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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