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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.




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