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