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FOURTEENTH ANNUAL REPORT
OF
THE
FEDERAL RESERVE BANK
OF ST. LOUIS
FOR THE YEAR ENDED DECEMBER 31, 1928
FOURTEENTH ANNUAL REPORT
OF
THE
FEDERAL RESERVE BANK
OF ST. LOUIS
FOR THE YEAR ENDED DECEMBER 3 1 , 1928
FEDERAL RESERVE BANK OF ST. LOUIS
DIRECTORS
CLASS C
ROLLA WELLS, Chairman of the Board. St. Louis.
JOHN \V. BOEHNE, Deputy Chairman, Evansville, Ind.
PAUL DILLARD, Memphis, Tenn.
CLASS A
CLASS B
JOHN G. LONSDALE, St. Louis, Mo.
J. W. HARRIS, St. Louis, Mo.
JOHN C. MARTIN, Salem, 111.
LE ROY PERCY, Greenville, Miss.
MAX B. NAHM, Bowling Green, Ky.
W. B. PLUXKETT, Little Rock, Ark.
OFFICERS
WM. McC. MARTIN,
Governor.
OLIN M. ATTEBERY,
Deputy Governor.
J. G. McCONKEY,
Counsel and Secretary.
A. H. HAILL,
S. F. GILMORE,
F. N. HALL,
C. A. SCHACHT,
G. O. HOLLOCHER,
Controllers.
ROLLA WELLS,
Chairman of the Board and
Federal Reserve Agent.
C. If. STEWART,
Asst. Federal Reserve Agent.
E. J. NOVY,
General Auditor.
A. E. DEBRECHT,
Assistant Auditor.
LOUISVILLE BRANCH
DIRECTORS
WILLIAM BLACK. Chairman Louisville, Ky.
EUGENE E. HOGE. Frankfort.Ky.
W. P. KINCHELOE, Louisville, Ky.
TOHN T. REYNOLDS, Greenville, Ky.
T. D. SCALES, Boonville, Ind.
E. L. SWEARINGEN, Louisville, Ky.
E. H. WOODS, Lucas, Ky.
OFFICERS
W. P. KINCHELOE,
Managing Director.
JOHN T. MOORE,
Cashier.
EARL R. MUIR,
Assistant Cashier.
L. A. MOORE,
Assistant Auditor.
MEMPHIS BRANCH
DIRECTORS
WILLIAM ORGTLL, Chairman, Memphis, Tenn.
T. W. ALDERSON, Forrest City, Ark.
E. L. ANDERSON, Dickerson, Miss.
W. H. GLASGOW, Memphis, Tenn.
TOHN D. McDOWELL, Memphis, Tenn.
S. E. RAGLAND. Memphis, Tenn.
R. BRINKLEY SNOWDEN, Memphis, Tenn.
OFFICERS
W. H. GLASGOW,
Managing Director.
S. K. BELCHER,
Cashier.
C. E. MARTIN,
Assistant Cashier.
LITTLE ROCK BRANCH
DIRECTORS
GORDON H. CAMPBELL, Chairman, Little Rock, Ark.
A. F. BAILEY, Little Rock, Ark.
JOHN M. DAVIS, Little Rock, Ark.
IO NICHOL. Pine Bluff, Ark.
"HAMP WILLIAMS, Hot Springs, Ark.
STUART WILSON, Texarkana, Ark.
MOORHEAD WRIGHT, Little Rock, 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.
MARCH 30, 1929.
— 3—
LETTER OF TRANSMITTAL
FEDERAL RESERVE BANK OF ST. LOUIS
St. Louis, January 19, 1929.
Gentlemen:
I have the honor to transmit herewith the fourteenth annual
report of the Federal Reserve Bank of St. Louis, covering the year
ended December 31, 1928.
Respectfully,
WM. McC. MARTIN,
Chairman of the Board and
Federal Reserve Aoent.
FEDERAL RESERVE BOARD,
Washington, D. C.
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
Currency
Note circulation
Transit items
Collection items
Transfers of funds
Safekeeping
Fiscal agency
Gold settlement fund
10
10
10
10
11
11
11
12
12
12
RELATIONS WITH BANKS
Membership
Condition reports
Fiduciary powers
Visits
Publications
Foreign accounts
13
13
13
14
14
14
INTERNAL ORGANIZATION
Conferences
Personnel
14
3, 14
NEW BANK PREMISES
Memphis branch building
15
EXHIBITS
Roster of directors and officers
3
Map of district
6
Chart showing movement of deposits, loans, etc., of reporting member banks..l6
Comparative statement of earnings and expenses
17
Chart showing movement of discounts and investments
18
Comparative statement of condition
19
— 5—
MISSOURI \ILLINOIS /INDIANA
—6
BUSINESS CONDITIONS
IN FEDERAL RESERVE DISTRICT No. 8
Industry and Trade. —Taken in its entirety, 1928 constituted
a period of quite general prosperity and moderate business expansion in the Eighth Federal Reserve District. In a majority of the
principal lines of commerce and industry, the total volume of transactions exceeded that of the preceding year, and in some notable
instances the high records of 1926 were equaled or slightly bettered.
Production and distribution of goods in the district were measurably higher than during the preceding twelve months.
Following a temporary slowing down in business activities in
January and early February, improvement was steady through the
year, barring irregularity and slight setbacks in May and July.
Despite increasingly keen competition in a number of leading lines,
profits arising from the year's activities were in the main on a more
satisfactory basis than the average during the preceding half decade.
Activities in the building industry were well sustained, the
value of permits issued for new construction in the five largest
cities being 13.8 per cent larger than in 1927 and 1.8 per cent larger
than in 1926, while contracts for construction projects in the entire
district in 1928 exceeded those of the preceding year by 10.8 per
cent. However, as during the several years preceding, the bituminous coal mining industry was adversely affected by excessive production and labor troubles, with the result that profits were unsatisfactory. Overproduction in the zinc mining areas was also
reflected in low ore prices and reduced returns to operators.
During the year employment conditions were almost uniformly
satisfactory. The average number of workers employed in the main
industrial centers was unusually high, and road construction, municipal, river and levee improvements absorbed large numbers of
common and skilled laborers. Due to high employment levels, and
wealth added by a successful year in trade, industry and agriculture, the purchasing power of the public in the district was subtantially augmented. This fact was reflected in the record of
debits to individual accounts in banks, which each month showed
increases over the corresponding period in 1927, while the year's
total was 6.1 per cent greater than that of the preceding twelve
months.
7
Agriculture. — A review of 1928 crop production in this district discloses considerable variation, both with reference to the
several products and different localities. On the whole, however,
the year was a successful one for the farming community, with total
volume of production and revenue realized thereon exceeding those
of the preceding year and the five-year average. At the close of
the year the agricultural situation showed marked improvement
over that of the two previous seasons.
Due to heavy damage from winter killing, the output of wheat
was disappointing, being 25.3 per cent below that of 1927. The
hay crop was 20.1 per cent below the bumper yield of 1927, but
compared favorably with the average of the past decade. Of the
other principal crops, corn was 6.2 per cent larger than in 1927, oats
61.9 per cent larger, tobacco 49.5 per cent larger, potatoes 50.9 per
cent larger and cotton 15.4 per cent larger. Other field crops for the
most part exceeded in size those of the year before, with yields of
fruits and vegetables in the main above the average.
In virtually all parts of the district there was further growth
in crop rotation and diversification. Fruit culture and the raising
of vegetables for market and manufacture was on a more extensive
scale than in previous years. Dairying, particularly in the South,
and poultry raising showed remarkable expansion.
Banking. — Following similar conditions existing generally
through the two preceding years, the early part of 1928 in this district witnessed abundant and cheap money. Heavy demand for
credit during the spring for commerce, industry and agriculture,
however, resulted in a decrease in available funds, and an increase in
interest rates set in which continued more or less constantly through
the balance of the year. At the end of the period rates were the
highest for the year, if not in more than a half decade. While
deviating somewhat from the usual seasonal trends, demand for
credit was active throughout the year.
The following changes in assets and liabilities of the 29 weekly
reporting member banks in Evansville, Little Rock, Louisville,
Memphis and St. Louis indicate the developments. The average
of total loans for the fifty two report dates in 1928 was one per
cent more than in 1927. Average total investments were 7.4 per
cent larger than in the preceding year. The average of net demand
deposits in 1928 was 2.4 per cent less than in 1927, but time deposits
averaged 3.4 per cent higher. Borrowings of the reporting banks
at the Federal Reserve Bank during 1928 averaged 141.7 per cent
more than in the year previous. The movement of these items is
shown by a chart on page 16.
OPERATIONS OF
FEDERAL RESERVE BANK OF ST. LOUIS
Including Branches at Little Rock, Louisville and Memphis.
FINANCIAL RESULTS
Income and Expenditures. — In 1928 the gross earnings were
$2,901,925, which compares with $2,228,079 in the preceding year.
Current expenses totaled $1,336,794, as against $1,368,664 in 1927.
The net earnings available for dividends, surplus and franchise
tax amounted to $785,159, as compared with $775,681 in 1927. Out
of the net profits, the member banks received $321,855 in dividends,
$423,011 was transferred to surplus, and $40,293 paid to the United
States Government as a franchise tax.
A detailed comparative statement of earnings and expenses is
given on page 17.
Assets and Liabilities. —During the period between December 31, 1927, and the same date in 1928, total resources of this bank
increased from $197,801,000 to $197,896,000. Holdings of paper discounted for member banks increased from $19,417,000 to $35,539,000, and purchased bills from $5,046,000 to $11,335,000, while investments in Government securities,, decreased from $38,163,000 to
$21,043,000. Cash reserves increased from $86,350,000 to $93,348,000.
On the liabilities side, Federal reserve notes in circulation increased from $56,666,000 to $64,463,000, and total deposits decreased
from $91,542,000 to $85,554,000 between the dates mentioned. The
paid-in capital increased from $5,342,000 to $5,408,000, and the surplus from $10,397,000 to $10,820,000.
A comparative statement of condition of this bank appears on
page 19. The movement of principal asset items is shown by a
chart on page 18.
Reserve Position. — At the opening of 1928 the ratio of total
reserves to combined deposit and Federal reserve note liabilities
stood at 58.1 per cent. On December 31 the ratio was 62.2 per cent.
The high point of the year was 68 per cent, attained on July 10,
while the low point was 46.6 per cent, recorded on August 22.
g
VOLUME OF OPERATIONS
Discounts. — A total of $3,002,246,000 of paper was discounted
by the Federal Reserve Bank of St. Louis in 1928 for its member
banks, which compares with $1,231,388,000 in 1927. There was no
discounting with or for any other Federal reserve bank in either
year.
There were 9,115 applications for discounts, as against 6,196
for the preceding year. Notes discounted numbered 26,902 which
compares with 21,793 in 1927. The number of banks using the discount privilege in 1928 was 292, as against 309 in 1927.
In 1928 member banks' own fifteen-day collateral notes, secured by United States securities or eligible paper, constituted 26.3
per cent of the number of notes discounted and 94.3 per cent of the
total dollar amount, the remainder being customers' paper rediscounted.
At the opening of the year the discount rate of this bank was
3^2 per cent on all classes and maturities of paper, and remained at
that figure until February 21 when an advance to 4 per cent was
made. On April 23, the rate was raised to 4^4 per cent, and on
July 19 a further advance to 5 per cent became effective, the latter
quotation continuing until the close of the period.
Investments. — For its own account, this bank purchased during 1928 a total of 2,410 acceptances, amounting to $37,548,000, of
which 2,358, representing $36,148,000, were open market purchases
and 52, amounting to $1,400,000, were bought from other Federal
reserve banks. In the preceding year, 4,339 acceptances, aggregating $83,857,000, were purchased.
Government securities were also purchased during the year.
Most of the acceptances and Government securities were participations in purchases made by the Open Market Investment Committee of the twelve Federal reserve banks.
Currency. —In course of the year 116,552,000 pieces of paper
money, amounting to $512,993,000, were received from all sources
and counted. This compares with 112,985,000 pieces, with value
of $495,938,000, received and counted in 1927.
There were received and counted during the year 154,633,000
coins amounting to $16,826,000, as against 145,036,000 coins with
aggregate value of $16,217,000, the year before.
Note Circulation. — In 1928 the Federal Reserve Agent issued to the Federal Reserve Bank of St. Louis, Federal reserve
notes amounting to $51,600,000, as compared with $39,430,000 in
1927. No fit notes were returned by the bank to the. Agent. Unfit
— 10 —
notes of this institution redeemed by the Treasurer of the United
States in 1928 amounted to $39,021,000, against $29,253,000 the year
before.
The amount of Federal reserve notes outstanding on the books
of the Federal Reserve Agent on December 31, 1928, was $76,261,000, secured by $29,986,000 of gold and $46,821,000 of eligible paper
pledged with him. The parent bank and branches held $10,936,000
of the notes outstanding, $862,000 were in transit to Washington
for redemption and $64,463,000 were in actual circulation.
Transit Items. — Increased use of the collection facilities
furnished by this institution was noted in the year just closed. The
transit department handled 50,886,000 checks and warrants, amounting to $11,780,269,000, which compares with 50,240,000 cash items,
amounting to $11,487,688,000, in 1927.
The number of individual member banks using the clearing
facilities in 1928, was 537, as compared with 538 in 1927. At the
close of the year banks which had been granted the privilege of
direct routing of checks payable in other Federal reserve districts
numbered 51, a decrease of one as compared with the number at
the close of 1927. There were 27 nonmember banks maintaining
clearing accounts with this bank, being the same number as at the
end of 1927.
On December 31, 1928, this bank was collecting checks at par
on 2,349 banks, which was approximately 82.7 per cent of all banks
in the district.
Collection Items. — During the year this bank received from
its member banks for collection 270,000 non-cash items, involving
$208,106,000, which compares with 265,000 items, amounting to
$185,727,000, in 1927. These items consisted of notes, drafts, certificates of deposits, coupons (other than Government), etc.
In addition, 1,703,000 Government coupons, with aggregate
value of $18,754,000, were received and paid, as compared with
2,088,000 such coupons, amounting to $20,118,000 the year before.
On December 31, 1928, there were 77 banks which had been
granted the privilege of direct routing of non-cash items payable
in other Federal reserve districts, as against 73 a year earlier.
Transfers of Funds.—This bank in 1928 effected a total of
244,000 incoming and outgoing wire and mail transfers of funds,
involving $6,256,564,000, which contrasts with 256,000 transfers in
1927, amounting to $6,067,437,000. These transfers were between
member banks in this and other districts, as well as between member banks within the district.
— 11 —
This institution also handled 17,000 deposits, aggregating
$27,008,000, for national banks to their 5 per cent redemption funds
at Washington. The number of such deposits and their aggregate
amount in 1927 was 15,000 and $26,610,000, respectively. .
Safekeeping. — The custody department in 1928 received for
safekeeping 78,000 items, of which 43,000 consisted of securities,
notes, etc., from member banks and 35,000 from other departments
of this bank. In 1927 there were 80,000 items received, 46,000 from
member banks and 34,000 from other departments of this bank. In
addition, securities were held in custody for account of the United
States Treasury.
The custody department clipped and accounted for 115,000
coupons from securities held, which compares with 112,000 coupons
cut in 1927.
Fiscal Agency. — The chief functions performed by this bank
as fiscal agent of the United States Government consisted of sales,
deliveries, exchanges and redemptions of United States securities,
and receipt and disbursement of Government funds. Work for the
year was augmented by the retirement of the Third Liberty Loan
in September.
In issuing, redeeming and exchanging Government securities
in 1928, excluding deliveries in exchange transactions, a total of
473,000 pieces was handled, representing $326,316,000, as against
364,000 pieces, amounting to $350,507,000 in 1927.
At the close of 1928 there were 146 banks in the district which
had qualified to receive deposits arising from the sale of Government securities, as against 264 at the end of the preceding year.
The amount of Government funds in these institutions was $7,205,000, as against $6,557,000 at the end of 1927. This institution held
the collateral pledged as security for deposits and performed other
duties incident to the deposit and withdrawal of funds.
The decrease in the number of qualified depositaries was occasioned by the automatic cancellation of the designations of banks
whose accounts had been inactive for a period of two years.
On December 31, 1928, deposits of the United States Government in this bank amounted to $1,118,000, as against $1,062,000 on
the same date in 1927.
Gold Settlement Fund. — Settlement of check clearings between Federal reserve banks, transfers of money between the
several districts and transfers of funds for the United States
Treasury were, as in previous years, effected daily through the instrumentality of the gold settlement fund in Washington. These
— 12 —
transactions were handled over the private wire system which connects the twelve Federal reserve banks, their branches and the
Federal Reserve Board.
The excess of receipts from Federal reserve banks and other
sources over disbursements resulted in a net increase for this bank
of $14,124,000, leaving a balance of $32,258,000 to its credit in the
fund at the close of business on December 31, 1928.
RELATIONS WITH BANKS
Membership. — During 1928 five new national banking associations and three State institutions became members of the Federal
Reserve Bank of St. Louis.
The memberships of seven national banks and seven State institutions were terminated — five national banks and two State banks
through voluntary liquidation, one national bank through involuntary liquidation, one national bank and one State bank through
consolidation, one State bank by conversion into a national bank
and one by conversion into a trust company, and two State banks
after giving the six months' notice.
This bank had a membership of 593 on December 31, 1928,
consisting of 486 national banks and 107 State banks and trust
companies.
Condition Reports. — Four calls were made upon State member banks for reports of condition. The dates of these calls were:
February 28, June 30, October 3 and December 31. The Comptroller
of the Currency called on the national banks for reports of condition
as of same dates.
Copies of the periodical reports of condition, semi-annual
reports of earnings and dividends, reports of reserve requirements,
and reports of examinations of the member banks were received
and reviewed.
Fiduciary Powers.—Under
authority of Section 11 (k) of
the Federal Reserve Act, during 1928 the Federal Reserve Board
granted permision to five national banks in the Eighth District to
exercise fiduciary powers. The applications of two national banks
for supplementary fiduciary powers were also approved. Two
banks which had previously received such permission went out of
existence.
There were 149 national banks in this district authorized to
exercise fiduciary powers at close of the year. The distribution of
these banks by States was as follows: Arkansas, 19; Illinois, 35;
Indiana, 31; Kentucky, 31; Mississippi, 4; Missouri, 25, and
Tennessee, 4.
— 13 —
Visits. — As in preceding years, representatives of this bank
made periodical calls on member banks in the 'district. Under the
schedule each member bank is visited about once a year.
Meetings of the bankers' associations in the district were
attended by representatives of this institution, and a number of
addresses were made to bankers' associations, commercial organizations, educational institution's, etc.
A large number of visitors, including school classes' and other
organizations, were conducted through the buildings of the parent
bank and branches in the course of the year.
Publications. — As in previous years, the statistical division
issued each month a review of business, financial and agricultural
conditions in the Eighth District. It was mailed to member banks,
business concerns cooperating in its compilation, and others desiring to receive it. On ^December 31, 1928, the circulation was
approximately 5,200, representing a slight gain for the^ year.
The bank library responded to an increased number of requests
for information on the Federal Reserve System, banking and
kindred subjects.
Foreign Accounts. — With the Federal Reserve Bank of
New York, this institution in 1928 continued to participate in
investment transactions for account of central banks of foreign
countries.
INTERNAL ORGANIZATION
Conferences. — The annual conference of directors and officers of the parent bank with directors of the branches was held in
St. Louis on May 16. Governor Roy A. Young and Hon. George
R. James, of the Federal Reserve Board, were present at this
meeting.
'
Officers of the branches and of the parent bank met for conference at the head office bimonthly during the year. At intervals
officers of the parent bank also visited the branches.
Personnel. — John W. Alderson, vice-president of the Bank of
Eastern Arkansas, Forrest City, Arkansas, was elected a director
of the Memphis Branch by the directorate of the parent bank at its
meeting on January 18, to fill the unexpired term of J. W. Vanden,
who died on December 30, 1927.
J. W. Rinkleff, controller, died on. June 4. At its meeting on
June 6, the board of directors elected G. O. Hollocher controller,
to succeed Mr. Rinkleff.
— 14 —
Henry E. Jewett, director of the Louisville branch, died July
21. At its meeting on October 17, the board of directors elected
T. D. Scales, president of the First National Bank of Boonville,
Indiana, to succeed Mr. Jewett.
On December 5, D. C. Biggs, who had been a director from
November 30, 1915, to February 5, 1919, and Governor since the
latter date, submitted a letter to the Board of Directors, stating that
he preferred not to be considered for reelection when his term
expired.
The following directors were chosen in December to succeed
those whose terms expired at the end of 1928:
For Parent Bank — John C. Martin, Class A, elected by member banks in Group 3; W. B. Plunkett, Class B, elected by member
Banks in Group 2, and Paul Dillard, Class C, appointed by Federal
Reserve Board;
For Little Rock Branch — Jo Nichol and A. F. Bailey, elected
by the parent bank, and Moorhead Wright, appointed by the
Federal Reserve Board;
For Louisville Branch — John T. Reynolds and W. P. Kincheloe, elected by the parent bank, and E. L. Swearingen, appointed
by the Federal Reserve Board;
For Memphis Branch — John W. Alderson and W. H. Glasgow,
elected by the parent bank, and S. E. Ragland, appointed by the
Federal Reserve Board.
On December 31, 1928, the parent bank and its branches had
a total of 542 officers and employees, of which 4 were temporary
employees. At the end of the preceding year the personnel numbered 547 officers and employees, of which 6 were temporary
employees.
A roster of the directors and ^officers of the parent bank and
branches is given on page 3.
• NEW BANK PREMISES
Early in the year the board of directors of the parent bank
acquired property at Jefferson avenue and Third street, Memphis,
for the erection of a building for the Memphis Branch of this bank.
Construction work had made good progress by the end of the
period, and it was expected that the building would be ready for
occupancy early in the summer of 1929.
EXHIBITS
As shown by the table of contents, certain exhibits appear on
the front pages, in addition to those on the following pages.
— 15 —
DEPOSITS, LOANS AND INVESTMENTS OF
REPORTING MEMBER BANKS
CURVE I:
2:
Deposit.
Loans Including Bills {^discounted with Federal Reserve Bank.
1928
4s, Borrowings from Federal Reserve Bank.
(AT CLOSE OF BUSINESS EACH WEDNESDAY)
JULY
JAN.
1.1.1
fc+5
«1
5+f
J+3
A
A
©
41»
"7
JAN.
FEB.
MAR APR.
MAY
JUNE..
JULY
— 16 —
AUG.
SEPT.
OCT.
NOV
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANK
OF ST. LOUIS (Including Branches).
Discounted bills
Purchased bills
United States securities
Deficient reserve penalties.
Miscellaneous
EARNINGS
Total earnings..
1928
1927
$1,928,302
206,700
725,490
15,023
26,410
$ 815,951
331,302
999,656
16,189
64,981
$2,901,925
$2,228,079
168 215
558! 968
47! 812
83: 202
400
430
300
003
849
622
187
748
132
309
713
363
337
021
678
296
818
722
976
852
$ 169,300
571,647
47,959
76,889
409
434
1,200
12,822
26,969
33,335
479
22,799
14,130
55,722
21,487
10,706
19,474
18,019
21,079
12,292
39,821
92,056
13,852
37,130
$1,312,953
$1,320,010
19,051
4,790
44,649
4,005
$1,336,794
$1,368,664
CURRENT EXPENSES
Salaries:
Bank officers
Clerical staff
Special officers and watchmen
All other
Governors' conferences
Federal reserve agents' conferences
Federal Advisory Council
Directors' meetings
"Traveling expenses
Assessments for Federal Reserve Board expenses
Legal fees
Insurance (other than on currency and security shipments)..
Insurance on currency and security shipments
Taxes on banking house
Light, heat and power
Repairs and alterations, banking house
Rent..
Office and other supplies..
Printing and stationery....
Telephone
Telegraph
Postage
Expressage
Miscellaneous expenses
Total, exclusive of cost of currency..
Federal reserve currency, including shipping charges:
Original cost
Cost of redemption
Total current expenses..
PROFIT AND LOSS ACCOUNT
Earnings
Current expenses..
Current net earnings
$2,901,925
1,336,794
$2,228,079
1,368,664
$1,565,131
$ 859,415
Additions to current net earnings..
$
90,022
$ 152,434
166,745
51,596
166,745
28,668
40,000
Deductions from current net earnings:
Bank premises—-depreciation
Furniture and equipment
Reserve for probable losses
Loss on sale of United States securities.
Fund for self insurance
All other
399,772
250,000
1,881
$
Total deductions
Net earnings available for dividends, surplus and franchise tax
$
869,994
755
$ 236,168
785,159
$ 775,681
321,855
423,011
40,293
$ 317,727
457,954
$
10,200
3,581
10,305
2,811
$
13,781
Dividends paid
Transferred to surplus account
Franchise tax paid United States Government
REIMBURSABLE FISCAL AGENCY EXPENSES
Salaries...
All other..
Total..
$
13,116
*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)
1928
2
o
Q
. . .
ZURVE 1: Discount Rate
2: Total Earning Assets, Including Paper Rediscounted with or Sold to, and Excluding Pap<
Rediscounted for or Purchased from, Other Federal Reserve Banks
3: Total Earning Assets Held
4: Bills Discounted Held
3
I
KJJiWcCL OlatCS oCCurlllCS IICICJ
Bills Bought Held
§
(AVERAGE FOR EACH WEEK)
JAN.
gu
J.
6:
g
FEB.
MAR.
MAY
APR.
JUNE
JULY
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NOV.
DEC.
STATEMENT OF CONDITION OF FEDERAL RESERVE BANK
OF ST. LOUIS (Including Branches).
*Dec. 31, 1928
*Dec. 31, 1927
RESOURCES
Gold with Federal reserve agent
Gold redemption fund with United States Treasury..
Gold held exclusively against Federal Reserve notes...
Gold settlement fund with Federal Reserve Board.
Gold and gold certificates held by bank
29,986
6,723
41,207
2,220
36,709
32,258
8,959
43,427
18,134
11,891
Total gold reserves
Reserves other than gold
Total reserves..
Non-reserve cash
77,926
15,422
73,452
12,898
93,348
3,573
86,350
4,252
Bills discounted:
Secured by U. S. Government obligations..
Other bills discounted
For Federal Intermediate Credit Banks
20,468
15,071
$ 12,070
7,224
123
Total bills discounted....
Bills bought in open market
35,539
11,335
$ 19,417
5,046
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness.
7,125
11,563
2,355
$ 18,869
7,432
11,862
Total U. S. Government securities..
$ 21,043
$ 38,163
Total bills and securities
$ 67,917
$ 62,626
31
$ 28,782
3,812
433
21
$ 40,038
3,791
723
$197,896
$197,801
Federal Reserve notes in actual circulation..
$ 64.463
$ 56,666
Deposits:
Member bank—reserve account
Government
Foreign bank
Other deposits
$ 83,560
1,118
280
596
$ 89,862
1,062
199
419
Due from foreign banks..
Uncollected items
Bank premises
All other resources
Total resources
LIABILITIES
Total deposits..
$ 85,554
$ 91,542
Deferred availability items..
Capital paid in
Sur
All other liabilities
$ 30,583
5,408
10,820
1,068
$ 33,286
5,342
10,397
568
Total liabilities
$197,896
$197,801
Ratio of total reserves to deposit and Federal Reserve note liabilities
combined (per cent)
62.2
Contingent liability on bills purchased for foreign correspondents
13,890
58.3
$
9,837
*In thousands—000 omitted.
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 —
@FedFRASER