The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ST. LOUIS fit FOR THE YEAR ENDED DECEMBER 31, 1932 ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ST. LOUIS FOR THE YEAR ENDED DECEMBER 31, 1932 FEDERAL RESERVE BANK OF ST. LOUIS DIRECTORS CLASS C JOHN S. WOOD, Chairman of the Board, St. Louis, Mo. PAUL DILLARD, Deputy Chairman, Memphis, Tenn. JOHN R. STANLEY, Evansville, Ind. CLASS A F. GUY H1TT, Zeigler, 111. JOHN G. LONSDALE, St. Louis. Mo. MAX B. NAHM, Bowling Green, Ky. CLASSB J. W. HARRIS, St. Louis, Mo. W. B. PLUNKETT, Little Rock, Ark. M. P. STURDIVANT, Glendora, Miss. OFFICERS WM. McC. MARTIN, Governor. OLIN M. ATTEBERY, Deputy Governor. J. G. McCONKEY, Deputy Governor and Counsel. A. H. HAILL, S. F. GILMORE, F. N. HALL, G. O. HOLLOCHER, O. C. PHILLIPS, Controllers. JOHN S. WOOD, Chairman of the Board and Federal Reserve Agent. C. M. STEWART, Secretary and Assistant Federal Reserve Agent. E. J. NOVY, General Auditor. A. E. DEBRECHT, Assistant Auditor. LOUISVILLE BRANCH DIRECTORS E. H. WOODS, Chairman, Lucas, Ky. WM. R. COBB, Louisville, Ky. W. R. COLE, Louisville, Ky. W. W. CRAWFORD, Louisville, Ky. W. F. HUTHSTEINER, Tell City, Ind. JOHN T. MOORE, Louisville, Ky. JOHN T. REYNOLDS, Greenville, Ky. OFFICERS JOHN T. MOORE, Managing Director. C. A. SCHACHT, Cashier. STANLEY B. JENKS, Assistant Cashier. L. A. MOORE, Assistant Auditor. MEMPHIS BRANCH DIRECTORS E. L. ANDERSON, Chairman, Dickerson, Miss. J, W. ALDERSON, Forrest City, Ark. W. H. GLASGOW, Memphis, Tenn. WILLIAM ORGILL, Memphis, Tenn. WILLIS POPE, Columbus, Miss. S. E. RAGLAND, Memphis, Tenn. R. BRINKLEY SNOWDEN, Memphis, Tenn. OFFICERS W. H. GLASGOW, Managing Director. S. K. BELCHER, Cashier. C. E. MARTIN, Assistant Cashier. LITTLE ROCK BRANCH DIRECTORS F. KRAMER DARRAGH, Chairman. A. F. BAILEY, Little Rock, Ark. GORDON H. CAMPBELL, Little Rock, Ark. W. A. HICKS, Little Rock, Ark. JO NICHOL, Pine Bluff, 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 WALTER W. SMITH, St. Louis, Mo. FEBRUARY 25, 1933. —3— LETTER OF TRANSMITTAL FEDERAL RESERVE BANK OF ST. LOUIS St. Louis, February 15, 1933. Gentlemen: I have the honor to transmit herewith the annual report of the Federal Reserve Bank of St. Louis, covering the year ended December 31, 1932. Respectfully, JOHN S. WOOD, Chairman of the Board and Federal Reserve Agent. FEDERAL RESERVE BOARD, Washington, D. C. — 4_ TABLE OF CONTENTS BUSINESS CONDITIONS Page 7 8 8 Industry and trade Agriculture Banking FINANCIAL RESULTS Income and expenditures Assets and liabilities Reserve position 9 9 9 VOLUME OF OPERATIONS Discounts Investments Currency Note circulation Cash items Noncash items Transfers of funds Safekeeping Fiscal agency Gold settlement fund 10 10 10 11 11 11 12 12 12 13 RELATIONS WITH BANKS Membership Condition reports Fiduciary applications, etc Publications Other services Visits 13 13 13 14 14 14 INTERNAL ORGANIZATION Conferences Personnel 14 15 EXHIBITS Roster of directors and officers Map of district Chart showing movement of deposits, etc., of reporting member banks Comparative statement of earnings and expenses Chart showing movement of discounts and investments Comparative statement of condition 3 6 16 17 18 19 MISSOURI VILL1K —6— BUSINESS CONDITIONS IN FEDERAL RESERVE DISTRICT No. 8 Industry and Trade.— The downward trend in commerce and industry, which commenced in the fall of 1929, continued with practically no interruption through 1932. The rate of the decline during the first quarter was more gradual than in the final three months of 1931, but thereafter until the moderate recovery in August and early September, the recession was very marked. The improvement in late summer was coincident with a moderate rise in prices of certain commodities, notably cotton, one of the principal agricultural products of this area. The advance in commodity values failed to hold, however, and the end of the year found business at the lowest level of the entire depression in the Eighth District. Effects of the recessionary movement were felt equally in the chief centers of population and the country. Likewise, all branches of productive and distributive industry suffered from sharply reduced demand for commodities. Unemployment was widespread, and this, coupled with almost universally lower wage scales, passing of dividend and interest payments and unusually low prices of farm products, caused a substantial curtailment in purchasing power of the public. Not only was the volume of trade smaller than in previous years, but strenuous competition resulted in narrow profit margins and in numerous instances losses on merchandise sold. The volume of retail trade, as reflected in sales of department stores in the principal cities of the district, was 23 per cent smaller than in the preceding year. A correspondingly heavy decrease was shown in wholesale distribution, aggregate sales of the lines investigated by this bank being one-fourth less in 1932 than in 1931. Activity in building and general contracting declined to the lowest levels of recent years. The value of permits issued for new construction in the principal cities in 1932 was only one-third as large as in 1931, and 89 per cent below the average during the past decade. Construction contracts let in the Eighth District during the year were only half as large as in 1931, and 71 per cent less than the eight-year average. The output of bituminous coal mines fell sharply, and there were substantial decreases in the volume of shipments of commodities. The real estate situation, both urban and farm, continued to reflect declining prices and numerous foreclosures. Agriculture.— As in the case of the country as a whole, the final estimate of agricultural production in the Eighth District in 1932 indicated lower yields of crops raised for sale and measurably larger production of feed crops than during the preceding year. Heaviest reductions were shown in wheat, tobacco, cotton and rice. Production of fruit crops was considerably below the average, due to unfavorable weather in the spring, and output of vegetables grown for commercial canning was the smallest in a number of years, owing to reduced acreage planted. Total acreage of the principal field crops in 1932 was .4 per cent smaller than in 1931. The entire agrarian situation was dominated by the extremely low returns realized on all farm products. While the year's crops were produced at the lowest cost in recent times, and drastic retrenchment was practiced in family living as well as farm business, these economies failed to overcome the handicap of scant cash returns, with the result that numerous farmers were unable to meet their tax and interest obligations and the number of foreclosures was unusually large. There were substantial accretions to the farm population, due to the well defined "back to the farm movement." Banking.— The number of bank suspensions was substantially smaller than in the preceding year. Throughout its entire duration, 1932 was marked by unusually light demand for bank credit. In the late summer and fall, deposits and investments moved irregularly upward, while loans and discounts continued the steady decline which had been in effect since the first of the year. Interest rates in 1932 averaged measurably lower than during the preceding twelve months. The discount rate of this bank remained at 3^4 per cent through 1932. Developments during the year are reflected in the following changes in assets and liabilities of the reporting member banks in Evansville, Little Rock, Louisville, Memphis and St. Louis: The average of total loans for the fifty-two report dates was 23.4 per cent smaller than in 1931. Average total investments were 4.2 per cent larger than in the preceding year. The average of demand deposits was 19 per cent smaller and the average time deposits 12.6 per cent less than in 1931. Borrowings at the Reserve bank averaged 16.2 per cent less than a year earlier. The movement of these items is depicted in the chart on page 16. The Reconstruction Finance Corporation commenced operations early in the year, succeeding the National Credit Corporation. The Banking and Industrial Committee for this district was appointed in May. OPERATIONS OF FEDERAL RESERVE BANK OF ST. LOUIS Including Branches at Little Rock, Louisville and Memphis. FINANCIAL RESULTS Income and Expenditures. — In 1932 gross earnings were $1,625,432, which compares with $1,188,631 during the preceding year. Current expenses totaled $1,360,609, as against $1,350,924 in 1931. After allowances for depreciation, etc., resultant net earnings of $243,485 were insufficient by $25,020 to meet dividend requirements, and the latter amount was transferred from surplus for the purpose. In 1931 the sum of $350,672 was withdrawn from surplus. A detailed comparative statement of earnings and expenses is given on page 17. Assets and Liabilities.—As of December 31, 1932, total resources were $200,114,000, which compares with $188,112,000 on the final day of the preceding year. Holdings of paper discounted for member banks decreased from $16,886,000 to $6,338,000, and bills purchased in the open market from $12,823,000 to $973,000, between December 31, 1931, and the same date in 1932. Investments in Government securities increased from $27,099,000 to $66,156,000, while total cash reserves declined from $101,816,000 to $101,113,000. On the liabilities side, an increase from $86,941,000 to $103,930,000 in Federal reserve notes in circulation was shown, while total deposits receded from $65,840,000 to $64,355,000 and paid in capital from $4,693,000 to $4,360,000. Surplus increased from $10,025,000 to $10,186,000. A comparative statement of condition of this bank appears on page 19. The movement of the principal asset items is shown by a chart on page 18. Reserve Position.—At the end of 1931 the ratio of total reserves to combined deposit and Federal reserve note liabilities was 66.6 per cent. On December 31, 1932, the ratio was 60.1 per cent. The high point for the year, 74.5 per cent, was reached on May 3, and the minimum, 51.7 per cent, was recorded on July 26. g VOLUME OF OPERATIONS Discounts.— A total of $658,561,000 of paper was discounted by the Federal Reserve Bank of St. Louis in 1932 for its member banks, which compares with $761,745,000 in 1931. There were 8,560 applications for advances, as against 7,465 for the preceding year. Notes discounted numbered 13,910, which compares with 14,148 in 1931. The number of banks accommodated in 1932 was 303, against 334 discounting with this institution in 1931. Member banks own collateral notes, secured by United States securities and/or eligible paper, represented 53.5 per cent of the number and 98.8 per cent of the value of all notes discounted, the balance being customers' paper rediscounted. There was no rediscounting with or for any other reserve bank". Investments,— During the course of the year, this institution participated in the Federal Reserve System's open market operations in bills and United States Government securities. It also joined with the Federal Reserve Bank of New York in certain investment transactions for account of banks in foreign countries. Acceptances numbering 796, amounting to $9,120,000, were acquired by this bank in 1932, exclusive of its allotment of $10,872,000 bills payable in foreign currencies. In 1931 the number of acceptances was 6,346, aggregating $86,004,000, exclusive of $8,807,000 payable in foreign currencies. This institution purchased and sold Government securities and acceptances for a number of its member banks. Currency.— As during the two years immediately preceding, demand for currency was active through 1932, and demands upon this bank for supplies of paper currency and coin were in considerable volume. From all sources there were received and counted in 1932 a total of 99,393,000 pieces of paper money, having an aggregate value of $377,985,000. This compares with 110,838,000 pieces, with total face value of $451,017,000, received and counted in 1931. There were received and counted during the year 107,988,000 coins, with a total value of $9,986,000, as against 126,135,000 coins, worth $12,221,000, in 1931. — 10 — Note Circulation.— In 1932 the Federal Reserve Agent issued to the Federal Reserve Bank of St. Louis $76,235,000 of Federal reserve notes, as compared with $76,290,000 in 1931. The Federal Reserve Bank returned $15,385,000 of fit notes, and the Treasurer of the United States redeemed $40,280,775 of unfit notes. On December 31, 1932, Federal reserve notes outstanding" on the books of the Federal Reserve Agent amounted to $111,870,525, of which 5.8 per cent was old size currency. These outstanding notes were secured by $73,255,130 of gold, $6,202,359 of eligible paper and $32,500,000 of United States Government securities, pledged with the Agent. The parent bank and branches held $6,882,400 of the notes outstanding, $1,057,900 were in transit to Washington for redemption, and $103,930,000 were in actual circulation. Cash Items. — The greatly reduced activity in commerce and industry which prevailed throughout the year, lower commodity prices, smaller number of banks and general credit curtailment were influences combining to considerably lessen the volume of operations in this department. Checks and warrants handled in 1932 totaled 40,222,000, amounting to $8,012,172,000, against 47,320,000 cash items, amounting to $10,963,005,000, in 1931. The number of individual member banks using the clearing facilities at the end of 1932 was 413, as against 447 at the close of the preceding year. The number of banks exercising the privilege of direct routing of checks payable in other Federal reserve districts was 36, as against 32 at the close of 1931. Nonmember banks maintaining clearing accounts with this bank numbered 16, a decrease of two from the preceding year. On December 31, 1932, this institution was collecting checks at par on 1,541 banks in the district, or approximately 79 per cent of all banks in the area. Noncash Items—The number and amount of noncash items fell slightly below the preceding year. The number of such items handled by this bank in 1932 was 385,000, amounting to $259,464,000, which compares with 388,000 items, amounting to $265,960,000, in 1931. These items included notes, drafts, certificates, coupons other than Government, etc. In addition, 1,057,000 United States Government coupons, having a total value of $17,118,000, were received and cashed. This compares with 990,000 such coupons, amounting to $15,216,000, handled in 1931. — 11 — At the end of 1932 there were 65 member banks in the Eighth District having the privilege of routing noncash collection items direct to other Federal reserve banks and branches, as compared with 64 on December 31, 1931. Transfers of Funds.— This institution in 1932 effected a total of 86,000 incoming and outgoing wire and mail transfers of funds, involving $3,532,175,000, which compares with 98,000 transfers in 1931, amounting to $5,107,552,000. The transfers were between member banks in this district and other districts, as well as between banks within the district. In addition, this bank handled 11,000 deposits, totaling $13,527,000, for national banks to their 5 per cent redemption funds at Washington, D. C. The number of such deposits and their aggregate amount in 1931 were 14,000 and $16,247,000. Safekeeping. — The custody department in 1932 received for safekeeping 66,000 items, of which 54,000 were securities, notes, etc., from outside sources and 12,000 from other departments of this bank. In 1931 there were 73,000 items received, 61,000 from outside sources and 12,000 from within this bank. Securities were also held in custody for account of the United States Treasury and the Reconstruction Finance Corporation. The custody department clipped and accounted for the proceeds of 96,000 coupons, which compares with 97,000 coupons handled in 1931. Fiscal Agency.— As fiscal agent of the United States Government, this bank in issuing, redeeming and exchanging Government securities, handled 87,000 pieces, representing $284,765,000. In 1931 there were 98,000 securities handled, amounting to $349,723,000. At the close of 1932 there were 171 banks in the district which had qualified to receive deposits arising out of purchases of original issues of Government securities, as against 108 banks at the end of 1931. The amount of funds in these institutions was $6,402,000, which compares with $5,468,000 at the end of 1931. This institution held the collateral pledged as security for these deposits and performed other duties incident to the deposit and withdrawal of funds. On December 31, 1932, deposits of the United States Government in this bank amounted to $394,000, as against $3,128,000 on the same date a year earlier. 12 Gold Settlement Fund. — This fund, maintained in Washington, D. C, by the twelve Federal reserve banks, continued to prove an efficient and valuable instrumentality for settlement of check clearings between the reserve banks, transfer of funds between districts, and transfer of funds for the United States Treasury. Receipts in 1932 from Federal reserve banks and other sources were $4,363,000 greater than disbursements, resulting in a balance of $13,963,000 to the credit of this bank in the fund at the close of business on the last day of the year. RELATIONS WITH BANKS Membership.— Six new national banks became members of the Federal Reserve Bank of St. Louis in 1932. The membership of 39 national banks terminated, of which 14 were through voluntary liquidation and 25 through involuntary liquidation. One State bank acquired membership, and the membership of 15 State institutions were terminated — 9 through involuntary liquidation, 2 by conversion, and 4 after giving the required notice. On December 31, 1932, the membership was 438, consisting of 360 national banks and 78 State banks and trust companies. Condition Reports.— Three calls were made by this institution in 1932 upon member State banks and trust companies for reports of condition. The dates of these calls were : June 30, September 30 and December 31. The Comptroller of the Currency called on national banks for reports of condition as of the same dates. Copies of periodical reports of condition, semi-annual reports of earnings and dividends, reports of reserve requirements, and reports of examinations of the member banks were received and reviewed. In addition, a number of investigations were made by the Federal reserve examiners, most of them being in conjunction with State examinations. Fiduciary Applications, Etc. — During the course of the year, the Federal Reserve Board granted limited fiduciary powers to one national bank and supplementary powers to two national banks in the Eighth District. Applications for additional stock and partial surrender of stock were received and disposed of bimonthly. Several applications of individuals to serve banks coming within prohibitions of the Clayton Act were acted on. There was no addition to the list of member banks authorized to accept bills up to 100 per cent of capital and surplus. • 1.0 '' m Publications.— As in preceding years, the statistical division prepared and issued each month a review of trade, industrial, agricultural and financial conditions in the Eighth District. The average monthly circulation in 1932 was 5,538, approximately the same as during the preceding twelve months. Copies of the Federal Reserve Board's Regulation G, as amended, and revised pages of the Manual of Facilities of this bank were distributed to member banks. The Library responded to numerous requests for literature on banking and other financial topics. Other Services. — This bank continued to furnish its member banks, without charge, forms for obtaining financial statements, ordinary and exchange drafts for drawing on their balances with it, forms for calculating their reserve position each day, etc. This institution also followed its practice of past years in absorbing certain costs in connection with various services for its members, notably collection of items, shipments of currency, transfers of funds, and safekeeping of notes and securities. Visits. — The field representative made periodical visits to member banks, also, to nonmember banks in communities where member banks are located. However, during the early part of the year this work was interrupted by circumstances which necessitated his temporary transfer to another department. Annual conventions and group meetings of bankers' associations of the several states of the district were attended by representatives of this institution. During the year numerous bankers, students and other visitors were conducted through the buildings of the parent bank and branches. INTERNAL ORGANIZATION Conferences.— As during preceding years, bimonthly conferences were held at the head office between officers of the parent bank and branches. From time to time during the year, visits were made to the branches by officers of the parent bank. In the course of his tour to other Federal reserve cities, Governor Meyer of the Federal Reserve Board visited St. Louis on December 2, and met with the directors and officers of this bank. 14 Personnel. — O. C. Phillips, Manager of the Credit-Discount Department, was elected a Controller by the Board of Directors on January 6. On February 17 the Board granted a leave of absence to Deputy Governor O. M. Attebery to enable him to accept the temporary appointment as Manager of the St. Louis Agency of the Reconstruction Finance Corporation. After inaugurating the agency, he resumed his duties as Deputy Governor on April 18, 1932. At its meeting on March 16, the Board elected James G. McConkey Deputy Governor and Counsel. He had previously been Counsel and Secretary. C. M. Stewart was elected Secretary, in addition to his office as Assistant Federal Reserve Agent. John C. Martin resigned as a member of the Board of Directors, effective April 6. At an election ended June 2, F. Guy Hitt was elected by member banks in Group 3 as a Class A director to fill the unexpired term, ending December 31, 1934, of John C. Martin. The following directors were selected to succeed those whose terms expired at the end of 1932: For the Parent Bank.— John G. Lonsdale, elected by member banks in Group 1 as a Class A director; M. P. Sturdivant, Class B, elected by banks in Group 3, and John R. Stanley, appointed by the Federal Reserve Board. For Little Rock Branch.— Stuart Wilson and A. F. Bailey, elected by the parent bank, and Gordon H. Campbell, appointed by the Federal Reserve Board. For Louisville Branch.— William R. Cobb and John T. Moore, elected by the parent bank, and W. R. Cole, appointed by the Federal Reserve Board. For Memphis Branch.— Willis Pope and W. Ff. Glasgow, elected by the parent bank, and William Orgill, appointed by the Federal Reserve Board. On December 31, 1932, the parent bank and branches had a total of 583 officers and employees, of which 2 were temporary employees. At the end of the preceding year the personnel numbered 526, of which 8 were temporary employees. The increase was due to the handling of collateral and collections for the Reconstruction Finance Corporation. A roster of officers and directors of the parent bank and branches appears on page 3. EXHIBITS As set forth in the table of contents, financial exhibits occupy the following pages of this report, while others appear at the front. — 15 — DEPOSITS. LOANS. ETC. OF St. Louis, Louisville, Memphis, Little Rock and Evansville. REPORTING MEMBER BANKS In CURVE 1: Deposits. XC/O^ " 2: Loans 3: Investments. 4: Borrowings from Federal Reserve Bank. o i 1 I (AT CLOSE OF BUSINESS EACH WEDNESDAY) JAN. MAR. FEB. APR. MAY JULY JUNE AUG. 1—I_J Ml Ms »»* «*• «>« NOV. OCT SEPT. DEC. •"-? > I—- 3*ff 5 4o *1( 5*0 SVI JVO SlS jio \ (to •V* A \ '*'• ^-\ / V -s fit (of / V \ ^\ \ I* •i" / •lo •M* \ / ^\ \/ V *T M" \ i X/—v^ Jo* •1* " s^/ • •10 •If ^ y^^ Hi •1° itJ lit >ro »7* — aft © ^ ilf »»f 34s 31. V ICO 3ft \ 3W >*c 3JJ310 »•« 33C 1*0 »Vb • 3V. \ sir Mi 310 3>f 100 310 3oC ****•—. 300 -——„ n; Mt vlff VI. "*** ffl VK vlo v"i! V,. vie vlf Vfo VU vfo v^» Vlf VJO WI Vlf Vlo Vlf / f ® Vti We VJf V>o Vrt w» © vi S VIO Vlf voo M * Vo If U VO II 10 £ - — 0 ^ - = * J *= = ; — = J:s •• JAN. FEB. MAR. APR. MAY ® . JUNE —> J JULY — 16 — AUG. SEPT. OCT NOV. DEC. S 0 EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK OF ST. LOUIS (Including Branches). 1932 EARNINGS Discounted bills Purchased bills United States securities Federal Intermediate Credit Bank debentures Deficient reserve penalties Miscellaneous Total earnings . CURRENT EXPENSES Salaries: Officers Clerical employees Other employees Governor's conferences F. R. Agents' conferences Federal Advisory Council Directors' meetings Traveling expenses Assessments for Federal Reserve Board expenses Legal fees Insurance on currency and security shipments Other insurance Taxes on banking house Light, heat, power and water Repairs and alterations Rent Office and other supplies Printing and Stationery Telephone Telegraph Postage Expressage Miscellaneous Total, exclusive of cost of currency Federal Reserve currency : Original cost, including shipping charges Cost of redemption, including shipping charges Total current expenses PROFIT AND LOSS ACCOUNT Earnings Current expenses Current net earnings Additions to current net earnings : —Withdrawn from reserve for probable losses Profit on United States securities sold All other Total additions Deductions from current net earnings: Bank premises—depreciation Furniture and equipment All other Total deductions ax Net earnings available for dividends, surplus and franchise tax Dividends paid Transferred from surplus account REIMBURSABLE FISCAL AGENCY EXPENSES Salaries All other Total 1931 $ 496,823 108,496 920,177 4,316 40,251 55,369 $1,625,432 $ $ $ 172,010 543,148 147,569 388,769 177,420 560,695 6,403 21,800 33,544 $1,188,631 178,752 544,859 138,375 339 262 276 1,300 17,158 * 19,714 25,528 2,453 6,662 27,594 59,916 21,740 5,725 3,000 13,847 20,308 12,826 34,663 85,901 13,980 32,461 1,300 17,053 24,597 25,106 5,120 10,945 25,641 65,393 19,579 11,483 3,000 15,157 23,676 13,957 39,994 78,620 13,076 38,158 $1,268,104 $1,294,117 85,286 7,220 $1,360,610 50,143 6,664 $1,350,924 $1,625,432 1,360,610 $ 264,822 $1,188,631 1,350,924 162,293 $ 59,931 115,524 11,828 $ 187,283 $ $ $ 175,332 29,584 3,704 $ 208,620 150,000 153,306 14.289 $ 317,595 $ 175,332 28,496 12,737 216,565 243,485 — 61,263 $ 268,505 — 25,020 $ 289,409 350,672 $ $ 10,815 5,642 16,457 $ $ 56,103 13,397 69,500 $ *Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council. — 17 — DISCOUNTS AND INVESTMENTS OF FEDERAL RESERVE BANK OF ST LOUIS (INCLUDING BRANCHES) 3 I S 1932 Discount Rate Total Earning Assets Held Bills Discounted Held United States Securities Held Bills Bought Held a I S ,UONS CURVE li 2: 3: 4: 5: a I (AVERACE FOR EACH WEEK) JAN. FEB MAR. APR. MAY JULY JUNE AUG. SEPT OCI DEC. NOV. % s H s V- H ¥• ( D 3< J >-t ?i loo loo 11 ti 11 ti IT u n a 13. H SI li H i+ l>. to U H s' IX So 7/ ^-—-_-. 74 73. 7. U ii U —-• — — © - 7i 7* 73. r . © 7* it ii it- is. it \ io SI St J4S3. ffo / V 1 \ \__ f io f J st Si // ST S3. So i va. •h ¥* i ^^^\ y 4i 44- H+2. •ti ) / Yt At 3H. J2 34 / / 32 Jo 21 ti 21 2i 2* Xf 2.3. Zl io z» II It It 14la. li ItIS. v_ h I Io I t f + X 0 ' —' " _ '•^ JAN. FEB MAR. APR. MAY JUNE — 18 X 0 JULY ~~ t < "i AUG. _ 4 •-«« « ^ ^ H «i SEPT OCT NOV. DEC. STATEMENT OF CONDITION OF FEDERAL RESERVE BANK OF ST. LOUIS (Including Branches). Dec. 31, 1932 fDec. 31, 1931 RESOURCES Gold with Federal Reserve Agent. Gold redemption fund with U. S. Treasury.... $ 73,255 1,513 $ 64,885 2,382 Gold held exclusively against Federal Reserve Notes., Gold settlement fund with Federal Reserve Board Gold and gold certificates held by banks $ 74,768 13,963 2,566 $ 67,267 9,600 12,086 Total gold reserves Reserves other than gold $ 91,297 9,816 $ 88,953 12,863 Total reserves Non-reserve cash $101,113 3,921 $101,816 3,773 Bills discounted : Secured by U. S. Government obligations. Other bills discounted $ 3,981 2,357 $ 10,190 6,696 Total bills discounted..., Bills bought in open market.. $ 6,338 973 $ 16.886 12,823 13,940 11,306 40,910 11,393 783 14,923 Total U. S. Government securities. Other securities 66,156 $ 27,099 Total bills and securities., 73,467 3 I ,O 17 1,312 15,917 3,285 1.082 21 1,270 18,088 3,461 1,995 $200,114 $188,112 LIABILITIES Federal Reserve notes in actual circulation. $103,930 $ 86,941 Deposits : Member banks — reserve account. Government Foreign banks Other deposits $ 62,027 394 733 1,201 59,456 3,128 2,690 566 Total deposits. Deferred availability items. Capital paid in Surplus All other liabilities 64,355 $ 16,373 • 4,360 10.186 910 $ 65,840 19,305 4,693 10,025 1,308 Total liabilities. $200,114 U. S. Government securities: Bonds Treasury notes Certificates and Bills Due from foreign banks F. R. Notes of other banks. Uncollected items Bank premises All other resources Total resources. Ratio of total reserves to deposit and Federal reserve note liabilities combined 60.1 Contingent liability on bills purchased for foreign correspondents 66.6 1,362 8,699 *In thousands — 000 omitted. NOTE Statistics pertaining to the Federal Reserve Bank of St. Louis and the member banks will also be found in the annual report of the Federal Reserve Board, Washington, D. C. 19
@FedFRASER