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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.




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