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Operations of the FEDERAL RESERVE BANK OF ST. LOUIS 1953 in H E activities of the Federal Reserve Bank of St. Louis were at a higher average level in 1953 than in 1952. The volume of operations was larger at all four offices and the staff departments maintained busy schedules throughout the year. The story of the record operations during the past year, however, is far more than a list of facts and figures. It is the very human story of the suc cessful efforts of the Bank’s men and women to do their jobs well. A wide variety of jobs are performed by Reserve Bank people. Some are directly connected with the discharge of the Bank’s share in the System’s major responsibility: adjusting the supply, cost, and avail ability of money and credit. A m ajor portion of research staff time, for example, is devoted to gathering, processing, and interpreting data to as sist officers and directors of this Bank and the System in carrying out this responsibility. Educa tional activities of the field service and other departments contribute to an understanding and acceptance of the central banking function. By far the greatest number of jobs, however, are those having to do with daily operational con tacts with banks, businesses, and individuals— jobs which arise from or implement the regulation of m oney and credit, or jobs arising from other statu tory responsibilities. Still another group are those concerned with providing help and services for other employees. Comparative data on the physical volume of work for 1953 and 1952, presented in the table opposite, show that more checks were handled, more cur rency counted, sorted, and shipped than in any previous year, and more Government securities issued, exchanged, and redeemed this year than in any year since W orld W ar II. Previous records were broken in almost every operating department. In part the higher level of activity reflected the peak year in the econ om y ; in part it was attributable to additional duties performed, and in part to trends in Reserve Bank operations not directly related to econom ic activity in the district. But, reciting statistics on volume of bank opera tions does not tell the story of the Bank’s progress during the year or give credit to the many individ ual em ployees who helped achieve the record. In several departments the record or near-record T Volume of Operations in 1953 and 1952 (Number and dollar amounts in thousands except as specified) 1953 1952 Number of Pieces Handled Checks (Total) .......................................... City Checks ............................................ Country Checks .................................... Checks on this Bank............................. 182,954 24,689 97,811 174 180,073 23,632 92,986 210 Government Checks ............................. Postal Money Orders (cards).......... Currency ....................................................... Coin ................................................................ Transfer of Funds.................................... Non-cash Collections ............................... U. S. Government interest coupons.... Discounts and Advances (actual number) .................................... Safekeeping of Securities: 43,239 17,041 223,371 329,937 115 46,198 17,046 217,907 332,845 106 429 723 378 721 1,388 1,491 Securities received and released...... Coupons detached ............................... Fiscal Agency Operations: U. S. Savings Bonds (issue, exchange, redemption)...... Other Government Issues................... Withheld Tax depository 163 297 147 278 6,450 248 5,939 195 514 496 131 123 Checks handled (T o ta l)......................... $60,697,045 City Checks ............................................ 37,728,457 Country Checks ...................................... 14,062,546 Checks on this Bank............................. 2,392,953 Government Checks ........................... 6,222,225 Postal Money Orders........................... 290,834 Currency ....................................................... 1,373,108 Coin ............................................................... 29,416 Transfer of Funds.................................... 39,792,037 Non-cash Collections ............................. 368,797 Discounts and Advances......................... 5,792,385 Safekeeping of Securities— $56,670,422 34,508,923 13,424,700 2,494,404 5,953,989 288,406 1,288,793 28,821 28,066,885 365,480 6,427,879 receipts processed ............................. Treasury Tax and Loan Account transactions ........................................ Amount Handled Coupons detached ................................ Fiscal Agency Operations: U. S. Savings Bonds (issue, exchange, redemption)...... Other Government Issues................... 25,102 20,107 651,243 8,038,132 594,338 6,808,507 v o lu m e w a s h a n d le d w ith fe w e r e m p lo y e e s . F e w e r p e o p le w e re a b le t o h a n d le th e v o lu m e o f c h e c k s b e c a u se n e w a n d m o r e effic ie n t p r o o f m a c h in e s w e r e in sta lle d and in th e o u tg o in g s e v e r a l la r g e r c o u n try c a p a c it y check m a c h in e s d iv is io n , w ere to th e in c o m in g p r o o f s e c t io n s . In c r e a s e d added e ffic ie n c y Page 19 in the fiscal agency division was achieved partially by simplification of certain Treasury Department practices and by streamlining operating procedures, particularly in the savings bond reissue division. Here reductions in personnel requirements more than offset additions resulting from adding two new fu n ction s: currency destruction and handling deposits of Federal excise taxes. In July a new automatic teletypewriter communications network having greater capacity and using less manpower than the old was installed throughout the System. W hile new records and new procedures were being established in these operating departments, the staff departments also were being kept busy. During the past year, a full-time audit staff made periodic audits in all operating departments to check accuracy of books and compliance with laws and regulations and departmental policies. Legal coun sel was available to assist in the interpretation of any rules or regulations affecting Bank operation. Personnel department, which moved to modernized quarters during the year, met employment needs and administered the Bank’s merit review, wagesalary, cafeteria, and other personnel programs. The accounting department not only recorded all internal expenses and income, but also kept track of transactions with other Federal Reserve Banks and those between this Bank and member banks in the district. Further, operations in all departments ran more sm oothly because of the efficient work of two other g ro u p s: the protection and maintenance depart ments. Security measures were maintained; physi cal facilities— lights, heat, water, air-conditioning, and so on-—were kept in good working order, the buildings clean and pleasant to work in, and several improvements were made to permit more effective operations. Total employment at the end of 1953 was 1,286 at the head and branch offices, only 38 higher than at the beginning of the year. The personnel de partment found it necessary to hire 563 people to maintain the w orking force. Although this reflects a continued high turnover of employees, it is im portant to note that about one-third of the employees have been with the Bank ten years or longer. In Decem ber the follow ing appointments and designations were announced: By the Board o f Governors of the Federal Reserve System e s e r v e B a n k o f St. L o u i s Mr. M. Moss Alexander President, Missouri Portland Cement Co. St. Louis, Missouri Appointed as Class C director for a three-year term beginning January 1, 1954, and designated as Chair F ederal R Page 20 man of the Board and Federal Reserve Agent for the year 1954. Mr. Caffey Robertson President, Caffey Robertson Co. Memphis, Tennessee Appointed as Class C director, effective January 1, 1954, for the unexpired portion of a term ending December 31, 1955. L it t l e R o c k B r a n c h Mr. Sam B . Strauss President, Pfeifers of Arkansas Little Rock, Arkansas Reappointed director for a three-year term beginning January 1, 1954. L o u is v il l e B r a n c h Mr. David F. Cocks Vice President and Treasurer Standard Oil Company (Kentucky) Louisville, Kentucky Appointed director for a three-year term beginning January 1, 1954. M e m p h is B ranch Chancellor John D. Williams University of Mississippi University, Mississippi Appointed director for a three-year term beginning January 1, 1954. Mr. A . E. Hohenberg President, Hohenberg Bros. Company Memphis, Tennessee Appointed director, effective January 1, 1954, for the unexpired portion of a term ending December 31, 1954. By the Board o f Directors of the Federal Reserve Bank of St. Louis L it t l e R o c k B r a n c h Mr. Donald Barger President, Peoples Exchange Bank Russellville, Arkansas Appointed director for a three-year term beginning January 1, 1954. L o u is v il l e B r a n c h Mr. Noel Rush President, Lincoln Bank & Trust Co. Louisville, Kentucky Reappointed director for a three-year term beginning January 1, 1954. M e m p h is B ranch Mr. John K. Wilson President, First National Bank W est Point, Mississippi Appointed director for a three-year term beginning January 1, 1954. Member o f Federal Advisory Council Mr. W . W . Campbell President, National Bank of Eastern Arkansas Forrest City, Arkansas Appointed as member of the Federal Advisory Coun cil to represent the Eighth Federal Reserve District for the year 1954. Also during 1953, five official appointments were m ade: Darryl R. Francis, V ice President; John J. H ofer and V ictor M. Longstreet, Assistant V ice Presidents; Orville O. W yrick, Assistant Chief Examiner, and Gerald T. Dunne, Counsel. Earnings of the Federal Reserve Bank of St. Louis were $25,448,000 during 1953. Expenses totaled $6,468,000. Out of the $18,907,000 net earn ings, dividends totaling $537,000 were paid to the stockholding member banks and $1,837,000 was transferred to surplus. The difference was paid to the Treasury as interest on outstanding Federal Reserve notes. The many employees of the Bank can look back with justified pride at their accomplishments of 1953. However, long before the close of that year these same people began looking ahead to 1954. The planning and budget division, in cooperation with each department manager, prepared plans and cost estimates of the next year’s operation. Changes in physical facilities were projected and detailed drawings prepared. Last, but not least, consider able thought by employees at every level was given to how this Bank could render even more effective service more efficiently in the year ahead. DIRECTORS AND OFFICERS OF THE FEDERAL RESERVE BANK OF ST. LOUIS February 1, 1954 Directors Officers M v Moss Alexander, Chairman Delos C. Johns, President Frederick L. Deming, First Vice President Caffey Robertson, Deputy Chairman Phil E. Chappell Joseph H. Moore J. E. Etherton Ralph E. Plunkett William A . McDonnell Louis Ruthenburg William E. Peterson, Vice President Howard H . Weigel, Vice President and Secretary Joseph C. Wotawa, Vice President Dale M. Lewis, Vice President G. O. Hollocher, Assistant 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 Victor M. Longstreet, Assistant Vice President John J. H ofer, Assistant Vice President William J. Abbott, Jr., Director o f Research George E. Kroner, Chief Examiner Orville O. Wyrick, Assistant Chief Examiner Gerald T. Dunne, Counsel and Assistant Secretary LIT T L E ROCK BRANCH Donald Barger Shuford R. Nichols C. M. Stewart, Vice President and Manager Stonewall J. Beauchamp Thos. W . Stone M. L. Bennett, Assistant Manager Harvey C. Couch, Jr. Sam B. Strauss H. C. McKinney, Jr. Clifford W ood, Assistant Manager W . J. Bryan, Assistant Manager LO U ISVILLE BRANCH Smith Broadbent, Jr. M. C. Minor Fred Burton, Assistant Manager David F. Cocks Noel Rush L. K. Arthur, Assistant Manager Magnus J. Kreisle Ira F. W ilcox L. S. Moore, Assistant Manager Pierre B. McBride MEMPHIS BRANCH Henry Banks Ben L. Ross A. E. Hohenberg John D. Williams C. E. Martin, Assistant Manager John A . McCall John K. Wilson S. K. Belcher, Assistant Manager William B. Pollard Darryl R. Francis, Vice President and Manager H . C. Anderson, Assistant Manager Page 21
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