the number
accommodated in 1918.
Schedule 3 shows the volume of the different classes of paper discounted by this bank and each of its branches during the year, and
Schedule 4 shows the volume of paper received from each state each
month and the number of different banks in each state discounting
during the year.
Exhibit A gives a table and chart showing (1) discounted paper
secured by Liberty Bonds and Treasury Certificates, (2) other discounted paper, (3) total discounts, (4) ratio of paper secured by
Government obligations to total discounted paper, (5) bills bought
in open market, (6) total bills discounted and purchased, (7) United
States securities, and (8) total earning assets, as at close of business
each Friday.
During the year, the Federal Reserve Bank of St. Louis rediscounted for the Federal Reserve Bank of Philadelphia, $53,500,000,
and for the Federal Reserve Bank of Richmond, $86,709,000 of paper.



ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.

7

Schedule 5 shows the discounts acquired from other Federal Reserve
Banks each month during the year. This bank did not rediscount
with any other Federal Reserve Bank, nor did it sell any of its
bankers' acceptances to other Federal Reserve Banks during 1919.
The discount rates of this bank in effect at the opening and closing
of the year and the changes made during the year are shown in
Schedule 6.
TRADE ACCEPTANCES.

During 1919 this bank discounted a total of $7,946,180 of trade
acceptances for member banks, which is a decrease of $7,735,021 as
compared to 1918. However, this does not necessarily indicate that
the use of the trade acceptance is declining in this district. On the
contrary, it is our belief that the volume of trade acceptances materially increased during the year, but they were not rediscounted.
Every effort has been made to encourage the use of trade acceptances,
and throughout the year the Federal Reserve Bank maintained a
preferential rate of discount for such paper, ranging from one-quarter
to one-half of one per cent lower than the rates for other commercial
paper of similar maturity.
BANKERS' ACCEPTANCES.

During the past year this bank purchased a total of $127,822,917.32
of bankers' acceptances, of which $81,783,085.52 were purchased from
banks and dealers in the district and $46,039,831.80 from or through
other Federal Reserve Banks. This is an increase of $97,175,284.14
over the amount purchased during 1918. The rates on these acceptances ranged from 4 to 5 per cent. Schedule 7 shows the amounts
of bankers' acceptances purchased each month from and through
other Federal Reserve Banks and from banks and dealers in this
district.
During 1919 this bank continued its policy of encouraging the
legitimate use of bankers' acceptances, and it is believed that substantial progress was made. It is estimated that approximately
$80,000,000 bankers' acceptances were created in this district in 1919,
and while many of these found their way into this bank, a substantial
amount was sold by dealers to banks in other districts. The intradistrict distribution of bills has seemed desirable, and we have largely
confined our open market purchase to bills bearing the name of one
bank in District No. 8 and of one name in another Federal Reserve
district. When member banks in this district have offered their own
acceptances, the rate of discount for commercial paper has been
charged instead of the rate for endorsed bank bills, in an effort to
discourage such practice. The rate on open market purchases has



g

ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.

been subject to contract at time of offering, thus affording a measure
of control on the improper use of bank bills.
The following member banks were authorized by the Federal Reserve Board during 1919 to accept up to 100 per cent of their capital
and surplus, drafts and bills of exchange growing out of transactions
involving the importation or exportation of goods, as provided in
Section 13 of the Federal Reserve Act:
Liberty Bank, St. Louis, Mo
Authorized April IS, 1919.
First National Bank, St. Louis, Mo
Authorized October 23, 1919.
The addition of these two makes seven member banks in this district which have been granted permission to accept up to 100 per cent.
RESERVE POSITION.

The reserve position of the Federal Reserve Bank of St. Louis was
well maintained throughout the year, and it was not necessary to
rediscount with any other Federal Reserve Bank to build up the
reserve. On December 31, 1919, the reserve of this bank against all
liabilities was 47.7 per cent.
Exhibit B gives a table and a chart showing (1) gold reserve,
(2) total cash reserve, (3) Federal Reserve notes in actual circulation, (4) net deposit liability, (5) combined net deposit and Federal
Reserve note liabilities, and (6) ratio of total cash reserves to net
deposit and Federal Reserve note liabilities, as at the close of business
each Friday.
MOVEMENT OF MEMBERSHIP.

On January 1, 1919, the Federal Reserve Bank of St. Louis had a
total of 513 member banks, consisting of 469 national banks and 44
state banks and trust companies. Its authorized capital was $7,599,200,
of which one-half, or $3,799,600, was paid in.
During the year, fourteen new national banks became members, six
liquidated and five consolidated with other national banks. Twentyseven state banks and trust companies were admitted to membership,
one consolidated with another member state bank, one was converted
into a national bank, and one withdrew from the System.
On December 31, 1919, this bank had a total of 540 member banks,
consisting of 472 national banks and 68 state banks and trust companies. Its authorized capital stock was $8,130,900, of which $4,064,450
was paid in. This shows a net increase in the paid-up capital stock
of $264,850 over December 31, 1918.
Schedule 8 gives a list of the national and state banks which became
members during 1919, and also the banks which liquidated, consolidated or withdrew from the System.



ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.

9

RELATIONS WITH NATIONAL BANK MEMBERS.

Continued progress has been made during the past year in developing a closer relationship between the Federal Reserve Bank and its
members. In addition to paying the charges on shipments of currency, assuming the cost of telegrams regarding money shipments or
deposit transactions, making transfers of funds by wire, furnishing
forms of financial statements for use by customers, and accepting
United States bonds for safekeeping, which were previously inaugurated,
the Federal Reserve Bank in March, 1919, began to assort currency
for its members without charge and to furnish them with drafts for
use in drawing on it or its branches.
Thirty-three national banks in this district were granted permission
by the Federal Reserve Board during 1919 to act as trustee, executor,
etc., under the provisions of Section 11 (k) of the Federal Reserve
Act as amended by the Act of September 26, 1918. Seven national
banks which had been granted the fiduciary powers as originally provided by the Federal Reserve Act were authorized to exercise the
additional powers conferred by the amendment of September 26, 1918.
On December 31, 1919, there were 71 national banks in this district
authorized to exercise fiduciary powers, of which 10 were located in
Arkansas, 15 in Illinois, 13 in Indiana, 18 in Kentucky, 1 in Mississippi,
13 in Missouri and 1 in Tennessee. Schedule 9 gives a list of the
national banks granted permission during 1919 to exercise fiduciary
powers.
The Federal Reserve Bank of St. Louis has continued the practice
started in April, 1918, of making deposits for national banks to their
5 per cent Redemption Account with the Treasurer of the United
States at Washington, through the medium of the Federal Reserve
Board and the Gold Settlement Fund. The volume of such deposits
during 1919 was as follows:
Month.

January
February
March
April
May
June
July

Number
of
deposits.

148
174
131
239
437
355
432

Amount.

$525,361.97
918,835.35
1,191,871.50
1,574,610.50
1,726,500.00
1,812.082.50
1,452,400.00

Month.

August
September
October
November
December
Totals for year..

Number
of
deposits.

Amount.

284
321
244
240
315

$1,516,800.00
1,989,825.00
1.822,650.00
2,267,950.00
2,685,530.00

3,320

$19.484,416.82

RELATIONS WITH STATE BANKS AND TRUST COMPANIES.

The solicitation of par points and the activities in connection with
subscriptions to the Victory loan and the various issues of certificates



10

ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.

of indebtedness during the year, have brought the state banks and
trust companies of the district into still closer touch with the Federal
Reserve Bank. Also, many non-member banks have borrowed through
members from the Federal Reserve Bank on their Government securities, as authorized by the Federal Reserve Board, and this has caused
them to appreciate more fully the service rendered by this bank.
Increased interest has been manifested in membership by state
banks and trust companies. Twenty-seven state banks and trust
companies were admitted to membership during the year, making a
total of 68 member state banks. A number of banks have expressed
an intention to file application in the near future. Some are increasing
their capital in order to be eligible to join. On December 31, 1919,
there were 937 eligible non-member state banks and trust companies
in this district with total resources aggregating approximately
$505,000,000. The total resources of the 68 member state banks and
trust companies amounted to $413,412,927.91, which is over 45 per cent
of the total resources of all the eligible state institutions in the district.
Of the $72,282,788.29 of reserve deposits of all member banks in the
Federal Reserve Bank of St. Louis on December 31, 1919, the reserves
of the 68 member state banks and trust companies amounted to
$21,971,031.71, or over 30 per cent of the total reserve deposits. The
state banks and trust companies that are members have availed themselves freely of the facilities offered by the Federal Reserve Bank.
Under arrangements with the banking departments of the states in
this district, examiners for the Federal Reserve Bank participated
jointly with state examiners in 48 examinations of 37 member state
banks during 1919. The following table shows the work done, by
states:
State.

Arkansas
Illinois . . . .
Indiana . . ..
Kentucky . .
Mississippi . .
Missouri . . ..
Tennessee . .

Number of member
State Banks.

Number of State
examinations.

Participations by
Federal Reserve
Examiners.

23
12

20
12

14
2

2
5
0
19

2
9
0
18

2
9
0
11

7

13

10

68

71

48

FEDERAL RESERVE NOTES.

During the year the Federal Reserve agent received from the
Comptroller of the Currency, Federal Reserve notes aggregating
$138,220,000.



ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.

JJ

The Federal Reserve agent issued and re-issued to the Federal
Reserve Bank of St. Louis during 1919, against the pledge of gold
and eligible paper, a total of $134,025,000 of Federal Reserve notes,
which is an increase of $31,420,000 over the amount issued and reissued the previous year. The greatest demand for notes was during
the months of September, October, and November. Schedule 10 shows
the amount of each denomination of Federal Reserve notes issued by
the Federal Reserve agent to the bank each month during the year.
The bank returned to the Federal Reserve agent a total of
$14,315,000 fit Federal Reserve notes during the year.
The Treasurer of the United States during 1919 redeemed out of
the redemption fund maintained with him by the Federal Reserve
agent $84,110,920 of unfit notes of the Federal Reserve Bank of
St. Louis which were turned over to the Comptroller of the Currency for destruction.
The amount of Federal Reserve notes outstanding' at the close of
1918 was $129,119,875. Adding the $134,025,000 of .notes issued during 1919, and subtracting the $14,315,000 of fit notes returned by the
bank to the Federal Reserve agent and the $84,110,920 of unfit notes
redeemed, left a total of $164,718,955 Federal Reserve notes outstanding on December 31, 1919. To secure these outstanding notes there
were $61,624,715 of gold deposited with the Federal Reserve agent
and $110,358,070.82 of eligible paper hypothecated with him. Of the
$164,718,955 Federal Reserve notes outstanding, $17,589,880 were held
by the Federal Reserve Bank and its branches and $1,830,745 were in
transit to Washington for redemption, leaving $145,298,330 in actual
circulation on December 31, 1919.
Schedule 11 shows the amount of each denomination of Federal
Reserve notes outstanding December 31, 1918, issued, returned and
redeemed during 1919, and outstanding December 31, 1919. Comparative statements of the Federal Reserve agent's accounts as of
December 31, 1918, and 1919, are given in Schedule 12.
Out of the redemption fund maintained by the Federal Reserve
Bank of St. Louis with the United States Treasurer, $2,031,550 of fit,
Federal Reserve notes were redeemed during the year, win jh were
returned to the bank for reissuance.
During 1919 the Federal Reserve Bank of St. Louis received from
other Federal Reserve Banks for redemption or credit $50,469,925 of
its own Federal Reserve notes, and returned to other Federal Reserve
Banks for redemption or credit $75,559,285 of their Federal Reserve
notes. In other words, this bank returned $25,089,360 more notes of
other banks than it received of its own. As was the case in 1918. the



^2

ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.

Federal Reserve Bank of Chicago returned to this bank more notes
of the Federal Reserve Bank of St. Louis than did any other district.
This bank also returned more notes of the Federal Reserve Bank of
Chicago than of any other district. Schedule 13 shows the amount
of Federal Reserve notes received by this bank from each other
Federal Reserve Bank and the amount of notes of each other Federal
Reserve Bank returned by this bank during 1919.
FEDERAL RESERVE BANK NOTES.

During the year 1919, $16,304,000 of Federal Reserve Bank notes were
issued, consisting of $10,596,000 new circulation and $5,708,000 new
notes to replace unfit ones. A total of $6,136,000 unfit Federal Reserve
Bank notes were redeemed during the year.
The amount of Federal Reserve Bank notes outstanding on December 31, 1919, was $16,608,000. These bank notes were secured by
$17,068,000 of United States special certificates of indebtedness, deposited with the Treasurer of the United States.
Of the $16,608,000 of bank notes outstanding on December 31, 1919,
$1,109,676 were held by the Federal Reserve Bank and its branches,
leaving $15,498,324 of Federal Reserve Bank notes in actual circulation at the end of the year.
Schedule 14 shows by denominations the Federal Reserve Bank
notes outstanding December 31, 1918, issued, replaced and redeemed
during 1919, and outstanding on December 31, 1919.
CLEARINGS.

The cheek clearing facilities of the Federal Reserve Bank were
availed of both by member banks and non-member banks to a greater
extent during the year 1919 than in any previous year.
The total number of clearing items handled by this bank and its
branches during 1919 was 19,107,635, and the total amount was
$6,008,535,869.76. This is an increase of 10,521,169 in number and
$1,458,645,126.17 in amount over the year 1918.
The steady increase in the volume of items handled by the parent bank
and by each of its branches each month is evidenced by Schedule 15.
On December 31, 1918, the Federal Reserve Bank of St. Louis was
collecting at par checks on 1,558 of the banks and trust companies in
this district. During the year 1919, as a result of a campaign by
correspondence and personal interviews, the number of banks on
which checks were collectible at par through the Federal Reserve
Bank was increased to 2,845, which is almost 90 per cent of all the
banks in the district. Of the remaining 355 non-member banks in



ANNUAL REPORT OP FEDERAL RESERVE BANK OF ST. LOUIS.

^3

this district with which arrangements have not yet been made to
collect checks at par, 129 are in Arkansas, 74 in Kentucky and 152
in Mississippi.
COLLECTIONS.

Member banks, during the year 1919, also made greater use of
the facilities of the Federal Reserve Bank for the collection of such
items as drafts, notes, coupons, acceptances, etc., than ever before.
During the year this bank and its branches handled a total of
34,372 collection items, amounting to $87,257,166.92, not including
coupons. This is an increase of 23,010 in number and $53,787,560.37
in amount over those handled in 1918. Schedule 16 shows the number
and amount of collection items handled by the parent bank and each
of its branches each month during 1919.
The number of Government coupons handled in 1919 was 5,653,395,
and they amounted to $21,422,555.56. This shows an increase of
3,945,270 in number and $15,500,229.79 in amount over 1918. The
number and amount of coupons from United States securities handled
by the parent bank and each of its branches each month are shown
by Schedule 17.
GOLD SETTLEMENT FUND.

The gold settlement fund has continued to be an admirable medium
for quick settlement of accounts between this bank and other Federal
Reserve Banks. The totals of such settlements during the year show
a steady increase.
The balance to the credit of this bank in the gold settlement fund
at the beginning of the year was $26,996,785.30. The total receipts
through the gold settlement fund amounted to $5,364,011,300.60, and
the total disbursements were $5,377,634,303.12 to December 26. 1919.
The balanee to the credit of this bank in said fund on the date mentioned was $13,373,782.78.
Schedule 18 shows the total receipts and disbursements through the
gold settlement fund for each week during 1919, also the balance
to the credit of this bank each week.
INTERNAL ORGANIZATION.

The directors of the Federal Reserve Bank of St. Louis, on January
1, 1919, were as follows: Messrs. Walker Hill, J. C. Utterback, and
Sam A. Ziegler, Class A directors; Messrs. David C. Biggs, LeRoy
Percy, and W. B. Plunkett, Class B directors; Messrs. "Wm. McC.
Martin, John W. Boehne, and C. P. J. Mooney, Class C directors.
Mr. Wm. McC. Martin was also chairman of the board and Federal
Reserve agent, and Mr. John W. Boehne was deputy chairman. Of



24

ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.

these directors the terms of Messrs. Sam A. Ziegler, W. B. Plunkett,
and C. P. J. Mooney expired on December 31, 1919.
On February 5th Mr. David C. Biggs resigned as a Class B director
to accept the governorship of the bank. An election was held from
March 20th to April 4th for the selection of his successor. Mr. Rolla
Wells was elected by the banks in Group 1 as a Class B director, to
serve during the unexpired term of Mr. Biggs, ending December 31,
1921.
From November 18th to December 5th an election was held for
the selection of Class A and Class B directors to succeed Messrs. Sam
A. Ziegler and W. B. Plunkett, whose terms expired December 31,
1919. Mr. Sam A. Ziegler was re-elected by the banks in Group 3
as a Class A director, and Mr. W. B. Plunkett was re-elected by the
banks in Group 2 as a Class B director, both to serve for three years
from January 1, 1920.
On December 19th the Federal Reserve Board reappointed Mr. C. P.
J. Mooney as a Class C director for three years from January 1, 1920.
The Board of Directors held 23 meetings during the year, with an
average attendance of seven.
On January 8th the directors elected Directors Biggs, Hill, and
Boehne to serve on the Executive Committee with the Governor and
Federal Reserve agent. On April 16th Mr. Rolla Wells was elected a
member of the Executive Committee to fill the unexpired term of
Mr. Biggs. Throughout the year the Executive Committee met three
times each week, on Mondays, Wednesdays and Fridays, except from
July 8th to September 19th, when it met daily.
At the meeting of the Board of Directors, on January 8th; the
following officers for the year 1919 were elected: Mr. W. W. Hoxton,
Deputy Governor; Mr. Jas. G. McConkey, Secretary and Counsel;
Mr. Olin M. Attebery, Cashier; Messrs. R. R. Clabaugh, A. H. Haill,
J. W. White, and J. W. Rinkleff, Assistant Cashiers, and Mr. E. J.
Novy, General Auditor. Mr. F. 0. Watts was also re-elected to represent this bank on the Federal Advisory Council during 1919. Mr.
Rolla Wells was not re-elected governor, for the reason that he had
resigned on December 18, 1918, to take effect when a successor was
elected. On February 5th the directors elected Mr. David C. Biggs
as governor of the bank to succeed Mr. Rolla Wells. On February
19th the directors accepted the resignation of Mr. R. R. Clabaugh as
assistant cashier, effective March 1st, and on March 15th the resignation of Mr. W. W. Hoxton as deputy governor was accepted, effective
April 1st. At a meeting of the directors on March 15th Mr. Olin M.
Attebery was elected deputy governor and cashier, and at the meeting



ANNUAL, REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.

]£

on April 2nd the office of deputy governor and cashier was divided,
Mr. Olin M. Attebery being elected deputy governor and Mr. J. W.
White, cashier. Mr. W. H. Glasgow, manager of the credit department,
was also elected an assistant cashier at this meeting. Mr. C. M. Stewart
was assistant Federal Reserve agent during the year.
At the close of 1919 the bank with the branches had 541 employees
(including the officers), of whom 104 were engaged in fiscal agency
work. At the close of 1918 the bank had 385 employees, of whom 126
were employed on fiscal agency work.
BANKING QUARTERS.

During 1919 the Federal Reserve Bank continued to occupy its
quarters in the Federal Reserve Bank Building, at the northeast corner
of Broadway and Pine Streets, St. Louis, though it was necessary to
take additional space in the building and to rent additional vault
space in one of the local banks.
As stated in the last annual report, this bank purchased for permanent quarters the premises formerly occupied by the St. Louis Union
Trust Company and the St. Louis Union Bank, on the northwest corner
of Fourth and Locust Streets, and three pieces of property on Fourth
Street contiguous to and immediately north of this property, making
a frontage of 161 feet 4 inches on Fourth Street and a frontage of
127 feet dy2 inches on Locust Street.
On November 19, 1919, the directors authorized the purchase of an
additional area at the northeast corner of Broadway and Locust
Street, fronting 65 feet on Broadway and 127 feet Sy2 inches on
Locust Street, provided that an alley 15 feet wide could be vacated.
The purchase of this additional property has been approved by the
Federal Reserve Board, and the deal is being consummated.
When the matter is closed, this bank will possess all of the property
on the north side of Locust Street, between Broadway and Fourth
Street. It is proposed to have on this property a building extending
from Broadway to Fourth Street, which will be sufficiently large to
take care of the future as well as the present requirements of this
bank.
OPERATIONS OF FEDERAL RESERVE BANK BRANCHES.
LOUISVILLE BRANCH.

The total earnings of the Louisville branch for the year 1919
amounted to $352,694.28 and its expenses amounted to $134,241.76,
leaving net earnings of $218,452.52. Of the total earnings, $343,919.06
was derived from bills discounted for member banks. During the year



Jg

ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.

the Louisville branch discounted for member banks a total of
$466,485,985.02 of paper and purchased a total of $1,073,899,76 of
bankers' acceptances. Schedule 3 shows the amounts of the different
classes of paper discounted during the year, and Schedule 7 gives
the amount of bankers' acceptances purchased each month.
During 1919, the Louisville branch handled a total number of
2,778,148 clearing items, amounting to $966,499,972.70. It also handled
a total of 7,021 collections, amounting to $11,695,196.60, and a total
of 886,617 Government coupons, aggregating $4,114,842.09. Schedules
15, 16 and 17 show the clearing items, collection items and coupons
handled each month.
On January 8th the directors of the Federal Reserve Bank of
St. Louis reappointed Mr. W. P. Kincheloe, manager, and Mr. John
T. Moore, cashier, for the year 1919. They also re-elected the following directors of the branch: Messrs. W. P. Kincheloe, Geo. W. Norton
and W. C. Montgomery. The Federal Reserve Board reappointed
Directors Chas. E. Hoge and F. M. Sackett. On April 1, 1919,
Mr. Chas. E. Hoge died, and on April 25th the Federal Reserve Board
appointed Mr. Embry L. Swearingen, of Louisville, Kentuckv, to fill
his unexpired term.
On May 7, 1919, the directors of the Federal Reserve Bank of
St. Louis authorized the purchase of the lot and banking house,
vaults, furniture and fixtures, formerly occupied by the National
Bank of Commerce, at the northwest corner of Fifth and Market
Streets, Louisville, Ky., as permanent quarters for the Louisville
branch. The purchase of this property was approved by the Federal
Reserve Board on May 12th, and the branch moved into its new
quarters on June 10th.
At the close of the year the Louisville branch had 53 employees,
including the officers, as compared to 23 at the close of 1918. The
number of member banks assigned to it was 95.
MEMPHIS BRANCH.

The total earnings of the Memphis branch for the year 1919 amounted to $571,591.51 and its expenses were $196,851.32, leaving net earnings of $374,740.19. Of the total earnings, $558,409.49 were derived
from bills discounted for member banks. During the year the Memphis
branch discounted for member banks a total of $286,295,260.25 of
paper and purchased a total of $274,503.90 of bankers' acceptances.
Schedule 3 shows the amounts of the different classes of paper discounted during 1919, and Schedule 7 gives the amount of bankers'
acceptances purchased each month.



ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.

17

The Memphis branch handled during 1919 a total of 1,639,431 clearing items, amounting to $527,400,702.71. It also handled a total of
6,141 collection items, amounting to $19,662,465.18, and a total of
397,250 Government coupons, aggregating $1,538,854.33. Schedules
15, 16 and 17 show the clearing items, collection items and coupons
handled each month.
The directors of the Federal Reserve Bank of St. Louis reappointed
as officers of the branch for 1919, Mr. John J. Heflin, manager, and
Mr. A. J. Williams, cashier. As directors of the branch this bank reelected Messrs. John J. Heflin, Jno. D. McDowell, and R. Brinkley
Snowden. The Federal Reserve Board reappointed Directors S. E. Ragland and T. K. Riddick. On March 15th Mr. W. P. Alexander was
appointed by this bank as an assistant cashier of the Memphis branch.
He resigned at the close of the year.
At the end of the year the Memphis branch had 68 employees,
including the officers, as compared to 29 employees at the close of
1918. Forty-two member banks were assigned to it.
LITTLE ROCK BRANCH.

The Little Rock branch was opened for business on January 6, 1919.
The total earnings of the branch during the year amounted to
$230,895.01 and its expenses amounted to $126,660.06, leaving net
earnings of $104,234.95. Of the total earnings, $221,922.07 were derived from bills discounted for members. During the year the Little
Rock branch discounted for member banks a total of $96,326,751.12
of paper and purchased a total of $3,331.12 of bankers' acceptances.
Schedule 3 shows the amounts of the different classes of paper discounted during the year, and Schedule 7 gives the amount of bankers'
acceptances purchased each month.
During 1919, the Little Rock branch handled a total number of
1,541,271 clearing items, amounting to $353,979,985.27. It also handled a total of 3,604 collection items, amounting to $7,658,218.77. and
a total of 227,260 Government coupons, aggregating $617,752.30.
Schedules 15, 16 and 17 show the clearing items, collection items and
coupons handled each month.
As officers of the Little Rock branch for 1919 the Federal Reserve
Bank of St. Louis appointed Mr. John M. Davis, manager, and
Mr. A. F. Bailey, cashier. It also appointed as directors, Messrs.
John M. Davis, C. A. Pratt and Ed. Cornish. The Federal Reserve
Board appointed Messrs. Goo. W. Rogers and Moorhead Wright as
directors.
On April 2nd Mr. John M. Davis resigned as manager and a director



]g

ANNUAL REPORT OF FEDERAL RESERVE BAXK OF ST. LOUIS.

of the branch, and Mr. A. F. Bailey was appointed as manager and a
director in his place. Mr. M. H. Long was elected cashier, to succeed
Mr. Bailey.
At the close of the year the Little Rock branch had 38 employees,
including the officers. The number of member banks assigned to it
was 57.
BRANCH BANK CONFERENCES.

In order to foster a closer relationship between this bank and its
branches, an invitation was extended to the officers and directors of
ihe respective branches to meet with the officers and directors of this
bank in St. Louis on April 16, 1919. The managers of the respective
branches and a large number of the directors were present. Mr. J. A.
Broderick, secretary of the Federal Reserve Board, also attended.
A definite program was carried out. Mr. Broderick delivered a
message from the Federal Reserve Board, reports were made by the
managers of the branches, and important topics discussed bjr different
directors and officers. This was the first conference of its kind, not
only in the history of this district, but in the history of the System,
and it proved highly beneficial.
On December 29th and 30th a conference of the officers and field
workers of the parent bank and its branches was also held in St. Louis.
FISCAL AGENCY OPERATIONS.

As fiscal agent of the United States Government, during the past
year the Federal Reserve Bank of St, Louis continued to receive and
disburse funds for its account. Acting in this capacity, it also handled
the sale and delivery of certificates of indebtedness, Victory Liberty
loan notes, and war savings stamps in this district for the Treasury
Department, and assisted in the work of the War Finance Corporation. It furthermore attended to the exchange and conversion of
Liberty bonds for the banks and the public.
TREASURY CERTIFICATES OF INDEBTEDNESS.

As in the case of the previous Liberty loans, United States Treasury
certificates of indebtedness were issued in anticipation of the Victory
Liberty loan, and were used to a great extent by purchasers in making payment for the Victory notes. In anticipation of this loan, there
were ten offerings of certificates of indebtedness, two of which were
offered in December, 1918. The aggregate quota assigned to this
district for the eight issues offered in 1919 amounted to $182,000,000
and the total subscriptions received aggregated $199,737,000. Of
the 3,092 banking institutions in this district, 2.403, or 77.71 per cent,



ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.

^9

subscribed to these issues. Schedule 19 shows the various issues of
certificates of indebtedness issued in 1919 prior to the Victory Liberty
loan, and also the subscriptions received from the different classes
of banking institutions in the district.
In August there were also two offerings of so-called loan certificates
of indebtedness. The aggregate quota of these certificates for this
district amounted to $40,000,000, and the total subscriptions received
aggregated $42,269,000. In September and December there were also
two additional offerings of these certificates of indebtedness, on which
the Treasury Department did not set a specific amount to be offered,
nor was any quota assigned to the Federal Reserve Banks. The total
subscriptions received to the September issue of certificates of indebtedness amounted to $17,975,500, and to the December issue $8,728,000,
making a total of $68,972,500 for the four issues. Of the 3,092 banks
in this district, 1,467, or 47.46 per cent, subscribed for these certificates. Schedule 20 shows the four offerings of loan certificates of
indebtedness and also the subscriptions received from the different
classes of banks in the district.
During the year eleven offerings of tax certificates were also issued
in anticipation of income and excess profits taxes due the Government.
The first six issues were in anticipation of taxes due in 1919. The
banks, corporations, and individuals in this district subscribed to
$53,700,500 of these certificates. The last five issues were in anticipation of taxes to be paid in 1920; $65,929,500 of these five issues were
taken in this district. The various offerings of tax certificates issued
during 1919 and the subscriptions to each received in this district
are shown in Schedule 21.
FLOTATION OF VICTORY LIBERTY LOAN NOTES.

The campaign for the Victory Liberty loan opened on April 21,
1919. The amount of the loan was $4,500,000,000, and the quota
assigned to this district was $202,393,500. This was the first district
to meet its quota. The total subscriptions received amounted to
$210,418,700, oversubscribing the quota by $8,025,200. Of these subscriptions, $201,787,600 were allotted by the Treasury Department.
The number of subscribers was 505,001. Of the 3,098 banking institutions in this district, 3,027, or 97.71 per cent, sent in subscriptions
for themselves and their customers. Of the $210,418,700 subscriptions, $41,408,829.09 was paid in cash, $59,468,500 in Treasury certificates of indebtedness, and $100,910,270.91 by credit on the books of
special Government depositaries.
Schedule 22 shows the quota, subscriptions, allotments, and number
of subscribers, by states, the subscriptions received from each class



20

ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.

of banking institutions, and the methods of payment for subscriptions
to the Victory Liberty loan.
The campaign work in connection with the Victory Liberty loan
was conducted by the Liberty Loan Organization under the supervision
of the Federal Reserve Bank, as w;is done in the case of the four
previous Liberty loans. Mr. D. C. Biggs, Governor of the Federal
Reserve Bank, was chairman of this organization. The Central Committee, of which Mr. William R. Compton was chairman, Mr. Tom K.
Smith, vice-chairman, and Mr. George Oliver Carpenter, Jr., secretary,
was the active administrative body. Tn addition to these gentlemen,
the committee consisted of a chairman for each state, and directors in
charge of the various departments of the organization.
DEPOSITS OF TREASURY FUNDS WITH BANKS AND THEIR WITHDRAWAL.

During the year 52 banks in this district qualified for deposits
arising out of the sale of Victory Liberty loan notes and Treasury
certificates of indebtedness. Adding those qualified prior to January
1, 1919, and deducting those not assenting to Treasury Department
Circular No. 92, as amended and supplemented April 21, 1919, made
a total of 480 Government depositaries at the end of the year.
This bank had custody of all collateral offered as security for these
deposits and performed all duties incident to the deposit and withdrawal of funds, collection of interest, etc. The largest amount of
collateral in its custody at any one time was held on June 4, 1919,
when the securities totaled $100,638,055.31. The largest amount of
deposits outstanding with depositaries at any one time was
$79,235,236.51, on June 5, 1919. The total amount of deposits made
with depositaries during the year amounted to $411,370,232.36, of
which, at close of business December 31st, about $28,058,201.36 was
still outstanding. The interest collected by the Federal Reserve Bank
for account of the United States Government on such deposits during
the year amounted to about $631,668.
WAR SAVINGS STAMPS, THRIFT STAMPS, AND TREASURY SAVINGS
CERTIFICATES.

During the 1919 savings campaign, 118,200 war savings stamps,
with a maturity value of $591,000, and 44,905 thrift stamps, maturity
value $11,226.25, were reported sold by agents in the Eighth Federal
Reserve District. These sales show a material decrease as compared
with the results obtained in 1918.
It is very gratifying, however, to note the stimulating effect produced in this campaign by an issue of registered treasury savings certificates in denominations of $100, and $1,000 maturity value, which
was placed on sale by the Treasury Department the latter part of




ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.

21

July, 1919. To the close of the year, 11,550 of these certificates were
sold, having a maturity value of $2,259,300.
Schedule 23 shows the number and maturity value of the thrift
stamps, war savings stamps, and Treasury savings certificates sold
each month during the year.
The savings campaign during 1919 was under the supervision of
Mr. D. C. Biggs, Governor of this bank. Mr. L. A. Wilson, Government Director of the States of Arkansas, Kentucky, and the greater
portion of Missouri, was in active charge. The sales above mentioned, with few exceptions, were made in these states.
WAR FINANCE CORPORATION.

The transactions on account of the War Finance Corporation greatly
increased during 1919.
In April the War Finance Corporation offered $200,000,000 series
"A," one-year 5°/b gold bonds, dated April 1, 1919, and due April 1,
1920. The Federal Reserve Bank handled the subscriptions to this
issue for this district. The subscriptions received amounted to
$4,247,000. Only 187 of the 3,098 banking institutions in the district
sent in subscriptions for themselves and their customers. Of the
$4,247,000 subscriptions, $4,071,000 were paid in cash and $176,000 in
Treasury certificates of indebtedness. Schedule 24 shows the subscriptions received from each class of banking institution and from
each state, and the methods of payment for the subscriptions to these
bonds.
The Federal Reserve Bank has also attended to the redemption and
cancellation of the maturing coupons from the War Finance Corporation bonds.
During the year $1,654,000 par value of these bonds were repurchased by the War Finance Corporation through the Federal
Reserve Bank of St. Louis. $15,648,000 in various issues of United
States Treasury certificates of indebtedness were also purchased for
account of the War Finance Corporation at various times. These
security purchases have assisted the financial situation through the
assimilation of excess securities carried by banks.
POSITION OF COMMERCIAL BANKS AS A RESULT OF WAR FINANCING.

A total of $201,787,600 of Victory Liberty loan bonds were allotted
to the banks in district No. 8, which, with the $710,804,500 bonds of
the four previous issues, makes a total of $912,592,100 of Liberty bonds
sold in this district. The total amount of certificates of indebtedness
taken by this district to December 31, 1919, was $832,883,000, but pi
these certificates all had matured and been paid by the Government



22

ANNUAL. REPORT OP FEDERAL RESERVE BANK OF ST. LOUIS.

except $134,902,000. These outstanding certificates added to the
amount of Liberty bonds sold, makes a total of $1,047,494,100 of war
obligations outstanding in this district at the end of 1919.
While the banks were urged to purchase the short-term certificates
of indebtedness as issued, they have been discouraged from tying up
their commercial deposits in long-term Government bonds, and the
statistics available show that by far the greater portion of the bonds
sold in this district have been absorbed by the general public.
The thirty-five reporting banks in the five centers, St. Louis, Louisville, Memphis, Little Rock and Evansville, which are the largest
banks in the district, on December 26, 1919, held $5,501,000 of Victory
notes, $14,782,000 of other Liberty bonds and $22,247,000 of certificates of indebtedness, making a total of $42,530,000 war obligations,
which is $29,014,000 less than the amount held by them at the end
of 1918. This would indicate that out of the total of $1,047,494,100
war obligations outstanding in this district, close to a billion dollars
has been absorbed by the public or gone to other districts.
On December 26, 1919, the total investments and loans of these
thirty-five reporting banks, including the paper they had re-discounted
with the Federal Reserve Bank, amounted to $591,306,000. Of this
amount only $79,079,000, or 13 per cent, consisted of Government
war obligations and loans secured by war obligations.
Schedule 25 is a comparative statement showing the changes from
month to month during the year in the principal resources and
liabilities of the thirty-five reporting banks in the five centers above
mentioned.
The total borrowings of all member banks from the Federal Reserve
Bank on December 31, 1919, amounted to $77,679,473.26. Of this
sum, $45,068,227.23, or 58 per cent, was secured by Government war
obligations. At the close of 1918, the total paper discounted with
the Federal Reserve Bank amounted to $70,702,653.85, of which
$53,117,641.50, or 75 per cent, was secured by Government obligations. This shows that a substantial amount of war paper was
liquidated in this district during the year 1919.
GENERAL BUSINESS CONDITIONS DURING 1919.

The year 1919 began with business readjusting itself to peace
conditions and feeling its way cautiously toward an uncertain future.
There was a tendency in some quarters to buy only for immediate
needs, but a tone of optimism prevailed which led most dealers to
anticipate greater activity later in the year. The public at large
cherished the belief that the end of the war would bring lower prices,
and deferred making purchases in expectation of them.



ANNUAL REPORT OF FEDKRAL RESERVE BANK OF ST. LOUIS.

23

However, the accumulated wants resulting from various war restrictions and economies and the strong retail demand consequent on the
return to civil life of great numbers of soldiers created a great need
of merchandise. This, coupled with unusual buying power due to savings during the war, high wages, high prices for farm products, and
also to many released soldiers having a considerable amount of money
to spend, caused the volume of business to grow steadily from month
to month.
It soon became apparent that there was a scarcity of goods. Wholesalers and jobbers were unable to fill the orders of the retailers.
Manufacturers were not prepared to meet the unexpected demands
of the middlemen; they could not secure sufficient raw materials, and
production was further hampered by labor difficulties. The advancing market caused many buyers to order more than they needed, so
as to avoid rising prices, and this kited prices still higher.
A sellers' market developed in which the sellers could practically
make their own terms and allot their products to whom they pleased.
This, naturally, resulted in a considerable shortening of credits, and
collections were exceptionally good. The year closed with production
increased, but still lagging behind the exceptionally large orders
waiting to be filled. As a result of this, there is apparently sufficient
momentum to insure prosperity for several months to come.
The prosperity of the district was due in large measure to the
high prices received for its farm products. While the cotton crop
was short, the fifth short crop in succession, yet the exceptionally
high prices made up to producers in value whatever they might have
lost in quantity. The winter wheat crop, which was expected to be
unusually large, was disappointing, as the quality of the grain was
inferior to last year's. The yield of tobacco was larger than usual,
but the quality was variable. As with cotton, however, prices were
higher than ordinary. The corn crop was somewhat larger than last
year's and also beyond the five-year average. The apple yield was
very satisfactory.
One of the outstanding features of the past year was the general
labor unrest. At the beginning of the year it appeared as though
the demobilization of the soldiers would cause a serious labor surplus,
but the various agencies created to help find positions for the men,
and the fine spirit displayed by many concerns in taking back their
former employees, soon eliminated any possible danger from that
source.
With the rapid development of business, the labor surplus was
converted at the beginning of summer into a shortage. This, together



24

ANNUAL. REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.

with numerous small strikes and other labor difficulties, interfered
with business considerably. While the labor unrest was, to a considerable extent, the reflection of unsettled conditions elsewhere, it no
doubt was also a natural consequence of the reaction to the constraint
and routine of war discipline. However, the district was particularly
fortunate in that it had no serious labor troubles. The strikes of the
steel workers and of the soft coal miners caused no grievous injury
to industry as a whole. Concerns were functioning normally again
soon after the strikes ended.
In spite of the shortage of goods, impaired transportation facilities
and the labor unrest, practically every line of business prospered
during 1919. The business of many concerns was far greater than
they had ever had before, both in volume and value. The increased
money value of transactions resulted in a heavy call upon the banks
for funds, which is evident from their rediscount operations with
the Federal Reserve Bank. Schedule 25 shows the condition of reporting banks in the principal cities of the district throughout the year.
It will be observed that from January 3 to December 26 demand
deposits in these banks increased $50,204,000, time deposits $31,793,000
and total loans and investments $93,684,000. During the same period
the total United States securities owned by these banks decreased
$28,991,000.
The interest and discount rates charged by banks in the centers
did not vary much from 6% during the year. The customary
discount and interest rates prevailing in St. Louis, Louisville, Memphis
and Little Rock each month are shown in Schedule 26.
At the beginning of the year the commercial paper market was
rather dull, with rates at ^A% to 5 ^ % , but it became more active
as business developed and rates tended gradually higher. At the
close of the year, rates had reached 6%, and business was active.
City banks bought very little paper, but country banks, when the
local call upon them for loanable funds was not exacting, were good
buyers.
Firms dealing in bankers' acceptances report a large volume of
business during the year.




ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.

25

EXHIBIT A.—Movement of principal earning assets of the Federal Reserve Bank of
St. Louis, during the calendar year 1919.
[In thousands of dollars: i. e., 000 omitted]
Discounted
paper
secured
)y United
States
W a r obligations

Jan. 3
10
17
24
31
Feb.
7
14
20
28
Mar. 7
14
21
28
Apr. 4
11
18
25
May 2
9
16
23
29
J u n e 6. . . .
13
20....
27. . . .
July 3 . . . .
11....
18. . . .
25....
Aug. 1. . . .
8. . . .
15
22
29....
Sept. 5
12
19. . . .
26....
Oct.
3....
10. . . .
17. . . .
24....
31....
Nov. 7 . . . .
14. . . .
21. . . .
88....
Dec. 5 . . . .
12....
19....
26....

Other
dis-

1 & 2

counted

Per
cent
1H-3

paper

$55,585
56,196
48,537
50.0S8
44,445
41,737
43,025
45,248
49,282
54,968
57,931
77,274
66,536
73,806
73.06S
71,320
71,774
68,052
59,592
56,384
61,625
61,623
53,956
62,903
58,573
56,405
42,634
47,711
46,636
49,853
63,507
59,490
53,513
60,095
51,496
59,552
60,400
57,715
60,181
59,685
58,095
56,966
58,424
53,748
48,297
43,055
45,614
49,151
43,519
36,126
43,601
44,142




$17,258
14,492
13,165
10,883
9,149
8,454
7,279
8,355
9,215
8,343
8,197
8,627
11,820
10,896
9,620
9,325
9,074
9,680
8,003
8,241
8,726
8.350
9,567
10,436
10,070
9,693
11,159
10,490
11,602
10,950
10,732
10.271
9,224
9,458
10,162
10,768
14,?30
19,228
24,357
32,473
32,189
26,059
22,231
23,826
21,977
21,192
23,273
24,150
31,328
31.270
27,621
34,093

Bills
bought
in open

market

$72,843
70,688
61,752
60,971
53,594
50,191
50,304
53,603
58,497
63,311
66,128
85,901
78,356
84,702
£2,688
80,645
80,848
77,732
67,595
64.625
70,351
69,973
63,523
73,339
68,649
66,098
53,793
58,201
58,238
60,808
74,239
69,761
62,737
69,553
61,658
70,320
74,630
76,943
84,538
92,158
90,284
83,025
80,655
77,574
70,274
64,247
68,887
73,301
74,847
67,896
71,122
78,235

76.3
79.5
78.7
82.2
82.0
83.2
85.5
84.4
84.2
86.8
87.6
89.9
84.9
87.1
88.4
88.4
88.8
87.5
88.2
87.2
87.6
88.1
84.9
85.8
85.3
85.3
79.3
82.0
80.1
82.0
85.6
85.3
85.3
86.4
83.5
84.7
80.9
75.0
71.2
64.8
64.3
68.6
72.4
69.3
68.7
67.0
66.2
67.1
58.1
53.6
61.2
56.4

$8,743
8,334
7.493
6.820
8,298
8,649
15,268
17,991
17,455
17,943
17,366
14,278
13.4 53
13,334
11,052
8,476
6,976
4,263
3,806
3,668
4,443
4,264
5,360
4,108
6,893
7,396
8,505
8,973
8,823
8,873
9,842
9,612
9,817
8,500
11,101
15,274
14,918
14,017
11,077
9,106
7,343
7,444
6,213
9,634
18,544
28,581
29,077
33,638
31,149
31,971
37,112
36,936

Total
bills
discounted
and
bought

$81,586
79,022
69,245
67,791
61,892
58,840
65,572
71,594
75,952
81,254
83,494
100,179
91,809
98,036
93,740
89,121
86.824
81,995
71,401
68,293
74,794
74,237
68,883
77,447
75,542
73,494
62,298
67,174
67,061
69,681
84,081
79,373
72,554
78.053
72,759
85,594
89,548
90,960
95,615
101,264
97,627
90,469
86,868
S7.208
88,818
92,828
97,964
106,939
105,996
99,367
108,234
115,171

U. S.
Securi-

ties

$7,721
8,221
8,221
8,221
8,221
8,221
8,222
8,721
9,222
9,222
9,221
10,221
11,221
12,721
13,221
13,221
14,221
14,721
15,343
15,836
15,835
16,335
20.335
17,335
17,830
18,221
18,221
18,221
18,221
18,221
18,221
18,221
18,221
18,221
18,221
18,221
18,221
18,222
18,221
18.221
18,221
18,252
18,252
18,221
18,237
18,229
18,622
18.519
18,453
18,291
18,462
18,369

Total
earning
assets

$89,307
87,24"
77,4f.e
76,015
70,11:
67,061
73,794
80,31'
85,17.1
90,47(
92,71
110,401
103,03
110,75
106,96
102,34
101,04
96,71
86,74
84,12
90,62
90,57
89,21
94,78
93,37
91,71
80,51
85,39
85,28
87,90
102,30
97,59
90,77
96,27
90,98
103,81
107,76
109,18
113,83
119,48
115,84
108,72
105,12
105,42
107,05
111,05
116,58
125,45
124,44
117,6E
126,6$
133,54

26

ANNUAL. REPORT OP FEDERAL RESERVE BANK OP ST. LOUIS.

FEDERALR&ERVEBANKOFSUOUIS

MOVEMENT OFEARNING ASSETS
DURING CALENDAR YEAR 1919.

il
I

UNITEDSTATES SECURITIES.
SO

•

ACCEPTANCES B0U6HT

ll

2S

CO

so
60
40

PERCENTAGE OF WAR PAPER TO TOTALDtSCOUriTS.

TOTAL BILLS DISCOUNTED, -D; AND MR PAPER,'IV;




lOTAL EARNING ASSETS

ao
o

ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.

27

EXHIBIT B.—Movement of gold and cash reserves, Federal Reserve note and net
deposit liabilities, and the reserve percentage of the Federal Reserve Bank of
St. Louis during the calendar year 1919.
[In thousands of dollars: i. e., 000 omitted]

Gold
reserves

Jan. 3.
10.
17.
24.
31.
Feb. 7.
14.
20.
28.
M a r . 7.
14.
21.
28.
Apr. 4.
11.
18.
26.
M a y 2.
9.
16.
23.
29.
June 6.
13.
20.
27.
July 3.
11.
18.
26.
A u g . 1.
8.
15.
22.
29.
Sept. 5.
12.
19.
26.
Oct. 3.
10.
17.
24.
31.
Nov. 7.
14.
21.
28.
Dec. 5.
12.
19.
26.




$86,587
90,562
98,642
96,452
109,928
111,103
107,557
104,882
99,782
95,017
86,90S
68,374
72,925
71,349
78,638
73,762
75,438
82,35]
89,236
101,684
85,851
93,173
85,148
92,546
88,019
84,856
92,970
95,877
92,401
93,299
82,340
84,769
96,787
92,494
93,299
83,696
74,967
74,803
76,415
76,741
84,820
97,295
98,362
106,060
108,059
105,937
103,510
100,948
95,206
106,099
93,109
94,267

Cash
reserves

$88,971
92,863
100,907
98,862
112,486
113,567
109,868
107,114
101.987
97,322
S9.218
70,572
75,080
73,527
80,866
76,010
77,717
84,719
91,672
103,911
88,059
95,482
87,505
95,193
90,908
87,906
96,233
99,438
96,223
1(7,517
S6.834
89,305
101,329
97,014
98,102
88,777
80,239
80,465
82,517
82,729
90,774
103,029
103,896
111,227
112,893
110,781
108,462
105,748
99,950
109,466
95,668
96,507

F. R.
notes
in actual
circulation

$119,139
116,141
112,949
109,126
109.367
109,442
109,282
108,979
108,838
108.431
107,708
107,025
108,015
109,222
107,763
106,357
104,095
105,020
104,081
105,491
103,365
104,180
103,909
103,159
102,740
102,860
104,350
103,883
105,629
104,729
105,109
106,004
106,387
106,260
107,152
108,532
108,039
109,030
113,392
120,420
126,438
128,315
128,611
130,760
135,580
138,282
139,634
141.009
142,049
142,710
147,704
148,452

Net
deposits

$48,120
52,795
54,267
54,427
62,314
59,987
63,064
66,926
66,697
67,200
61,850
61,261
56,568
60,637
65,107
56,350
58,481
59,557
56,920
64,369
56,959
62,933
53,535
67,221
61,722
56,313
52,179
60,281
54,995
59,693
62,682
59,223
64,159
65,324
60,040
62,205
58,025
58,615
60,704
59,494
57,725
61,018
58,052
62,908
61,324
60,495
62,421
67,077
59,343
61,712
52,278
59,038

(3 + 4)

$167,259
168,936
167,216
163,553
171.681
169,429
172,346
175,905
175,435
175,631
169,558
168.276
164,583
169,859
172,870
162,707
162,576
164.677
161,001
169,860
160,324
167,113
157,444
170,380
164,462
159,173
156,529
164,164
160,624
164,422
167,791
165,227
170,546
171,684
167,192
170,737
166,064
167.645
174.096
179,914
184,163
189,333
186,663
193,668
196,904
198,777
202,055
208,0S6
201,392
204,422
199,982
207,490

Ratio of
cash reserves to
net
deposit
and Federal R e serve note
liabilities
combined

ANNUAL 11EPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.

i

FEPERALRESERVEBAtlKOFST.LOUIS
NET DEPOSIT LIABILITY.
r.R. NOTE CIRCULATION.
CASH RESERVES.AHD RESERVERATIO. 1919.

l!

J

\

>—/
A
V

/

RESERVE RATIO, (PERCENTAGEOFC+L)

75
SO
25

it p p
m
m
m m • ii

H• m
mm
m• it

PS

so
25

DEPOSIT'LIABILITY

DEPOSlTArtDF:R.NOTEUABlUTlES;L'./WDTOTALR5SERV5S:C'.




G. \scn\ OCT.\HW\DEC. \

ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.

29

SCHEEULE 1.—Comparative profit and loss statements of Federal Reserve Bank
of St. Louis, including branches, for years 1918 and 1919.
1919
Earnings from—
Bills discounted for members nnd
other Federal Reserve Banks
Bills purchased—acceptances
United States securities
Transfers—net earnings
Deficient reserve penalties
(including interest)
Service and collection
All other
Total

1918

$2,918,462.08
5G4,49r>.64
320,411.78
10,570.02

$2,218,»68.61
226,163.86
89,096.26
48,209.16

52,372.89
18,165.88

52,106.85
11,404.14
5,703.16
26.076.31

3.S84.478.29

2.676,828.35

charges

earnings

Expenses—
[ Operating
Current expenses.. •{ Furn. & equip.
[
charged off . . . .
Federal Reserve Board assessments...
Cost of Federal Resorve currency
Current

$808,783.53

$472,885.40

73,798.23
24,981.38
267,230.12

87,391.10
18,397.54
147,347 07
2,709,685.03

net earnings

Deductions account of—
Reserve for Federal Reserve Board
assessments, J a n u a r y - J u n e , 1920....
Bank premises cost reduced
Depreciation United States securities.
All other
....

1,950,807.24

$ 19,519.44
335,000.00
$172,997.00
11.68

Net earnings available for dividends,
surplus, etc., December 31st
Dividends paid

2,355,153.91
234,659.91

1,777,810.24
404,837.60

Balance transferred to surplus
Surplus previous year

2,120,494.00
1,603,311.22

1,272,972.64
230,338.58

Surplus a t end of year

3,723,805.22

1,603,311.22




30
ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.
SCHEDULE 2.—Comparative balance sheets of Federal Reserve Bank of St. Louis,
including branches, as of December 31, 1918, and 1919.
RESOURCES
Reserve cash—
Gold deposited with F. R. agent
Gold settlement fund
Gold redemption fund against F. R. notes
Gold coin and gold certificates
Sterling gold account
Other lawful money

Deductions from gross deposits—
Exchange for Clearing House
Collection items
National bank notes and bank notes of other
P. R. banks
P. R. notes of other F. R. banks
Unassorted currency
Earning assets—
Bills discounted—members
Acceptances bought
U. S. bonds owned
U. S. Certificates of Indebtedness securing circulation F. R. bank notes
U. S. Certificates of Indebtedness other
Other assets—
Interest accrued U. S. bonds and treasury notes
Deferred charges
Fiscal agent expenses due from U. S. Treasury
Real estate owned
Due from War Finance Corporation
Unmatured Government coupons
Five per cent fund against F. R. bank notes
Overdrafts
Nickels and cents

Total resources
LIABILITIES
Federal Reserve notes—actual circulation
Gross deposits—
U. S. Government deposits
Due to branches (net)
Due to member banks—reserve account
Due to non-member banks—clearing account.
Cashiers' checks
Collection items
Gold settlement fund, suspense account
Foreign government credits

Federal Reserve bank note issue (secured by Certificates
of Indebtedness) actual circulation
Reserves—Sundry expenses
F. R. Board assessments
Depreciation on U. S. bonds

Unearned discount and interest.
Difference account
Capital paid ii.
Surplus
,


http://fraser.stlouisfed.org/
Total liabilities ..
Federal Reserve Bank of St. Louis

Dec. 31, 1919

Dec. 31, 1918

$61,624,715.00
17,887,751.75
6,132,620.00
2,757,127.50
6,172,049.99
2,353,895.50

?66,673,935.00
12,474,094.62
3,369,850.00
4.056,010.00
233,154.97
2.449,950.40

96,928,159.74

89,256,994.89

3,460,255.75
61,717,611.16

1,735,820.86
38,731,733.06

• 818,502.00
1,957,805.00
5,888,621.00

3,921,420.00

73,842,794.90

44,388,973.92

77,679,473.26
32,803,679.36
1,153,400.00

70,702,653.85
7,293,087.96
1,153,400.00

17,068.000.00
170,000.00

6,568,000.00

128,874,552.62

85,717,141.81

181,756.28
17,263.35
105,203.98
355,736.50
1,252.95
111.81
672,800.00
1,046.64
113,486.98

33,499.35
8,551.80
448,223.89

1,448,667.49

826,283.43

301,094,164.75

220,189,394.05

317,400.00
18,608.39

Dec. 31, 1919

Dec. 31, 1918

$145,298,330.00

$120,037,040.00

2,352,383.96

3,333,007.84
2,178,523.27
52,830,678.18
201,070.66
1,750,667.31
20,425,347.21
7,484,495.01

72,282,788.29
348,498.66
199,436.62
30,981,102.37
22,401,610.62
3,397,820.65
131,963,641.07

88,203,789.46

15,498,324.00

6.216.000.00

56,180.04
19,519.44
172,997.00

172,997.00

248.696.48

178,895.75

296,691.41
226.57

149,980.73
776.89

296,917.98

150,767.62

4,064,460.00
3,723,805.22

3,799,600.00
1,603,311.22

7,788,255.22

5,402,911.22

301,094,164.75

220,189,394.05

6,898.75

SCHEDULE 3.—Volume of the different classes of paper discounted for member banks by the Federal Reserve Bank of St. Louis and its
branches during the year 1919 (exclusive of paper rediscounted for other Federal Reserve banks, and bankers' acceptances purchased).
St. Louis
Parent Bank
Member banks' collateral notes secured by Government war
obligations
Member banks' collateral notes otherwise secured
Customers' paper secured by Government war obligations
Agricultural and live stock paper
Trade acceptances
Other discounts
Totals

Louisville

Branch

Memphis
Branch

Little Rock
Branch

Totals

$1,114,790,f>65.50
3,742,500.00
15,917,031.29
3.347.025.9S
2,716,646.92
111.008,829.43

$431,383,303.03
65,(100.00
2,999,247.83
15,000.00
806,902.86
31,216,531.30

$237,353,039.63
235,000.00
12,081,996.46
550,007.61
2,140,370.71
33,934,845.84

$78 036,565.00
850,048.65
2,2S2,259.51
12,473,447.07

$1,862,163,473.16
4,042,500.00
33,082,706.47
4.762,082.24
7,946,180.00
188.633,653.64

1,251,522,599.12

46C,4S5,9S5.02

286,295,260.25

90,326,751.1!

2,100 C::0.595.51

SCHEDULE 4.—Volume of paper discounted by Federal Reserve Bank of St. Louis, including branches, for member banks in each state each
month, and the number of different banks in each state discounting during the year 1919.
March

April

May

January

February

Arkansas .
Illinois . . .
Indiana . .
Kentucky .
Mississippi .
Missouri . .
Tennessee .

$8,664,964.10
1,630,200.00
4.299,595.37
16,946,854.25
844,421.05
88,691,338.02
18.223.661.84

$9,308,166.78
2,206,696.50
3,817,300.00
4,825,500.00
692,166.02
80.551,218.93
14,177,826.63

$11,95^.488.97
6,721,783.10
4,310.848.04
27,957,600.00
714,327.13
111,904,956.79
21,661,036.83

$12,891,645.04
7,109,549.SI
3,737,700.00
26,911,550.00
769,639.26
122,800,563.43
23,916,426.86

$15,861,001.70
4,207,850.00
3,895,100.00
40,063,027.36
3,687,961.63
116,651,373.81
21,899,239.46

$13,349,045.94
5,507,878.60
2,401,700.00
40,335,950.00
749,000.00
88,091,746.81
20,608,288.86

$11,256,595.45
5,248,000.00
2,727,498.17
32,692,587.46
855.000.00
73,913,661.04
20,133,814.97

Totals

119,201,034.63

11S.C77.864.86

185,126,940.66

197.127,063.39

206,166,643.86

171,043,610.21

146,827,157.09




SCHEDULE 4.—Volume of paper discounted by Federal Reserve Bank of St. Louis, including branches, for member banks in each state each
month, and the number of different banks in each state discounting during the year 1919—Continued.

August

September

October

November

December

' Total amount
discounted
during 1919

Total
different
banks
discounting

Total
member
banks
Dec. 31,
1919

Arkansas
Illinois
Indiana
Kentucky
Mississippi
Missouri . . Tennessee

$12,440,247.28
3,412,500.00
2,985,013.46
45,961,935.28
814,663.34
70,499,964.45
16,305,959.02

$18,807,283.13
6,979,970.16
4,230,199.99
49,145,426.38
1,195,187.56
101,606,405.84
26,400,227.09

$16,896,237.08
8,841,400.00
3,988,342.87
68,548,570.49
1,843,435.37
92,643,207.33
27,517,826.57

$10,143,497.30
7,637,272.05
3,977,512.30
64,128,106.95
1,465,000.00
69,093,118.82
23,766,256.30

$12,076,818.07
9,955,682.18
4,960,698.63
45,033,176.86
1.714,086.S6
87,213,359.06
18,425,792.71

$153,651,990.84
69,357,782.40
45,331,508.83
461,550,185.02
15,336,868.09
1,102,465,904.33
252,936,356.00

65
93
23
36
7
65
16

104
168
66
66
15
98
23

Totals

152,420,282.83

208,364,700.14

220,286,019.71

180,110.763.78

179,379,014.30

2,100,630,595.51

305

540

SCHEDUIE 5.—Paper rcdiscountcd by Federal Reserve Bank of St. Louis for other Federal Reserve Banks each month during 1919 (exclusive
of bankers' acceptances purchased from other Federal Reserve Banks).

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




Discounts acquired from
Philadelphia P. R. Bank

Discounts acquired from
Richmond P. R. Bank

$5,000,000

$5,000,000

$10,000,000

20,000,000
61,709,000
10,000,000

10,000,000
30,000,000
20,000,000
51,709,000
10,000,000

10,000,000
30,000,000

8,500,000

8,600,000
53,500,000

86,709,000

140,209,000

SCHEDULE 6.—Discount rates of Federal Reserve Bank of St. Louis during 1919.
Rates in effect:
Member banks' 15-day collateral notes:
Secured by Liberty bonds or certificates of indebtedness
Secured by Liberty bonds, Victory notes or 4%% certificates of indebtedness
Secured wholly by 4 % % certificates of Indebtedness
Secured by Liberty bonds or Victory notes
Secured by certificates of Indebtedness
Secured by War Finance Corporation bonds
Secured by bills receivable
Rediscounts:
,
Secured by Liberty bonds or certificates of Indebtedness—
15 days or less
16 to 90 days
Secured by Liberty bonds. Victory notes or 4(4% ctfs. of Indebtedness, 90 days or less.
Secured whclly by 4%% certificates of Indebtedness, 90 days or less
Secured by Liberty bonds or Victory notes, 90 days or less
Secured by certificates of indebtedness
Secured by War Finance Corporation bonds—
16 days or less
16 to 90 days
Commercial paper—
16 days or less
16 to 90 days
Agricultural or livestock paper—
IB days or less
16 to 90 days
91 days to 6 months
Trade acceptances—
16 days or less
16 to 90 days

Bankers' acceptances purchased at the market rate, subject to agreement.




J a n . 1, 1919

Apr. 4, 1919 June 5,1919 Nov. 7, 1919

Dec. 19,1919

4",

4%%
4%%
6%%
4%%

•i,;
4%
4 V* %
4 M) %
4 ' • , ' . - ;

4%%

5%

6%

5%%
*%
4*4%

4%

4%

4%

4%
4%%

4%
4%%

4%
4%%
4%
4%%
4%

4%%

4%%
4%%
4%%

4Mi%

SCHEDULE 7.—Bankers' acceptances purchased in open market and from other Federal Reserve Banks each month during 1919.

Month

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

By St. Louis
parent bank
from member banks

By parent
bank from
dealers in
St. Louis
market

$2,011,911.76
5,850,344.71
5,292,814.22
2,399.487.59
1,961,980.61
4 909 253 61
5,173.688.22
4,624,853.40
4,637,732.14
411,722.44
3 026 965.80
4,558,757.86

$6,786,763.35
1,609,264.76
3,665,052.82
2,599.886.08
3,334.667.90
3,775 318 44
2,272,286.15
2,844,955.78
2,522,407.86
3,110,301.75
2,227,938.59
822,995.00

44,859,512.26

35,571,838.48




By Louisville
branch from

members

$923,079.49
32.300.00

48,088.17
70,432.10
1,073,899.76

By Little
By Memphis Rock branch
branch from
from
members
members

Through
Federal Reserve Bank
New York

Direct from
Federal Reserve Bank
Xew York

$1,401,214.70
3,846,184.39

$40,000.00
44,341.72
100,167.91

Direct from
Federal ReBerve Bank
Boston

15,117,718.43
6,061,119.16

$10,199,889.81
16,416,813.46
9.925.288.25
6.353.983.32
5 546,648.51
8,684,571.95
7,445,974.37
7 469,809.18
7,213,274.79
8,624,354.83
30,499,436.83
10,442,872.02

25,249,857.19

127.822.917.32

$5,071,019.60

222,141.74
250.000 00

63,134.79
36,859.48

$3,331.12

274,503.90

3,331.12

$5,014,051.87
10,056,381.91
5.719,540.83

15,070,433.78

Totals

ANNUAL, REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.
SCHEDULE 8.-

35

-Banks admitted to membership in Federal Reserve Bank of St. Louis,
and banks consolidated, liquidated, etc., during 1919.
NEW NATIONAL BANK MEMBERS.

Name

First National Bank
First National Bank
Arkansas National Bank
First National Bank
First National Bank
St. Clair National Bank
Waltonville National Bank
National Bank of Munfordville
First National Bank
First National Bank
First National Bank
First National Bank
First National Bank

Location

Black Rock Ark . .
Dardanelle, Ark
Heber Springs, Ark
Lake Village, Ark
Lepanto, Ark
Belleville, 111
Flora, 111 .
Waltonville. Ill
Munfordville, Ky
Russell Springs, Ky
Perryville, Mo
Stoutland, Mo
Sweet Springs, Mo

Paid-in
capital when
admitted

$25,000
25,000
25,000
25,000
19,250
150,000
65,000
30,000
25,000
25,000
50,000
25,000
25,000
50,000

Surplus
when
admitted

$2,500
2.500
2,500
4,000
3.500
30.000
4,000
3.000
2,500
5,000
4,000
5.000

STATE BANKS AND TRUST COMPANIES ADMITTED TO MEMBERSHIP DURING 1919.

Name

Desha Bank & Trust Co
Citizens Bank & Trust Co
Union Bank & Trust Co
Dardanelle Bank & Trust Co
Merchants & Farmers Bank
Bank of Commerce
Citizens Bank & Trust Co
Chicot Bank & Trust Co
W. B. Worthen & Co., Bankers
Columbia County Bank
Farmers Bank & Trust Co
Cotton Belt Savings & Trust Co
First State Bank
Warren Bank
Belleville Savings Bank
Union Trust & Savings Bank
State Bank of Lebanon
Clay County State Bank
Union Trust Co
Lincoln Savings Bank & Trust Co
Farmers & Commercial Savings Bank..
Bank of Maplewood
Bank of Versailles
Bank of Waynesville
First State Bank
Farmers & Merchants Bank
Citizens Bank

Location

Arkansas City, Ark
Batesville, Ark
Batesville, Ark
Dardanelle, Ark
Dumas, Ark
El Dorado. Ark
England, Ark
Lake Village, Ark
Little Rock, Ark
Magnolia, Ark
Magnolia, Ark
Pine Bluff, Ark
Warren, Ark
Belleville, 111
E. St. Louis, 111
Lebanon, III
Louisville, 111
Madison, 111
Louisville, Ky
Clayton, Mo
Maplewood, Mo
Versailles, Mo
Waynesvllle, Mo
Brownsville, Tenn
Dyer, Tenn
Dyersburg, Tenn

Capital
and surplus
when
admitted

Total
resources
when
admitted

$200,000.
62,500
84,000
60,000
63,250
55,000
110,000
121,000
400,000
61,500
78,000
140,000
51,500
96.000
550,000.
250,000
55.000
32,500
50,000
600,000
82,500
56.050
82,000
30,000
200,000
58,941
100,000

$1,134,163
505,775
879.276
424,880
314.424
55,000
465,912
796,388
1.876.494
569,271
757,673
901,561
805,616
495,019
4.239,859
2,470,781
288,931
192.067
60,000
3,117.261
82.600
473.097
577,984
562.378
1,291.310
331,18*
866.281

MEMBER BANKS CONSOLIDATED DURING 1919.

Union Trust Co. and Mercantile Trust Co., both of Little Rock, consolidated
under title of Union & Mercantile Trust Co.
American Southern National Bank. National Bank of Commerce, and National
Bank of Kentucky, all of Louisville, Ky., consolidated under title of
National Bank of Kentucky.
First National Bank and Farmers National Bank, both of Mayfield, Ky., consolidated under title of First National Bank.
St. Louis Union National Bank, Mechanics American National Bank, and Third
National Bank, all of St. Louis, Mo., consolidated under title of First National Bank in St. Louis.



og

ANNUAL REPORT OP FEDERAL RESERVE BANK OF ST. LOUIS.

SCHEDULE 8.—Banks admitted to membership in Federal Reserve Bank of St. Louis,
and banks consolidated, liquidated, etc., during 1919—Continued.
.STATE BANKS WITHDRAWN FROM MEMBERSHIP DURING 1919
Disposition

Location

Name
Fanners & Merchants Bank

Hickman, Ky

St. Louis Union Bank

St. Louis, Mo

Surrendered membership.
Converted Into St. Louis
Union National Bank.

NATIONAL BANKS LIQUIDATED DURING 1919.
Name

Location

Army National Bank
First National Bank
First National Bank

Heber Springs, Ark

American National Bank

Little Rock, Ark

First National Bank

Polo, Mo

First National Bank

Covington, Tenn

Disposition

Absorbed by American
National Bank of Little Rock.
Absorbed by a State
bank.
Absorbed by a State
bank.
Absorbed by a State
bank.
Succeeded by a trust
company.
Succeeded by a State
bank.

SCHEDULE 9.—National batiks granted fiduciary pozvcrs during 1919, undc Section
11 (k) of the Federal Reserve Act, as amended by the Act of September 26. 1918.
First National Bank, Batesville, Ark.
Farmers National Bank, Princeton,
Merchants National Bank, Fort Smith,
Ind.
Ark.
Peoples American National Bank,
Arkansas National Bank, Hot Springs,
Princeton, Ind.
Ark.
First National Bank, Seymour, Ind.
Citizens National Bank, Hot Springs, Seymour National Bank, Seymour, Ind.
Ark.
Citizens National Bank, Danville, Ky.
England National Bank, Little Rock, Farmers National Bank, Danville, Ky.
Ark.
First National Bank, Harrodsburg, Ky.
First National Bank, Newport, Ark.
Anderson National Bank, LawrenceState National Bank, Texarkana, Ark.
burg, Ky.
Edwardsville National Bank, Edwards- Lawrenceburg National Bank, Lawville, 111.
renceburg, Ky.
Farmers & Merchants National Bank, Louisville National Banking Company,
Nashville, 111.
Louisville, Ky.
First National Bank, Nashville, 111.
National Bank of Kentucky LouisFirst National Bank, O'Fallon, 111.
ville, Ky.
First National Bank, Sparta, 111.
City National Bank, Paducah, Ky.
First National Bank, Vandalia, 111.
First National Bank, Carrollton, Mo.
First National Bank, Farmersburg, Ind. Hannibal National Bank, Hannibal, Mo.
First National Bank, Jeffersonville, Citizens National Bank, Kirksville, Mo.
Ind.
First National Bank, Ridgeway, Mo.
New Albany National Bank, New Al- State National Bank, St. Louis, Mo.
bany, Ind.
National banks granted additional fiduciary pozvers under the Amendment of
September 26, 1918, to Section 11 (k) of the Federal Reserve Act.
Citizens National Bank, El Dorado, First-Hardin National Bank, ElizabethArk.
town, Ky.
First National Bank, Belleville, 111.
First National Bank, Hopkinsville. Ky.
Ricker National Bank, Quincy, 111.
National Bank of Commerce, St. Louis,
Old State National Bank, Evansville,
Mo.
Ind.



ANNUAL. REPORT OP FEDERAL. RESERVE BANK OF ST. LOUIS.
SCHEDULE 10.—Amount of each denomination of Federal Reserve notes issued by
Federal Reserve agent to Federal Reserve Bank of St. Louis each month during
1919.
Tens

Twenties

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

$400,000
1,040.000
1,255,000
1,100,000
1,460,000
2,680,000
3,200,000
4,700,000
6,640,000
6,820,000
4,100,000
2,300,000

$1,320,000
1,240,000
2,170,000
960,000
1,920,000
1,320,000
2,640,000
5,440,000
7,400,000
6,480,000
5,400,000
3,600,000

$680,000
1,760,000
1.909,000

Totals

35,695,000

35,890,000

44,500,000

One
Thousands

Five
Hundreds

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

100,000

11—Federal

Reserve

400,000
1,200.000
100,000
200,000
300,000

7,650.000

3,900,000

Ten
Thousands

$250,000

100,000

350,000

200,000

outstanding

$100,000
400.000
1,000,000
200,000

100,000
300,000
350,000

$200,000

1,340,000

notes

Hundreds

$200,000
500,000
1,250,000
1,000,000
1,550,000
1.200,000
1,200,000

50,000
100,000
90,000
300,000
200.000
100.000

70,000
80,000
100,000

500,000

SCHEDULE

Five
Thousands

$200,000
100,000
100,000
100,000

$150,000

3,040,000
1,040,000
5,120,000
1,360,000
5.600,000
8,720,000
8,1)80,000
7,200,000

Fifties

December

31,

$2,600,000
5,090,000
7,425,000
4,160,000
8,270,000
6,240,000
12,810,000
12,800.000
20.000,000
22,900,000
18,530,000
13,200,000
134,025,000

1918. issued,

returned and redeemed during 1919, and outstanding December 31, 1919.
Outstanding
December
31, 1918

Fn ea
Tens
Twenties
Fifties
One hundreds
Five hundreds
One thousands
Ftve thousands
Ter thousands)
Totals

Issued and
re-i3sued
during 1919

Returned
by b a n k
during 1919

Redeemed
during 1919

Outstanding
December
31. 1919

$23,814,385
42,342,320
52,856,720
6,159,950
3.946.500

$35,695,000
39,890,000
44,500,000
7,650,000
3,900,000
500,000
1,340,000
200,000
350,000

$1,165,000
3,210,000
5,600,000
2,400,000
1,500,000
100,000
140,000
100,000
100,000

$22,317,580
30,384,220
28,176,320
2,373,600
850,700
2,500
6,000

5<36,O26.8O5
48.638,100
63,580.400
9,036,350
5,495,800
397,500
1,194.000
100.000
250,000

129,119,875

134,025,000

14,315,000

84,110,920

•164,718,955

•$17,589,880 of F e d e r a l Reserve notes were held by t h e F e d e r a l Reserve Bank a n d i t s
branches a n d $1,830,745 were in t r a n s i t to AVashington for redemption, leaving $145,298,330
in a c t u a l circulation a t end of t h e year.




38

ANNUAL, REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.

SCHEDULE 12.—Comparative statements of Federal Reserve agent's accounts as of
December 31, 1918, and 1919.
RESOURCES
Federal Reserve notes on h a n d . . . .
Federal Reserve notes outstanding.
Discounted paper pledged to secure
Federal Resoive notes
Oold deposited to secure Federal
Reserve notes—
In hands of Federal Reserve
agent
In Federal Reserve .igent'p
fund at Washington
In gold redemption fund at
Washington
Unfit notes redeemed and destroyed
by Comptroller (total)
Total

December 31, 1918

December 31, 1919
$21,500,000.00
164,718,955.00

$2,990,000.00
129,119,876.00

110,358,070.82

75,085,896.33

$4,000,000.00
53,930,600.00

$64,130,600.00

3,694,115.00

2,643,335.00

6-i 673 93ft 00

113,381,045.00

29,270,125.00

471,582,785.82

303,139,831.33

299,600,000.00

161,380,000.00

110,358,070.82
61,624,715.00

75.085,896.33
66,673,935.00

471,582,786.82

303.139,831.33

LIABILITIES

Federal Reserve notes received
from Comptroller (gross)
Collateral received from Federal
Reserve Bank—
Discounted paper
Gold
Total

SCHEDULE 13.—Federal Reserve notes received from other Federal Reserve Banks
for redemption or credit and returned to other Federal Reserve Banks for
redemption or credit by Federal Reserve Bank of St. Louis during 1919.
Federal Reserve Bank of—

Received from

Returned to

Boston
New York . . .
Philadelphia .
Cleveland . . .
Richmond . .
A tlanta
Chicago . . ..
Minneapolis .
Kansas City .
Dallas
San Francisco

$1,207,350
7,747,100
1,526,500
1,993,200
2,582,000
8,802,075
13,102,000
953,500
8.200,400
2,805,705
1,660,095

$1,098,565
10,234,335
2,037,755
6,237,965
2,705,855
9,518,855
25,107,085
1,871,705
9,093,880
5,495,840
2,157,445

Totals .

50,469,925

75,559,285




ANNUAL. REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.

39

SCHEDULE 14.—Federal Reserve bank notes outstanding December 31, 191S, issued
and redeemed during 79/9, and outstanding December 31, 1919.
Outstanding New circulaDecember
tion issued
31. 1918
in 1919

Ones
Twos
Fives
Tens
Twenties

New notes
issued in
1919 to
replace
unfit notos
redeemed

$3,213,150
996,700
1,236,750
993,400

$5,824,000
1.512,000
3,260,000

$4,604,000
224,000
480,000

6,440,000

10,596,000

6,708,000

400,000

Total

Unfit potts
redeemed
during 1919

Outstanding
December
31, 1919

$2,496,998
687,002
2.639,400
512,600

$11,144,152
2,145,698
2.437,360
480,800
400,000

6,136,000

•16,608,000

•$1,109,676 of Federal Reserve bank notes were held by the Federal Reserve Bank and
its branches, leaving $15,498,S24 of bank notes in actual circulation at end of the year.

SCHEDULE 15.—Number and amount of the various classes of clearing items handled
by Federal Reserve Bank of St. Louis and each of its branches each month
during 1919.
CHECKS ON LOCAL, BANKS.
Little Rock

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

18,894
22,199
38,725
29,158
30,461
30,485
31,324
31,233
34,443
39,261
36,639
41,871

$10,239,288.61
11,479,191.94
14,573,493.29
13,437,474.74
14,602,227.89
14,224,971.16
13,695,036.49
14,869,400 85
18.491,136.88
28,306,492.97
26,368,375.42
29,342,978.80

48,292
42,990
62,490
57,473
57,478
60,007
59,474
66,290
68,332
67,303
70,599
101,840

$68,206,111.68
65,663,363.59
66,337,711.67
64,F39,236.52
62.543,471.25
55,761,316.48
50,218,069.21
49,100,786.15
66,965,152.50
62.187,499.43
57.924,099.33
68,132,292.75

Total

384,693

209,620,069.04

752,568

707,578,107.66

Memphis
Number
January...
February- •
March
April
May
June
July
August
September
October...
November.
December.

38,526
33,428
46,954
40,875
45,108
46,064
47,247
46,712
50,903
57.532
65,941
64,884

$29,298,045.48
20,708,369.63
26.471,470.23
24,003,582.37
26,776,344.12
26,991,094.SO
25,785,283.22
24.723.502.86
31,064,169.15
60,331,858,28
56,382,027.67
54,374,067.68

133,904
124,153
194,640
152,132
154,864
154.255
159,038
150,993
170,855
196,499
178,470
224,062

$212,546,667.08
178.329,436.83
223,851,683.12
210.625,851.92
226,269,670.77
244,884,074 54
222,983,731.21
238.688,788.17
273,380,583.42
300,001,771.35
239,308,398.50
297,664,220.66

239,616
222,770
342,809
279,638
287.911
290,811
297,083
295,228
314,533
360,595
341,649
442,657

$329,289,002.85
266.180,361.99
331,234,358.31
302,606,144.66
329,191,714.03
341,861,455.41
312.582,120.13
327,382,477.0*
379,901,041.95
440,827,622.03
379.972,900.92
449,513,559.89

Total.

574,174

396,909,814.99

2,003,865

2,867,534,767.57

3,715,300

4,181 542,759.16




40

ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.

SCHEDULE IS.—Number and amount of the various classes of clearing items handled
by Federal Reserve Bank of St. Louis and each of its branches each month
during 1919—Continued.
CHECKS ON OTHER BANKS IN THIS DISTRICT.
Louisville

Little Rock

Number

March. . . .
April
May
June
July
September.
October. . .
November.
December.
Tota
Memphis

Number

J a n u a r y . . . 38,958
February..
30,048
March
54,672
April
54,186
May
56,815
June
56,787
July
62.S05
August. . . . 68,358
September.
79,220
October. . . 102,018
November. 124,432
December. 153,950
Total.

891,249

Amount

$5,432,165.01
4,501,440.34
6,044,128.84
5,619,682.87
5,961,501.92
6,204.071.00
5,981,405.06
6,787,907.40
8,916,803.50
15,163,018.18
16,527,105.69
17,725,145.97
104,864,375.78

Amount

Number

Amount

32,514
48,095
69,929
77,312
83,681
79,427
79,809
81,345
88,703
118,996
125,381
158,010

$4,352,864.96
5,213,679,99
6,733,612.13
7,720,347.OS
7,894,021.46
7,087,584.54
6,918,291.56
7,511,671.62
9,379,471.46
14,711,113.18
15,046,621.17
17,737,926.54

127,299
109,560
133,924
129,592
132,094
133,642
148,154
147,820
168,158
187,637
189,398
234,091

$14,098,106.28
11,624,591.47
14,932,617.32
12,747,480.75
14,011,687.45
14,317,074.91
14,098,346.27
14.601,576.13
17,402,253.31
18,408,860.76
17,853,625.15
29,522,214.67

1,043,202

110,307,205.69

1,841,369

193,618,334.47

St. Louis

Number

Amount

Total

Number

Amount

485,984 '
465,999
623,030
639,482
657,204
700,851
748,414
809,298
877,470
1,004,914
946,467
1,151,731

$61,921,192.75
54,125,190.69
72,242,728.03
68,703,572.28
71,210,163.53
69.883.463.63
73,788,140.05
87,163,261.83
97,879,672.23
104,053,859.69
101,408,678.10
122,811,214.73

684,755
662,702
881,555
900,572
929,794
970,707
1,039,182
1,106,821
1,213,551
1,413,565
1,385,678
1,697,782

$85,804,329.00
75,464,902.49
99,953,086.32
94,791,082.98
99,077,374.36
97,492,194.08
100.786,182.94
116,064,416.98
133,578,200.50
152,336,861.81
150,835,930.11
187,796.601.91

9,110,844

985,191,137.54 12,886,664

1,393.981,053.48

CHECKS ON BANKS IN OTHER DISTRICTS.
Little Rock

Number

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




3,972
5,054
6,057
4,569
1,321
1,486
1,650
2,381
2,378
2,211
2,540
3,692

$745,053.55
1,133,471.23
1,186,053.73
756.907.88
622,317.56
683,202.63
577,775.22
400.126.8S
677,064.82
986.115.14
699,882.97
669,468.44

1,565
1,347
4,908
1,769
2,105
2,552
1.664
2.266
5,824
3,539
3,663
7,854

$556,425.95
?09,574.10
1,417,084.48
535,514.39
2,680,927.31
1,513,130.19
302,912.53
331,494.37
3,662,176.99
1,393,776.77
1.789,799.78
3,502,406.13

37.311

9,137,440.05

39,056

17,995.222.99

ANNUAL REPORT OP FEDERAL RESERVE BANK OF ST. LOUIS.

41

SCHEDULE 15.—Number and amount of the various classes of clearing items handled
by Federal Reserve Bank of St. Louis and each of its branches each month
during IQIQ—Continued.

Number

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

Total

St. Louis

Memphis
Amount

Number

Amount

Number

Amount

1,267
2,207

$67,051.91
109,066.43
162,943.08
110,415.37
298,684.40
270,286.00
158,817.58
87,974.31
329,315.11
463,179.20
504,654.01
885,050.80

12,142
11,510
15,041
14,981
16,054
16,559
19,213
20,229
19.0S7
15,627
16,705
18,992

$19,497,294.82
8,164,845.70
6,948,197.61
6,237,793.35
9,719,407.49
7,575.934.01
7,157,181.25
11,183,118.38
10,287,739.24
9,204,360.22
S,645.281.16
10,936,232.09

18,197
18,237
26,345
21,939
19,864
21,260
23,157
25,447
27,849
22,094
24,175
32,745

$20,865,826.23
9,716,957.46
9.714,278.90
7,640,631.45
13,321,336.76
10,042,552.83
8,196,686.58
12,002,713.94
14,956,296.16
12,047,431.33
11,639,617.92
15,993,157.46

8,822

3,417,438.70

196,120

115,557.385.32

281,309

146,137,487.06

518
326
339
640
484
563
630
571
560
717

CHECKS AND WARRANTS ON UNITED STATES TREASURER.
Little Rock

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

3,350
6,274
8,264
9,155
7,803
6,594
5,903
5,557
5,339
6,459
6,380
4,987

$510,673.56
1,059,811.99
1,012,037.44
2,543,796.80
2,574,679.40
2.426,652.23
3,418,356.27
1,996,790.90
1,648,777.74
2,230,351.91
2,190,141.15
3.403,201.10

2,407
3,885
6,366
8 952
7^49
4,599
7,955
22,019
17,508
25,443
24,083
14,489

$3,018 502.92
3,024 936.51
3,221 425.83
2,694 554.59
3,526 569.2?
4,424 002.39
7,322 679.29
3,458 S62.38
2,705 492.40
3.549 302.82
3,730 874.05
6.631. 105.28

Total

76,065

25,015,270.49

145,155

47,308,307.68

Memphis

St. Louis

Number

Amount

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

16,567
12,095
17,771
23,338
18,110
14,322
13,257
10,539
10,388
10,367
8,839
8.593

$1,376,529.98
1,398,535.30
1,006,380.41
1,509,147.57
2,508,093.47
3,850,606.64
2,306,251.33
994,075.67
2,389,496.34
1,243,637.45
1,309,002.09
2,287,316.99

202,027
172,888
207,990
278,669
203,209
133,392
111,381
102,272
96,661
14S.245
111,323

Total..

165,186

22,179.073.24




72,899

$29,151,039.14
25,621,637.92
21,277,345.36
18,604,226.29
16,463,295.80
10,417,019.33
13.462,451.33
13,881,845.75
9.935,941.87
8,513,584.41
10,697,443.52
14,346,087.93

224,351
196,142
240.391
320,114
235,571
159,907
138,496
140,387
129,896
187,514
150,625
100,968

$34,056,745.60
31,104,921.72
26,517,189.04
25,352,725.25
25.072,639.89
21,118,278.59
26,509,738.22
20,331,574.70
16,678,708.35
15,536,876.59
17.927,460.81
26,667,711.30

1,837,956

192,371,918.65

2.224.362

286,874.570.06

42

ANNUAL, REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.

SCHELULE 16.—Number and amount of collection items handled by the Federal
Reserve Bank of St. Louis and each of its branches each month during 191Q.
Little Rork

Number
of items

Month

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

Number
of items

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

208
180
142
162
298
253
429
462
562
922
1,202
1,321

Total. .

6,141

$482,170.87
304,008.89
2S5.865.80
724,830.51
474,398.58
870.254.50
1,432,050.31
970,760.09
984,520.41
4,124,274.65
5,160,889.54
3,848,441.03
19.662.465.18

Amount

$271,540.49
166,929.51
323,787.47
235,401.11
408,008.24
410,191.20
754,250.08
534,791.89
654,253.10
754,704.28
1,311,161.62
1,833,199.78

1,385
433
301
614
508
474
613
389
344
559
631
770

$836,372.54
449,941.23
966.832.50
698,414.82
1,001,240.71
711,175.35
1,188,716.73
V94.228.45
544,650.04
693,453.68
1,719,820.44
2,090,350.11

3,604

7,658,218.77

7,021

11,695.196.60

t. Louis

Amount




Number
of items

so
134
1,435
134
167
192
186
210
216
241
318
295

Memphis

Month

Amount

L o i 1 sville

Number
of items

Amount

Total

Number
of items

Amount

1,305
1,637
917
821
992
1,103
1,199
1,316
1.475
2.059
2,284
2,498

$917,359.25
2,975,846.68
3,184,288.06
2,057,961.27
2,886,269.74
4.752,556.27
3,362,486.70
3,548,666.95
3,886,868.03
7,186,674.21
6,928,764.60
6.553,544.61

2,984
2,384
2,795
1,731
1,956
2,022
2,427
2,377
2,597
3,781
4,435
4,884

$2,507,443.15
3,896,726.31
4,760,773.83
3,716,607.71
4,769,917.27
6,744,177.32
6,737,503.82
5.848,447.38
. 6,070,291.58
12,759,106.82
15.120,636.20
14,325,535.53

17,606

48,241,286.37

34,372

87,257,166.92

ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.

43

SCHEDULE 17.—Number and amount of coupons from United Stales securities
handled by the Federal Reserve Bank of St. Louis and each of its branches
each month during 1919.
Little Rock
Number
coupons
handled

Month

January. . .
February. .
April
June
July
September.
October...
November.
December.
Total

dumber
coupons
handled

Amount

Number
coupons
handled

Amount

3,130
4,059
13,118
28,044
28,166
16.256
9,888
6,760
17,881
32,875
29,419
37,664

$5,472.66
6,113.87
30,736.28
68,171.97
80,960.31
39,805.35
21,891.61
11,778.57
41,692.67
79,253.89
82 029.13
149,845.99

19,801
6,417
57,994
137,069
95,032
53,620
37,379
19,172
74,360
164,453
95,276
126,044

$75,372.35
18,643.28
256,302.97
535,900.24
461,784.70
238,844.39
132,935.20
46 169.40
319,998.78
743,240.84
456,690.56
828,959.38

227,260

617,752.30

886,617

4,114,842.09

Memphis

Month

Amount

Louisville

St. Louis

Number
coupons
handled

Amount

Total

Number
coupons
handled

Amount

14,003
7,225
26,036
56,617
39,829
31,145
17,591
10,333
28,373
55,344
46,938
63,816

$45,474.20
20,020.33
87,514.98
215,531.98
156,207.31
113,881.86
55,719.99
27,610.00
92,185.75
217,546.52
177,070.72
330,090.69

116,017
50,883
346,583
654,208
164,852
247,658
147,290
87,240
332,520
674,158
448,135
572,724

$313,531.80
105,343.57
1,245,582.67
2,101,252.81
1.623.634.35
892.301.93
384,654.42
178,410.72
1,223,902.42
2,385,019.73
1,654,063.65
3,043,408.77

152,951
68,584
443,731
876,938
627.879
348,679
212,148
123,505
453,134
926,830
619,768
800,248

$439,851.01
150,121.05
1,620,136.90
2,920,857.00
2,322,586.67
1,284,833.63
595,201.22
263,968.69
1,677,779.62
3,425,060.98
2,369,854.06
4,352,304.83

Total. . 397,250

1,538,154.33

4,142,268

15,151,106.84

5,653,395

21.422,555.56

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




ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.

44

SCHEDULE 18.—Total debits and credits of Federal Reserve Bank of St. Louis
through gold settlement fund in Washington for each zveek during 1919, and
the balance to its credit on the dates shozun.
For week
ending

Jan.

3.
10.
17.
24.
31.
Feb. 7.
14.
20.
28.
Mar. 7.
14.
21.
28.
A pr. 4.
11.
18.
25.
May 2.
9.
16.
23.
29.
June 6.
13.
20.
27.
July 3.
11.
18.
25.

Balance December 27. 1918.

15.
22.
29.
Sept. 5.
12.
19.
26.
Oct. 3.
10.
17.
24.
31.
Nov. 7.
14.
21.
28.
Dec. 5.
12.
19.




Total debits
(receipts)

$26,996,785.30
64,436,781.89
62,996,186.94
70,651.110.41
73,413,120.30
69,278,347.68
S9,272,256.40
77,202,227.88
69,476,324.74
90,804,788.60
88,151,913.44
85,250,111.73
113,078,559.01
86,646,061.43
80,431,248.37
86,587,467.71
89,210,804.70
82,601,778.91
89,536,646.31
85,701,531.52
91,849,262.26
106,532,730.59
73,432,110.28
99,171,293.89
104,109,802.84
121,491,177.85
101,510,618.00
93,674,445.01
97,486,850.44
114,528,102.32
99,324,304.69
108,975,733.95
101,306,193.99
136,319,459.38
106,-726,776.30
105,583,149.33
90,148,842.40
99,405,125.78
136,161,784.20
122,031,094.04
108,092,009.51
124,300,445.66
132,164,641.71
137,978,710.79
139,177,602.53
130,943,047.25
138,099,588.73
150,282,842.23
113,904,892.11
150,919,782.29
119,865,002.77
143,747.210.19
110,039,398.72
5,391,008,085.90

Total credits
(disbursements)

Credit balance of
F. R. B., St. Louis

$74,226,390.15
59,157,927.50
62,387,039.46
78,151,854.52
55,899,401.31
93,597,428.36
81,745,215.06
71,903,797.21
94,865,117.09
87,826,711.05
92,060,635.37
112,552,643.02
80,674,395.53
84,472,268.96
77,962,702.78
94,039,086.04
79,752,588.93
86,487,191.15
80,713,184.61
90,122,495.66
123,015,484.46
64,019,163.65
108,918,738.10
95,555,716.90
124,169,522.38
102,469,492.58
91,882,591.88
95,633,812.85
119,335,799.03
96,083,294.56
112,605,565.74
98,654,406.08
128,464,623.70
108,587,958.12
112,666,422.97
93,559,030.58
107,101,178.02
133,256,513.11
118,990,984.89
113,104,722.59
120,803,341.37
132,290,430.35
140,147,532.35
134,763,681.62
124,758,880.37
150.112,078.45
145,530,912.17
115,616,610.93
148,203,807.50
121,981,064.65
146,178,233.05
110,574,634.36

$17,207,177.04
21,045,436.48
29,309,507.43
24,570,773.21
37,949,719.58
33,624,547.62
29.081,560.44
26,654,087.97
22.593,759.48
22,918,961.87
16,108,438.23
16,634,354.22
22,606,020.12
IS,564,999.53
27.189,764.46
22,361.483.12
25.210.673.10
28,260,128.26
33,248,475.17
34,975.241.77
18,492,487.90
27,905,434.53
13,157,990.32
26,712,076.26
24,033,731.73
23,074,857.15
24,866,710.88
26,719,748.47
21.912,051.76
25,153,061.89
21,523,230.10
24,175,018.01
32,029,853.69
30,168,671.87
23,085,398.23
19,675,210.05
11,979,157.81
14,884,428.90
17,024,538.05
12,911,824.97
16,408,929.26
16,283,140.62
14,114,319.06
IS,528,239.97
24,712,406.85
12,699,917.13
17,451,847.19
15 740,128.37
18.456,103.16
16,340,041.28
13 909,018.42
13,373,782.78

5,377,634,303.12

ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.

45

SCHEDULE 19.—Treasury certificates of indebtedness, issued in anticipation of
Victory liberty loan.
( E x c l u d i n g first t w o series issued in 1918.)

Maturity

D a t e of issue

J a n u a r y 2, 1 9 1 9 . .
J a n u a r y 16, 1 9 1 9 . .
J a n u a r y 30, 1919. .
February 13, 1919.
February 27, 1919.
March 13, 1919
April 10, 1919
May 1, 1919

Quota for
district

Subscription

Rate

Total offering

4%
4%
4%
4%
4V6
4%
4%
4%

$7f>0,000,000
600,000,000
600,000,000
600,000,000
500.000,000
500,000,000
500,000,000
500,000,000

$30,000,000
24,000,000
24,000,000
24,000,000
20,000,000
20,000,000
20,000,000
20,000,000

$30,927,000
26,445,500
29,678,500
27,405,000
21,225,500
22,219,000
21,761,500
20.075.000

4,550,000,000

182,000,000

199,737,000

June
3, 1919
June 17, 1919
July
1, 1919
July 15, 1919
July 29, 1919
August 12, 1919
September 9, 1919. .
October 7, 1919

Total

ANALYSIS OF SUBSCRIPTIONS.
Total banks
Class of banks

in district

National banks
Trust companies
Private banks
Total
Subscriptions of 7 individuals,

Number
of banks
subscribing

Percentage
of banks

Amount of
subscription

470
2,179
218
225

438
1,598
187
180

93.19
73.33
85.77
80.00

$91,602,000
69,782,500
34,329,000
3.860,000

3,092

2,403

77.71

$199,573,500
163,500
199,737,000

Total

SCHEDULE 20.—Treasury certificates of indebtedness, offered as loan certificates.
Date of issue

August 1, 1919
August 15, 1919
September 2, 1919. .
December 1, 1919. .

Maturity

January
2,
January 15,
February 2,
February 16,

Quota for
district

Subscription

Rate

Total offering

4%
4%
4%
4%

$500,000,000
500,000,000

$20,000,000
20.000.000

$21,700,000
20,569,000
17,975,500
8,728,000

1,000,000,000

40,000,000

68,972,500

1920...
1920...
1920..
1920..

Total..

ANALYSIS OF SUBSCRIPTIONS.

Class of banks

National banks
Trust companies
Private banks
Total
Subscriptions of 14 individuals,
corporations, etc
Total




Number
of banks
subscribing

Percentage
of banks

466
2,175
232
219

338
912
114
103

72.53
41.47
49.78
47.02

$33,224,000
19,979,000
14,413.500
1,109,000

3,092

1,467

47.46

68,725,500

Total banks
in district

Amount of
subscriptions

247,000
68,972,500

4G

ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.

SCHEDULE 21.—Tax certificates

offered during 1919, and the subscriptions
to each.
IN ANTICIPATION OF TAXES DUE IN 1919.
Maturity

Date of issue

January 16, 1919
March 15, 1919"
June 3, 1919
June 3, 1919
July 1, 1919
July 1, 1919

June 17, 1919
June 16, 1919
September 15, 1919
December 15, 1919
September 15, 1919
December 15, 1919

Rate

4%
4%
4%
4%
4%
4%

received

Subscription

$4,335,500
6,437,000
12,854.600
6,906,500
11,203,500
11,963,500
53,700,500

Total. . .
IN ANTICIPATION OF TAXES DUE IN 1920.
Date of issue

July 15, 1919
September 15, 1919
September 15, 1919
December 1, 1919
December 15, 1919
Total




Maturity

March 15, 1920
March 15, 1920
September 15, 1920
March 15, 1920
June 15, 1920

Rate

4%
4%
4Mi
4%
4%

Subscription

$11,198,500
3,614,500
12,232,500
9,191,500
29,692,500
f5,929,600

ANNUAL. REPORT OP FEDERAL RESERVE BANK OF ST. LOUIS.

47

SCHEDULE 22.—Victory liberty loan.
(Amount $4,500,000,000, dated May 20, 1919, due June 15, 1923, rate 3%% and 4%%.)

State

Arkansas
Illinois
Indiana
Kentucky
Mississippi
Missouri—
St. Louis
Elsewhere
Tennessee
Total

Quota

Total
subscription

Subscriptions
allotted

Number of
subscribers

$20,541,150.00
30,366,650.00
14,092,950.00
24,795,150.00
10,683,800.00

$20,488,600.00
33,639,950.00
14,795,500.00
26,771,650.00
10,820,650.00

$18,689,550.00
31,975,500.00
14,463,150.00
25,619,150.00
10,600,400.00

50,987
73,768
31,413
58,820
19,095

51,342,650.00
36,080,250.00
14,490,900.00

52,142,750.00
37,378,700.00
14,380,900.00

50,693,350.00
35,741,550.00
14,004,950.00

134,968
107,003
28,947

202,393,500.00

210,418,700.00

201,787,600.00

505,001

ANALYSIS OP ALLOTMENTS.
Class of banks

Number of
banks in
district

Number
of banks
subscribing

Percentage
of banks
subscribing

Amount of
allotments

National banks
State banks
Trust companies

471
2,188
229
210

470
2,134
218
205

99.79
97.49
95.20
97.62

$77,659,200
81,897,450
36,822,350
5,051,700

Total
Allotments of 24 individuals,
corporations, etc

3,098

3,027

97.71

201,430,700
356,900
?01,787,600

Total allotment
ANALYSIS OP PAYMENTS.
Cash
National banks
State banks
Trust companies
Private banks
Individuals, corporations, etc.
Total




Credit

C. of I.

Total

$12,537,169.09
22,011,665.00
4,872,730.00
1,675,365.00
311,900.00

$39,283,905.91
33,814,260.00
26,440,270.00
1,326,835.00
45,000.00

$25,838,125.00
26,071,525.00
5,509,350.00
2,049,500,00

$77,659,200
81,897,450
36,822,350
5,051,700
356,900

41,408,829.09

100,910,270.91

59,468,500.00

201,787,600

48

ANNUAL REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.

SCHEDULE 23.—War savings stamps, thrift stamps and treasury savings certificates
sold during the year 1919.
Thrift stamps

Treasury savings certificates

War savings
stamps
Number Maturity
value

Number Maturity
value

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

20,379
4,614
2,218
750
2,953
3,933
818
2,380
1,478
1,833
1,903
1.146

$5,094.75
1,153.50
554.50
187.50
738.25
983.25
204.50
720.00
369.50
458.25
475.75
286.50

Totals . . . .

44.905

11.226.25

77,326 $386,630
11,686
58,430
8,635
43,175
3,355
16,775
3,955
19,775
2,219
11,095
2,513
12,565
1,697
8,485
2,118
10,590
1,674
8,370
1,533
7,665
1,489
7,445
118,200

591,000

$100

Maturity $1,000
value

Maturity
value

159
1,593
1,992
2,883
2,471
1,225

$15,900
159,300
199.200
288,300
247,100
122,500

33
226
199
256
294
219

$33,000
226,000
199,000
256,000
294,000
219,000

10,323

1,032,300

1,227

1,227,000

SCHEDULE 24.—Subscriptions to War Finance Corporation 5% gold bonds.
Number
in
district
National banks
State banks .. .
Trust companies
Private banks
Individuals, corpora's, etc. (16).
Total

Number
Amount of
subscrib- subscriptions
ing

How paid
Cash
Certs, of ind.

471
2,188
229
210

68
110
7
2

$1,426,000
1,195,000
798,000
6,000
822,000

$1,371,000
1,074,000
798,000
6,000
822,000

$55,000
121,000

3,098

187

$4,247,000

$4,071,000

$176,000

SUBSCRIPTIONS BY STATES.
Total
subscriptions
Arkansas
Illinois
Indiana
Kentucky
Mississippi
Missouri
Tennessee
St. Louis
Total




Paid by
cash

$43,000
556.000
206,000
854,000
41,000
332,000
12,000
2,203.000

$43,000
533,000
183,000
849,000
41,000
282,000
12,000
2,128,000

4,247,000

4,071,000

Paid by

certs, of Ind.

$23,000
23,000
5,000
50,000
75,000
176,000

SCHEDULE 25.—Principal resources and liabilities of reporting member banks in St. Louis, Louisville, Memphis, Little Rock and EvansviUe,
during the year 1919.
(In thousands of dollars, i. e., 000 omitted.)
Jan. 3

Number of banks reporting
United States bonds to secure

Feb. 7

March 7

April 11

May 9

June 6

July 11

Aug. 8

Sept. 5

Oct. 10

Nov. 7

Dec. 5

Dec. 26

31

3«

37

3G

36

34

34

35

35

35

35

35

17,155

16,908

16,908

16,908

16,956

17,056

17,156

17,155

17,154

17,154

17,154

17,154

17,178

39.733

30,242

23,176

18,609

19,219

16,566
22,660

12,524
14,793

17,184
12,143

15,713
10,324

15,294
8,321

14,935
7,105

14,068
5,550

14,782
5,501

31,811

43,575

65,581

73,463

75,996

4!),905

29,890

36,199

40.856

23,347

19,097

13,779

22,247

88,699

90,725

105,665

108,980

112,171

106,187

74,:!«.'!

81,681

N4.O47

04,116

58,291

50,551

59,708

26,366

Other United States bonds, includUnited States Victory notes
United States certificates of
Total United States securities
owned
Loans secured by United States
bonds and certificates
Loans secured by stock and bonds
other than United States securities
All other loans and investments. . .
•Total loans and

investments

Reserve with the Federal Reserve
Bank

24,509

24,217

22,556

26,509

25,489

26,3:56

28,304

27,753

29,793

28,187

30,641

32,193

356,580

368,379

380,686

388,035

385,633

380,813

392,394

410,288 1 135,568
5 276,520

142,111
273,654

144,606
293,983

151,800
303,613

157.824
313,747

469,788

483,321

508,907

523.524

523,193

519,366

495,061

518,335

623,888

509,674

525,066

536,608

563,472

42,444
15,166

41.755
10,806

41,526
10,949

39,710
10,266

37,468
10,382

39.8S5
10,338

43,809
10,258

42,118
9,656

43,005
10,195

45,827
10,331

41,822
11,205

44,420
12,502

44,069
13,250

302,680
80,222
16,799

300,170
92,672
19,663

307,122
91,060
23,003

298,380
99,954
23,444

304,914
98,390
20,145

289,862
97,930

307,599
97,092
17,434

320,753
99,780
23,771

326,599
100,896
23,310

318,262
103,761
12.267

330,490
106,615
6,501

337,534
111,664
13,037

352,884
112,015
24,585

Net demand deposits on which

•Exclusive of paper rediscounted with the Federal Reserve Bank of St. Louis.




SCHEDULE 26.—Customary discount and interest rates charged customers by banks in St. Louis, Louisville, Memphis and Little Rock, during
the 30-day periods ending the 15th of each month in 1919.
St. Louis

Customers' prime commercial paper—
30 to 90 days
4 to 6 months
Prime commercial paper purchased in open
market—
30 to 90 days
4 to 6 months
Loans to other banks
Bankers' acceptances of 60 and 90 days—
Endorsed
Unendorsod
Loans secured by prime stock exchange
collateral or other current collateral—
Demand
3 months
3 to 6 months
Cattle loans
Commodity paper secured by warehouse
receipts, etc
Loans secured by Liberty bonds and certificates




r.v.

5*4

5M

f. ¥2

514

r>

¥J

§

SCHEDULE 26.—Customary discount and interest rates charged customers by banks in St. Louis, Louisville, Memphis and Little Rock, during
the 30-day periods ending the 15th of each month in IQKJ—Continued.

6
6
6

Commodity paper secured by warehouse receipts, etc

5

e

5

6
6
6
6

"•'••

6*4

6
6
6

6
5

6
6

6
6
6
6
6

6
6
6
8

6

6
6

6
6

6
6

6
6

g
6%

8

6

6

6

6

6

6*6 5Vi

6
6
6
6
6
6
5

8
6
6
5

6
6
6

a
6

6

5*6 5*6
t

6

6*6

8

6

i;

i.,

December

6
6

November

6
6

6

6

6
6
6
6

6
6

October

September

August
6

6

September

6
8
6
6*6 6

6
6

August

6

6
6

July

6
6

June

6
6

May

6
6

December

6
6

4%

6
6
6

July

June

May

April

March

6

5
5

Loans secured by prime stock exchange collateral or other
current collateral—
Demand
8 months
8 to 6 months




6
6

6
8
6

Bankers' acceptances of 60 and 90 days-

6
6

November

6
6

Little Rocl,

October

Customers' prime commercial paper—
30 to 90 days
4 to 6 months
Prime commercial paper purchased in open market—
30 to 90 days

February

January

Memphis

fiifc
7

IK 5*6
6

a

a

6
6

8
6
6

6
6
6

6

6

6

7
7

6*6 7
7
7

6
6

6
6
6

6*6
7

8
6*6
7
8

7

7

7
7
6*6 7
7*6 7*4

8

6

6

8

6

7

6*&
7

6