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*ii %, FEDERAL RESERVE BANK OF ST. LOUIS REPORT TO STOCKHOLDERS FOR THE YEAR ENDED DECEMBER 3 1 , 1936 — 2 TWENTY-SECOND ANNUAL STATEMENT March 10, 1937. T o the Stockholders of the Federal Reserve Bank of St. JLouis: There are furnished herein the following statements of the Federal Reserve Bank of St. Louis, including its Louisville, Memphis, and Little Rock Branches: ( 1 ) Assets and liabilities as of December 31, 1936; ( 2 ) Earnings, expenses, and profit and loss account for the year 1936; ( 3 ) Volume of major operations during 1936; membership and personnel at end of the year; \ ( 4 ) Directors, officers, Federal Advisory Council member, and Industrial Advisory Committee. Statistics pertaining to this bank and the member banks w^ill also be found in the annual report of the Board of Governors of the Federal Reserve System, "Washington, D . C Yours very truly, ^WILLIAM McC. M A R T I N , PresidenU 3 — S T A T E M E N T OF C O N D I T I O N DECEMBER 31, 1936 ASSETS Gold certificates on hand and due from U . S. Treasury Redemption fund—Federal Reserve notes Other cash Total reserves ^255,381,011 1,570,018 16,465,076 , Bills discounted: Secured by U . S. Govt, obligations direct and/or fully guaranteed Other bills discounted Total bills discounted 273,416,105 600 39,000 39,600 Bills bought in open market Industrial advances 86,481 424,366 U . S. Government securities: Bonds Treasury notes Treasury bills 23,381,000 63,901,000 28,527,000 Total U , S. Government securities 115,809,000 Total bills and securities - 116,359,447 Due from foreign banks Federal Reserve notes of other banks Uncollected items Bank premises All other assets 3,739 2,036,300 33,948,179 2,389,662 184,441 TOTAL ASSETS 428,337,873 LIABILITIES Federal Reserve notes in actual circulation 183,579,540 Deposits: Member bank—reserve account United States Treasurer — general account Foreign bank Other deposits 182,277,242 6,952,331 2,970,479 8,696,232 Total deposits 200,896,284 Deferred availability items Capital paid in Surplus Section 7 Surplus Section 13b Reserve for contingencies All other liabilities _ T O T A L LIABILITIES 428,337,873 Ratio of total reserves to deposit and Federal Reserve note liabilities combined Cp^r cent) Commitments to make industrial advances 33,557,657 3,781,800 4,654,737 545,151 1,194,074 128,630 4 71.1 1,061,286 E A R N I N G S A N D EXPENSES FOR T H E Y E A R 1936 CURRENT EARNINGS D i s c o u n t e d bills Purchased bills XJ. S. G o v e r n m e n t securities.. Industrial advances C o m m i t m e n t s to make industrial advances A l l other , 0 T o t a l current earnings 1,863,217 CURRENT EXPENSES Total operating expenses Less reimbursements for certain fiscal a g e n c y and other expenses 1,726,908 417,436 N e t operating expenses .•. Assessment for expenses of Board of G o v e r n o r s Federal Reserve currency: Original cost Cost of redemption 1,309,472 49,908 80,095 11,210 T o t a l current expenses 1,450,685 PROFIT A N D LOSS Current earnings Current expenses 1,495 798 1,804,145 20,385 17,736 18,658 ACCOUNT , 1,863,217 1,450,685 Current net earnings - A d d i t i o n s t o current net earnings: Profits o n sales of U . S. G o v e r n m e n t securities A l l other 412,532 308,766 13,878 Total 322,644 D e d u c t i o n s from current net earnings: Reserves for contingencies Prior service contributions to Retirement S y s t e m Assessment for building for Board of G o v e r n o r s A l l other Total - 301,355 144,902 59,653 4,101 510,011 N e t deductions from current net earnings 187,367 N e t earnings D i v i d e n d s paid 225,165 225,724 W i t h d r a w n from surplus ( S e c t i o n 1 3 b ) — 5 — 559 V O L U M E OF MAJOR OPERATIONS Pieces I^andled O u r i n g Year 1 9 3 6 Aggregate Amounts Checks (cash items) handled: U . S. G o v t , checks and warrants A l l other checks 10,155,000 46,292,000 Collections ( n o n c a s h items) handled: XJ. S. Govt, coupons paid O t h e r collection items 1,188,000 394,000 20,095,000 460,792,000 61,000 3,484,261,000 Paper currency received and counted 121,679,000 448,504,000 Coin received and counted 110,825,000 14,181,000 278 11,850,000 1,199,000 45,000 575,924,000 49,328,000 6,000 47,918,000 Transfers of funds. Rediscounts, advances and commitments N e w issues, redemptions, and exchanges of securities as fiscal agent of: U n i t e d States G o v e r n m e n t G o v e r n m e n t instrumentalities. Collateral to G o v e r n m e n t deposits received for custody Coupons clipped from securities in custody Bills and securities held in custody at close of business D e c e m b e r 3 1 : For U n i t e d States Treasury For Reconstruction Finance Corp For other G o v e r n m e n t departments, agencies and officials For member banks - ^ 771,348,000 11,681,703,000 176,000 382,884,000 242,535,000 23,265,000 181,467,000 MEMBERSHIP A t end of t h e year there were 388 member banks in the district, comprising 3 1 8 national banks and 70 state banks and trust companies. PERSONNEL T h e number of officers and employees of the parent bank and branches o n D e c e m b e r 3 1 , 1936, was 6 4 4 . 6 — F E D E R A L RESERVE B A N K O F S T . L O U I S DIRECTORS CLASS C WILLIAM T, NAROIN, Chairman of tKe B o a r d a n d F e d e r a l R e s e r v e A g e n t , St. L o u i s P A U L DILLARD, Deputy Chairman, Memphis, Xenn. J O H N R . SXANLEY, Evansville, I n d . CLASS A CLASS B F . G U Y H I X X , Z e i g l e r , 111. J O H N G * L O N S D A L E , St. L o u i s M A X B . NAHKf, B o w l i n g G r e e n , K y . J . W* H A R R I S , S t . L o u i s W . B . P L U N K E T X , Little Rock, A r k . M . P . S T U R D I V A N X , G l e n d o r a , Miss. OFFICERS WILLIA:M M C C . M A R X I N , President O L I N M . A T X E B E R Y , First V i c e - P r e s i d e n t A . M. H A I L L , Asst. C a s h i e r J O H N S. W O O D , Vice-President S. F . GiLlVfORE, A s s t . C a s h i e r JAS. G . MLcCONKEY, V i c e P r e s i d e n t and General Counsel C . M . SXEWARX, C a s h i e r a n d S e c r e t a r y L. H . B A I L E Y , G e n e r a l A u d i t o r F. N . HALL, Asst. C a s h i e r G . O . HOLLOCHER, Asst. C a s h i e r O . C . PHILLIPS, A s s t . C a s h i e r A . E. D E B R E C H X , Asst. A u d i t o r LOUISVILLE DIRECXORS W. W. CRAWFORD, Chairman, W M . R . C O B B , Louisville, K y . BRANCH Louisville, K y . OFFICERS J O H N X. M : O O R E , M^anaging D i r e c t o r C . A . SCHACHX, Cashier A . H . ECKLES, H o p k i n s v i l l e , K y . J. B . H I L L , L o u i s v i l l e , K y . J O H N X. M : O O R E , Louisville, K y . W. P. P A X X O N , Paducah, Ky. J. O . S A N D E R S , H u n t i n g b u r g , I n d . SXANLEY B . JENKS, Asst. Cashier MEMPHIS DIRECTORS J. W . A L D E R S O N , Forrest City, A r k . W, H . G L A S G O W , M e m p h i s , X e n n . W M . R. K I N G , Memphis, Xenn. W I L L I S P O P E , Columbus, Miss. J. H O L M E S S H E R A R D , S h e r a r d , M i s s . BRANCH OFFICERS \V. H . G L A S G O W , Managing Director S. K . BELCHER, Cashier C . E. MARXIN, Asst. C a s h i e r LIXXLE ROCK DIRECXORS I. N . B A R N E X X , JR., Chairmian, Batesville, A . F . B A I L E Y , Little Rock, A r k . F. K R A M E R D A R R A G H , Little Rock, A r k . P A U L R . M : C C O Y , Stuttgart, A r k . J o N i C H O L , P i n e Bluff, A r k . J A M E S H . P E N I C K , Little Rock, A r k . H . H . XUCKER, Little R o c k , A r k . BRANCH OFFICERS Ark. A . F . BAILEY, Managing Director ML. H . L O N G , Cashier CLIFFORD W O O D , Asst. C a s h i e r FEDERAL ADVISORY COUNCIL MEMBER W A L X E R W . S M I X H , St. L o u i s INDUSXRIAL ADVISORY COMMIXXEE W M . K . N O R R I S , C h a i r m a n , St. L o u i s H E N R Y S. G R A Y , L o u i s v i l l e , K y . J A C O B V A N D Y K E , V i c e - C h a i r m a n , St. L o u i s M . E. FiNCH, Miemphis, X e n n . M A U R I C E W E I L , St. L o u i s L. J. B U B , Secretary March 4, 1937. — 7