View PDF

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

EIGHTH ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK
OF ST. LOUIS
FOR THE YEAR ENDED DECEMBER 3 1 , 1922




EIGHTH ANNUAL REPORT
OF

THE

FEDERAL RESERVE BANK
OF ST. LOUIS
FOR THE YEAR ENDED DECEMBER 31, 1922




LETTER OF TRANSMITTAL
FEDERAL RESERVE

BANK,

St. Louis, Mo., February 28, 1923.
Gentlemen: I have the honor to transmit herewith the
eighth annual report of the Federal Reserve Bank of St. Louis,
covering the year ended December 31, 1922.
Respectfully,
WM. McC. MARTIN,
Chairman and Federal Reserve

FEDERAL RESERVE BOARD,
Washington D. C.




Agent.

DIRECTORS AND OFFICERS
OF

FEDERAL RESERVE BANK OF ST. LOUIS
FOR 1923
DIRECTORS
CLASS C
WM. McC. MARTIN, Chairman, St. Lou's, Mo.
JOHN W. BOEHNE, Deputy Chairman, Evansville, Ind.
C. I'. J. MOONEY, Memphis, Teim.
CLASS A
CLASS B
JOHN G. LONSDALE, St. Louis, Mo.
l.E FOY PERCY, Greenville, Miss.
TOHN C. MARTIN, Salem, 111.
W B. PLUNKETT, Little Rock, Ark.
J. C. UTTERBACK, Paducah, Ky.
ROLLA WELLS, St. Louis, Mo.

OFFICERS
WM. McC. MARTIN,
Chairman of the Board and Federal
Reserve Agent.
C. M. STEWART,
Asst. Federal Reserve Agent.
E. J, N O W ,
General Auditor,
H. L. TRAFTON,
A. E. DEBRECHT,
E. I. NOWOTNY,
L. A. MOORE,
C. E. MARTIN,
L. T. WALKER,
Assistant Auditors.

D. C. BIGGS,
Governor.
OLTN M. ATTEBERY,
Deputy Governor.
J. G. McCONKEY,
Counsel and Secretary.
J. W. WHITE,
Cashier.
A. H. HAIL-L,
J. W. RINKLEFF,
W. H. GLASGOW,
S. F. GILMORE,
E. C. ADAMS,
F. N. HALL,
Assistant Cashiers.

LOUISVILLE BRANCH
DIRECTORS
W. P. KINCHELOE
W. C. MONTGOMERY
GEO. W. NORTON
F. M. SACKETT
EMBRY L. SWEAR1NGEN

OFFICERS
\V. P. KINCHELOE,
Manager.
JOHN T. MOORE,
Cashier.
EARL R. MUIR,
Assistant Cashier.

MEMPHIS BRANCH
DIRECTORS
TNO. J. HEFLIN

OFFICERS
JNO. J. HEFLIN,
Manager.
A. J. WILLIAMS,
Cashier.
V. S. FUQUA,
Assistant Cashier.

j . D. MCDOWELL

S. E. RAGLAND
T. K. RIDDICK
R. B. SNOWDEN

LITTLE ROCK BRANCH
OFFICERS
A. F. BAILEY,
Manager.
M. H. LONG,
Cashier.
F. A. COE,
Assistant Cashier.

DIRECTORS
A. F. BAILEY
1OHN M. DAVIS
j . E. ENGLAND, Jr.
C. S. McCAIN
MOORHEAD WRTGHT

MEMBER FEDERAL ADVISORY COUNCIL
FESTUS J. WADE, St. Louis, Mo.




— 3—




MISSOURI \lLLINOIS ) INDIANA

GENERAL BUSINESS CONDITIONS
The year 1922 was marked by a notable business revival, affecting the country as a whole and felt in its full force in the Eighth
Federal Reserve District. In spite of certain powerful handicaps,
including three major strikes and disturbed conditions abroad, distinct progress was made in the direction of industrial and commercial recuperation. Among the chief manifestations of this constructive movement were increased production and consumption of commodities, restored confidence in values, price adjustments, heavy
employment of labor, liquidation of extended credits, and a general
strengthening in the financial and banking position. Accompanying these evidences of physical betterment was a steady improvement in sentiment and other less tangible factors in the economic
structure. The closing months of the year developed a resumption
of purchasing by merchants for future requirements and a return
of business methods which had been largely abandoned during the
war and the years immediately following.
VOLUME OF BUSINESS
All lines and industries did not share alike in the improvement,
and through its course the movement was characterized by irregularity. However, the net result was very decidedly in the direction
of bringing coordination in all branches of activity. During a
large portion of the year a broad discrepancy existed between prices
of products of the soil and manufactured goods. This served to
reduce the purchasing power in the rural districts, besides forming
the basis of considerable discontent among agriculturists. In the
fall and winter there occurred an excellent advance in values of
leading crops, particularly cotton. While this was not extensive
enough to restore the balance, it materially aided in lifting depression in the country and was directly reflected in an accelerated
movement of farm products to market and the liquidation of extensive credits based thereon. Another effect was the broadening
of farm programs for the spring planting season.
Generally speaking, the end of the year found the purchasingpower of the public in a stronger position than has been the case
in more than a decade. This fact is emphasized by the accretion of
savings accounts, almost universal employment of labor, and the




—5—

high efficiency of collections. Concrete evidence of the augmented
ability of the public to purchase is found in schedule 23, which
gives the total debits to individual accounts in the leading centers
of the district.
The record of commercial failures during 1922 made an unfavorable exhibit, but this was not entirely unexpected in view of the
disabilities which business labored under the two preceding years.
Analysis of the year's commercial mortality in this district discloses
relatively few failures of old and well established firms.
As contrasted with the years immediately preceding, 1922 was
a period of relatively cheap and plentiful money. This fact, coupled
with the progress made toward rehabilitating general business
facilities, resulted in more dependable and satisfactory profits.
Indeed, in a number of the district's most important industries,
conditions regained the status which in the past was called normal,
and in some instances the year under review developed real prosperity.
AGRICULTURAL CONDITIONS

While the leading food crops in this district during 1922 were
not as large as during some past seasons, yields were abundant
and average prices paid producers were well in excess of those
realized in 1.921. The introduction of improved methods and more
intensive farming permitted the year's crops to be planted and
harvested at relatively lower cost than heretofore. Another feature
of the year's agricultural activities was broader diversification and
the growth of specialized operations, such as dairying, fruit culture
and poultry raising. The generally improved financial conditions
in the rural areas were reflected during the closing months of the
year by a marked increase in sales of implements and other supplies used on farms.
In sharp contrast with the preceding year, fruit and vegetable
crops in 1922 were of bumper proportions. The early berry, melon
and truck crops were the largest in more than a decade, and were
marketed under extremely auspicious conditions. Late fruit and
small crops were also heavy, but due to excess production and
resultant lower prices, coupled with disorganized transportation
service, profits to the producers were not uniformly satisfactory.
Throughout the marketing season, car shortages proved a serious
handicap to producers and shippers of farm products. There was
also universal complaint of high freight rates, which, in the case
of long hauls, absorbed a large part of the grower's profits.




Unfavorable weather during the growing season and boll
weevil infestation drastically cut down the potential cotton production through the South. This district, particularly Arkansas, fared
better than other sections of the cotton belt in point of quantity,
and the quality of the staple was in the main good. There was an
active demand and prices for raw cotton were high. The financial
success of the cotton crop, together with the large yields and
improved marketing conditions of tobacco and rice, served to
place the southern sections of the district in a stronger position
than at any time in recent years.
BANKING CONDITIONS

Ranking developments during 1922 were in marked contrast
with the years immediately preceding. Beginning with the earlv
months of 1917 and continuing through 1920, borrowings for all
purposes were in enormous volume, due to war and post-war
conditions. During most of that period, there was a constant drain
on the resources of both commercial and Federal Reserve banks,
with rates relatively high. Throughout 1921 and the first half of
1922 there was credit liquidation and price readjustment. This
movement changed its course in the summer of 1922, and with the
effects of augmented production, larger commercial needs and more
universal employment of labor, commodity values began to turn
upward. In the late summer the usual demands for currency and
credits for financing the crop movement appeared, which, coupled
with requirements incident to improvement in general business
and an active holiday trade, were reflected in increased loan activities with member banks and at the Federal Reserve Bank. Generally speaking, 1'922 was a year of plentiful money, especially
its closing months, during which financial institutions in this
district were seeking an outlet for their surplus funds and turned
for investment to commercial paper, acceptances. Government
securities and other bonds.
The conditions outlined were reflected in the movement of
loans, investments and deposits of the 37 reporting member banks
in Evansville, Little Rock, Louisville, Memphis and St. Louis,
among which are the largest commercial banks in the district.
Their total loans and discounts (including rediscounts) were
.$441,000,000 on January 11, 1922, from which date there was an
irregular decline until June 28, when the aggregate had receded to
$404,000,000. Beginning in July an upward trend developed, which'
persisted through the remainder of the year, the highest point




— 7—

being- reached on December 27 when the total was $458,000,000.
The movement of deposits was over an extremely irregular course,
but the trend was continuously upward, particularly during" the
final quarter, when rapid gains were recorded. On January 4 total
deposits were $467,000,000 and on December 27 they had risen to
$557,000,000. The curve representing holding of stocks, bonds
and other securities also bent irregularly, but consistently upward,
going- from $105,000,000 on January 4 to $165,000,000 on December
27. Heavy gains were scored in the number and amount of savings
accounts, the total number being 454,425 and amount $109,165,000
on January 4, while on December 27 there were 495,677 accounts
totaling $122,374,000. Schedule 22 shows the changes in the
principal asset and liability items of the 37 reporting member banks
from month to month during the year.
The customary discount and interest rates charged by banks
in St. Louis during 1922 ranged from 5 to 6 per cent. In Louisville the rate was 6 per cent, which is the legal limit in Kentucky.
In Memphis the rates ranged from 6 to 7 per cent, and in Little
Rock from 7 to 8 per cent.




8—

OPERATIONS OF
FEDERAL RESERVE BANK OF ST. LOUIS
While the earnings of the Federal Reserve Bank of St. Louis
for 1922 were considerably less than the preceding year, due to
the reduced demand for accommodations, the operations performed
for member banks in clearing of checks, collection of non-cash
items, transfers of funds, currency transactions, custody of securities, etc., continued in large volume and in most cases exceeded
those of 1921.
INCOME, AND DISBURSEMENTS

In 1922 the gross earnings of this bank were $2,456,447, of
which $1,623,222 were absorbed in current expenses, leaving net
earnings of $833,225, a decrease of $2,371,840 under those of 1921.
The member banks received $283,166 in dividends, $87,956 were
paid to the Government as a franchise tax and $276,450 were
transferred to surplus.
Bills discounted for member banks furnished the major portion of the revenue, $1,303,808 being derived from that source.
Acceptances purchased yielded $255,750 and United States securities, $832,169.
Schedule 1 shows in detail the earnings and expenses for
1922 as compared with the previous year. A comparative profit
and loss statement is contained in schedule 2.
ASSETS AND LIABILITIES

Total resources of this bank increased from $213,487,000 on
December 31, 1921, to $224,676,000 on December 31, 1922. Between
these dates its deposits increased from $69,264,000 to $76,936,000
and its earning assets decreased from $71,204,000 to $62,661,000.
Federal Reserve notes in circulation fell from $95,246,000 to
$93,659,000. These movements were accompanied by a heavy
gain in reserves, this item standing at $106,641,000 on December
31, 1921, and $117,887,000 on the last day of 1922.
A comparative statement of condition is given in schedule 3.
The movement of the principal asset and liability items is shown
in schedule 4 and the chart in the appendix.




—9—

RESERVE POSITION

The reserve position of this bank remained strong through the
entire year. It was not necessary to rediscount with any other
Federal Reserve bank, neither did any other reserve bank rediscount with this institution.
On January 4, 1922, the combined reserve against deposit
and Federal Reserve note liabilities was 66.1 per cent, but a seasonal surplus of funds brought the ratio up to 81.5 per cent on
February 8, the highest for the year. From that date to June 30
the trend was toward lower levels, a minimum for the first six
months being reached on June 3, when the combined ratio touched
65.7 per cent. Increasing seasonal demands brought the figure
progressively lower until September 16, when it touched 58.7
per cent, the lowest for the year. From that date an irregular
climb to 75.3 per cent on November 13 brought the highest point
of the second six months period, but Christmas credit requirements
caused a speedy reduction to 59.8 per cent on December 27. The
passing of holiday demands was reflected in an almost perpendicular rise between December 27 and December 31, the figure
on the latter date standing at 69.1 per cent.
The total cash reserves, deposit and Federal Reserve note
liabilities and reserve percentages by weeks are shown in schedule 4.
DISCOUNT OPERATIONS

The discount operations of this bank for the year under review
reflect the general liquidation which took place throughout the
country.
Holdings of bills discounted for member banks declined from
$63,053,000 at the beginning of the year to $16,027,000 on July 26.
From that date they began to increase until at the end of the year
the discounted bills held by this bank amounted to- $30,082,000.
The amount of discounted paper held each week is shown in
schedule 4.
Paper in the aggregate amount of $865,856,421 was discounted
for member banks during 1922. This is a decrease of $743,167,517
under the amount discounted in 1921. The number of notes discounted in 1922 was 43,624, as against 78,898 handled during the
preceding year.
Of the 610 member banks, 400 different banks borrowed from
this institution during 1922. In 1921, out of the 588 members,
390 received accommodation. A more general utilization of this
facility is shown from year to year.




10

Schedule 5 gives the volume of the different classes of paper
discounted by the parent bank and each branch, also, the amount
of paper received from each state each month and the number of
banks in each state accommodated during 1922.
OPEN MARKET PURCHASES
With the decline in borrowings by member banks, this bank
increased its purchases of acceptances and Government securities
in the open market.
On December 31, 1922 the amount of purchased bills held was
$13,028,000, as compared to $218,000 on the corresponding date
in 1921.
A total of $33,736,031 of bills was purchased in the open
market during 1922, of which $32,441,031 were bankers' acceptances and $1,295,000 were bills to furnish dollar exchange. This
is an increase of $13,548,553 over the amount purchased in 1921.
The number of bills purchased was 3,442, against 1,922 in 1921.
Most of these bills were bought in the New York and Chicago
markets. In this district comparatively few bank bills were created
and the demand usually exceeded the supply.
Government securities held by this bank at the end of 1922
amounted to $19,551,000, which compares with $7,933,000 on
December 31, 1921.
A total of $145,239,550 of Government securities was purchased during the year, which is an increase of $99,622,550 over
the amount bought in 1921. Not all of these securities were for
strictly investment purposes by this bank, since the figures include
securities purchased temporarily for resale to commercial banks
and other investors.
Schedule 6 shows the open market purchases by months. The
amounts of purchased bills and Government securities held each
week are given in schedule 4.
DISCOUNT RATES
General conditions warranting, the discount rate of this bank
was reduced on April 6, 1922, from 5 per cent on all classes of
eligible paper to 4^2 per cent, and remained at the latter figure
through the balance of the year.
The discount rates effective during the year on the different
classes of paper are shown in schedule 7.



— 11 —

CURRENCY TRANSACTIONS

The volume of currency handled, while slightly smaller than
during 1921, was still of large proportions. In course of the year,
94,930,894 pieces of paper currency, amounting to $473,064,814,
and 126,429,142 coins, amounting to $13,631,282, were received
from all sources and counted by this bank. Schedule 8 gives the
amounts of paper currency and coin received and counted by the
parent bank and each branch.
This bank continued its practice of absorbing the costs incident to shipments of paper currency, subsidiary silver and minor
coin to member banks and of paper currency and all coin from
member banks, also, the costs of shipments of paper currency
and coin received from non-member banks remitting regularly to
the Federal Reserve Bank at par.

FEDERAL RESERVE NOTES
In keeping with the demand for accommodations by member
banks, from January 1 to July 26, 1922, the Federal Reserve notes
of this bank in circulation decreased from $95,246,000 to $66,458,000.
Beginning the latter part of July the curve started to bend upward
and by the end of the year the notes in circulation had increased
to $93,659,000. Schedule 4 gives the amount of notes in circulation each week during the year.
In 1922, the Federal Reserve Agent issued or reissued to the
Federal Reserve Bank $63,430,000 of Federal Reserve notes against
the pledge of gold and eligible paper. This was $11,530,000 less
than the amount issued in 1921.
The bank returned to the Federal Reserve Agent during the
year $6,690,000 of fit Federal Reserve notes. The Treasurer of
the United States redeemed, out of the redemption fund maintained
with him by the Federal Reserve Agent, $57,805,200 of unfit notes
of the Federal Reserve Bank of St. Louis, which were turned
over to the Comptroller of the Currency to be destroyed.
Federal Reserve notes outstanding on December 31, 1922,
amounted to $113,037,745. To secure these notes there were
$70,572,905 of gold and $43,109,823 of eligible paper pledged with
the Federal Reserve Agent. Of the $113,037,745 of Federal Reserve
notes outstanding, $18,726,745 were held by the parent bank and
its branches and $651,800 were in transit to Washington for
redemption, leaving $93,659,200 in actual circulation at the end of
the year. Schedule 9 shows the amount of each denomination



— 12 —

of Federal Reserve notes outstanding December 31, 1921, issued,
returned and redeemed during 1922 and outstanding December
31, 1922.
Most of the gold pledged with the Federal Reserve Agent as
security for Federal Reserve notes is deposited in the Federal
Reserve Agents' fund in Washington. Through this fund transfers are made by wire between the Federal Reserve Bank and
the Federal Reserve Agent, as well as transfers to the funds in
Washington used to redeem the notes. The balance to his credit
in this fund at the close of the year was $55,500,000.
FEDERAL RESERVE BANK NOTES

On December 31, 1921, there were $4,077,600 of Federal
Reserve bank notes outstanding. These notes were secured by
$6,569,000 of U. S. special 2-per cent certificates of indebtedness
deposited with the Treasurer of the United States.
During 1922 only $2,828,000 of new Federal Reserve bank
notes were issued.
Throughout the year the amount of Federal Reserve bank
notes in circulation steadily declined, and from time to time the
United States Treasury Department redeemed a portion of the
special 2-per cent certificates of indebtedness securing them. By
the close of 1922, all of the special 2-per cent certificates of indebtedness had been redeemed and, the necessary funds having been
deposited with the Treasury Department, it assumed the liability
of redeeming all the bank notes remaining unretired. Consequently, the Federal Reserve Bank of St. Louis had no liability
on its bank notes outstanding at the end of the year.
TRANSIT OPERATIONS

In point of number of checks handled by this bank, 1922 established a high record. The average daily number of items handled
was 128,682, against a daily average of 113,326 in 1921.
A total of 38,476,104 checks, amounting to $6,114,443,669, was
handled during 1922, indicating an increase of 4,478,326 and
$508,979,168 in the number and amount, respectively, as compared
with the preceding year.- The average amount of each check
handled during the year was $159, which compares with $165 in
1921. Schedule 10 shows the number and amount of the various
classes of clearing items handled by the parent bank and each
branch.




— 13 —

At the end of 1922 there were 371 member banks availing
themselves of the clearing facilities, against 345 at the end of
1921. Sixty-five non-member banks were maintaining clearing
accounts with the parent bank and its branches.
On December 31, 1922, this bank was collecting, at par,
checks on 3,077 out of a total of 3,236 banks in the Eighth District. The difference is represented by 159 non-member banks
in Mississippi.
The privilege of routing items, which are payable in other
Federal Reserve districts, direct to other Federal Reserve banks
and branches for the credit of this bank and for use by the forwarding bank, was granted to 12 additional banks during the year,
bringing the total to 47. This bank continued its practice of forwarding the cash letters of its direct sending member banks to
other Federal Reserve banks and branches. These cash letters
are enclosed with similar items of the parent bank or branch, the
postage expense being borne by this bank. The following table
indicates the volume of this work during the year under review:
No. of Cash Letters
Amount
St. Louis parent bank
377,269
$2,314,056,278
Louisville branch
78,456
444,996,375
Memphis branch
56,224
262,074,636
Little Rock branch
45,693
145,120,609
Totals

557,642

$3,166,247,898

COLLECTION OF NOTES, BILLS, ETC.

To a greater extent than ever before member banks used
the facilities offered by this institution for collecting items such
as drafts, notes, acceptances, etc.
During 1922 this bank handled 197,169 collection items,
amounting to $267,681,431, which compares with 130,952 items,
amounting to $190,104,225, in 1921. Of the number handled,
16,441 items were returned unpaid, while in 1921 there were 12,808
returned unpaid. The average item handled in 1922 was $1,357,
against an average of $1,451, in 1921. Schedule 11 gives the number and amount of collections handled by the parent bank and
each branch.
GOLD SETTLEMENT FUND

As in previous years, the settlement of balances between
Federal Reserve districts, arising from check collections, was
effected daily through the gold settlement fund in Washington.



— 14 —

Transfers of funds for the United States Treasury and member
banks, and settlements for purchases of acceptances, etc., between
reserve banks were also made through this fund.
These transactions were dispatched over the, private wire
system which connects Federal Reserve banks, their branches
and the Federal Reserve Board at Washington. The quickness
of making settlements permitted a reflection of the true reserve
condition of each reserve bank daily.
The balance to the credit of this bank in the gold settlement fund on December 31, 1922 was $31,207,066.
TRANSFERS OF FUNDS FOR MEMBERS

The facilities offered by this bank for transferring funds,
without cost to member banks, to any reserve bank or branch
city, were more widely used during 1922 than in any previous
twelve-month period.
In course of the year this bank dispatched for its member
banks 30,829 outgoing wire transfers involving $1,683,136,842.
It also handled 23,955 incoming wire transfers, amounting to
$1,353,424,604, and 12,072 mail transfers aggregating $711,789,072.
During the year this bank also made 16,273 deposits, amounting to $31,110,879, for national banks to their 5-per cent redemption
funds with the United States Treasury.
The total transfers for member banks in 1922 numbered 83,129
and amounted to $3,779,461,397. During the previous year, 79,723
transfers, amounting to $2,455,720,530 were handled. The number
and amount of transfers handled by the parent bank and each
branch are given in schedule 12.
CUSTODY OF SECURITIES FOR MEMBERS

During the year under review, this bank continued to receive
from its member banks, for safe-keeping without charge, United
States securities, maturing notes and bills, and other paper eligible
for rediscount or acceptable as collateral.
When placing subscriptions for issues of Government bonds,
notes or certificates, or when forwarding such securities for
exchange, many of the member banks requested that the securities be held by this bank for safe-keeping. This saved considerable
shipping expense and hazard.
In addition, this bank clipped the coupons from the Government securities and collected the maturing notes and bills, when
requested by the depositing member banks, making disposition
of the proceeds in accordance with their instructions.



— IS —

At the close of 1922, the following' securities were held by the
parent bank and each branch in safe-keeping for member banks:
St. Louis parent bank
$22,609,202
Louisville branch
3,056,500
Memphis branch
2,295,250
Little Rock branch
1,812,450
Total
...$29,773,402
FIDUCIARY POWERS GRANTED
In 1922 eleven national banks in the Eighth District were
granted permission by the Federal Reserve Board to exercise
fiduciary powers under Section 11 (k) of the Federal Reserve Act.
One national bank which had previously been granted this permission went out of existence through expiration of its charter
during the year. Schedule 13 gives a list of the national banks
granted permission in 1922 to exercise fiduciary powers.
At the end of the year under review there were 99 national
banks in this district authorized to exercise fiduciary powers, as
against 89 at the end of 1921. The distribution by states of these
banks was as follows: Arkansas 17; Illinois 26; Indiana 15;
Kentucky 21; Mississippi 2; Missouri 17; Tennessee 1.
RELATIONS V/ITH BANKS

As in the past, every effort was made in 1922 by this instition to increase its usefulness to member banks and the communities served by them.
In July there was inaugurated a system of regular visits to
member banks. For these visits the district was divided geographically into four sections, to each of which was assigned a traveling
representative. From July to the end of the year these representatives called on approximately 500 of the 610 member banks.
In addition to visiting member banks, the representatives also
called on non-member banks in the towns where member banks
are located.
The representatives will cover their sections at least twice
yearly, calling on the banks to discuss general conditions, establish personal contact with the officers, furnish any information
desired relative to Federal Reserve practice and otherwise foster
pleasant and profitable relationship.
Conventions and group meetings of bankers' associations in
the several states of the district were attended by representatives
of the parent bank or its branches.



— 16 —

MOVEMENT OF MEMBERSHIP
During- the year 12 new national banks became members, and
the memberships of 6 were terminated through liquidation, etc.
Seventeen state banks and trust companies were admitted to membership, and one surrendered its membership. Schedule 14 gives
a list of the national and state banks which became members, banks
which terminated their memberships and member banks that
changed their titles during 1922.
On December 31, 1922, this bank had a membership of 610,
consisting of 489 national banks and 121 state banks and trust
companies, a net increase of 6 national banks and 16 state institutions for the year. Of the 610 member banks, 386 were assigned
to the parent bank, 95 to the Louisville branch, 59 to the Memphis branch, and 70 to the Little Rock branch.
At the end of the year, the number of banks and trust companies that were members of the Federal Reserve Bank of St. Louis
was only 34 per cent of the total number of banks in the Eighth
District eligible to membership, but the resources of the member
banks represented about 70 per cent of the resources of all the
eligible banks. Several applications of state banks for membership were pending at the close of the year.
EXAMINATION DEPARTMENT
Examiners for the Federal Reserve Bank participated with
the several state banking departments of the district in 119
examinations of member state banks and trust companies during
1922. The Federal Reserve examiners also made 3 independent
examinations of member state banks and 15 examinations of state
hanks applying for membership. The following- table shows the
work done by states:
„„,„„
Si.Alii

Examinations
by F. R. examiners of state
banks applying
for membership.

Independent
examinations
of member
state banks
by F. R.
examiners.

1
1
1
1
4
6
1

0
3

Arkansas
Illinois
Indiana
Kentucky
Mississippi
Missouri
Tennessee
Totals for 1922
Totals for 1921

15
12




Independent
examinations
of member
state banks
by State
examiners.

Joint examinations of memher state banks
by State
and F. R.
examiners.

0
0
0
0

2
15
0
0
4
0
0

50
6
3
8
1
28
23

3
0

21
23

119
89

0

— 17 —

FOREIGN ACCOUNTS

During 1922 this bank participated with the New York Federal
Reserve Bank in certain investment transactions for account of
De Nederlandsche Bank, Amsterdam, Holland, the Swiss National
Bank, Berne, Switzerland, and the Bank of Japan, Yokohama.
The only foreign bank having deposits with this bank during
the year was the Bank of Japan.
INTERNAL ORGANIZATION

On January 1 the Board of Directors of the Federal Reserve
Bank of St. Louis was composed of the following members: John
G. Lonsdale, J. C. Utterback and Sam A. Ziegler, Class A directors;
LeRoy Percy, W. B. Plunkett and Rolla Wells, Class B directors,
and Wm. McC. Martin, John W. Boehne and C. P. J. Mooney,
Class C directors. Mr. Martin was Chairman of the Board and
Federal Reserve Agent and Mr. Boehne was Deputy Chairman.
Of these directors the terms of Messrs. Mooney, Plunkett and
Ziegler expired on December 31, 1922. Mr. Mooney was reappointed a Class C director by the Federal Reserve Board for a
three year term beginning January 1, 1923.
An election was held, terminating on December 3, to select
directors to succeed Messrs. Plunkett and Ziegler. John C. Martin,
Cashier of the Salem National Bank, Salem, 111., was elected by
banks in Group 3 as a Class A director, in succession to Mr. Ziegler,
and Mr. Plunkett was elected to succeed himself by banks in Group
2 as a Class B director, each to serve three years from January
1, 1923.
On January \* 1922, the Board of Directors elected Directors
Boehne, Lonsdale and Wells to serve on the Executive Committee
with the Governor and Federal Reserve Agent. Throughout the
year the Executive Committee met on Mondays, Wednesdays and
Fridays.
At its January 4 meeting the directorate also elected the following officers for the year 1922:
For parent bank at St. Louis: David C. Biggs, Governor; Olin M.
Attebery, Deputy Governor; J. G. McConkey, Counsel and
Secretary; J. W. White, Cashier; A. H. Haill, J. W. Rinkleff,
W. H. Glasgow, S. F. Gilmore, E. C. Adams and F. N. Hall,
Assistant Cashiers; E. J. Novy, General Auditor, and L. H.
Bailey, H. L. Trafton, A. E. Debrecht, L. A. Moore, E. I.
Nowotny, C. E. Martin and L. T. Walker, Assistant Auditors.




— 18 —

For Louisville Branch: W. P. Kincheloe, Manager; John T.
Moore, Cashier, and Earl R. Muir, Assistant Cashier.
For Memphis Branch: John J. Heflin, Manager; A. J. Williams,
Cashier, and V. S. Fuqua, Assistant Cashier.
For Little Rock Branch: A. F. Bailey, Manager; M. H. Long,
Cashier, and F. A. Coe, Assistant Cashier.
The following directors for the branches were designated
to serve during 1922:
Appointed by St. Louis
parent bank

Louisville Branch:

Appointed by
Federal Reserve Board
in Washington

George W. Norton,
F. M. Sackett and
W. C. Montgomery Embry L. Swearingen;
and W. P. Kincheloe;
Memphis Branch:
R. B. Snowden,
T. K. Riddick
J. D. McDowell and
and S. E. Ragland;
John J. Heflin;
Little Rock Branch:
C. A. Pratt,
Moorhead Wright
J. E. England, Jr. and George W. Rogers,
and A. F. Bailey;
F. O. Watts, President of the First National Bank in St. Louis,
was reelected to represent the Federal Reserve Bank of St. Louis
on the Federal Advisory Council during 1922. Mr. Watts resigned
June 21, on which date Festus J. Wade, President of the Mercantile
Trust Company of St. Louis, was elected his successor.
C. M. Stewart was reappointed Assistant Federal Reserve
Agent at the beginning of the year.
On September 2 L. H. Bailey, Assistant Auditor, was transferred to the Examination Department.
The number of officers and employees at the head office and
each branch on December 31, 1922 and the same date in 1921
were as follows:
Dec. 31, 1922
Dec. 31, 1921
St. Louis parent bank
498
516
Louisville branch
89
89
Memphis branch
80
91
Little Rock branch
60
66
~727
~762
Of the entire personnel at the close of the year, 109 were
engaged in fiscal agency work, which number included 47 temporarily employed to assist in the redemption of war saving stamps
maturing January 1, 1923. At the end of 1921 there were 87 officers and employees engaged in fiscal agency work.
— 19 —



BANKING QUARTERS

The Federal Reserve Bank of St. Louis continued during the
year under review to occupy its rented quarters in the Federal
Reserve Bank building, northeast corner of Broadway and Pine
street, and five floors in the adjoining Commerce Trust building,
also space formerly occupied by the Sub-treasury in the Custom
House, Ninth and Olive streets.
In November it was necessary to rent additional space in a
building at the northeast corner of Fourth and Olive streets to
accommodate extra help required to perform work in connection
with the redemption of war savings stamps.
As mentioned in preceding annual reports, this bank has
acquired land upon which to erect permanent quarters, located in
the heart of the financial district of St. Louis, and having a continuous frontage on Broadway, Locust and Fourth streets. No
construction work was performed on the new quarters during 1922.
The branches at Louisville, Memphis and Little Rock also
continued in the same quarters. The Louisville branch is housed
in quarters at northeast corner of Fifth and Market streets, owned
by this bank. The Memphis branch occupies leased quarters in
the Goodwyn Institute building, and the Little Rock branch occupies leased quarters in the Southern Trust building.
As stated in a previous report, a lot at Third and Louisiana
streets has been acquired as a site for permanent quarters of the
Little Rock branch. However, construction work has not yet
begun.




— 20 —

FISCAL AGENCY OPERATIONS
As fiscal agent of the United States Government, the Federal
Reserve Bank of St. Louis continued to receive and disburse funds
for its account. It handled the sale and delivery of Government
securities in this district, also the exchange, conversion and transfer of securities and the redemption of those matured or called.
SALE OF GOVERNMENT SECURITIES

During 1922, the United States Government offered thirteen
issues of bonds, notes and certificates of indebtedness, aggregating
$4,650,000,000, which was $1,700,000,000 more than the amount
offered in 1921. The total quota of these issues assigned to this
district was $198,000,000. Individuals, banks and other corporations subscribed to $321,995,400 of the issues, of which $177,777,400
were allotted by the Treasury Department.
Of the thirteen issues above mentioned, one was an offering
of Treasury bonds, maturing October 15, 1952, redeemable at the
option of the United States on and after October 15, 1947. One
was an issue of so-called loan certificates. Six were tax certificates of indebtedness, one being in anticipation of income and
excess-profit taxes due in 1922 and five in anticipation of similar
revenue due in 1923. Five offerings were Treasury notes maturing in 1925 and 1926. These notes were issued in anticipation of
refunding the Victory notes called for payment on December 15,
1922, and those maturing May 20, 1923. Schedule 15 shows the
different offerings of United States bonds, notes and certificates
of indebtedness, also the subscriptions and allotments to each issue.
The sale of thrift stamps and war savings stamps was discontinued by the Treasury Department on January 1, 1922. The sale
of Treasury savings stamps was discontinued on October 1, 1922,
but none were sold through this bank during the year. In place
of these securities, there were offered Treasury savings certificates
in denominations of $25, $100, and $1,000. The selling campaign
was under direction of Hugh B. Werner, Government Director of
the Treasury Savings Organization of this district.
Sales of Treasury savings certificates during 1922 showed a
considerable increase over the preceding year. This was due in




— 21 —

large measure to the favorable rate of interest carried by these
securities. The interest yield on Treasury savings certificates
was reduced October 1, 1922, and sales during the months of October and November were considerably less. However, due to the
privilege granted holders of war savings stamps, maturing January
1, 1923, to exchange such stamps for Treasury savings certificates,
the sales were greatly stimulated during December.
For the year a total of 11,400 Treasury savings certificates,
amounting to $3,148,425 were sold through this bank. These figures do not show the entire amount sold in the district, since
many of the post-offices obtained their supplies direct from Washington. Schedule 16 gives the number and amount of Treasury
savings certificates of the different denominations sold through
this bank each month.
REDEMPTION OF GOVERNMENT SECURITIES

The Secretary of the Treasury called the 3^4 per cent Victory
notes for redemption on June 15, 1922. He called the 4>]4 per
cent Victory notes, bearing letters A, B, C, D, E or F, for redemption on December 15, 1922. He also gave the holders of the
uncalled 4-}4 per cent Victory notes, maturing May 20, 1923, the
option of redeeming them before that date. This bank redeemed
a total of $2,991,400 of the 3% per cent Victory notes called ior
payment June 15. It also redeemed $72,796,900 of 4^4 per cent
Victory notes of both the called and uncalled series, of which
$25,945,000 were redeemed in cash and $46,851,900 were applied
on subscriptions to other issues of Government securities. Schedule 17 sets forth the amount of Victory notes redeemed by the
parent bank and each branch.
This bank redeemed during 1922 a total of $82,732,500 of
Treasury certificates of indebtedness, of which $76,043,500 were
redeemed in cash and $6,689,000 were applied on subscriptions
to other issues of certificates, notes and bonds. Schedule 18 shows
the amount of certificates of indebtedness redeemed by the parent
bank and each branch.
There were redeemed through this bank during the year
4,083,707 thrift stamps, Treasury savings §tamps and war savings
stamps, of the value of $19,696,820. These figures include a large
volume of war savings stamps, maturing January 1, 1923, which
were received for redemption during November and December,
but actual payment was not made until January 2, 1923. Schedule
19 gives->the number and amount of the different classes of Treasury savings securities redeemed each month.




— 22 —

EXCHANGE, CONVERSION AND TRANSFER OF
GOVERNMENT SECURITIES

The transactions in connection with exchange, conversion and
transfer of Liberty bonds and Victory notes, while smaller in
volume than in 1921, were still of impressive proportions.
During the year this bank received for exchange, conversion
or transfer, bonds to the number of 356,453, representing a par
value of $75,729,450, and delivered 107,683 bonds, amounting to
$74,491,600. Schedule 20 gives details relative to the exchange
and conversion of Liberty bonds and Victory notes.
PAYMENT OF GOVERNMENT COUPONS, CHECKS
AND WARRANTS

During the year this bank handled a total of 2,260,855 checks
and warrants drawn on the United States Treasurer, amounting
to $197,007,747. These figures indicate an increase of 248,823 in
the number of items handled, but a decrease of $5,050,047 in the
amount, as compared with 1921. The number and amount handled
by the parent bank and each branch are shown in Schedule 10.
The number of Government coupons handled by this bank in
1922 was 4,221,746, with a face value of $27,805,973, which compares with 5,216,274 coupons, amounting to $30,405,260, in 1921.
Schedule 21 gives the number and amount of coupons handled
by the parent bank and each branch.
Government deposits in the Federal Reserve Bank of St. Louis
at the close of business December 31, 1922, amounted to $1,211,000,
as compared with $3,802,000 on the last day of 1921.

DEPOSIT OF GOVERNMENT FUNDS WITH BANKS
In course of the year 23 more banks qualified to receive deposits arising out of the sale of Treasury bonds, notes and certificates
of indebtedness. Adding these 23 to the number which had qualified prior to January 1, 1922, and deducting those which were
dropped from the list, there remained 236 Government depositaries
at the end of the year, which compares with 476 on December
31, 1921.
This bank performed all duties incident to the deposit and
withdrawal of such funds.
The largest amount of deposits outstanding with depositaries
at any one time was $27,226,450, on October 17. The amount outstanding on December 31, 1922, was $16,172,600. The deposits
made with depositaries during the year aggregated $106,413,100.




— 23 —

Interest on such deposits collected by the Federal Reserve
Bank for account of the United States Government in course of
the year amounted to $157,661.
All of the collateral pledged as security for these deposits
was passed on by this bank. Most of the collateral was in custody
of the parent bank and its branches. However, some was held by
outside custodians, which were appointed to facilitate the work.
At the end of the year, there were 3 outside custodians.
WAR FINANCE CORPORATION

As fiscal agent for the War Finance Corporation, this bank
made advances for its account aggregating $16,576,519, of which
amount $12,147,863 were advanced to cooperative marketing associations and $4,428,656 to non-member and member banks.
The amounts advanced by the parent bank and each branch
were as follows: The parent bank advanced $2,345,000 to banks
attached to the head office; the Louisville branch $4,700,000 to
cooperative associations and $260,000 to banks; the Memphis
branch $5,759,000 to cooperative associations and $1,321,000 to
banks, and the Little Rock branch $1,688,000 to cooperative associations and $502,000 to banks.
The War Finance Corporation made loans to 134 banks in this
district during 1922, but only 14 of these banks were members of
the Federal Reserve System.




— 24 —

APPENDIX
CHART
No.
Movement of assets and liabilities

Page
26

SCHEDULES
1. Comparative statement of earnings and expenses

27

2. Comparative profit and loss statement

28

3.

28

Comparative statement of condition

4. Movement of principal asset and liability items
5. Paper discounted for member banks

29-30
31

6. Open market operations

32

7. Discount rates of Federal Reserve Bank

32

8. Currency received and counted

33

9. Federal Reserve notes issued, redeemed and outstanding

33

10. Clearing items handled

34

11. Non-cash collection items handled

35

12. Transfers of funds for member banks

35

13. National banks granted fiduciary powers

36

14. Banks admitted to membership, etc

36

15. Sales of U. S. bonds, notes and certificates of indebtedness

37

16. Sales of U. S. Treasury savings certificates

37

17. Redemption of U. S. Victory notes

38

18. Redemption of U. S. Treasury certificates of indebtedness

38

19. Redemption of U. S. savings securities

39

20. Exchanges, conversions and transfers of U. S. Liberty bonds and
Victory notes

39

21. Coupons from U. S. securities handled

40

22. Changes in resources and liabilities of reporting member banks

40

23. Debits to individual accounts in leading cities

41




— 25 —

FEDERAL RESERVE BANK OF ST. LOUIS
MILLIONS OF DOLLARS

F.R.NOTE CIRCULATION

MILLIONS OF DOLLARS
160
140
120
100
80
60
40
20
O
40

PURCHAS ED BIL LS

i

20
0
40
20
0
180
160
140
120

100
80
60
40

1920




1921

— 26 —

1922

SCHEDULE 1.— Comparative statement of earnings and expenses of Federal Reserve
Bank of St. Louis.
EARNINGS

1922

1921

$1,303,808
255,750
832,169

$4,739,032
41,427
284,151

45,915
18,805

80,640
21,065

$2,456,447

$5,166,315

$155,877
829,072
28,418
40,750

$151,043
931,158
28,069
38,763

456
228
1,250
10,675
24,498
31,820
2,919

675
287
1,200
11,948
29,373
31,597
116

40,587

39,654

3,246
3,014
382
193
73,627
1,027

2,284
3,184
296
168
63,897
907

Printing and stationery (including office and other supplies)...
Telephone
Telegraph

57,221
7,448
42,841

65,809
8,217
43,262

Security shipments
Currency and coin shipments
Postage and expressage (other than on money and security shipments)

8,081
43,711

5,072
30,646

101,059

87,479

52,719
11,586

236,047
20,049

Discounted bills
Purchased bills
United States securities
Transfers—net earnings
Deficient reserve penalties..
Miscellaneous
Total earnings..

CURRENT EXPENSES
Salaries:
Bank officers
Clerical staff
Special officers and watchmen.
All other
Governors' conferences
Federal Reserve Agents' conferences
Federal Advisory Council
Directors' meetings
Traveling expensesf
Assessments for Federal Reserve Board expenses
Legal fees
Insurance (life, fidelity, casualty, workmen's compensation, and
general liability)
Banking House:
Taxes and fire insurance
Light, heat, and power
Repairs and alterations
All other
Rent, including light, heat and power, and minor alterations
Fire insurance—furniture and equipment

54,082

Furniture and equipment*

Federal Reserve currency:
Original cost, including shipping charges
Cost of redemption, including shipping charges..

16,377

26,500

34,140

49,468

$1,623,222

$1,961,250

$833,225

Taxes on Federal Reserve Bank note circulation ....

$3,205,065

All other expenses
Total current expenses..
Current net earnings

tOther than those connected with governors' and agents' conferences and meetings of directors
and of the advisory council.
•Charged to Profit and Loss in 1922, and to current expenses prior to that year.




— 27 —

SCHEDULE 2.— Comparative profit and loss statement of Federal Reserve Bank of
St. Louis.
PROFIT AND LOSS ACCOUNT

1921

$2,456,447
1,623,222

$5,166,315
1,961,250

$833,225

Earnings
Current expenses..
Current net earnings..

1922

$3,205,065

Additions to current net earnings:
Amounts deducted from reserve for depreciation on United States
bonds
Assessment account expenses Federal Reserve Board previously
charged to profit and loss
All other

3,883
2,257

13,241

$6,140

$13,241

2,000
44,755
125,000

"iwVooo

Total additions..
Deductions from current net earnings:
Depreciation allowances on bank premises
Furniture and equipment
Reserve for probable losses
Reserve for depreciation on United States bonds..
All other

$

$112,224

20,038

4,156

$191,793

Total deductions

$266,380

Net deductions from current net earnings

$185,653

$253,139

Net earnings available for dividends, franchise tax, and surplus

$647,572

$2,951,926

Dividends paid
Franchise tax paid United States Government
Transferred to surplus account
SCHEDULE 3.- - Comparative statement

$283,166
87,956
276,450

$ 270.253
1,639,109
1,042,564

St. Louis.

of condition of Federal Reserve Bank of
{In thousands of dollars.)
| Dec. 31, 1922

RESOURCES

$106,641
$21,831
41,222
218

$43,110
16,771

$63,271
1,161

2,780

Total bills on hand
United States bonds and notes
United States certificates of indebtedness:
One-year certificates (Pittman Act)
All other

$ 96,073
10,568

$14,549
15,533
13,028

Bills discounted:
Secured by U. S. Government obligations..
All other
Bills bought in open market

$26,220
66,158
3,695

$117,887

Total gold reserves
Legal tender notes, silver, etc..
Total reserves..

3,257
22,963

$107,592
10,295

Total gold held by bank
Gold with Federal Reserve Agent..
Gold redemption fund

2,852
31,207

$34,059
70,573
2,960

Gold and gold certificates
Gold Settlement fund—Federal Reserve Board..
Gold with foreign agencies

6,569
203

$

Total earning assets
Bank premises
5 per cent redemption fund against Federal Reserve bank notes.
Uncollected items
All other resources

Total deposits..

$

4,603
9,388

1,211
73,798
1,927

$

3,802
64,613
849

62,661
912

$76,936

Total liabilities..
Ratio of total reserves to deposit and Federal reserve note liabilities
combined

— 28 —

$69,264

$93,659
38,993
596

$95,246
3,923
30,263
800

$224,676

Federal Reserve notes in actual circulations.
Federal Reserve Bank notes in circulation—net liability..
Deferred availability items
All other liabilities




4,827
9,665

$

Deposits:
Government
Member bank—reserve account..
Allother

$213,487

$

LIABILITIES

42,862
354

71,204
615
523
33,744
760

$224,676

Total resources..
Capital paid in..
Surplus

Dec. 31, 1921

$213,487

69.1%

64.8%

SCHEDULE 4.—Movement of principal asset and liability items of Federal Reserve Bank of St. Louis during 1922. {In thousands of dollars.)

Date

Total
Earning
Assets

Bills discounted for Member Banks
Bills Secured
by U. S.
Other Bills
Government Discounted
Obligations

Feb.

4
11
18
25
1
8

15 .
21
March 1
8
15
22
29 .
April 5
12
19
May

26

3. .
10
17

24 ..
31
June 7
14....
21 ...
28

Total

1

Jan.

(2+5+6)

2

3

$59,950
52,337
50,187
46,667
41,411
37,108
37,936
35,250
33,300
32,035
28,572
30,931
27,568
26,543
25,058
25,436
23,728
22,454
21,705
22,302
21,049
29,832
19,574
18.695
18,947
19,587

$20,299
18,839
17,820
17,157
15,232
13,468
13,572
11,175
10,504
9,656
8,406
9,824
8,225
8,185
7,794
7,300
7,212
7,855
7,016
7,540
7,216
8,465
7,888
6,430
6.775
7,576

$39,651
33,498
32,367
29,510
26,179
23,640
24,364
24,075
22,796
22,379
20,166
21,107
19,343
18,358
17,264
18,136
16,516
14,599
14,689
14,762
13,833
21,367
11,686
12,265
12,172
12,011

United
States
Securities

Total
Cash
Reserves

Member
Banks'
Reserve
Deposits

Total
Deposits

Federal
Reserve
Notes in
Circulation

Reserve
Percentages

5

6

7

8

9

10

11

$ 7,946
7,946
7,866
7,852
8,583
8,392
12,951
13,955
14,489
15,414
18,013
20,014
20,280
21,713
24,587
24,940
24,963
24,968
27,651
28,216
29,225
29,145
30,664
31,605
30,064
25,188

$107,781
113,053
116,602
118,344
121,575
125,221
129,225
118,267
116,825
123,378
119,463
113,665
117,221
116,901
108,321
111,882
108,830
110,319
107,129
101,677
104,561
94,689
99,363
90,858
96.301
95,018

$65,326
65,564
66,297
65,176
63,708
66,093
71,365
67,645
62,496
70,884
66,360
66,585
66,217
69,212
64,043
67,964
67,007
67,830
69,036
65,885
69,747
67,969
68,529
64,527
71,085
66,380

$68,905
67,788
70,477
69,427
69,476
69,357
78,335
71,289
66,891
74,039
68,759
69,505
71,651
72,832
66,610
73,138
70,733
71,177
71,822
68,554
74,230
73,259
71,502
67,849
72,615
69,361

$94,222
90,139
88,645
86,026
86,089
84,323
85,017
84,023
85,180
83,328
82,457
80,962
79,572
79,170
77,641
76,963
74,749
74,350
72,640
72,495
70,905
70.732
69,940
68,694
68.239
67,307

66.1
71.6
73.3
76.1
78.2
81.5
79.1
76.1
76.8
78.4
79.0
75.5
77.5
76.9
75.1
74.5
74.8
75.8
74.2
72.1
72.0
65.8
70.2
66.5
68.4

4

$68,115
60,663
58,468
54,754
50,297
46,499
52,356
50,474
48,918
48,736
47,832
52,193
49,022
49,348
50,587
51,196
49,535
48,593
50,698
52,708
55,523
64,061
55,832
59,897
58,608
56.313

Bills
Bought
in Open
Market




$

219
380
415
235
303
999
1,469
1,269
1,129
1,287
1,247
1,248
1,174
1,092
942
820
844

1,171
1,342
2,190
5,249
5,084
5,594
9,597
9,597
11,538

69.5

SCHEDULE

4 (Continued).- - Movement of principal asset and liability items of Federal Reserve Bank of St. Louis, during 1922.
{In thousands of dollars.)

Date

Total
Earning
Assets

Bills discounted for Member Banks
Bills Secured
by U. S.
Other Bills
Government Discounted
Obligations

Bills
Bought
in Open
Market

United
States
Securities

Total
Cash
Reserves

Member
Banks'
Reserve
Deposits

Total
Deposits

Federal
Reserve
Notes in
Circulation

Reserve
Percentages

7

8

9

10

11

5
12
19
26
Aug. 2
9
16
23
30
Sept. 6
13
20
27
Oct.
4
11
18
25
Nov. 1
8
15
22
29
Dec.
6
13
20
27

64,695
58,964
60,008
59,807
60,277
66,333
59,773
61,033
60,436
61,676
62,454
60,502
59,084
62,276
65,252
62,716
62,372
64,943
67,010
65,187
63,722
63,584
66,913
68,211
68,396
71,362

67,254
61,235
62,561
63,461
62,519
68,728
62,274
63,823
63,677
64,007
65,292
63,349
61,361
64,199
67,373
64,728
64,453
69,516
67,712
67,701
66,820
66,670
70,552
70,725
71,032
74,799

68,787
67,717
66,907
66,458
68,081
67,952
68,493
68,233
68,874
70,653
72,046
74,260
76,952
80,272
82,941
86,425
87,541
91,742
93,990
95,792
93,899
94,302
94,451
94,501
96,834
97,272

70.1
66.5
65.4
65.6
68.1
67.5
66.7
63.6
65.0
64.3
63.5
60.4
63.1
67.1
70.4
68.1
68.6
69.2
72.0
69.2
69.8
69.0
70.4
70.2
63.3
59.8

Total

1

July

(2+5+6)

2

3

4

5

6

18,220
16,933
17,101
16,027
18,971
17,438
15,899
17,850
16,460
18,202
17,833
24,914
25,501
26,656
23,180
25,673
28,865
30,557
29,854
32,002
28,076
31,261
29,791
27,709
28,795
30,187

6,658
5,722
5,898
5,054
7,351
6,151
4,764
4,701
4,369
4,713
4,819
8,054
7,142
7,498
5,131
7,268
9,259
10,481
11,564
13,721
12,077
15,503
13,839
13,451
13,696
16,549

11,562
11,211
11,203
10,973
11,620
11,287
11,135
13,149
12,091
13,489
13,014
16,860
18,359
19,158
18,049
18,405
19,606
20,076
18,290
18,281
15,999
15,758
15,952
14,258
15,099
13,638

11,511
13,856
14,415
15,344
15,381
15,365
15,524
15,224
16,075
15,286
14,992
14,153
12,918
10,544
9,023
8,810
9,065
10,513
10,383
9,730
11,222
11,585
12,439
12,660
12,680
12,623

25,532
25,739
26,064
26,239
25,089
24,647
25,146
26,290
27,525
28,725
28,611
28,212
26,643
26,778
26,564
26,563
26,614
23,689
23,715
22,215
21,709
21,710
21,210
21,116
26,118
31,117

55,263
56,528
57,580
57,610
59,441
57,450
* 56,569
59,364
60,060
62,213
61,436
67,279
65,062
63,978
58,767
61,046
64,544
64,759
63,952
63,947
61,007
64,556
63,440
61,485
67,593
78,927




95,429
85,771
84,669
85,227
88,998
92,299
87,279
84,005
86,097
86,613
87,228
83,130
87,297
96,895
105,798
102,896
104,324
111,635
116,492
113,099
112,143
111,037
116,127
115,941
106,250
102,901

SCHEDULE 5.—Paper discounted for member banks by Federal Reserve Bank of St. Louis.
St. Louis
Parent Bank

Classes of Paper Discounted
Member banks' 15-day notes secured by U. S.
obligations
Member banks' 15-day notes otherwise secured
Customers' paper secured by U. S. obligations
Agricultural and live stock paper
Trade acceptances
Bankers' acceptances
Other discounts

Total Paper Discounted by
Months and States
January
February.
March
April
May

. .

. . . .

Totals for 1922
Totals for 1921

$409,271,130
362,424,862

$11,420,736
8,709,436
9,151,435
10,919,884
5,460,446
3,831,272
3,016,032
4,008,434
6,773,273
5,090,295
3,046,589
3,022,838
$74,450,670
186,439,233

122

95
103

576,524
625,336
569,154
84,000
12,232,299

•Illinois
$6,945,020
5,684,231
6,333,763
5,841,455
6,054,750
4,798,490
4,755,532
4,587,177
4,083,590
4,528,113
6,618,153
5,561,184

•Indiana

$25,589,266
76,000
2,104,774
14,660,041
1,493,676

Little Rock
Branch

Totals for 1922

Totals for 1921

$654,924,064
372,500
4,662,953
32,803,030
4,181,525
1,458,842
167,453,507

$956,436,581
1,289,562
38,102,650
52,191,415
5,140,715
7,973,689
547,889,326

$28,252,405

58,238,628

433,596
8,572,763
590,703
925,142
17,064,097

$102,162,385
215,454,134

\ 55,838,706
141,079,686

*Kentucky

•Mississippi

$865,856,421
$1,609,023,938

•Missouri

$24,721,980
18,840,385
5,815,989
13,994,057
26,038,757
63,355,168
33,626,389
20,718,317
26,954,221
31,975,832
65,972,463
73,013,569

$2,125,868
1,407,206
1,420,213
2,088,627
807,878
860,036
751,786
1,290,865
1,478,325
1 337,048
694,798
462,156

$18,164,702
10,511,321
10,145,493
13,907,851
23,944,300
14,770,787
11,858,605
11,629,872
21,581,089
16,793,105
19,511,639
38,661,004

$65,791,458
95.674,607

$19,203,163
30,015,816

$405,027,127
353,313,506

$14,724,807
29,083,446

$211,479,768
754,739,832

185

62

68

20

126

108
105

*Figures in this column relate only to that part of the State located in this district.




Memphis
Branch

$1,957,536
1,504,528
1,733,031
1,392,523
850,856
955,770
1,584,647
1,024,536
1,628,339
2,373,787
2,269,975
1,927,635

oco
coco

Number member banks on 12-31-22
Different banks discounting during 1922
Different banks discounting during 1921

$395,183,817

Arkansas

. ...

December

$205,898,576
296,500
1,548,059
8,944,890
1,527,992
449,700
79,918,483
$298,584,200
890,065,256

Totals for 1922
Totals for 1921

June..
July
August
September
October. . . .

Louisville
Branch

41
45

18
15

88
66

•Tennessee
$9,191,830
7,577,002
6,418,876
8,452,911
2,282,371
2,351,171
1,737,170
639,694
6,552,437
10,064,893
10,335,121
9,575,952

Totals
$74,527,672
54,234,109
41,018,800
56,597,308
65,439,358
90,922,694
57,330,161
43,898,895
69,051,278
72,163,070
108,448,738
132,224,338

$75,179,428 $865,856,421
159,757,498 1,609,023,938

27

20
23

610

400
390

SCHEDULE 6.—Open market operations of Federal Reserve Bank of St. Louis.
U. 3. Securities Purchased

Bills Purchased
Month

January.
February
March
May

June
July
August .
October.
November. .
December
Totals for 1922
Totals for 1921

Bankers'
Acceptances
880,054
2,081,920
1,123,800
150,743
3,266,249
609,936
5,113,185
887,224
200,000
5,558,237
7,315,195
5,254,488
$32,441,031
19,277,000

Dollar
Exchange

Total Bills
Purchased

U. S. Bonds
and Notes

880,054
2,081,920
1,173,800
150,743
3,966,249
609,936
5,113,185
987,224
200,000
5,578,237
7,515,195
5,479,488
$33,736,031
20,187,478

$

Trade
Acceptances
$

$

$

50,000
700,000
100,000
20,000
200,000
225,000
$1,295,000
910,000

None
None

339,800
3 120,900
3,930,700
3,781,500
289,400
3,256,250
734,650
7,352,550

68,600
28,400
8,800
$22,911,550
1,198,000

Total U. S.
Securities
Purchased

U. S. Certificates
of Indebtedness
$

203,000
6,173,500
4,330,000
1,131 500
4,431 500
31,454,500
228,500
1,632,000
821,500
1,892,000
30,000
70,000,000
$122,328,000
44,419,000

$

542.800
9,294,400
8,260,700
4,913,000
4,720,900
34,710,750
963,150
8.984,550
821,500
1,960,600
58,400
70.008.800
$145,239,550
45,617,000

SCHEDULE 7.—Discount rates of Federal Reserve Bank of St. Louis during 1922.

In Effect:
Member banks' 15-day collateral notes:
Secured by bills receivable or bonds or notes of the U. S
RediscountsSecured by bonds or notes of the U. S
Commercial paper
Agricultural or live stock paper
Trade acceptances
Bankers' acceptances
Bankers' acceptances, purchased in the market, subject to agreement.




April 6 to
December 31, incl.

SCHEDULE 8.—Currency {paper and coin) received and counted by Federal Reserve Bank of St. Louis.
Paper CurrencyPieces

Total Paper Currency and Coin
Received and Counted

Coin
Pieces

Amount

Amount

Pieces

Amount

St. Louis Parent Bank
Louisville Branch .
Memphis Branch
Little Rock Branch....

56,914,100
17,772,944
13,912,650
6,331,200

$290,749,600
96,697,914
60,027,700
25,589,600

96,181,773
15,090,113
9,244,026
5,913,230

$ 9,820,344
1,281,894
1,628,719
900,325

153,095,873
32,863,057
23,156,676
12,244,430

$300,569,944
97,979,808
61,656,419
26,489 925

Totals for 1922
Totals for 1921

94,930,894
92,016,445

$473,064,814
495,761,399

126,429,142
130,666,328

$ 13,631,282
14,115,453

221,360,036
222,682,773

$486,696,096
509,876,852

SCHEDULE 9.—Federal Reserve Notes outstanding December 31, 1921, issued, returned and redeemed during 1922, and outstanding December 31, 1922.
Outstanding
December 31, 1921
Fives
Tens
Twenties
Fifties
Five Hundreds
Ten Thousands
Totals for 1922
Totals for 1921

Issued or Re-issued by
F. R. Agent to F. R. Bank

$ 23,778,985
30,447,300
42,141,260
7,583,300
5,406,600
1,354,500
2,581,000
350,000
460,000

$ 19,460,000
17,920,000
19,600,000
3,300,000
2,400,000
300,000
400,000
50,000

$114,102,945

$63,430,000
74,960,000

Fit Notes Returned to
Agent by Bank

Unfit Notes Redeemed
in Washington

Outstanding
December 31, 1922

$820,000
880,000
1,520,000
900,000
1.000,000
350,000
750,000
230,000
240,000

$ 17,560,300
16,926,650
18,173,200
3,008,050
1,536,000
188,000
368 000
5,000
40,000

$ 24,858,685
30,560,650
42,048,060
6,975,250
5,270,600
1,116,500
1 863 000
165,000
180,000

$6,690,000
5,600,000

$ 57,805,200
110,648,440

*$113,037,745

*$18.726,745 of Federal Reserve Notes were held by the Federal Reserve Bank, of St. Louis and its branches, and
leaving $93.659,200 in actual circulation at end of year.




551,800 were in transit to Washington for redemption,

SCHEDULE

lO .-Clearing items handled by Federal Reserve Bank of St. Louis.

St. Louis Parent Bank

Louisville Branch

Memphis Branch

Little Rock Branch

Classes of Items Handled
Number

I

Amount

Number

I

Amount

Number

I

Amount

Number

I

Amount

Totals
Number

I

Amount

709,470,778
949,961 $
292,812,859 2,264,596
52,885,433
133,903
10,748,065
17,931

403,309 ,653
764 , 519 $
145,326,561 3,766,881
15,722,500
94,898
3,739,752
73,870

279,814,314 6,849,424 $4,148,470,375
223,910,210 28,237,457 1,647 ,549,346
9,938,622 2,260,8~5
197,007,747
12,375,663
675,525
79 , 363 , 467

Totsls for 1922, without duplications 22 , 871,634 $3,912,336,525 7,085,068 $1,065,917,135 3,366,391 $

568,098,466 4,700,168 $

526,038,809 38,023,261 $6,072 , 390,935

Checks on local banks ........... ....... ........ 3,902,559 $2,755,875,630 1,232,385 $
985,499,716 5,315,565
Checks on other banks in this district 16 ,890,415
118,461,192
Checks and warrants on U. S. Treas. 1,620,846
411,208
52,499,987
125,910
Checks on bank. in other districts ....
457,814

Checks handled by both parent
bank and branches ................ ... .........

I

CN

126,039 $

13 ,188,354

23,054 $

1,862,603

23,695 $

Totals for 1922, including duplications ..... ... .... ... ...... ............ ...... ....... .. .. .. 22,997,673 $3,925,524,879 7,108,122 $1,067,779,738 3 ,390, 086 $

3,105,756

280,055 $

571,204,221 4,980,223 $

23,896,022

452,843 $

42,052,734

549,934,831 38,476,104 $6,114,443,669

./>.

I

Totsl Items Handled by Months
January ..................................... .............
February .... .. .. .. .... .. .... ... ........... .... ... .......
March ................. ..... ................................
ApriL .... ................. .. .. .. ....... .... ......... ......
May ......... ... .. ..... .. ... ............ .... .. .... .. ... .. ...
June .................. ... ....................... ... .........
July .................. ...... .. .. ...... .... ... ...... .. .... ... ..
August...... .... ... ... .... ... ... ... .. ... .. .... ........ .. ..
September............... .......... ... ... ... ...... .... ..
October................... .................... ..... ....... .
November ....... ...... ... ... .. .......................
December................ .. .. .... ... .. ....... ... .........

1,731,031 $
1,627,653
1,975,564
1,782,393
1,910,492
1,969,303
1,768,988
1,877,465
1,951,135
2,152,583
2,017 . 046
2 , 234 , 020

298 ,859,648
246,076,260
335,717,235
294 ,917,530
320 541,327
330,127,982
312,628,076
325,246,069
333,665,610
376,743,736
368,102,475
382 , 898,895

533,227 $
501,775
613,156
570,875
618,076
613,584
563,447
587,386
595,045
634,408
604,537
672 , 606

82,134,905
72 ,111,019
93,851,410
80,837,500
86,638,250
88,529,189
81,270,630
89,002,658
90,076,246
96 , 254,973
92,701,673
114,371,285

242,481 $
220,730
276,090
251,524
271,215
266,645
261,449
265,599
283,472
352,823
345,024
353,034

Totals for 1922, including duplications ..... ... .... .... ..... ..... ................... .... .. 22 , 997,673 $3,925,524,879 7,108 , 122 $1 , 067 , 779 , 738 3 , 390,086 $
Totals for 1921, including duplica976 , 889 , 080 2,897 , 023
tions .... ,...................... .. ..... .... .......... ... . 20 , 638 , 685 3,631 , 736 , 876 6,209 , 943




41,267,540
33,855,098
39,160,725
36,509,736
39,999,397
38,965,462
36,775,461
36,922,884
46,930,618
74,223,876
77,382,589
69,210,835

356,170$
340,092
396,222
368,586
397,760
407,780
389,014
412,855
432,323
503,863
482,164
493,394

41,660,080
35,934,809
43,129,293
38,189,697
40,497,806
39,092,482
35,723,155
36,985,543
48,727,829
65,493,596
61,934,434
62,566,107

2,862,909 $
2,690,250
3,261,032
2,973,378
3,197,543
3,257,312
2,982,898
3,143,305
3,261,975
3,643,677
3,448,771
3,753,054

463 , 922,209
387,977,186
511,858,663
450,454,463
487, 676,780
496,715,11 5
466,397,322
488,157,154
519,400,303
612,716,181
600,121,171
629,047,122

571,204,221 4,980 , 223 $

549,934 , 831 38,476,104 $6,114,443,669

471 , 659,023 4,252 , 127

525,178,903 33,997,778 5 , 605 ,464,501

SCHEDULE 11.—Collection items, such as notes, bills, etc., handled by Federal Reserve Bank of St. Louis.
St. Louis Parent Bank

Memphis Branch

Louisville Branch

Little Rock Branch

Totals

Month
Number
January
February
March
April
May
June
July
August
September
October
November
Totals for 1922
Totals for 1921

Amount

Number

Amount

$ 11,922.750
9,647,669
12,596.424
26.409,697
16,444,499
12,169,386
11,658,381
12,714,235
10,116,318
10,588,514
14,816,950
20,419,803

1,859
1,554
2,013
1,933
2 498
2,414
2,592
2,401
2,449
2,761
3,133
2,811

127,499
82,574

•.

8,677
10,011
10.978
9,747
11.203
10,248
10,263
10,465
10,696
11,845
11,910
11,456

$169,504,626
133,007,362

28,418
18,628

Number

2,901,025
2,457,170
3,138,365
2,584,253
3,448,214
4,111,378
5,627,114
4,004,035
5,252,965
4,512,830
3,325,676
3,588,488

1,730
1,498
1,720
1,554
1,989
1,814
1,801
1,550
1,754
2,822
2,785
2,338

$ 44,951,513
26,711,547

Amount

23,355
17,065

$

$

Number

1,932,058
1,523,307
1,717,792
1,798,333
2,000,807
1,945,442
1,861,706
1,439,476
2,677,148
6,495,472
5,049,690
3,821,300

1,332
1,146
1,438
1,176
1,532
1,359
1,328
1,376
1,702
2,061
1,870
1,577

$ 32,262,531
18,764,348

17,897
12,685

Amount
$

Number

Amount

1,763,698
1,116,818
1,273,649
1,350,761
1,672,267
1,116,785
1,239,517
1,157,665
1,776,096
2,602,971
2,982,821
2,909,713

13,598
14,209
16,149
14,410
17 222
15,835
15,984
15,792
16,601
19,489
19,698
18,182

$ 18,519,532
14,744,964
18,726,230
32,143,044
23,565,788
19 342,991
20,386,718
19,315,410
19,822,527
24,199,786
26,175,137
30,739,304

$ 20,962,761
11,620,968

*197,169
*130,952

$267,681,431
190,104,225

*During 1922, 16,441 items were returned unpaid; during 1921, 12,808 items were returned unpaid.

SCHEDULE 12.—Transfers of funds for member banks through Federal Reserve Bank of St. Louis.
Outgoing Wire Transfers
No.

St. Louis Parent Bank
Little Rock Branch
Total for 1922
Total for 1921

*Estimated.




Amount

No.

19,879
4,472
3,924
2,554

$1,275,728
232,232
118,201
56,973

30,829
28,092

$1,683,136 842
1,119,204 570

605
370
921
946

Mail Transfers

Incoming Wire Transfers

13
1
4
4

907
731
139
178

23 955
20 819

Amount

No.

Amount

Deposits to 5% Redemption
Fund in Washington
for National Banks
No.

Amount

Total Transfers for
Member Banks
No.

Amouut

10.517
194
579
782

$692,727 ,826
3,593 ,637
5,635 ,219
9,832 ,390

10,775
3,712
880
906

$21
6
1
1

857,046
179,121
942,877
131,835

55 ,078
10 ,109
9 ,522
8 ,420

$2,871,658, 978
384,422, 970
329,588, 032
193,791, 417

12,072
704 648, 544 *10,000

$711,789 ,072
* 600,000 ,000

16,273
20,812

$31 110,879
31 867,416

S3 ,129
79 ,723

$3,779,461, 397
2,455,720, 530

$881
142
203
125

345,
417,
808,
853,

501
842
015
246

$1 ,353 424, 604

SCHEDULE 13.—National banks in District No. 8, granted fiduciary powers during
1922, under Section 11 (k) of the Federal Reserve Act.
First National Bank
Simmons National Bank
National Bank of Benld
Security National Bank
First National Bank
American National Bank
Quincy National Bank
National City Bank
First National Bank
Third National Bank
Security National Bank Savings and Trust Co
SCHEDULE 14.-

Corning, Ark.
Pine Bluff, Ark.
Benld, 111.
East St. Louis, 111.
Mascoutah, 111.
Mt. Carmel, 111.
Quincy, 111.
Evansville, Ind.
Columbia, Ky.
Sedalia, Mo.
St. Louis, Mo.

-Banks admitted to membership in Federal Reserve Bank of St. Louis,
memberships terminated, etc., during 1922.
NEW NATIONAL BANK MEMBERS
Name

Capital and
Surplus when
admitted

Location

Farmers National Bank...
Cotton Plant, Ark..
$27,500
First National Bank
27,500
Lamar, Ark..
Peoples National Bank
55,000
Stuttgart, Ark
Planters National Bank...
Walnut Ridge, Ark..
27,000
Security National Bank...
East St. Louis, 111...
360,000
First National Bank
Xenia, 111..
27,500
38,500
First National Bank
Zeigler, 111
*National City Bank
550,000
Evansville, Ind..
First National Bank
25,000
Spurgeon, Ind..
Planters National Bank...
550,000
Clarksdale, Miss..
Missouri National Bank..
200,000
St. Louis, Mo
St. Louis National Bank.
202,500
St. Louis, Mo
STATE BANKS AND TRUST COMPANIES ADMITTED TO MEMBERSHIP
Capital and
Surplus when
admitted

Location

Name
Lawrence County Bank
Montgomery County Loan & Trust Co
Farmers State Bank
Corydon State Bank
Louisville Trust Co
Greenwood Bank & Trust Co
Bank of Pontotoc
Planters Bank & Trust Co
City Trust Co
Easton-Taylor Trust Co
Jefferson Bank
Laclede Trust Co
Northwestern Trust Co
Savings Trust Co
Scruggs, Vandervoort & Barney Bank
Southern Commercial & Savings Bank
Greenfield Bank

Walnut Ridge, Ark
Hillsboro, 111
New Athens, 111
Corydon, Ind
Louisville, Ky
Greenwood, Miss
Pontotocr Miss
Miss
Mo
St. Louis Mo
St. Louis Mo
Mo

Mo . . ..
St. Louis Mo
St. Louis Mo
St. Louis Mo
Greenfield, Tenn

$160,000
150,000
25,000
50,587
967,320
250,000
140,000
110,000
245,000
200,000
350,000
235,000
700,000
250,000
200,000
250,000
55,000

MEMBERSHIPS TERMINATED
Name
First National Bank
First National Bank
Clay County State Bank..
Corydon National Bank...
*City National Bank
First National Bank..
First National Bank..
%

Old Name

Location
Cotton Plant, Ark...
Walnut Ridge, Ark.
Louisville, 111..
Corydon, Ind
Evansville, Ind.
Rosedale, Miss..
Tupelo, Miss..
TITLES CHANGED
Location

Peoples National Bank
Saline Trust & Savings Bank
First National Bank
Lincoln Savings Bank & Trust Co...

Disposition
Receiver appointed
Voluntary liquidation
Surrendered membership
Receiver appointed
. Charter expired—succeec e d
by National City Bank
Voluntary liquidation
Voluntary liquidation
New Name

Harrison, Ark
First National Bank
First Trust & Savings Bank
Harrisburg, 111
Peoples-First National Bank
White Hall, 111
Lincoln Bank & Trust Co
Louisville, Ky
LOCATION CHANGED
Branch of Grenada Bank, Grenada, Miss., moved from Woodland, Miss., to Sumner, Miss., under
title of Bank of Sumner.




— 36 —

SCHEDULE 15.—Sales of United States bonds, notes and certificates of indebtedness handled by Federal Reserve Bank of St. Louis.
Description

Date of Issue
February 1, 1922
March 15, 1922
March 15, 1922
April 15, 1922..
June 1, 1922.
June 15, 1922.
June 15, 1922.
August 1, 1922
September 15, 1922..
October 16, 1922
December 15, 1922..
December 15, 1922..
December 15, 1922..

Treasury Notes
Treasury Notes
Tax Certificates
Loan C ertificates
Tax Certificates
Tax Certificates
Treasury Notes
Treasury Notes
Tax Certificates
Treasury Bonds
Tax Certificates
Tax Certificates
Treasury Notes

Maturity
March 15, 1925..
March 15, 1926..
March 15, 1923..
October 16, 1922.
December 15, 1922...
June 15, 1923
December 15, 1925...
September 15, 1926..
September 15, 1923..
October 15, 1952
March 15, 1923
December 15, 1923...
June 15, 1925

Quota for
District

Total Offering

Rate

$600,000,000
500.000,000
250,000.000
150.000,000
200.000,000
250,000,000
500,000,000
300,000,000
200,000,000
L,000,000,000
400,000,000
300,000,000
$4,650,000,000
2,950,000,000

4%
3M
4M

Totals for 1922..
Totals for 1921..

$24,000,000
20,000,000
10.000.000
6,000.000
8,000,000
10,000,000
20,000,000
24,000,000
8,000,000
40,000,000

Subscriptions

Allotments

16,000,000
12,000,000

$53,198,100
20,745,000
43,271,500
10,181,000
9,792,000
11,265,500
12,250,000
51,643,300
16,689,500
62,397,400
945,500
4,846,500
24,770,100

$17,384,200
20,745,000
10,000,000
6,000,000
8,000,000
10,000,000
12,250,000
17,061,500
8,000,000
38,341,500
945,500
4,846,500
24,203,200

$198,000,000
118,000,000

$321,995,400
231,774,200

$177,777,400
130,485,600

SCHEDULE 16.—Sales of United States Treasury Savings Certificates through Federal Reserve Bank of St. Louis.
$25 Certificates
Month
Number
January
February
March
April
May
June
July
August
September
October
November
December
Total for 1922.

Maturity
Value

$100 Certificates
Number

Maturity
Value

$1,000 Certificates
Number

Maturity
Value

Total Securities Sold
Number

Amount

67
22
15
40
49
75
68
70
123
17
63
1,004

$1,675
550
375
1,000
1,225
1,875
1,700
1,750
3,075
425
1,575
25,100

258
182
234
313
470
425
425
445
767
86
277
3,539

$25,800
18,200
23,400
31,300
47,000
42,500
42,500
44,500
76,700
8,600
27,700
353,900

67
151
143
231
285
222
163
442
61
81
432

$88,000
67,000
151,000
143,000
231,000
285,000
222,000
163,000
442,000
61,000
81,000
432,000

413
271
400
496
750
785
715
678
1,332
164
421
4,975

$115,475
85,750
174,775
175,300
279.225
329,375
266,200
209.250
521,775
70,025
110,275
811,000

1,613

$40,325

7,421

$742,100

2,366

$2,366,000

*11,400

*$3,148,425

* In 1921 there were 8,800 Treasury savings securities, amounting to $391,230, sold through this bank. These included thrift stamps and war savings stamps, which were
discontinued on January 1, 1922, and Treasury savings stamps, which were discontinued on October 1, 1922. None of these securities were sold during 1922.




SCHEDULE 17.—Redemption of United States Victory Notes by Federal Reserve Bank of St. Louis, during 1922.

Cash
Exemptions

Applied on
Subscriptions to
Other U. S.
Securities

Total Victory
Notes Redeemed

4?4% Victory Notes

&H% Victory Notes
Total
3H% Notes
Redeemed

Cash
Redemptions

Applied on
Subscriptions to
Other U. S.
Securities

Total
4%% Notes
Redeemed

Amount

$2,953,150
18,250

$20,000

$2,973,150
18,250

$20,614,250
342,450
1,021,150
3,967,150

$46,851,900

$67,466,150
342,450
1,021,150
3,967,150

$70,439,300
360,700
1,021,150
3,967,150

$2,971,400

St. Louis Parent Bank
Little Rock Branch

$20,000

$2,991,400

$25,945,000

$46,851,900

$72,796,900

$75,788,300

Louisville Branch
Totals .

SCHEDULE 18.—Redemption of United States Treasury certificates of indebtedness by Federal Reserve Bank of St. Louis.
Cash Redemptions

Applied on Subscriptions
to Other U. S. Securities

Totals

St. Louis Parent Bank
Louisville Branch
Memphis Branch
Little Rock Branch

$66,052,500
7,963,000
947,500
1,080,500

$6,689,000

$72,741,500
7,963,000
947,500
1,080,500

Totals for 1922.,
Totals for 1921.

I 76.043,500
100,432,000

$6,689,000
7,477,000

f 82,732,500
107,909,000




SCHEDULE 19.—Redemption of United States Thrift Stamps, Treasury Savings Stamps and War Savings Stamps through
Federal Reserve Bank of St. Louis.
Treasury Savings Stamps

Thrift Stamps
Month
Number

Maturity
Value

Number

War Savings Stamps

Maturity
Value

June
July
August
September
October
November.
December
Totals for 1922

Maturity
Value

Number

16,814
14,824
13,391
12,902
9,787
8,737
9,005
7,884
6,575
7,968
6,750
36,689

January
February
March

$4,203
3,706
3,348
3 225
2 447
2,184
2,251
1,971
1,644
1,992
1,688
9,172

75

$ 75

375
181
98

375
181
98

83,406
68,386
59,683
50,659
41,678
33,252
26,334
24,204
18,834
17,309
60,625
3,447,282

151,326

$37,831

729

$729

Total Securities Redeemed

3,931,652

$

Number

417,030
341,930
298,415
253 295
208,390
166,260
131,670
121,020
94,170
86,545
303,125
17,236,410

100,295
83,210
73,074
63,561
51,465
41,989
35,339
32,088
25,409
25,652
67,556
3,484,069

$19,658,260

*4,083,707

Amount
$

421,308
345,636
301,763
256 520
210,837
168 444
133,921
122,991
95,814
88,912
304,994
17,245,680

*$19,696,820

* Figures for November and December include war savings stamps maturing January 1, 1923, payment for which was made January 2, 1923.
In 1921, there were redeemed through this bank 9,128 Treasury savings securities, of the value of $170,555.

SCHEDULE 20.—Exchanges, conversions and transfers of United States Liberty Bonds and Victory Notes handled by
Federal Reserve Bank of St. Louis.
Received
Pieces
Temporary Coupon Bonds exchanged for Permanent Coupon Bonds.
Coupon Bonds exchanged for Registered Bonds
Registered Bonds exchanged for Coupon Bonds
Registered Bonds transferred
Conversions
Denominational Exchanges
Mutilated Coupon Bonds replaced
Mutilated Registered Bonds replaced
Totals for 1922
Totals for 1921




Par Amount

Delivered
Pieces

Par Amount

37,682
36,422
32,363
9,013
3,357
237,589
26
1

$ 3,269,000
10,062,300
12,387,250
3,207,450
354,650
46,446,600
2,100
100

32,668
15,312
26,311
7,088
3,257
23,034
12
1

$ 3,269,000
8,950,450
12,418,200
3,058,750
346,050
46,446,600
2,450
100

356,453
1,191,302

$ 75,729,450
233,107,600

107,683
988,906

% 74,491,600
269,310.353

SCHEDULE 21.—Coupons from United States Securities handled by Federal Reserve Bank of St. Louis.
St. Louis Parent Bank

Memphis Branch

Louisville Branch

Totals

Little Rock Branch

Month
No.

January
February
March
April ..

209,827
87,821
283,669
389,797
291,623
299,353
226,786
81,122
234,113
336,900
257,142
377,757

May

June
July
August
September
October
November
December
Totals for 1922
Totals for 1921

3,075,910
3,874,745

Amount

No.

$

Amount

Amount

No.

No.

Amount

Amount

No.

803,762
482,838
1,914,482
2,396,808
1,771,418
2,470,088
862,353
457.275
2,403,196
2,641,979
1,774,261
2,311,498

43,305
14,782
58,920
115,525
68,769
72,536
41,312
17,704
52,818
107,797
64,959
83,293

$192,879
83,195
447,426
967,496
538,963
518,087
206,741
96,319
532,612
976,130
575,005
521,259

20,328
9,011
20,934
25,070
21,793
26,693
14,388
7,797
14,760
19,833
52,625
31,631

$ 81,137
38,591
108,423
173,723
132.550
174,634
58,511
30.906
87,917
133,016
119,398
179,789

12.359
5.213
16,154
14.747
14.133
15,168
5.579
3.712
10.842
12.210
9,813
19,323

$ 40.277
21.638
60.028
61,927
54.368
62,702
15.989
20.262
39.760
51,209
44.312
68.836

285,819
116,827
379,677
545,139
396,318
413.750
288.065
110.335
312,533
476,740
384,539
512,004

$1,118,055
626.262
2,530,359
3,599.954
2.497.299
3 225,511
1,143.594
604,762
3,063.485
3,802,334
2,512,976
3,081.382

$20,289,958
21,845,546

741,720
861,563

$5,656,112
6 254,170

264,863
286,895

$1,318,595
1,583,371

139,253
193,071

$541,308
722,173

4.221,746
5,216,274

$27,805,973
30,405,260

o SCHEDULE 22.—Principal assets and liabilities of 37 reporting member banks in St. Louis, Louisville, Memphis, Little Rock and Evansville, as of
last report date in each month during 1922. {In thousands of dollars.)

Last Report Date In

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




Total Loans and
Discounts (Including
Rediscounts with
Federal Reserve Bank)
1922

1921

$434,036
436,854
423,146
416,762
414,495
404.628
412,721
407,824
419,859
437,700
443,875
458,001

$504,751
494,313
478,563
465,839
455,823
464,604
449,342
439,565
441,728
438,022
439,424
446,650

Investments
Net Demand Deposits
U. S. Secutities
1922
$35,927
40,055
40,608
42,247
40,391
52,633
51,153
53,141
58,729
71,948
71.421
75,914

1921
$35,108
33,927
33,866
32,299
31,707
31,037
28,803
29,878
36,245
30,010
30.619
33,348

Time Deposits

Accommodation at
Federal Reserve Bank

All Other
1922

1921

1922

1921

1922

1921

$69,029
69,685
70,935
74,011
94,205
80,387
82,270
84,359
84.878
86,309
87,419
88,234

$64,611
65,255
65,877
67,382
67,051
67,405
66.570
67,157
67,324
68,879
69,683
69,550

$309,318
320,376
315,073
314,652
313,504
307,995
313,315
319,741
323,167
328,872
337.315
365,572

$329,282
325,242
308,782
309,099
299,108
285,818
286.915
283,343
279.108
295,661
291,895
300,497

$155,196
157,761
157,883
160,195
158,346
159.965
163.873
170.386
172,033
174,654
178.201
179,379

$141,394
144,231
143,336
142,839
143,582
142.838
142,558
144.720
145.679
148,356
150.077
150,427

1922
$23,228
14,377
9,332
7,372
15,569
5,827
2.495
1,940
10,465
13,339
15.953
18,703

1921
$70,014
62,126
65,671
50.863
49,659
55,778
53.354
44.882
45.153
37,307
41,065
40,933

SCHEDULE 23.—Debits to Individual Accounts, being total debits charged by banks to checking accounts, savings accounts and trust accounts of
individuals, firms, corporations and United States Government, also certificates of deposit paid. Charges to accounts of banks arc
not included. (In thousands of dollars.)
Little Rock, Ark.

Evansville, Ind.

Louisville, K y .

Month
1922

1921

1922

1921

1922

1921

October
November
December....

$ 23,887
21.271
28,153
24,307
29,824
31.135
31.297
26.643
29.651
30,843
29,062
35,128

$ 22,419
18,432
20.150
20,816
20,728
22,449
23,912
20,588
20,686
22,260
21,959
23,935

$ 42,669
38.800
40.690
37,479
38,865
39.941
33,866
36.958
52.609
66.117
61,916
65.544

$ 47,858
38,425
39,146
39 797
36,574
38,682
35,218
36,965
48.838
51,047
46.207
48,101

$125,911
123,319
137,985
129,881
147,613
143,172
134,931
124,800
129,403
143,091
139,758
165.524

$111,484
155,340
133,617
126,910
126,822
133,233
122,852
116,249
117,138
126,325
127,122
137,584

Totals

$341,201

$258,334

$555,454

$506,858

$1,645,388

$1,534,676

January
February
March
April
May.....
June
July
August

Memphis, Tenn.

St. Louis, Mo.

Totals for the 5 Cities

Month
1922

1921

1922

1921

1922

1921

June
July
August
September
October
November. .
December. .

$109,444
83,856
101,082
101,944
107,955
105,502
94,672
89,476
116,048
163,089
175,584
173,180

$119,535
86,375
93,865
83,402
84,378
82,673
80,910
81,025
104,310
141,828
125,156
119,710

$556,884
472,239
551,507
532,988
587,089
611,137
576,618
552,303
580,682
664,297
582,460
706,578

$578,585
515,312
589,217
565,650
562,200
582,607
550,357
525,944
546,576
603,612
558,878
627,928

$858,795
739,485
859,417
826,599
911,346
930,887
871,384
830,180
908,393
1,067,437
988,780
1,145,954

$879,881
813,884
875,995
836,575
830,702
859,644
813,249
780,771
837,548
945,072
879,322
957,258

Totals

$1,421,832

$1,203,167

$6,974,782

$6,806,866

$10,938,657

$10,309,901

January
February
March
April
May




INDEX
Page
Acceptances
11-26-29-30-31-32
Agricultural conditions
6
Assets and liabilities
9-26-28-29-30-40
Banking conditions
7-40
Branches
3-14-16-17-19-20-24-31-33-34-35-38-40
Business conditions
5-41
Certificates of indebtedness
21-22-23-37-38
Clearings
13-14-23-34
Collections
14-23-35
Coupons
23-40
Currency
12-13-26-29-30-33
Custody of securities
15-16-24
Debits to individual accounts
6-41
Deposits to 5% fund for national banks
15-35
Directors of parent bank and branches
3-18-19
Discount operations
10-11-26-29-30-31-32
Earnings and expenses
9-27-28
Employees of parent bank and branches
18-19
Examination department
17
Federal Reserve bank notes
13
Federal Reserve notes
12-13-26-29-30-33
Fiduciary powers granted national banks
16-36
Fiscal agency operations
19-21-22-23-24-34-37-38-39-40
Foreign accounts
18
Gold settlement fund
-14-15
Government deposits
23-24
Liberty bonds
23-39
Map of district
4
Membership, movement of
17-36
Officers of parent bank and branches
3-18-19
Open market operations
11-26-29-30-32
Quarters
20
Rates of discount
8-11-32
Relations with banks
:
16
Reserve position
10-29-30
Savings stamps, etc
21-22-37-39
State banks and trust companies
17-36
Transfers of funds for members
15-35
Treasury bonds, notes, and certificates
21-22-23-37-38
United States securities
11-21-22-23-26-29-30-32-37-38-39-40
Victory notes
21-22-23-38-39
War Finance Corporation
24




— 42 —


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102