View PDF

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

FEDERAL RESERVE BANK
OF ST. LOUIS

REPORT TO STOCKHOLDERS
FOR THE YEAR ENDED DECEMBER 3 1 , 1 9 3 7




FEDERAL RESERVE BANK OF ST. LOUIS

March 7, 1938.

T o the Stockholders
of the
Federal Reserve Sank of Su

Louis:

T h e r e are furnished herein t h e 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 3 1 , 1937
and 1936;
( 2 ) Earnings, expenses, and profit and loss account
for the years 1937 and 1936;
( 3 ) Volume of major operations during 1937;
membership and personnel at end of the year;
( 4 ) Directors, officers. Federal Advisory Council
member, and Industrial Advisory Conunittee.
Statistics pertaining to this bank and the member banks will also be
found in t h e annual report of t h e Board of Governors of the Federal
Reserve System, Washington, D . C.




Yours very truly,
W I L L I A M McC. M A R T I N ,
President*

— 3

COMPARATIVE STATEMENT OF CONDITION
ASSETS
Dec. 31, 1937

Dec. 3 1 , 1936

Gold certificates on hand and due from U.S.Treasury.. ^282,454,813
Redemption fund—Federal Reseive notes
791,613
Other cash
16,105,348

^255,381,011
1,570,018
16,465,076

Total reserves

299,351,774

273,416,105

22,000

600

625

39,000

22,625

39,600

2,482

86,481

236,876

424,366

32,969,000
50,669,500
28,844,000
112,482,500

23,381,000
63,901,000
28,527,000
115,809,000

112,744,483

116,359,447

2,591
1,973,160
28,770,847
2,340,904
1,369,058

3,739
2,036,300
33,948,179
2,389,662
184,441

446,552,817

428,337,873

LIABILITIES
Federal Reserve notes in actual circulation

182,087,885

183,579,540

Deposits:
Member bank—reserve account
United States Treasurer — general account
Foreign bank
Other deposits

204,984,009
8,779,133
5,204,607
5,818,492

182,277,242
6,952,331
2,970,479
8,696,232

224,786,241

200,896,284

29,282,495
3,867,500
4,667,176
545,151
1,214,737
101,632

33,557,657
3,781,800
4,654,737
545,151
1,194,074
128,630

446,552,817

428,337,873

73.6

71,1

50,893
176,200

1,061,286

Bills discounted:
Secured by U . S. Govt, obligations, direct or
fully guaranteed
Other bills discounted
Total bills discounted
Bills bought in open market
Industrial advances
U . S. Government securities:
Bonds
Treasury notes
Treasury bills
Total U . S. Government securities
Total bills and securities
Due from foreign banks
Federal Reserve notes of other reserve banks
Uncollected items
Bank premises (net)
All other assets
TOTAL ASSETS

Total deposits
Deferred availability items
Capital paid in
Surplus (Section 7 )
Surplus (Section 13b)
Reserve for contingencies
All other liabilities
T O T A L LIABILITIES
Ratio of total reserves to deposit and Federal Reserve
note liabilities combined (per cent)
Contingent liability on bills purchased for foreign
correspondents
Commitments to make industrial advances



_ 4 _

FINANCIAL RESULTS OF OPERATIONS
CURRENT EARNINGS
Year 1937
Discounted bills
Purchased bills
Industrial advances
Commitments to make industrial advances
U . S. Government securities
All other

$

5,075
662
15,801
11,514
1,752,810
16,872

Total current earnings

Year 1936
^

1,495
798
20,385
17,736
1,804,145
18,658

1,802,734

1,863,217

1,606,758

1,726,908

360,892

417,436

1,245,866

1,309,472

51,615

49,908

62,214
11,398

80,095
11,210

1,371,093

1,450,685

CURRENT EXPENSES
Total operating expenses
Less reimbursements for certain fiscal agency and other
expenses
N e t operating expenses
Assessment for expenses of Board of Governors
Federal Reserve currency:
Original cost
Cost of redemption
Total current expenses

P R O H T A N D LOSS A C C O U N T
Current earnings
Current expenses

1,802,734
1,371,093

1,863,217
1,450,685

431,641

412,532

116,947
1,801

308,766
13,878

118,748

322,644

Deductions from current net earnings:
Reserves for contingencies
Prior service contributions to Retirement System
Assessment for building for Board of Governors
All other

144,900
42,080
452

301,355
144,902
59,653
4,101

Total deductions
N e t deductions from current net earnings

187,432
68,684

510,011
187,367

362,957

225,165

Current net earnings
Additions to current net earnings:
Profits on sales of U . S. Government securities
All other
Total additions

Net earnings
Paid U . S. Treasury (Section 13b)
Dividends paid
Withdrawn from surplus (Section 13b)
Transferred to surplus (Section 7).—



—5—

4,152
229,420
129,385

225,724
559

V O L U M E OF MAJOR

OPERATIONS
Number
(Pieces)

Aggregate
Amounts

During Year 1937
Checks (cash items) handled:
U . S, G o v t , checks and warrants
All other checks

8,703,444
49,153,935

Collections (noncash items) handled:
U . S. G o v t , coupons paid
O t h e r collection items

759,248
813,154

16,124,000
424,960,000

64,518

3,789,214,000

Paper currency received and counted

120,352,379

433,284,000

Coin received and counted

126,666,056

13,979,000

408

25,773,000

N e w issues, redemptions, and exchanges
of securities as fiscal agent of:
U n i t e d States Government
Government instrumentalities

198,772
18,445

385,279,000
25,365,000

Coupons clipped from securities in custody

192,616

(See *)

Transfers of funds

Rediscounts, advances and commitments....

^

536,324,000
12,750,807,000

*In addition to securities, a large volume of bills, notes, warehouse receipts,
etc., was held in custody for member banks, the U. S. Treasury, Reconstruction
Finance Corporation, and other Government agencies, departments, and officials.
MEMBERSHIP
D u r i n g 1937, six State banks and trust companies became members
of the Federal Reserve Bank of St. Louis, and one member State bank
converted into a national bank.
T h r e e national banks in this district were chartered, three w e n t into
liquidation, and o n e consolidated with another national bank, in course
of the year.
O n D e c e m b e r 31 there were 392 member banks, of w h i c h 3 1 7 were
national banks and 75 were State banks and trust companies. T h e deposits
of the member banks amounted to about two-thirds of the deposits of all
banks in the district.
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 , 1937, was 653, the salaries of 149 being reimbursable
o n account of fiscal agency operations.



— 6 —

Roster March 7, 1938
FEDERAL RESERVE B A N K OF ST. LOUIS
DIRECTORS
CLASS C
WlLLL\M T . N A R D I N , C h a i r m a n of the Board
and Federal Reserve Agent, St. Louis
OSCAR G . J O H N S T O N , Scott, Miss.
J O H N R . STANLEY, Evansville, Ind.
CLASS A
J O H N G . LONSDALE, St. Louis
M A X B . N A H M , Bowling Green,

CLASS B
J. W. H A R R I S , St. Louis
H A R V E Y C . C O U C H , Pine Bluff, Ark.
M . P . S T U R D I V A N T , Glendora, Miss.

Ky.

G. R. CORLIS, Anna, 111.

OFFICERS
WILLIAM M C C . M A R T I N , President
F. G U Y H I T T , First Vice-President
O L I N M . A T T E B E R Y , Vice-President
J O H N S . W O O D , Vice-President
C, M . S T E W A R T , Cashier and Secretary
L. H . B A I L E Y , General Auditor

A. H . H A I L L , Asst. Cashier
S. F. GiLMORE, Asst. Cashier
F R A N K N . H A L L , Asst. Cashier
G. O. HOLLOCHER, Asst. Cashier

O. C. PHILLIPS, Asst. Cashier
A . E. D E B R E C H T , Asst. Auditor

LEGAL COUNSEL

FEDERAL ADVISORY C O U N C I L
St. Louis

JAS. G. McCONKEY, St. Louis

MEMBER, WALTER W . SMITH,

INDUSTRIAL ADVISORY COMMITTEE
W M . K . N O R R I S , Chairman, St. Louis
H E N R Y S . G R A Y , Louisville, Ky.
J A C O B V A N D Y K E , Vice-Chairman, St. Louis
M . E. FiNCH, Memphis, T e n n .
M A U R I C E W E I L , St. Louis
L. J. B U B , Secretary
LOUISVILLE

BRANCH

DIRECTORS
J. B . H I L L , Chairman, Louisville, Ky.
W M . R . C O B B , Louisville, Ky.
A. H . E C K L E S , Hopkinsville, Ky.
PERRY B . GAINES, Carrollton, Ky.
W. p . P A X T O N , Paducah, Ky.
F R A N K D . R A S H , Louisville, Ky.
J. O. S A N D E R S , Huntingburg, I n d .

MEMPHIS

OFFICERS
FRANK D . RASH,

Managing Director
C. A. ScHACHT,
Cashier
STANLEY B . JENKS,

Asst. Cashier
BRANCH

DIRECTORS
J. H O L M E S S H E R A R D , Chairman, Sherard,
RUFUS C. B R A N C H , Pecan Point, A r k .
DOUGLAS W . BROOKS, Memphis, Tenn.
W. H . G L A S G O W , Memphis, T e n n .
WM. R. K I N G , Memphis, T e n n .
B . A. L Y N C H , Blytheville, Ark.
W I L L I S P O P E , Columbus, Miss.

LITTLE

Miss.

ROCK

DIRECTORS
T U C K E R , Chairman,

OFFICERS
W. H . G L A S G O W ,

Managing Director
S. K. B E L C H E R ,

Cashier
C. E. M A R T I N ,

Asst. Cashier
BRANCH
OFFICERS

H. H.
Little Rock, A r k .
A. F. BAILEY, Little Rock, Ark.
I. N . B A R N E T T , Batesville, Ark.
F. K R A M E R D A R R A G H , Little Rock, A r k .

A. F. BAILEY,
Managing Director
M . H . LONG,
Cashier

P A U L R . M C C O Y , Stuttgart, Ark.
A. E. M C L E A N , Little Rock, Ark.
J A M E S H . P E N I C K , Little Rock, Ark.

CLIFFORD W O O D ,




— 7—

Asst. Cashier

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