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 31,1938 M I S S O U R I \IUUINOIS ilNDIANA vof 'YEHNESSEE ARKANSAS /MISSISSIPPI — 2 — FEDERAL RESERVE B A N K O F S T . L O U I S January 3 1 , 1939. To the Stockholders of the Federal Reserve Bank of St. Louis: There are furnished herein t h e following statements of t h e Federal Reserve Bank of St. Louis, including its Louisville, Memphis, and Little Rock Branches: ( 1 ) Assets, liabilities and capital accounts as of December 3 1 , 1938 and 1937; ( 2 ) Earnings, expenses, and distribution of net earnings, for t h e years 1938 a n d 1937; ( 3 ) V o l u m e of major operations during 1938; membership and personnel at end of the year; ( 4 ) Directors, officers. Federal Advisory Council member, and Industrial Advisory Committee. Statistics pertaining t o this bank and t h e member banks will also be found i n t h e annual report of t h e Board of Governors of t h e Federal Reserve System, 'Washington, D . C. Yours very truly, VC^ILLIAM M c C . M A R T I N , President* — 3— C O M P A R A T I V E S T A T E M E N T OF C O N D I T I O N ASSETS D e c . 3 1 , 1938 D e c . 3 1 , 1937 Gold certificates o n hand and due from U . S. Treasury..^316,830,240 ^282,454,813 Redemption fund—Federal Reserve notes 843,150 791,613 Other cash 19,633,613 16,105,348 « • • Total reserves 337,307,003 Bills discounted: Secured by U . S. Government obligations, direct or fully guaranteed Other bills discounted 45^000 Total bills discounted I... M •• 299,351,774 22,000 625 45,000 22,625 Bills bought in o p e n market 2,482 2,482 Industrial advances LJ. S. Government securities: Bonds Treasury notes Treasury bills 20,572 35,023,000 48,186,500 23,581,000 236,876 ~ " 32,969,000 50,669,500 28,844,000 Total U . S. Government securities 106,790,500 112,482,500 Total bills and securities 106,858,554 112,744,483 2,599 2,931,950 29,838,016 2,291,885 1,678,404 2,591 1,973,160 28,770,847 2,340,904 1,369,058 480,908,411 446,552,817 183,130,155 182,087,885 209,542,949 35,354,975 5,983,252 5,093,398 204,984,009 8,779,133 5,204,607 5,818,492 255,974,574 224,786,241 31,361,064 51,331 29,282,495 101,632 470,517,124 436,258,253 3,945,900 4,685,499 545,151 1,214,737 3,867,500 4,667,176 545,151 1,214,737 480,908,411 446,552,817 "~~ 50,893 176,200 D u e from foreign banks Federal Reserve notes of other banks Uncollected items Bank premises ( n e t ) Other assets Total assets LIABILITIES Federal Reserve notes in actual circulation Deposits: Member bank reserve account U n i t e d States Treasurer—^general account Foreign bank Other deposits Total deposits Deferred availability items Other liabilities Total liabilities CAPITAL ACCOUNTS Capital paid in................ Surplus ( S e c t i o n 7 ) Surplus (Section 1 3 b ) Other capital accounts Total liabilities and capital accoimts Contingent liability o n bills purchased for foreign correspondents Commitments t o make industrial advances Ratio of total reserves to deposit and Federal R ^ e r v e n o t e liabilities combined 2,278 548,389 "76,8^ 73.6/^ FINANCIAL RESULTS OF O P E R A T I O N S Year 1938 Current Earnings: D i s c o u n t e d bills Purchased bills Industrial advances C o m m i t m e n t s t o m a k e industrial a d v a n c e s U . S . G o v e r n m e n t securities A l l other $ T o t a l current earnings Current E x p e n s e s : 0|>erating e x p e n s e s Less reimbursements for certain fiscal a g e n c y a n d other e x p e n s e s N e t operating e x p e n s e s A s s e s s m e n t for e x p e n s e s of B o a r d of G o v e r n o r s Federal R e s e r v e currency: Original cost Cost of r e d e m p t i o n , T o t a l current e x p e n s e s Current n e t earnings A d d i t i o n s t o current n e t earnings: Profit o n sales of U . S. G o v e r n m e n t securities All other T o t a l additions D e d u c t i o n s from current n e t earnings." Prior service contributions t o retirement s y s t e m A s s e s s m e n t for building for B o a r d of G o v e r n o r s . . All other T o t a l deductions 2,895 9 9,096 5,857 1,528,595 17,826 Year ^ 1937 5,075 662 15,801 11,514 1,752,810 16,872 1,564,278 1,802,734 1,630,807 1,606,758 339,597 360,892 1,291,210 50,857 1,245,866 51,615 63,239 9,961 62,214 11,398 1,415,267 149,011 1,371,093 431,641 385,083 10,532 116,947 1,801 395,615 118,748 289,800 219 144,900 42,080 452 290,019 187,432 N e t additions to current n e t earnings - 105,596 68,684 N e t earnings - 254,607 362,957 234,488 1,796 18,323 229,420 4,152 129,385 254,607 362,957 O i s t r i b u t i o n o f n e t earnings: D i v i d e n d s paid t o m e m b e r banks P a i d t o U . S . Treasury ( S e c t i o n 1 3 b ) Transferred t o surplus ( S e c t i o n 7 ) V O L U M E OF MAJOR OPERATIONS Number (Pieces^ Ouring Year 1938 Checks (cash items) handled: U . S. G o v t , c h e c k s a n d warrants A l l other c h e c k s - 10,247,521 51,568,030 Collections ( n o n c a s h i t e m s ) h a n d l e d : U . S. G o v t , c o u p o n s paid.. O t h e r collection items... Aggregate Amounts ^ 616,895,000 11,836,211,000 760,132 745,731 14,861,000 361,665,000 59,344 3,354,742,000 Paper currency received atid. c o u n t e d 116,898,148 399,954,000 C o i n received a n d c o u n t e d 132,252,671 13,571,000 Rediscounts, advances and commitments 310 15,019,000 N e w issues, r e d e m p t i o n s , an4l e x c h a n g e s o f securities as fiscal a g e n t 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 190,427 13,256 432,836,000 34,365,000 C o u p o n s clipped f r o m securities in custody 181,526 (See *) Transfers of f u n d s * I n a d d i t i o n t o s€*curities, a large v o l u m e of hills, n o t e s , -warehouse receipts, etc., w a s h e l d in c u s t o d y for m e m h e r banks, t h e U . S. Treasury, R e c o n s t r u c t i o n F i n a n c e C o r p o r a t i o n , a n d o t h e r G o v e r n m e n t agencies, departments, a n d o£Eicials. MEMBERSHIP I>uring 1 9 3 8 , t^vo S t a t e banks became members of t h e Federal R e serve Bank of St. Louis. T h r e e national banks i n t h e district w^ent into v o l u n t a r y liquidation i n course of t h e yearO n O e c e m b e r 31 t h e r e w e r e 391 m e m b e r banks, of w h i c h 3 1 4 w e r e national b a n k s and 77 w e r e State banks and trust companies. T h e d e p o s i t s of m e m b e r banks a m o u n t e d t o approximately t w o thirds of t h e deposits of all banks in t h e district. PERSONNEL T h e n u m b e r of officers a n d e m p l o y e e s of t h e parent b a n k a n d b r a n c h e s o n Oeceixiber 3 1 , 1 9 3 8 , ^vas 6 6 9 , t h e salaries of 155 b e i n g reimbursable o n a c c o u n t of fiscal a g e n c y operations. — 6 FEDERAL RESERVE B A N K O F S T . L O U I S DIRECXORS CLASS C WlLLIANl X . N A R D I N , C H a i r i T i a n o f t H e B o a r d a n d Federal Reserve Agent, St. Louis O S C A R G . J O H N S X O N , D e p u t y C H a i r m a n , S c o t t , M^iss. CLASS B CLASS A S I D N E Y M I A E S X R E , St. Louis 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, J O H N R . S X A N L E Y , Evansville, I n d . M : A X B . lSrAH:M, B o w l i n g G r e e n , K y . G . R . C O R L I S , A n n a , 111. OFFICERS A . H . H A I L L , Asst. CasKier WiLLIAlVl M ; C C . M : A R X I N , P r e s i d e n t S. F . GiLNlORE, A s s t . C a s K i e r F. G U Y H I X X , First Vice-President F R A N K N . H A L L , Asst. CasKier O L I N N1. AXXEBERY, Vice-President G . O . HOLLOCHER, Asst. CasKier C. M:. S X E W A R X , CasKier a n d Secretary L. H . C A R S X A R P H E N , General Counsel L. H . B A I L E Y , G e n e r a l A u d i t o r H . H . W E I G E L , Assistant Vice-President FEDERAL ADVISORY C O U N C I L M E M B E R W A L X E R W . S M I X H , St. Louis I N D U S T R I A L ADVISORY W M . K . N O R R I S , C K a i r m a n , St. Louis J A C O B V A N D Y K E , Vice-CKairman, St. Louis ^/iAUR^CE W E I L , S t . L o u i s LOUISVILLE COMiMIXXEE H E N R Y S. GRAY, Louisville, K y . M : .E . F I N C H , NlempKis, X e n n . L . J. B U B , Secretary B R A N C H OFFICERS FRANK D . RASH, DIRECXORS W. P . P A X X O N , CKairman, PaducaK, K y . Nlanaging Director C . A . SCHACHX, CasKier SXANLEY B . JENKS, Asst. CasKier A . H . ECKLES, H o p k i n s v i l l e , K y . P E R R Y B . G A I N E S , Carrollton, Ky. R A L P H C . G I F F O R D , Louisville, K y . J. B . H I L L , Louisville, K y . F R A N K D . R A S H , Louisville, K y . J. O . S A N D E R S , H u n t i n g b u r g , I n d . M:EMPHIS BRANCH DIRECXORS D O U G L A S W . B R O O K S , C K a i r m a n , M^empKis, X e n n . O L I V E R B E N X O N , Jackson, X e n n . RUFUS C . B R A N C H , Pecan Point, A r k . W . H . G L A S G O W , M:empKis, X e n n . W M . R . K I N G , MempKis, Xenn. B . A . L Y N C H , BlytKeville, A r k . J . HOLlvlES S H E R A R D , S K e r a r d , ^Miss. LIXXLE ROCK http://fraser.stlouisfed.org/ J a n u a r y 3 1 , 1939. Federal Reserve Bank of St. Louis OFFICERS H. GLASGOW, M^anaging D i r e c t o r S. K . B E L C H E R , CasKier C. E. M : A R X I N , Asst. CasKier B R A N C H DIRECXORS F. KRAIS/IER D A R R A G H , C K a i r m a n , Little R o c k , A . F . B A I L E Y , Little Rock, A r k . I. N . B A R N E X X , Batesville, A r k . P A U L R . M : C C O Y , Stuttgart, A r k . A . E . M : C L E A N , Little R o c k , A r k . jAlvlES H . P E N I C K , L i t t l e R o c k , A r k . H . H . XUCKER, Little R o c k , A r k . W. Ark. OFFICERS A. F. B A I L E Y , M!anaging Director CLIFFORD WOOD, CasKier CLAY CHILDERS, Asst. CasKier
@FedFRASER