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FEDERAL RESERVE BANK OF ST. LOUIS ;. '. REPORT TO STOCKHOLDERS FOR THE YEAR ENDED DECEMBER 3 1 , 1 9 4 0 FEDERAL RESERVE BANK OF ST. LOUIS DIRECTORS CLASS C Chairman of the Board and Federal Reserve Agent, St. Louis O S C A R G . J O H N S T O N , Deputy Chairman, Scott, Miss. D O U G L A S W . B R O O K S , Memphis, Tenn. WILLIAM T . N A R D I N , CLASS A S I D N E Y M A E S T R E , St. Louis M A X B . N A H M , Bowling Green, G . R . CORLIS, Anna, 111. CLASS B J. W. H A R R I S , St. Louis H A R V E Y C . C O U C H , Pine Bluflf, Ark. J O H N R . S T A N L E Y , EvansviUe, Ind. Ky. OFFICERS A. H. H A I L L , Asst. Cashier W I L L I A M M C C . M A R T I N , President S. F. GiLMORE, Asst. Cashier F. G U Y H I T T , First Vice-President F R A N K N . H A L L , Asst. Cashier O L I N M . A T T E B E R Y , Vice-President G. O. HOLLOCHER, Asst. Cashier C. M. STEWART, Cashier and Secretary L. H . C A R S T A R P H E N , General Counsel L. H. BAILEY, General Auditor H. H. WEIGEL, Assistant Vice-President FEDERAL ADVISORY C O U N C I L MEMBER S. E. R A G L A N D , Memphis, Tenn. INDUSTRIAL ADVISORY COMMITTEE W M . K . N O R R I S , Chairman, St. Louis M. E. FiNCH, Memphis, Tenn. JACOB V A N D Y K E , Vice-Chairman, St. Louis E. J. O'BRIEN, JR., Louisville, Ky. M A U R I C E W E I L , St. Louis L. J. B U B , Secretary LOUISVILLE BRANCH OFFICERS C H A S . A. S C H A C H T , DIRECTORS H I L L , Chairman, J. B. Louisville, Ky. GEO. O. BOOMER, Louisville, Ky. P H I L E . CHAPPELL, Hopkinsville, Ky. PERRY B . G A I N E S , CarroUton, Ky. R A L P H C . GIFFORD, Louisville, Ky. J. O. S A N D E R S , Huntingburg, Ind. C H A S . A . S C H A C H T , Louisville, Ky. Managing Director FRED B U R T O N , Cashier S T A N L E Y B . JENKS, Asst. Cashier MEMPHIS BRANCH DIRECTORS J. H O L M E S S H E R A R D , Chairman, Sherard, V. J. A L E X A N D E R , Memphis, Tenn. OLIVER B E N T O N , Jackson, Tenn. RUFUS C. B R A N C H , Pecan Point, Ark. W. H. GLASGOW, Memphis, Tenn. B, A. L Y N C H , Blytheville, Ark. Miss. Managing Director S. K. LITTLE ROCK Cashier MARTIN, Asst. Cashier BRANCH Ark. — 2 BELCHER, C. E. J. P. NORFLEET, Memphis, Tenn. DIRECTORS H. H. T U C K E R , Chairman, Little Rock, A. F. BAILEY, Little Rock, Ark. I. N . B A R N E T T , Jr., Batesville, Ark. P A U L R . M C C O Y , Stuttgart, Ark. A. E. M C L E A N , Little Rock, Ark. JAMES H . P E N I C K , Little Rock, Ark. R. E. S H O R T , Brinkley, Ark. OFFICERS W. H. GLASGOW, OFFICERS A. F. BAILEY, Managing Director CLIFFORD W O O D , Cashier C L A Y CHILDERS, Asst. Cashier January 17, 1941. FEDERAL RESERVE B A N K OF ST. LOUIS January 17, 1941. To the Stockholders of the Federal Reserve Bank of St, Louis: There are furnished herein the following statements of the Federal Reserve Bank of St. Louis, including its Louisville, Memphis, and Little Rock Branches: (1) Assets, liabilities and capital accounts as of December 31, 1940 and 1939; ( 2 ) Earnings, expenses, and distribution of net earnings, for the years 1940 and 1939; (3) Volume of major operations during 1940; membership and personnel at end of the year; ( 4 ) Directors, officers. Federal Advisory Council member, and Industrial Advisory Committee. A chart, showing movement of the principal asset and liability items of reporting member banks during the past year, is also supplied. Statistics pertaining to this bank and the member banks will also be found in the annual report of the Board of Governors of the Federal Reserve System, Washington, D . C. Yours very truly, WILLIAM McC. M A R T I N , President. — 3 — COMPARATIVE STATEMENT OF CONDITION ASSETS D e c . 3 1 , 1940 Dec. 3 1 , 1939 Gold certificates on hand and due from U . S. Treasury..^494,577,052 Redemption fund—Federal Reserve notes 169,305 Other cash 16,482,214 ^413,898,047 772,187 17,783,301 Total reserves 511,228,571 Bills discounted: Secured by U . S. Government obligations, direct and guaranteed • Other bills discounted Total bills discoimted 432,453,535 • 0 28,410 . 15,000 185,580 28,410 200,580 O 11,200 55,507,500 45,803,000 Notes 38,868,000 38,419,000 Total U . S. Government securities 94,375,500 84,222,000 Total bills and securities 94,403,910 84,433,780 D u e from foreign banks Federal Reserve notes of other banks Uncollected items Bank premises ( n e t ) Other assets Total assets 627 2,896,150 52,650,867 2,318,319 1,916,612 665,415,056 606 2,509,750 36,270,508 2,243,262 1,904,146 559,815,587 . LIABILITIES Federal Reserve notes in actual circulation. 221,147,230 193,549,540 Deposits: ,. ' s. Member banks—reserve account United States Treasurer—^general account.. Foreign Other deposits 326,872,451 23,892,502 23,248,036 7,167,303 270,675,997 32,195,374 11,784,307 7,293,809 381,180,292 321,949,487 51,417,675 33,563,737 56,431 16,275 653,801,628 549,079,039 CAPITAL A C C O U N T S Capital paid in 4,211,650 Surplus (Section 7 ) 4,924,976 Surplus (Section 13b) 532,812 Other capital accounts 1,943,990 Total liabilities and capital accounts 665,415,056 4,073,100 4,709,180 538,487 1,415,781 559,815,587 Industrial advances U . S. Government securities, direct and guaranteed: Bonds 3 Total deposits Deferred availability items Other liabilities Total liabilities Commitments to make industrial advances Ratio of total reserves to deposit and Federal Reserve note liabilities combined • . • • . ' • ! '•••:' ^ — 4 — 299,193 302,634 84.9% 83.9% FINANCIAL RESULTS OF OPERATIONS Year 1940 Current earnings: Discounted bills Purchased bills Industrial advances Commitments to make industrial advances U . S. Government securities AH other $ Total current earnings 2,332 O 818 3,105 1,894,530 19,994 Year 1939 ^ 1,992 14 333 5,511 1,585,350 16,730 1,609,930 1,744,225 1,709,077 468,856 447,581 1,275,369 50,617 47,222 1,261,496 47,914 48,569 Total current expenses 1,373,208 1,357,979 Current net earnings 547,571 251,951 Additions to current net earnings: Profits on sales of U . S. Government securities AH other I \ 1,920,779 N e t operating expenses Assessment for expenses of Board of Governors.— Federal Reserve currency ••\ 528,208 60,894 201,044 8,519 589,102 209,563 150,000 101 O 4,084 150,101 4,084 _ Current expenses: Operating expenses Less reimbursements for certain fiscal agency and other expenses Total additions Deductions from current net earnings: Special reserve on bank premises. All other Total deductions f N e t additions to current net earnings 439,001 205,479 I N e t earnings 986,572 457,430 4 . . . • .. ~~—~~~~~ Distribution of net earnings: Dividends paid to member banks.. Transferred to surplus (Section 7 ) Transferred from surplus (Section 13b) . ' * 248,242 744,005 5,675 986,572 ~~~r7T . ? ? « . 239,368 ' .224,725 6,663 457,430 Surplus (Section 7) beginning of year Addition, as above Transferred to reserve for contingencies 4,709,180 744,005 528,209 4,685,498 224,725 201,044 Surplus (Section 7) end of year 4,924,976 4,709,179 — 5— \::^- V O L U M E OF MAJOR OPERATIONS Number (Pieces) During Year 1940 Checks (cash items) handled: U . S. Govt, checks and warrants A l l other checks 10,113,638 56,016,827 Collections (noncash items) handled: U . S. Govt, coupons paid O t h e r collection items Aggregate Amounts ^ 716,008,000 14,507,619,000 949,095 426,458 16,320,000 352,524,000 54,713 4,022,419,000 Paper currency received and counted 105,332,613 352,294,000 Coin received and counted 115,511,517 12,426,000 138 8,087,000 N e w issues, redemptions, and exchanges of securities as fiscal agent of: U n i t e d States Government Government instrumentalities 208,036 16,228 573,323,000 15,604,000 Coupons clipped from securities in custody.. 156,083 Transfers of funds Rediscounts, advances and commitments * ^In addition to securities, a large volume of bills, notes, warehouse receipts, etc., was held in custody for member banks, the U . S. Treasury, Reconstruction Finance Corporation, and other Government agencies, departments, and officials. MEMBERSHIP D u r i n g 1940, twenty-one State banks becatne members of the Federal Reserve Bank of St. Louis. T h i s equals the number admitted in 1933 and is more than in any other year since 1920. T h r e e n e w national banks were chartered and o n e State member bank converted into a national bank. T h e membership of o n e national bank was terminated because of voluntary liquidation. O n D e c e m b e r 31 there were 415 member banks, of w h i c h 3 1 8 were national banks and 9 7 State banks and trust companies. T h e deposits in these member banks aggregate approximately per cent of t h e deposits in all commercial banks of this district. 75 PERSONNEL T h e number of officers and employees of the parent bank and branches on D e c e m b e r 3 1 , 1940, was 695, the salaries of 1 6 9 being reimbursable o n account of fiscal agency operations. — 6 — GROSS DEPOSITS. LOANS. ETC.. OF REPORTING MEMBER BANKS In St. Louis, Louisville, Memphis, Little Rock and Evansville. 1940 CURVE 1: 2: " 3: " 4: Gross Deposits. Loans, including Bills Rediscounted with Federal Reserve Bank. Investments. Borrowings from Federal Reserve Bank. (AT CLOSE OF BUSINESS EACH WEDNESDAY) JAN. ^ FEB. T MAR. APR. *2E7?6 ..^ C\J K~, MAY [UNE i - - oj r j l 1225 1220 1215 1210 1205 1200 3195 1190 .-1 .-1 f\ JULY ^ ^ AUG. SEPT. OCT. C 0^^0 p r v o M 5 505 K] •<<• NOV. DEC. :c'as;]^ 1225 1220 1215 1210 1205 1200 1195 1190 1185 1180 1175 1170 1165 1160 1155 1150 llii5 lliiO 1135 1130 1125 1120 1115 1110 1105 1185 1160 1175 1170 1165 1160 1155 1150 111+5 III4O 1135 1150 1125 1120 1115 1110 1105 1100 uoo 1095 1090 1095 1080 1075 1070 1095 1090 1085 1080 1075 1070 io^ 300 375 570 365 360 355 350 3i*5 3J4O 335 330 325 320 380 375 370 365 360 355 350 3i.5 3l«o 335 330 325 320 Ml 2. T30" 1+50 U25 1+20 1+15 1+25 U20 115 Uio U05 Uio I405 Uoo 595 590 385 380 375 370 365 360 555 1 0 Uoo 395 J90 385 380 375 370 365 360 355 ~i k. 0 •-• -J o j i H JAN. -< '^j CMI FEB. .-< fTj cyl MAR. g; tr\ C3 r~ -J '-4f~ -3 •-' CO-J»^<OU^<M C^vOio\QvO " ^ P t T "- J •-« <D U^ — -< cvl ( - l a a i T i o i o j i / N W C ^ ^ c APR. MAY JUNE JULY — 7— 'AUG SEPT. OCT. NOV. DEC. !