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ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK
OF ST. LOUIS

FOR THE YEAR ENDED DECEMBER 31,1933




ANNUAL REPORT
OF

THE

FEDERAL RESERVE BANK
OF ST. LOUIS

FOR THE YEAR ENDED DECEMBER 31,1933







FEDERAL RESERVE BANK OF ST. LOUIS
DIRECTORS
CLASS C
JOHN S. WOOD, Chairman of the Board, St. Louis, Mo.
PAUL DILLARD, Deputy Chairman, Memphis, Tenn.
JOHN R. STANLEY, Evansville, Ind.
CLASS A
F. GUY HITT, Zeigler, 111.
JOHN G. LONSDALE, St. Louis, Mo.
MAX B. NAHM, Bowling Green, Ky.

CLASS B
J. \V. HARRIS, St. Louis, Mo.
W. B. PLUNKETT, Little Rock, Ark.
M. P. STURDIVANT, Glendora, Miss.

OFFICERS
WM. McC. MARTIN,
Governor.
OLIN M. ATTEBERY,
Deputy Governor.
J. G. McCONKEY,
Deputy Governor
and Counsel.
A. H. HAILL,
S. F. GILMORE,
F. N. HALL,
G. O. HOLLOCHER,
O. C. PHILLIPS,
Controllers.

JOHN S. WOOD,
Chairman of the Board and
Federal Reserve Agent.
C. M. STEWART,
Secretary and Assistant
Federal Reserve Agent.
E. J. NOVY,
General Auditor.
A. E. DEBRECHT,
Assistant Auditor.

LOUISVILLE BRANCH
DIRECTORS
W. W. CRAWFORD, Chairman, Louisville, Ky.
W. A. BROWN, Bedford, Ind.
WM. R. COBB, Louisville, Ky.
W. R. COLE, Louisville, Ky.
WM. C. MONTGOMERY, Elizabethtown, Ky.
JOHN T. MOORE, Louisville, Ky.
W. P. PAXTON, Paducah, Ky.

OFFICERS
JOHN T. MOORE,
Managing Director.
C. A. SCHACHT,
Cashier.
STANLEY B. JENKS,
Assistant Cashier.

MEMPHIS BRANCH
DIRECTORS
S. E. RAGLAND, Chairman, Memphis, Tenn.
J. W. ALDERSON, Forrest City, Ark.
E. L. ANDERSON, Dickerson, Miss.
W. H. GLASGOW, Memphis, Tenn.
WM. R. KING, Memphis, Tenn.
WILLIAM ORGILL, Memphis, Tenn.
WILLIS POPE, Columbus, Miss.

OFFICERS
W. H. GLASGOW,
Managing Director.
S. K. BELCHER,
Cashier.
C. E. MARTIN,
Assistant Cashier.

LITTLE ROCK BRANCH
DIRECTORS
MOORHEAD WRIGHT, Chairman, Little Rock, Ark.
A. F. BAILEY, Little Rock, Ark.
GORDON CAMPBELL, Little Rock, Ark.
F. KRAMER DARRAGH, Little Rock, Ark.
W. A. HICKS, Little Rock, Ark.
JO NICHOL, Pine Bluff, Ark.
STUART WILSON, Texarkana, Ark.

OFFICERS
A. F. BAILEY.
Managing Director.
M. H. LONG,
Cashier.
CLIFFORD WOOD.
Assistant Cashier.

MEMBER FEDERAL ADVISORY COUNCIL
WALTER W. SMITH, St. Louis, Mo.
FEBRUARY 23, 1934.




— 3—

LETTER OF TRANSMITTAL

FEDERAL RESERVE BANK OF ST. LOUIS
St. Louis, February 20, 1934.
Gentlemen:
I have the honor to transmit herewith the annual report of the
Federal Reserve Bank of St. Louis, covering the year ended December 31, 1933.
Respectfully,
JOHN S. WOOD,
Chairman of the Board and
Federal Reserve Agent.

FEDERAL RESERVE BOARD,
Washington, D. C.




—4

TABLE OF CONTENTS
BUSINESS CONDITIONS
Page
7
8
8

Industry and trade
Agriculture
Banking
FINANCIAL RESULTS
Income and expenditures
Assets and liabilities
Reserve position

9
9
9

VOLUME OF OPERATIONS
Discounts
Investments
Currenc}'
Note circulation
Cash items
Noncash items
Transfers of funds
Safekeeping
Fiscal agency
Gold settlement fund

10
10
10
10
11
11
12
12
12
13
RELATIONS WITH BANKS

Membership
Condition reports
Applications
Publications
Other services
Visits

13
13
13
14
14
14
INTERNAL ORGANIZATION

Conferences
Personnel

14
15
EXHIBITS

Roster of directors and officers
Map of district
Chart showing movement of deposits, etc., of reporting member banks
Comparative statement of earnings and expenses
Chart showing movement of discounts and investments
Comparative statement of condition




3
6
16
17
18
19

MISSOURI VjLLINOIS JINDIANA




6—

BUSINESS CONDITIONS
IN FEDERAL RESERVE DISTRICT No. 8
Industry and Trade. — As was the case generally throughout
the United States, the two opening months of 1933 witnessed a
continuance of the recessionary trends in commerce and industry.
Industrial production and employment dropped to approximately
the lowest levels reached in 1932. Commodity prices declined to
the lowest point of the depression.
Following the Banking Holiday in early March, there was
rapid improvement in virtually all lines of trade and industry,
stimulated by restoration of confidence in the business community
and general public by the reopening of banks. Actual and prospective advances in prices started active purchasing by merchants,
both wholesale and retail, and there were extraordinary efforts to
replenish inventories, which in preceding months had been allowed
to shrink to the smallest proportions in recent years.
The rapid betterment in business continued through the spring
and early summer, reaching its peak around mid-June. Following
that time production turned downward, and to a lesser extent the
same was true of distribution of commodities, but throughout the
last half of the year, the volume of both production and distribution was above that of the corresponding period in 1932. As indicated by financial reports of numerous mercantile and manufacturing establishments, profits during the second and third quarters
were the most satisfactory since early in 1931.
As reflected in sales of department stores in the principal cities,
the volume of retail trade in 1933 was 4 per cent smaller than in
1932. Aggregate sales of all wholesaling and jobbing firms reporting to this bank were greater by 18 per cent in 1933 than a year
earlier. Construction activity showed a good gain for the year,
total permits let for new buildings in the five largest cities in 1933
being 89 per cent greater than in 1932 and construction contracts
let in the district as a whole showing an increase of 5.5 per cent.
There was a moderate increase in production of bituminous coal
in fields of the district, and a substantial gain in output of lead
and zinc ores. In point of both number of commercial failures and
liabilities involved, the showing made in 1933 was materially better
than during the preceding twelve months.




—7—

Agriculture. — Excepting wheat and tobacco, production of
the important Eighth District crops in 1933 was below that of 1932,
and without exception under the ten-year (1923-1932) average.
Despite the handicap of smaller yields, the agricultural situation
as a whole underwent marked improvement. The betterment was
attributable chiefly to higher farm prices, the orderly marketing
of crops and substantial aid given farmers by the Government
through the Agricultural Adjustment Administration. In its December 1 report, the United States Department of Agriculture estimated the total farm value of the sixty-four principal crops in
states partly or entirely within this district at $767,605,000, an
increase of more than 44 per cent over the preceding year, though
a decrease of 10 per cent under the 1931 estimate.
By dint of intensive cultivation and practicing of economies,
farmers were able to produce their 1933 crops at a lower average
cost than in any recent year. In addition to the proceeds of their
crops, producers' incomes in many sections were substantially
augmented by cash payments in connection with the Government's
program for acreage reduction. Generally through the district
there was a considerable volume of liquidation of farm indebtedness, much of which represented obligations of long standing. An
exception to the general improvement was in the case of livestock,
prices remaining around low levels.
Banking.— Banking conditions in the Eighth District underwent steady improvement following the period of severe pressure
which resulted in the temporary suspension of all banks in early
March. Measures taken by the Government to cope with the situation had the effect of restoring confidence, and with the reopening
of a great majority of the commercial banks on an unrestricted
basis, funds withdrawn were redeposited. The Reconstruction
Finance Corporation assisted many banks.
The trend of time and demand deposits of reporting member
banks in the principal cities tended irregularly upward after midMarch, reaching the high point of the year early in December.
During the last half of the year there was a moderate expansion in
total loans and investments, attributable mainly to larger portfolios
of United States Government securities and an increase in "all
other loans", consisting largely of accommodations to commercial
borrowers. Movement of these items is shown in chart on page 16.
Borrowings from this institution in 1933 were the smallest
since the early years of the Federal Reserve System.




OPERATIONS OF
FEDERAL RESERVE BANK OF ST. LOUIS
Including Branches at Little Rock, Louisville and Memphis.
FINANCIAL RESULTS
Income and Expenditures. — Gross earnings in 1933 were
$1,629,136, as compared with $1,625,432 for the preceding year.
Current expenses totaled $1,473,311, as against $1,360,610 in 1932.
After payment of dividends, allowances for depreciation, etc.,
there was a deficit for the year of $337,409, which was transferred
from surplus. In 1932 the sum of $25,020 was withdrawn from
surplus.
A detailed comparative statement of earning and expenses is
given on page 17.
Assets and Liabilities. — Total resources on December 31,
1933, were $297,566,000, which compares with $200,114,000 on the
closing day of the preceding year.
Between December 31, 1932, and the same date in 1933, holdings of paper discounted for member banks decreased from $6,338,000 to $1,415,000; bills bought in the open market increased from
$973,000 to $4,693,000; investments in United States Government
securities increased from $66,156,000 to $93,200,000, and total gold
reserves and other cash increased from $105,034,000 to $174,337,000.
In the liabilities column, there was an increase from $103,930,000 to $144,307,000 in Federal reserve notes in circulation, and this
was further augmented by $8,067,000 of Federal reserve bank notes.
Total deposits rose from $64,355,000 to $109,858,000. Paid in capital
receded from $4,360,000 to $3,944,000 and surplus from $10,186,000
to $9,849,000.
A comparative statement of condition of this bank appears on
page 19. The movement of the principal asset items is shown by
chart on page 18.
Reserve Position.— The ratio of total reserves to combined
Federal reserve note and deposit liabilities on December 31, 1933,
was 68.6 per cent, which compares with 62.4 per cent on the same
date in 1932.
The maximum for the year was 73.7 per cent, recorded on
May 19, while the low point, 56.3 per cent, was reached on March 8.




9

VOLUME OF OPERATIONS
Discounts.— In 1933 the Federal Reserve Bank of St. Louis
discounted for its member banks a total of $195,654,000 of paper, as
compared with $658,561,000 in 1932.
Applications for discounts numbered 2,842, as against 8,560 in
the preceding year. The number of notes discounted was 3,196,
as against 13,910 in 1932. There were 226 individual banks accommodated in 1933, as against 303 discounting with this institution in
1932.
Member banks' own collateral notes, secured by United States
Government securities and/or eligible paper represented 84.3 per
cent of the number and 92 per cent of the value of all notes discounted, the balance being customers' paper rediscounted.
Early in March this institution rediscounted $15,000,000 of
paper for the Federal Reserve Bank of New York.
Investments. — This institution participated throughout the
year in the Federal Reserve System's operations in bills and United
States Government securities. It also joined the Federal Reserve
Bank of New York in certain investment transactions for account
of banks in foreign countries.
Acceptances numbering 3,538, amounting to $25,037,000 were
acquired, exclusive of its allotment of bills payable in foreign currencies. In 1932 the number of acceptances was 796, aggregating
.$9,120,000, exclusive of bills payable in foreign currencies.
Government securities and acceptances were bought and sold
by this institution for a number of its member banks.
Currency.— Demand for currency during 1933 continued
heavy, and the volume of paper money and coin handled by this
bank was considerably in excess of the preceding year.
From all sources there were received and counted in 1933 a
total of 103,161,000 pieces of paper currency, having an aggregate
value of $460,167,000. This compares with 99,393,000 pieces, with
total face value of $377,985,000, received and counted in 1932.
Coins to the number of 104,609,000, worth $19,459,000, were
taken in and counted in 1933, as against 107,988,000 coins, with
value of $9,986,000, during the preceding twelve months.
Note Circulation.— In 1933 the Federal Reserve Agent issued
to the Federal Reserve Bank of St. Louis $343,920,000 of Federal
reserve notes, as compared writh $76,235,000 in 1932.
The Federal Reserve Bank returned $257,300,000 of fit notes,
and the Treasurer of the United States redeemed $48,398,460 of
unfit notes.




— 10 —

On December 30, 1933, Federal reserve notes outstanding on
the books of the Federal Reserve Agent amounted to $150,092,065,
of which 3.1 per cent was of old size currency. These outstanding
notes were secured by $124,682,130 of gold, $5,724,617 of eligible
paper and $22,000,000 of United States Government securities,
pledged with the Agent.
The parent bank and branches held $4,629,955 of the notes outstanding, $1,154,500 were in transit to Washington for redemption,
and $144,307,610 were in actual circulation.
The Federal Reserve Agent began issuing Federal reserve
bank notes on March 18, 1933. Up to December 31, 1933, he had
issued $8,340,000 of these notes, and the Treasurer of the United
States had redeemed $106,300 of unfit notes. On the latter date
Federal reserve bank notes outstanding on the books of the Agent
amounted to $8,233,700, secured by $133,605 eligible paper and
$9,000,000 United States Government securities pledged with him.
The parent bank held $167,000 of the notes outstanding and
$8,066,700 were in actual circulation.
Cash Items. — The volume of operations in this department
was the smallest in a number of years, due mainly to the low ebb
of general business activity during the first quarter. Other influences were the increased ratio of cash sales to total sales in retail
trade and disabilities incident to the banking holiday. Checks and
warrants handled in 1933 totaled 37,405,000, amounting to $7,561,240,000, as against 40,222,000 cash items, amounting to $8,012,172,000, in 1932.
At the end of 1933 the number of individual member banks
using the clearing facilities wTas 387, a decrease of 26 as compared
with the close of the preceding year. The number of banks exercising the privilege of direct routing of checks payable in other Federal
reserve districts increased from 36 to 42 during the year. Nonmember banks maintaining clearing accounts with this bank numbered
29, as against 16 at the close of the preceding year.
On the final business day of 1933, the Federal Reserve Bank
of St. Louis was collecting checks at par on 1405 banks in this
district, or approximately 79 per cent of all active banks in the
territory.
Noncash Items. — The number of noncash items handled in
1933 was 442,000, amounting to $291,442,000, which compares with
385,000 items, amounting to $259,464,000, in 1932. These items
included notes, drafts, certificates, coupons other than Government,
etc.




In addition, 1,156,000 United States Government coupons, with
value of $18,346,000, were received and cashed. This compares with
1,057,000 such coupons, amounting to $17,118,000, handled in 1932.
At the end of 1933 there were 69 member banks in the Eighth
District having the privilege of routing noncash collection items
direct to other Federal reserve banks and branches, an increase of
four over 1932.
Transfers of Funds.— During the course of 1933, this institution effected a total of 68,000 incoming and outgoing wire and
mail transfers of funds, involving $2,907,339,000, which compares
with 86,000 transfers, amounting to $3,532,175,000 in 1932. The
transfers were between member banks in this district and other
districts, as well as between banks within the district.
This bank also handled 9,000 deposits, totaling $13,223,000, for
national banks to their 5 per cent redemption funds at Washington,
D. C. In 1932, the number of such deposits was 11,000, amounting
to $13,527,000.
Safekeeping.— The custody department in 1933 took over
373,000 items, of which 353,000 were notes, securities, etc., from
outside sources and 20,000 from other departments of this bank.
During the preceding year 66,000 items were received, 54,000 from
outside sources and 12,000 from within the bank.
Custody services were also performed for the United States
Treasury and the Reconstruction Finance Corporation.
Approximately 89,000 coupons from securities in its care were
clipped and accounted for by the custody department, as against
96,000 coupons in 1932.
Fiscal Agency. — Acting in its capacity of fiscal agent for the
United States Government, this bank in issuing, redeeming and
exchanging Government securities, handled 191,653 pieces, amounting to $418,281,000. In 1932 there were 86,407 securities handled,
aggregating $274,810,000.
At the close of 1933 there were 157 banks in the Eighth District which had qualified to receive deposits arising from purchases
of original issues of Government securities, as against 171 banks
at the end of 1932. The amount of Government funds in these institutions was $20,718,000, as against $6,402,000 at the close of 1932.
This bank held the collateral pledged as security for the deposits,
and performed other duties incident thereto.
United States Government deposits in this bank at the close
of 1933 totaled $100,000, which compares with $394,000 on December 31, 1932.




— 12 —

Gold Settlement Fund.— As in previous years, the gold settlement fund maintained by the Federal reserve banks in Washington, D. C, served as an expeditious and efficient medium for
settling check clearings between the reserve banks, the transfer
of funds between districts, and transfers for the United States
Treasury.
Receipts in 1933 from Federal reserve banks and other sources
were $23,057,000 greater than disbursements, resulting in a balance
of $37,020,000 to the credit of this bank at the close of the year.
RELATIONS WITH BANKS
Membership. — Twelve new national banks became members
of the Federal Reserve Bank of St. Louis in 1933. The memberships
of thirty-two national banks terminated, of which eight were
through voluntary liquidation and twenty-four through involuntary
liquidation.
Twenty-one State institutions acquired memberships, and the
memberships of twenty-seven State banks were terminated — one
through voluntary liquidation, fifteen through involuntary liquidation, and eleven after giving the required notice.
On December 31, 1933, the membership was 412, consisting of
340 national banks and 72 State banks and trust companies.
Condition Reports.— Three calls were made by the Federal
Reserve Bank of St. Louis in 1933 upon member State banks and
trust companies for reports of condition. The dates of these calls
were: June 30, October 25 and December 30. The Comptroller of
the Currency called upon national banks for reports of condition
as of the same dates.
Copies of periodical reports of condition, semi-annual reports
of earnings and dividends, reports of reserve requirements, and
reports of examinations of member banks, as well as reports
regarding their affiliates, were received and reviewed. In addition,
examinations were made by this bank's examiners of member State
banks and nonmembers applying for membership, most of them
being in conjunction with State examinations.
Applications. — During the year, the Federal Reserve Board
granted fiduciary powers to one national bank in the Eighth
District.
Applications for additional stock and partial surrender of stock
were received and disposed of bimonthly.
A number of applications of individuals to serve banks coming
within prohibitions of the Clayton Act or Section 32 of the Banking
Act of 1933 were received.




Several applications of holding company affiliates for voting
permits were also received and forwarded to the Federal Reserve
Board.
There was no addition to the list of member banks authorized
to accept bills up to 100 per cent of capital and surplus.
Publications. — The Monthly Review of Business, Financial
and Agricultural Conditions in the Eighth Federal Reserve District,
prepared by the statistical division, had an average monthly circulation in 1933 of 5,629, a slight increase over the preceding year.
Copies of amended regulations of the Federal Reserve Board
and revised pages of this bank's Manual of Facilities were supplied
to member banks.
The library responded to numerous requests for information
on banking, financial and general topics.
Other Services. — This bank continued to furnish its member
banks, without charge, forms for obtaining financial statements
from their borrowers, drafts for drawing on their reserve balances
with it, forms for calculating their reserve position each day, etc.
It transmitted to member banks executive orders, regulations,
instructions, etc., from Washington, pertaining to banking changes
arising during course of the year.
This institution also followed its practice of past years in
absorbing certain costs in connection with various services for its
member banks, notably collection of items, shipments of currency,
transfers of funds, and safekeeping of notes and securities.
Visits. — Following the practice of former years, visits were
made by the field representative of this bank to member banks,
and to nonmember banks in communities where member banks are
located.
Representatives of the Federal Reserve Bank attended conventions and group meetings of bankers' associations in the district.
In course of the year a considerable number of visitors, including classes from schools and colleges, were conducted through the
buildings of the parent bank and branches.
INTERNAL ORGANIZATION
Conferences.— During the year periodical conferences were
held at the head office between officers of the parent bank and
branches. In addition, visits were made by officers of the parent
bank to the branches.




— 14 —

Personnel, — C. H. Murphy resigned as a director of the Little
Rock Branch on February 6, and on March 1 the directors of the
parent bank elected F. Kramer Darragh to fill his unexpired term.
In March L. A. Moore, L. T. Walker and J. P. Goldschmid
resigned as the General Auditor's representatives, and they were
appointed Acting Assistant Federal Reserve Agents at Louisville,
Memphis and Little Rock, respectively. Frank S. Parker was
appointed Acting Assistant Federal Reserve Agent at the parent
bank.
At its meeting on November 15, the Board of Directors of the
parent bank elected William C. Montgomery a director of the
Louisville Branch for the unexpired term of John T. Reynolds,
deceased.
The following directors were selected to succeed those whose
terms expired at the end of 1933:
For the Parent Bank: Max B. Nahm, elected by member banks
in Group 2 as a Class A director; James W. Harris was elected
by member banks in Group 1 as a Class B director, and John S.
Wood was appointed a Class C director by the Federal Reserve
Board.
For Little Rock Branch. — W. A Hicks and A. F. Bailey,
elected by the parent bank, and F. Kramer Darragh, appointed by
the Federal Reserve Board.
For Louisville Branch. — W. A. Brown and John T. Moore,
elected by the parent bank, and W. P. Paxton, appointed by the
Federal Reserve Board.
For Memphis Branch. — William R. King and W. H. Glasgow,
elected by parent bank, and E. L. Anderson, appointed by Federal
Reserve Board.
On December 31, 1933, the parent bank and its branches had
a total of 710 officers and employees, of which a number were
temporary employees. At the end of the preceding year the personnel numbered 583, of which two were temporary employees.
The increase was due partly to the handling of collateral and collections for the Reconstruction Finance Corporation, also to conditions arising from conforming to the banking code.
A roster of officers and directors of the parent bank and
branches appears on page 3.
EXHIBITS
As set forth in the table of contents, financial exhibits occupy
the following pages of this report, while others appear at the front.




— 15 —

DEPOSITS. UOANS. ETC.

OF REPORTING MEMBER BANKS
In St. Louis, Louisville, Memphis, Little Rock and Evansville

1933

CURVE I: Deposits
2- Loans
3 Investments.
4: Borrowings from Federal Reserve Bank.
(AT CLOSE OF BUSINESS EACH WEDNESDAY

JAN.

FEB.

MAR.

APR.

MAY

JUNE

JULY

JUNE

JULY

NOV.

AUG.

ViS
Vi.
VI?

Vsc
Vlf
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JAN




16 —

SEPT

NOV.

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK
OF ST. LOUIS (Including Branches).
1932
EARNINGS
Discounted bills
Purchased bills
United States securities
Federal Intermediate Credit Bank debentures
Deficient reserve penalties
Miscellaneous
Total earnings

$

CURRENT EXPENSES
Salaries: Officers
Clerical employees
Other employees
Governor's conferences
F. R. Agents' conferences
Federal Advisory Council
Directors' meetings
Traveling expenses
Assessments for Federal Reserve Board expenses
Legal fees
Insurance on currency and security shipments
Other insurance
Taxes on banking house
Light, heat, power and water
Repairs and alterations
Rent
Office and other supplies
Printing and Stationery
Telephone
Telegraph
Postage
Expressage
Miscellaneous
Total, exclusive of cost of currency
Federal Reserve currency:
Original cost, including shipping charges
Cost of redemption, including shipping charges
Taxes for Federal Reserve Bank Note circulation
Total Current Expenses

133,497
44,693
1,372,392

9,938
68,616
$1,629,136

496,823
108,496
920,177
4,316
40,251
55,369
$1,625,432

$

$

172,004
567,215
151,905

367
342

339
262
1.30C
17,158
• 19,714
25,528
2,453
6,662
27,594
59,916
21,740
5,725
3,000
13,847
20,308
12,826
34,663
85,901
13,980
32,461
$1,268,104

9,709
46,012
53,639
22,552
5,791
3,000
14,582
24,775
15,917
34,241
111,757
16,507
36,699
$1,344,733

PROFIT AND LOSS ACCOUNT
Earnings
Current expenses
Current net earnings
Additions to current net earnings :
Withdrawn from reserve for probable losses
Profit on United States securities sold
All other
Total additions
Deductions from current net earnings:
Bank premises—depreciation
Furniture and equipment
Reserve for probable losses
All other
Total deductions
Net earnings available for dividends, surplus
Dividends paid
Transferred from surplus account
REIMBURSABLE FISCAL AGENCY EXPENSES
Salaries
All other
Total

172,010
543,148
147,569

1,300
15,228
* 15,670
26,892

— 1,371

,

$

85,286
7,220

110,826
9,591
8,161
$1,473,311

$1,360,610

$1,629,136
1,473,311
$ 155,825

$1,625,432
1,360,610
$ 264,822

$

$

$
$

$

39,059
17,836
56,895

59,931
115,524
11,828
$ 187,283

175,332
27,901
86,832
13,421
303,486

$

175,332
29.584

$

3,704
208.620
243.485

$—90,766

$

$ 246,643
— 337,409

$ 268,505
— 25,020

$

$

$

120,763
39,896
160,659

$

56,103
13,397
69.500

*Other than those connected with governors' and agents' conferences and meetings of
directors and of the advisory council.




17 —

DISCOUNTS AND INVESTMENTS

OF FEDERAL RESERVE BANK OF ST. LOUIS
(INCLUDING BRANCHES)
CURVE 1 •
2•
3:
4:
5:

Discount Rate
Total Earning Assets Held
Bills Discounted Held
United State! Securitie. Held
Bills Bought Held

1933
J

0

is

2
3

o

3

s

I

(AVERAGE FOR EACH MEEK)

JAN

MAR.

FEB.

APR.

MAY

JUNE

JULY

AUG.

SEPT.

OCT

NOV.

DEC.

•* = ~ >

7.

7.

3

3

VJv
1 0V

T
it
1

lot

(\

11

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IV

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JAN

FEB.

MAR




APR

MAY

JUNE

JULY

— 18 —

AUG.

SEPT.

OCT

NOV.

DEC.

4
V
c

STATEMENT OF CONDITION OF FEDERAL RESERVE BANK
OF ST. LOUIS (Including Branches).
( I n Thousands of Dollars)
Dec. 31, 1933 Dec. 31, 1932

RESOURCES
$124,682
1,304

73,255
1,513

$125,986
37,020
247

$ 74,768
13,963
2,566

$163,253
11,084

$ 91,297
13,737

Total gold reserves and other cash
Redemption Fund, F. R. Bank Notes.

$174,337
494

$105,034

Bills discounted :
Secured by U. S. Government obligations.
Other bills discounted

$

797
618

$

3,981
2,357

Total bills discounted...
Bills bought in open market.

$

1,415
4,693

$

6,338
973

Gold
Gold
Gold
Gold
Gold
Other

with Federal Reserve Agent
redemption fund with U. S. Treasury
held exclusively against Federal Reserve Notes.
settlement fund with Federal Reserve Board
and gold certificates held by banks
Total gold reserves
cash*

U. S. Government securities:
Bonds
Treasury notes
Certificates and Bills

$ 14,493
41,901
36,806

$ 13,940
11,306
40,910

Total U . S. Government securities.

$ 93,200

$ 66,156

Total bills and securities

$ 99,308

$ 73,467

Due from foreign banks
F. R. Notes of other banks.
Uncollected items
Bank premises
All other resources

TOTAL RESOURCES.

14
1,157
18,732
3,111
413

17
1,312
15,917
3,285
1.082-

$297,566

$200,114

F. R. notes in actual circulation
F. R. bank notes in actual circulation...

$144,307
8,067

$103,930

Deposits:
Member banks — reserve account
Government
Foreign banks
Special deposits—Member banks
Non-member banks.
Other deposits

$ 97,260
100
141
3,179
4,710
4,468

$ 62,027
394
7i3

$109,858

$ 64,355

20,476
3,944
9,849
1,065

16,373
4,360
10,186
910

$297,566

$200,114

68.6%

62.4%

LIABILITIES

Total deposits.
Deferred availability items.
Capital paid in
Surplus.,
All other liabilities

TOTAL LIABILITIES.,
Ratio of total gold reserves and other cash to deposits and
F. R. note liabilities combined
MEMORANDUM—Contingent liability on bills purchased
for foreign correspondents

130

1,201

$

1,362

*Other Cash does not include F . R. notes or bank's own F. R. bank notes.

NOTE
Statistics pertaining to the Federal Reserve Bank of St. Louis
and the member banks will also be found in the annual report of
the Federal Reserve Board, Washington, D. C.
— 19 —