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TWELFTH ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ST. LOUIS FOR THE YEAR ENDED DECEMBER 3 1 , 1926 FEDERAL RESERVE BANK OF ST. LOUIS DIRECTORS CLASS C WM. McC. MARTIN, Chairman of the Board, St. Louis, Mo. JOHN W. BOEHNE, Deputy Chairman, Evansville, Ind. PAUL DILLARD, Memphis, Term. CLASS A CLASS B JOHN G. LONSDALE, St. Louis, Mo. LE ROY PERCY, Greenville, Miss. JOHN 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. NOVY, General Auditor, E. I. NOWOTNY. A. E. DEBRECHT, L. A. MOORE, Assistant Auditors. D. C. BIGGS, Governor. OLIN M. -ATTEBERY, Deputy Governor. J. G. McCONKEY, Counsel and Secretary. J. W. WHITE, Cashier. A. H. HAILL, J. W. RINKLEFF, S. F. GILMORE, F. N. HALL, Assistant Cashiers. LOUISVILLE BRANCH DIRECTORS E. H. WOODS, Chairman, Lucas, Ky. WILLIAM BLACK, Louisville, Ky. ATTILLA COX, Louisville, Ky. EUGENE E. HOGE, Frankfort, Ky. W. P. KINCHELOE, Louisville, Ky. MAX B. NAHM, Bowling Green, Ky. E. L. SWEARINGEN, Louisville, Ky. OFFICERS W. P. KINCHELOE, Managing Director. JOHN T. MOORE, Cashier. EARL R. MUIR, Assistant Cashier. MEMPHIS BRANCH DIRECTORS E. M. ALLEN, Chairman, Helena, Ark. W. H. GLASGOW, Memphis, Tenn. JOHN D. McDOWELL, Memphis, Tenn. WILLIAM ORGILL, Memphis, Tenn. T. K. RIDDICK, Memphis, Tenn. R. BRINKLEY SNOWDEN, Memphis, Tenn. J. W. VANDEN, Jackson, Tenn. OFFICERS W. H. GLASGOW, Managing Director. S. K. BELCHER, Cashier. C. E. MARTIN, Assistant Cashier. LITTLE ROCK BRANCH DIRECTORS HAMP WILLIAMS, Chairman, Hot Springs, Ark. A. F. BAILEY, Little Rock, Ark. GORDON H. CAMPBELL, Little Rock, Ark. JOHN M. DAVIS, Little Rock, Ark. W. A. HICKS, Little Rock, Ark. STUART WILSON, Texarkana, Ark. MOORHEAD WRIGHT, Little Rock, Ark. OFFICERS A. F. BAILEY, Managing Director. M. H. LONG, Cashier. CLIFFORD WOOD, Assistant Cashier. MEMBER FEDERAL ADVISORY COUNCIL BRECKINRIDGE JONES, St. Louis, Mo. FEBRUARY 25, 1927. LETTER OF TRANSMITTAL FEDERAL RESERVE BANK OF ST. LOUIS St. Louis, February 25, 1927. Gentlemen: I have the honor to transmit herewith the twelfth annual report of the Federal Reserve Bank of St. Louis, covering the year ended December 31, 1926. Respectfully, WM. McC. MARTIN, Chairman of the Board and Federal Reserve Agent. FEDERAL RESERVE BOARD, Washington, D. C. 2— TABLE OF CONTENTS BUSINESS CONDITIONS Volume of business Agriculture Banking Page 5 6 6 t. FINANCIAL RESULTS OF OPERATION Income and expenditures Assets and liabilities Reserve position 7 7 7 VOLUME OF OPERATIONS Discounts Investments Currency Note circulation Transit items Collection items Transfers of funds Safekeeping Fiscal agency Gold settlement fund - 8 8 8 9 - 9 9 10 10 10 11 RELATIONS WITH BANKS Membership Examinations Supervision Fiduciary powers Visits Publications Foreign accounts '. 11 11 12 12 12 13 13 INTERNAL ORGANIZATION Conferences Personnel 13 1, 13 EXHIBITS Map of district Earnings and expenses Statement of condition Additional exhibits 4 15 16 16 — 3— MISSOURI XJLUNOIS ) INDIANA v» mom* — 4— BUSINESS CONDITIONS IN FEDERAL RESERVE DISTRICT No. 8 Volume of Business. — The year 1926 was a period of active business in this district. While exhibiting irregularity at times and in certain localities, the general trend was upward. Considered from a business viewpoint, the year in its entirety was well balanced, and followed more closely normal and seasonal lines than any similar period since the beginning of the World War. As indicated by statistics of merchants and manufacturers, loadings of freight by the railroads, and other available measures, production and distribution of commodities in the district during the past twelve months reached new high levels. Spending by the public, as reflected in debits to individual accounts and bank clearings, was also greater than in any recent year. Taken as a whole, employment conditions throughout the year were satisfactory, this being true of both the country and the large industrial centers. The year was marked by none of the detrimental symptoms which sometimes in the past have accompanied eras of prosperity. Commodity prices were not unduly advanced; production of manufactured goods was held in close relationship with consumption; there Avas no evidence of over-expanded inventories, and credit demands were maintained within reasonable bounds. As a matter of fact, the general price trend was downward, and except in the case of certain agricultural products, further progress was achieved in the balancing of prices between the various groups of commodities. The policy characteristic of recent years of purchasing on an immediate requirement basis has continued to grow in 1926, and while it has tended to increase overhead expense in merchandising, it has permitted a more rapid turnover, improved the average of collections, and reduced the volume and duration of credit needs. Though the volume of building in 1926 fell below that of 1925, it was still heavy and formed an important contributing factor to the general business prosperity. Marked improvement during the last half of the year in demand for and prices of bituminous coal was another substantial aid to business in this district. —5— Agriculture.— The Eighth District depends in great measure for its prosperity upon the results of crops produced within its borders. The year was one of heavy production, although farmers were handicapped by unusually unfavorable weather conditions. Periods of drought alternated with spells of excessive rainfall, which lowered quality and reduced yields. There were also some heavy specific losses from floods in the fertile bottom lands along the rivers. Of the district's principal crops, corn production was slightly smaller in 1926 than in 1925, and quality was below the 10-year average; the total wheat yield was 9.7 per cent larger than in the preceding year, and quality was exceptionally high; the oats crop for the year was smaller by 10.8 per cent than the output in 1925 ; potatoes yielded heavier in 1926 than a year earlier; the output of tobacco of all descriptions was slightly below that of the preceding year, and the cotton crop was somewhat larger in size than in 1925. Considerable unevenness was shown in results from the less important crops. Average prices realized on all crops were below those of the year before, and in the case of some important products, notably cotton, corn and tobacco, market values were the lowest in recent years. However, agriculturists benefitted to a greater extent than ever before from tht programs of diversification which have been gradually put into effect. On the whole, live stock raising was attended with satisfactory results, and further progress was made in dairying, poultry raising and the culture of fruits and vegetables. Banking. — Financial features in 1926 were the relatively low rates on loans for commercial and industrial purposes, heavy volume of general banking transactions, and increased borrowing from the Federal reserve bank. The general trend is reflected in changes in the assets and liabilities of the thirty-one weekly reporting member banks at Evansville, Little Rock, Louisville, Memphis, and St. Louis. During the greater part of 1926, total loans for this group of banks were at a higher level than in 1925. Investments also were somewhat higher and showed an increase for the year of approximately $10,000,000. Xet demand and time deposits were at higher levels than in 1925, although net demand deposits, like loans, were lower at the end of 1926 than at the end of 1925. Accommodations of the reporting banks at the Federal reserve bank on the last report date of 1926 amounted to $20,987,000, which compares with a total of $11,116,000 on the similar date in 1925. —6— OPERATIONS OF FEDERAL RESERVE BANK OF ST. LOUIS Including Branches at Little Rock, Louisville and Memphis. FINANCIAL RESULTS Income and Expenditures. — Gross earnings in 1926 were $2,511,509, as compared with $2,055,637 for the perceding year. Current expenses aggregated $1,380,104, as against $1,390,099 in 1925. The current net earnings amounted to $1,131,405, as compared with $665,538 the year before. Additions to current net earnings in 1926 aggregated $15,852, while deductions totaled $464,235, leaving a gain of $683,022 in the profit and loss account. After payment of dividen,ds for the year, totaling $314,420, there remained a net profit of $368,602, which was transferred to surplus. A detailed comparative statement of earnings and expenses of this bank is given on page 15. Assets and Liabilities.—Between December 31, 1925 and the same date in 1926, total resources of this bank increased from $175,916,000 to $182,651,000. Holdings of paper discounted for member banks increased from $22,868,000 to $31,129,000, while bills bought decreased from $22,181,000 to $7,992,000 and investments in United States securities decreased from $24,347,000 to $21,072,000. Cash reserves increased from $58,982,000 to $80,078,000 during the year. Of the liabilities, Federal reserve notes in circulation increased from $40,305,000 to $48,396,000 and total deposits from $84,052,000 to $84,655,000 between the dates mentioned. The paid-in capital increased from $5,127,000 to $5,293,000, and the surplus from $9,570,000 to $9,939,000. A comparative statement of condition of this bank appears on page 16. Reserve Position.— At the opening of 1926 the ratio of total reserves to combined deposit and Federal reserve note liabilities stood at 47.4 per cent. On December 31 the ratio was 60.2 per cent. 7 The daily average reserve ratio for the year was 53.1 per cent, as compared with an average of 60.5 per cent during 1925. VOLUME OF OPERATIONS Discounts. — The volume of paper discounted for member banks in 1926 was over twice the amount handled during the previous year. A total of $1,504,868,000 of paper was discounted by this institution, which compares with $718,720,000 in 1925. There was no discounting with or for any other Federal reserve bank in either year. Applications for discounts numbered 8,729 as against 6,782 for the preceding year. The number of notes discounted was 37,131, which compares with 31,954 in 1925. The number of member banks availing themselves of the discount privilege in 1926 wras 330, as against 339 during the preceding twelve months. In 1926 member banks' own fifteen-day collateral notes, secured by United States securities or eligible paper, represented 14 per cent of the number of notes discounted and 76 per cent of the total dollar amount, the remainder being their customers' paper rediscounted. As in 1925, the discount rate of this bank remained uniformly at 4 per cent on all classes and maturities of paper. Investments.— During 1926 this bank purchased for its own account 4,525 acceptances, amounting to $74,112,000, of which 4,162, representing $66,308,000, were open market purchases and 363, amounting to $7,804,000, were bought from other Federal reserve banks. In the preceding year 6,310 acceptances, aggregating $102,221,000. were purchased. A total of $54,498,000 of United States Government securities was purchased in 1926, of which $46,930,000 were bought in the open market and $7,568,000 from other Federal reserve banks. During the previous year a total of $41,407,000 of such securities was purchased. Most of the acceptances and Government securities acquired were participations in purchases made by the Open Market Investment Committee of the twelve Federal reserve banks. Currency.— In course of the year 108,586,952 pieces of paper currency, amounting to $495,792,000, and 136,924,101 coins, having an aggregate value of $16,391,000, were received from all sources and counted by this bank. In 1925 a total of 104,633,000 pieces of paper currency, representing $498,449,000, and 122.353,000 coins, with value of $15,354,000, were handled. Note Circulation. — During the year the Federal Reserve Agent issued new and used Federal reserve notes to the Federal Reserve Bank of St. Louis amounting to $32,840,000, as compared with $10,420,000 in 1925. No fit notes were returned by the bank to the Agent. The Treasurer of the United States redeemed $25,916,000 of unfit notes of this institution during 1926. On December 31, 1926, the amount of Federal reserve notes outstanding on the books of the Federal Reserve Agent was $53,504,000. These were secured by $19,509,000 of gold and $39,072,000 of eligible paper pledged with him. The parent bank and branches held $4,317,000 of the notes outstanding, $791,000 were in transit to Washington for redemption, and $48,396,000 were in actual circulation. No Federal reserve bank notes, secured by Government obligations, were issued by this institution during the year. Transit Items. — Increased use of the check collection facilities of this bank was reflected in the activities of transit department during 1926. A total of 48,573,000 checks, amounting to $11,313,215,000 was handled, which compares with 46,316,000 checks, amounting to $10,770,671,000, cleared in 1925. Included in the items handled were checks drawn on banks in this and other districts, checks of member banks against their reserve accounts with this institution, and checks and warrants on the United States Treasurer. In the totals a small number of duplications are included, due to the fact that some checks were handled by both parent bank and branches. During the year 551 individual member banks used the clearing facilities, as compared with 598 in 1925. At the close of 1926 the number of banks which had been granted the privilege of direct routing of checks payable in other Federal reserve districts was 44, against 50 at the end of the preceding year. There were 29 nonmember banks maintaining clearing accounts with this bank, which compares with 21 at the close of 1925. On December 31, 1926, this bank was collecting checks at par on 2.605 banks, which was approximately 86 per cent of all banks in the district. Collection Items. — In course of the year this institution received from its member banks for collection, 240,946 non-cash items, involving $190,362,000, which compares with 206,678, amounting to $255,426,000, in 1925. These items consisted of notes, —9— acceptances, drafts, certificates of deposit, bonds, coupons (other than Government), etc. In addition, this bank received and paid 2,247,518 Government coupons, representing $22,896,000, as compared with 2,488,498 coupons, aggregating $24,052,000, the year before. On December 31, 1926, there were 69 banks which had been granted the privilege of direct routing of non-cash items payable in other Federal reserve districts, as compared with 60 at the end of 1925. Transfers of Funds,—During the year this bank effected a total of 199,808 incoming and outgoing wire and mail transfers of funds, involving $5,320,240,000, as against 151,936 transfers, amounting to $4,991,465,000, in 1925. These transfers were between member banks in this and other districts, as well as between member banks within the district. In addition, this bank handled 16,833 deposits, aggregating $27,467,000, for national banks to their 5 per cent redemption funds in Washington. The number of such deposits and their aggregate amount in 1925 were 16,219 and $25,235,000, respectively. Safekeeping. — In course of the year, the custody department received for safekeeping 98,507 securities, of which 41.969 were from member banks and 56,538 from other departments of the bank. In 1925 there were received 94,555 securities, 64.703 from member banks and 29,852 from other departments of the bank. In addition, securities were held in custody for account of the United States Treasury. The custody department clipped and accounted for 118,058 coupons from securities held, which compares with 99,751 coupons in 1925. Fiscal Agency. — Activities of the fiscal agency department in 1926 were confined principally to the sale, delivery, exchange and redemption of United States securities, and to the receipt and disbursement of Government funds. The total number of pieces of securities handled by this department during 1926, in issuing redeeming and exchanging Government securities (excluding securities delivered in exchange transactions) was 209,553 and represented $141,938,000, as against 330,047 pieces, representing $159,120,000, in 1925. At the close of 1926 there were 260 banks in the district which had qualified to receive deposits arising from the sale of Govern — 10 — ment securities, as against 252 at the end of the preceding year. The amount of Government funds in these institutions was $6,676,000, which compares with $11,087,000 at the end of 1925. This institution held the collateral pledged as security for the deposits and performed other duties incident to the deposit and withdrawal of the funds. On December 31, 1926, deposits of the United States Government in this bank amounted to $1,000,000, as compared with $1,468,000 on the corresponding date in 1925. Gold Settlement Fund. —As during preceding years, settlement of check clearings between Federal reserve banks, transfers of funds between reserve districts and transfers of funds for the United States Treasury were effected daily through the gold settlement fund at Washington. These transactions were handled over the private wire system which connects the twelve Federal reserve banks, their branches and the Federal Reserve Board. The balance to credit of this bank in the gold settlement fund on December 31, 1926, was $33,193,000, which compares with $20,398,000 on the last day of 1925. RELATIONS WITH BANKS Membership.— During 1926, seven new national banks and four State banks and trust companies became members of the Federal Reserve Bank of St. Louis. The memberships of ten national banks and eleven State institutions were terminated — six national banks and three State banks through voluntary liquidation, three national banks and three State banks through involuntary liquidation, one national bank through consolidation, one State bank by conversion into national association, and four State institutions after giving the required six months notice. On December 31, 1926, this bank had a membership of 618, consisting of 495 national banks and 123 State banks and trust companies. Examinations. — In course of the year examiners for this bank made 69 credit investigations of member State banks and trust companies of which 63 were made in conjunction with examinations by the State banking departments and six independently. The Federal reserve examiners also made four independent examinations of member State banks, and examined eight State banks applying for membership. — 11 — Three calls were made by this institution upon State member banks for reports of condition. The dates of these calls were: April 12, June 30, and December 31. The Comptroller of the Currency called on the national banks for three reports of condition as of the same dates. Copies of the periodical reports of condition, semi-annual reports of earnings and dividends, and reports of examinations of the national banks of the district, as well as those of State member . banks, were received and inspected. Supervision. — It has always been the effort of this bank to help the member banks by encouraging proper banking practices. When member banks have showrn a tendency to borrow excessively or continuously, have been repeatedly deficient in their required reserves, or have violated provisions of the Federal Reserve Act or regulations of the Federal Reserve Board, it has been the custom of this bank to call their attention to the matter with a view to its correction. In some instances, results have been accomplished through correspondence, while in others personal interviews with officers and directors of the member banks have been necessary. In addition, certain matters have been taken up with the Comptroller's office or the State banking departments, which have readily cooperated. Fiduciary Powers. — In 1926 the Federal Reserve Board, under authority of Section 11 (k) of the Federal Reserve Act, granted permission to 14 national banks in the Eighth District to exercise fiduciary powers. The applications of three national banks for supplementary fiduciary powers were also approved. Five banks which had previously received such permission went out of existence. At close of the year there were 136 national banks in this district authorized to exercise fiduciary powers. The distribution of these banks by States was as follows: Arkansas, 21; Illinois, 34; Indiana, 25; Kentucky, 27; Mississippi, 4; Missouri, 22; and Tennessee, 3. Visits. — During the year representatives of this bank continued to make periodical calls on the member banks. They also visited the nonmember banks in the cities where member banks are located. However, the number of field men was reduced, and the interval between visits lengthened. — 12 — Representatives of this bank also attended meetings of bankers' associations in the Eighth District. In addition, a number of addresses were made to bankers' conventions, commercial organizations, educational institutions, etc. Approximately 1,600 persons were escorted through the building of the parent bank in St. Louis during the year. These included a number of school classes and organizations. There were also many visitors to the branch offices. Publications. — As in the past, a review of business conditions was prepared each month and furnished to the member banks, business interests cooperating in supplying information, and others interested in receiving it. The mailing list was revised in course of the year so that on December 31 the circulation was approximately 5,000. During the year a number of requests wrere received for booklets, "Advantages of Membership in the Federal Reserve System," "Better Banking under the Federal Reserve System," etc., which were promptly supplied by the Library of this bank. Foreign Accounts.— This bank in 1926, as in previous years, participated with the Federal Reserve Bank of Xew York in investment transactions for the account of central banking institutions in foreign countries. INTERNAL ORGANIZATION Conferences. — In March, 1926, the directors of the parent bank visited each branch and conferred with its directors. On June 2 the annual conference of directors and officers of the parent bank with directors of the branches was held in St. Louis. In addition, every other month during the year a meeting was held in St. Louis between officers of the parent bank and an officer from each branch. Personnel. — C. P. J. Mooney, of Memphis, Tennessee, Class C director of this bank, died on November 22, 1926. On November 30, Paul Dillard of Memphis, Tennessee, was appointed by the Federal Reserve Board to fill Mr. Mooney's unexpired term. The following directors were chosen in December to succeed those whose terms would expire at the end of 1926: For Parent Bank — John G. Lonsdale, Class A, elected by member banks in Group 1; LeRoy Percy, Class B, elected by mem — 13 — ber banks in Group 3, and John W. Boehne, Class C, appointed by the Federal Reserve Board; For Louisville Branch—Eugene E. Hoge and W. P. Kincheloe, elected by the parent bank, and William Black appointed by the Federal Reserve Board; For Memphis Branch—W. H. Glasgow and John D. McDowell, elected by parent bank, and William Orgill, appointed by the Federal Reserve Board ; For Little Rock Branch — A. F. Bailey and Stuart Wilson, elected by the parent bank, and Gordon H. Campbell, appointed by the Federal Reserve Board. Breckinridge Jones represented this district in the Federal Advisory Council during 1926. On February 17, 1926, W. H. Glasgow, assistant cashier of the parent bank, was appointed managing director of the Memphis Branch, to succeed V. S. Fuqua, who had resigned, effective March 1, 1926. E. C. Adams resigned as assistant cashier of the parent bank on April 3, 1926, to become president of a local banking institution. On June 13, 1926, H. L. Trafton, assistant auditor, died. On December 31, 1926. the parent bank and its branches had a total of 559 officers and employees, of which one was a temporary employee. At the end of the preceding year the personnel numbered 586 officers and employees, of which three were temporary employees. A roster of the directors and officers of the parent bank and of each branch is given on page 1. — 14 — EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK OF ST. LOUIS (Including Branches). 1926 EARNINGS Discounted bills Purchased bills United States securities Deficient reserve penalties . Miscellaneous 1924 1925 $1 ,258,227 340,294 841,145 22,017 49,826 CURRENT EXPENSES Salaries: Bank officers Clerical staff Special officers and watchmen All other 837,819 454,428 712,085 24,475 26,830 $1 ,140,622 141,778 352,652 27,441 25,650 $2 ,511,509 Total earnings $ $2,055,637 $1 ,688,143 $ $ $ Federal reserve agents' conferences Federal Advisory Council Traveling expenses (1) Assessments for Federal Reserve Board expenses Insurance (other than on currency and security 166,072 610,045 46,612 74,072 422 289 1,200 11,796 31,029 31,306 4,013 158,465 657,663 40,916 60,951 398 251 1,200 11,781 27,498 32,281 116 164,320 716,421 38,289 41,145 472 379 1,200 9,892 31,741 30,213 1,221 23,320 16,108 53,870 21,499 12,819 19,968 21,679 22,922 12,492 42,095 93,529 13,749 30,118 21,967 16,768 24,702 15,550 10,408 49,404 25,233 21,557 9,929 42,484 98,009 14,217 41,600 18,178 17,311 2,112 3,182 7,562 78,849 21,622 30,310 6,454 43,409 118,221 12,328 32,437 $1 ,361,024 $1,383,348 $1 ,427,268 13,793 5,287 704 6,047 Insurance on currency and security shipments Taxes on banking house Light, heat and power Repairs and alterations, banking house Rent Office and other supplies Printing and stationery Telegraph Postage Expressage Miscellaneous expenses Total, exclusive of cost of currency Federal reserve currency, including shipping charges: Original cost Cost of redemption Taxes on Federal Reserve bank-note circulation... (4) 5,295 8,785 812 $1 ,380,104 $1,390,099 $1 ,440,536 ,511,509 1 ,380;104 Total current expenses $2,055,637 1,390,099 $1 ,688,143 1 ,440,536 $ $ # PROFIT AND LOSS ACCOUNT Earnings Current expenses $1 ,131,405 Current net earnings Deductions from current net earnings: Bank premises—depreciation Furniture and equipment Reserve for probable losses Reserve for self-insurance Reserve for depreciation, U. S. bonds... All other $ 154,795 54,870 253,500 $ $ Net earnings available for dividends, surplus and franchise tax 464,235 489,462 257,373 $ 247,607 15,452 $ 5,256 66,735 1,070 Total deductions 665,538 59,748 15,852 Additions to current net earnings 4,400 25,927 28,795 818,826 $ 93,540 59,122 $ 683,022 (2) $ $ 203,937 $ 314,420 368,602 $ (3) 306,753 400,293 $ (3) 304,976 101,039 $ 11,009 809 $ 11,609 2,591 $ 28,348 4,531 $ Dividends paid . Transferred to surplus account Franchise tax paid United States Government 11,818 $ 14,200 I 32,879 REIMBURSABLE FISCAL AGENCY EXPENSES Salaries All other Total (1) Other than those directors and of the advisory (2) Deficit in earnings (3) Deficit in earnings (4) Credit. connected with governors' and agents' conferences and meetings of council. before payment of dividends. after payment of dividends, charged to surplus account. — IS — STATEMENT OF CONDITION OF FEDERAL RESERVE BANK OF ST. LOUIS (Including Branches). *Dec. 31, 1926 *Dec. 31, 1925 *Dec. 31, 1924 Gold with Federal reserve agent Gold redemption fund with United States Treasury. . $ 19,509 1,001 $ 15,820 930 $ 56,590 3,274 G old held exclusively against Federal Reserve n otes Gold settlement fund with Federal Reserve Board.... Gold and gold certificates held by bank 20,510 33,193 12,728 16,750 20,398 11,142 59,864 23,834 8,165 ' $ 66,431 13,647 $ 48,290 10,692 $ 91,863 11,700 80,078 4,199 58,982 3,395 S 103,563 3,387 RESOURCES Total gold reserves Reserves other than gold Total reserves Non-reserve cash Bills discounted: Secured by U. S. Government obligations Other bills discounted $ 12,255 18,874 $ Total bills discounted Bills bought in open market $ 31,129 7,992 $ 22,868 22,181 $ 10,130 21,391 $ $ S U. S. Government securities: Bonds Treasury notes .. Certificates of indebtedness 2,012 6,972 12,088 9,508 13,360 1,746 14,716 7,885 . $ 5,303 4,827 1,264 11,171 2,653 $ 21,072 $ 24,347 359 $ 15,088 294 $ 60,193 $ 69,755 S 46,903 $ 33,419 3,957 $ 39,345 4,112 327 S 35,994 3,176 805 $182,651 $175,916 SI93.329 Federal Reserve notes in actual circulation $ 48,396 $ 40,305 $ 57,813 Deposits: Member bank—reserve account Government . Foreign bank Other deposits $ 82,116 1,000 1,211 * 328 $ 81,447 1,468 $ 80,511 2,468 Total deposits $ 84,655 $ 84,052 S 83,650 Deferred availability items Capital paid in Surplus All other liabilities $ 33,635 5,293 9,939 $ 36,278 5,127 9,570 S 36,377 5,129 9,971 733 584 389 $182,651 $175,916 S193.329 60.2 47.4 73.2 Total U. S. Government securities Foreign loans on gold Total bills and securities Uncollected items Bank premises All other resources Total resources 306 LIABILITIES Total liabilities Ratio of total reserves to deposit and Federal Reserve note liabilities combined (per cent) Contingent liability on bills purchased for foreign correspondents $ 2,427 380 757 $ 3,235 91 580 $ 2,091 *In thousands—000 omitted. ADDITIONAL EXHIBITS Other detailed schedules, pertaining to the operations of the Federal Reserve Bank of St. Louis and its member banks, will be found in the annual report of the Federal Reserve Board for 1926. — 16 —