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1 9 5 6 OPERATIONS
OF THE FEDERAL RESERVE BANK OF ST. LOUIS

O p ERATIONS of the Federal Reserve Bank of
St. Louis during 1956 continued in heavy volume.
Check handling exceeded the annual record set in
1955, and items processed in other major operations
were close to or exceeded the prior years level. It is
interesting to note that the dollar volume of items
of all kinds processed in 1956 exceeded $190 billion
as compared with just under $180 billion in 1955.
Considerable progress was made during the year in
modernizing the Bank's facilities. Especially notable
was the progress in construction of the new Louisville
Branch building.

The aggregate amount of advances, including re­
newals, to member banks in 1956 under the discount
provisions of the Federal Reserve Act was within 3
per cent of the amount in 1955. The number of
banks served, however, was larger. On a daily aver­
age basis, the volume of loans outstanding was $22.3
million as against $22.5 million during 1955. Two
applications were received for loans under Regula­
tion V.

Volume of Operations

Other Activities

The volume of large-scale operations for the past
year and 1955 is shown by the table and charts on
pages 26 and 27. The most sizable percentage change
shown in major volume figures in the table occurred
in withheld tax receipts processed. A factor in this
increase was the handling of tax receipts from agri­
cultural employers due to a change in Treasury regu­
lations for 1956 which required that monthly deposits
be made through the banking system. The 8 per cent
decline in “Other Government Issues” reflected a
large reduction in the number of Treasury cash and
exchange offerings in comparison with other recent
years. Twenty banks were qualified for new Treas­
ury Tax and Loan Accounts.

Relations with member banks during the year were
maintained by many personal contacts in addition to
the usual financial transactions. Over 1,000 visits
were made on banks in the Eighth District and 36
area reports on business, agricultural and financial
conditions were prepared. A number of conferences,
likewise dealing with economic conditions, were co­
sponsored with bankers associations in Arkansas, Mis­
sissippi, Missouri and Tennessee. Over 2,500 persons,
largely students, were conducted on tours of St. Louis
or branch offices. More than twice that many viewed
films explaining the central banking function.




Discount Activity

Page 25

COMBINED VOLUME OF OPERATIONS
AT THE ST. LOUIS BANK AND THE LOUISVILLE, MEMPHIS
AND LITTLE ROCK BRANCHES IN 1956 AND 1955*
Number of Pieces Handled
Checks (Total).................................
City Checks.................................
Country Checks..........................
Checks on this Bank....................
Government Checks....................
Postal Money Orders....................
Currency............................................
C oin.....................................................
Transfer of Funds........... .................
Non-cash Collections......................
U. S. Government Interest
Coupons..........................................
Discounts and Advances..................
Safekeeping of Securities:
Securities Received and
Released...................................
Coupons Detached......................
Fiscal Agency Operations:
U. S. Savings Bonds Issued,
Exchanged, and Redeemed. . .
Other Government Issues...........
Withheld Tax Depository
Receipts Processed..................
Treasury Tax and Loan
Account Transactions.............

1956

1955

197,703,000
28,347,000
110,593,000
187,000
42,992,000
15,584,000
204,558,000
355,360,000
133,000
489,000

188,160,000
26,367,000
103,747,000
194,000
41,769,000
16,083,000
202,686,000
363,955,000
132,000
499,000

626,000
1,211*

629,000
1,450'

148,000
317,000

162,000
311,000

7,012,000
246,000

7,227,000
268,000

736,000

588,000

152,000

157,000

Checks Handled (Total)............. . $67,331,135,000
39,468,688,000
City Checks...............................
17,191,936,000
Country Checks........................
3,228,281,000
Checks on this Bank...............
7,171,032,000
Government Checks.................
271,198,000
Postal Money Orders...............
1,187,789,000
Currency..........................................
32,227,000
C oin.................................................
41,409,687,000
Transfer of Funds........................
346,052,000
Non-cash Collections....................
U. S. Government Interest
70,376,000
Coupons......................................
4,640,220,000
Discounts and Advances.........
Safekeeping of Securities:
34,278,000
Coupons Detached....................
Fiscal Agency Operations:
U. S. Savings Bonds Issued,
757,675,000
Exchanged and Redeemed. .
7,933,886,000
Other Government Issues.........

$62,711,565,000
36,912,579,000
15,742,548,000
2,907,168,000
6,877,984,000
271,286,000
1,158,495,000
32,681,000
39,090,607,000
346,842,000

Two new banks were admitted to the Federal Re­
serve System in the Eighth Federal Reserve District
during the year: the Bank of Arkansas, Little Rock,
Arkansas, and the Bank of Crossett, Crossett, Arkan­
sas. At year's end, there were 492 member banks in
the district.
In addition to progress in construction of the new
branch building in Louisville, extensive alteration and
modernization of the Little Rock Branch quarters
were completed during the year. At year-end plans
were in preparation for some interior alterations in
the Memphis Branch building. In the St. Louis office,
remodeling of the Money Department was completed
along with other improvements.
Customary internal audits of the Bank, including
the branches, were complemented by the annual exam­
ination in May by the Chief Federal Reserve Exam-

Dollar Volume

67,926,000
4,754,020,000
33,757,000

Total current earnings of the Federal Reserve Bank
of St. Louis increased from 1955 to 1956 by over $7
million as shown by the table on page 27. After de­
ducting expenses, current net earnings came to ap­
proximately $17.5 million. Payments of statutory
dividends to member banks in the Eighth District
amounted to $650,000. This Bank paid $15 million
to the Treasury as interest on Federal Reserve notes
and added $1.7 million to surplus.

852,570,000
8,041,503,000

x Figures rounded to the nearest thousand
* Exact number

Volume of Large-Scale Operations at the Federal
Mil.

Mil.

Thous.
800

Mil.

600

200

1956 1955
CHECKS

Page 26




1956 1955
CURRENCY and COIN

1956 1955
BONDS

1956 1955
WITHHELD TAXES

eral Reserve Bank of St. Louis for the year 1957. Mr. Moore, a

Earnings and Expenses Statement

Class C Director since March 1950, is engaged in .farming in

1955

Change

$24,402
6,931

$17,020
6,073

$ + 7,382
+ 858

17,471
Current net earnings..........................
3
Net additions ( + ) or deductions (— ). . . . —

10,947
— 25

+ 6,524
+
22

1956

(Thousands of Dollars)
Total current earnings...............................
Net expenses................................. .............

Net earnings before payments to
United States Treasury.................... .

Southeast Missouri, where he has been active in agricultural
affairs.
The Board of Governors also appointed Mr. J. H. Longwell,
Director, Division of Agricultural Sciences, University of Mis­

17,468

10,922

+ 6,546

Paid to United States Treasury
(Interest on Federal Reserve Notes). . . 15,136
650
Dividends paid..........................................
1,682
Transferred to surplus.............................

9,275
617
1,030

+ 5,861
+
33
+ 652

souri, Columbia, Missouri, as a Class C Director, effective Jan­
uary 1, 1957, to fill a vacancy caused by the resignation of Mr.
Caffey Robertson. Mr. Longwell’s appointment is for the unex­
pired portion of a term ending December 31, 1958.
Elected by member banks as Directors were:

Personnel Changes
Total employment at the St. Louis, Little Rock,
Louisville and Memphis offices of the Bank was 1,145
at the end of 1956 compared with 1,155 at the end of
1955. Slight net reductions in personnel occurred at
St. Louis and Louisville and slight increases at Little
Rock and Memphis.

Mr. Kenton R. Cravens, President, Mercantile Trust Com­
pany, St. Louis, Missouri, elected by member banks in Group 1
as a Class A Director for a three-year term beginning January 1,
1957.

He succeeded Mr. William A. McDonnell of St. Louis

whose term expired at the end of the year.
Mr. Harold O. McCutchan, Executive Vice President, Mead
Johnson & Company, Evansville, Indiana, elected by member

The following designations and appointments include those
made in January 1957 as well as those made in December 1956:

banks in Group 3 as a Class B Director for a three-year term
beginning January 1, 1957.

He succeeded Mr. Louis Ruthen-

burg of Evansville whose term expired at the end of the year.
The Board of Governors of the Federal Reserve System ap­
pointed Mr. Pierre B. McBride, Louisville, Kentucky, a Class
C Director of the Federal Reserve Bank of St. Louis for a
three-year term beginning January 1, 1957, and designated
him Chairman of the Board and Federal Reserve Agent for the
year 1957. He succeeded Mr. M. Moss Alexander of St. Louis,
whose term expired at the end of the year. Mr. McBride is
President of Porcelain Metals Corporation, Louisville, Kentucky.
He had been a Director of the Louisville Branch since January
1951.

Appointments by the Board of Governors to the Boards of
Directors of the branches were:
Mr. T. Winfred Bell, President, Bush-Caldwell Company and
the Arkansas Electric Company, Little Rock Arkansas, reap­
pointed as a member of the Little Rock Branch Board for a
three-year term beginning January 1, 1957.
Mr. David F. Cocks, Vice President and Treasurer, Standard
Oil Company (Kentucky), Louisville, Kentucky, reappointed as

Mr. Joseph H. Moore, Charleston, Missouri, was designated
by the Board of Governors as Deputy Chairman of the Fed­

a member of the Louisville Branch Board for a three-year term
beginning January 1, 1957.

Reserve Bank of St. Louis and Branches— 1956 and 1955
Thous.

700

Thous.

Thous.

Thous.

500

500

Thous.
150

____ L_l
1956 1955
GOVT INTEREST COUPONS




1956 1955
NON-CASH COLLECTIONS

1956 1955
SAFEKEEPING

1956 1955
TAX and UOAN ACCOUNT

1956 1955
TRANSFER of FUNDS

Page 27

DIRECTORS AND OFFICERS OF THE FEDERAL RESERVE BANK OF ST. LOUIS

February 1, 1957
Directors

Officers

Pierre B. McBride, Chairman of the Board
Delos C. Johns, President
Frederick L. Deming, First Vice President
Howard H. Weigel, Vice President and Secretary
Joseph C. Wotawa, Vice President
Dale M. Lewis, Vice President
William J. Abbott, Jr., Vice President
George E. Kroner, Vice President
Earl R. Billen, Assistant Vice President
John J. Christ, Assistant Vice President
Willis L. Johns, Assistant Vice President
Stephen Koptis, Assistant Vice President
Woodrow W. Gilmore, Assistant Vice President
John J. Hofer, Assistant Vice President
Marvin L. Bennett, Assistant Vice President
Guy S. Freutel, Assistant Vice President
W. E. Walker, Assistant Vice President
Paul Salzman, Assistant Vice President
Orville O. Wyrick, Chief Examiner
Gerald T. Dunne, Counsel and Assistant Secretary
George W. Hirshman, General Auditor

Pierre B. McBride, Chairman
Joseph H. Moore, Deputy Chairman
S. J. Beauchamp, Jr.

J. E. Etherton

Phil E. Chappell

J. H. Longwell

Kenton R. Cravens

Harold O. McCutchan

Leo J. Wieck

LITTLE ROCK BRANCH
A. Howard Stebbins, Jr.,

Chairman

Donald Barger
T. Winfred Bell
E. C. Benton

Shuford R. Nichols
H. C. McKinney, Jr.
J. V. Satterfield, Jr.

Fred Burton, Vice President and Manager
Sherley C. Davis, Cashier
Clifford Wood, Assistant Cashier
W. J. Bryan, Assistant Cashier

LOUISVILLE BRANCH
David F. Cocks, Chairman
Philip Davidson
Magnus J. Kreisle

M. C. Minor
J. D. Monin, Jr.
Merle E. Robertson

Victor M. Longstreet, Vice President and Manager
Donald L. Henry, Cashier
L. K. Arthur, Assistant Cashier

W. Scott McIntosh

MEMPHIS BRANCH
A. E. Hohenberg, Chairman
Henry Banks
J. H. Harris
John A. McCall
Page 28



William B. Pollard
John D. Williams
John K. Wilson

Darryl R. Francis, Vice President and Manager
Wilbur H. Isbell, Cashier
H. C. Anderson, Assistant Cashier
Benjamin B. Monaghan, Assistant Cashier

Mr. Philip Davidson, President of the University of Louis­
ville, Louisville, Kentucky, appointed as a member of the
Louisville Branch Board for the unexpired portion of a term
ending December 31, 1957.
Mr. John D. Williams, Chancellor, The University of Mis­
sissippi, University, Mississippi, reappointed as a member of the
Memphis Branch Board for a three-year term beginning Janu­
ary 1, 1957.
Appointments by the Board of Directors of the Federal Re­
serve Bank of St. Louis to the Boards of Directors of the
branches were:
Mr. Donald Barger, President, Peoples Exchange Bank, Rus­
sellville, Arkansas, reappointed as a member of the Little Rock
Branch Board for a three-year term beginning January 1, 1957.
Mr. Merle E. Robertson, Chairman of Board and President,
Liberty National Bank and Trust Company of Louisville, Louis­
ville, Kentucky, appointed as a member of the Louisville
Branch Board for a three-year term beginning January 1, 1957.
Mr. John K. Wilson, President, The First National Bank of
West Point, West Point, Mississippi, reappointed as a member
of the Memphis Branch Board for a three-year term beginning
January 1, 1957.




The Board of Directors of the Federal Reserve Bank of St.
Louis also reappointed Mr. Lee P. Miller as a member of the
Federal Advisory Council to represent the Eighth Federal Re­
serve District for the year 1957. Mr. Miller is President of the
Citizens Fidelity Bank and Trust Company, Louisville, Ken­
tucky.
The following official appointments and changes were made
by the Board of Directors during 1956:, George E. Kroner,
Vice President; Orville O. Wyrick, Chief‘Examiner; Effective
January 1, 1957, Sherley C. Davis, Donald L. Henry, and Wil­
bur H. Isbell were promoted to the position of Cashier at their
respective Branches, Little Rock, Louisville, and Memphis, and
Benjamin B. Monaghan was appointed Assistant Cashier of the
Memphis Branch. The official title of Assistant Manager at the
branches was discontinued on January 1, 1957.
William E. Peterson retired as Vice President in charge of
the Bank’s Examination Department on June 1, 1956. C. E.
Martin retired as an Assistant Manager of the Memphis Branch,
effective August 1, 1956. Lee S. Moore, an Assistant Cashier of
the Louisville Branch, died January 5, 1957.

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