The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
SIXTH ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ST. LOUIS FOR THE YEAR ENDED DECEMBER 31, 1920 SIXTH ANNUAL REPORT OF THE FEDERAL RESERVE BANK OF ST. LOUIS FOR THE YEAR ENDED DECEMBER 31, 1920 LETTER OF TRANSMITTAL FEDERAL RESERVE BANK, St. Louis, Mo., February 1.2, 1921. SIR : I have the honor to transmit herewith the sixth annual report of the Federal Reserve Bank of St. Louis, covering the year ended December 31, 1920. Respectfully, W M . MCC. MARTIN, Chairman and Federal Reserve Agent. HON. W. P. G. HARDING, Governor, Federal Reserve Board, Washington, D. C. DIRECTORS AND OFFICERS Of The FEDERAL RESERVE BANK OF ST. LOUIS FOR 1921. DIRECTORS: Class A Class 6 JOHN G. LONSDALE, St. Louis, Mo. LEROY PERCY Greenville, Miss. J. C. UTTERBACK, Paducah, Ky. W. B. PLUNKETT, Little Rock, Ark. SAM. A. ZIEGLER, Albion, 111. ROLLA WELLS St. Louis, Mo. Class C JOHN W. BOEHNE, Evansville, Ind. WM. McC. MARTIN, St. Louis, Mo. C. P. J. MOONEY, Memphis, Tenn. MEMBER FEDERAL ADVISORY COUNCIL FRANK O. WATTS, St. Louis, Mo. OFFICERS: WM. McC. MARTIN, CHAIRMAN OF THE BOARD AND FEDERAL RESERVE AGENT. C. M. STEWART, ASSISTANT FEDERAL RESERVE AGENT. E. J. NOVY, GOVERNOR. OLIN M. ATTEBERY, DEPUTY GOVERNOB. J. G. McCONKEY, COUNSEL AND SECRETARY. GENERAL AUDITOR. J. W. WHITE, L. H. BAILEY, CASHIER. H. L. T R A F T O I N . A. L. C. E. D. C. BIGGS, E. DEBRECHT, A. MOORE, E. MARTIN, I. NOWOTNY, ASSISTANT AUDITORS. A. H. HAILL, J. W. RINKLEFF, W. H| GLASGOW, S. F. GILMORE. E. C. ADAMS, F. N. HALL, ASSISTANT CASHIERS. LOUISVILLE BRANCH OFFICERS DIRECTORS W P. KINCHELOE, W. P. KINCHELOE, MANAGER. JOHN T. MOORE, W. C. MONTGOMERY, . GEO. W. NORTON, CASHIER. F. M. SACKETT, EARL R. MUIR, EMBRY L. SWEARINGEN. ASSISTANT CASHIER. OFFICERS MEMPHIS BRANCH DIRECTORS JNO. J. HEFLIN. JNO. J. HEFLIN, MANAGER. j . D. MCDOWELL, A. J. WILLIAMS, S. E. RAGLAND, T. K. RIDDICK, R. B. SNOWDEN, CASHIER. V. S. FTJQITA, ASSISTANT CASHIER. OFFICERS A. F. BAILEY, LITTLE ROCK BRANCH MANAGER. M. H. LONG, CASHIER. F. A. COE, ASSISTANT CASHIER. DIRECTORS A. F. BAILEY, C. A. PRATT, J. E. ENGLAND, JR. GEO. W. ROGERS. MOORHEAD WRIGHT, MISSOURI VILLINOIS /INDIANA GENERAL BUSINESS CONDITIONS DURING 1920 VOLUME OF BUSINESS Financial and business results in 1920, the second year of readjustment from a war to a peace basis, in point of variety and significance, are among the most notable which this country has experienced. The outstanding feature in a long list of unusual events was the astonishingly rapid change from conditions of great business activity and feverish buying to industrial inertia and the collapse of purchasing by merchants and the public. This transition came in the second half, and was considerably accelerated in the two final months of the year. Symptoms were not lacking during the initial months which pointed cogently in the direction of what ultimate developments might.be, and the chain of incidents beginning in January led logically to the final consummation. The end of 1919 left commodity prices at abnormally high levels, and inflation was general in all branches of activity, credits and wages. Spending had reached an almost unprecedented scale, and merchants and manufacturers were hard put to it to supply the goods wanted. Cost was of secondary consideration, the main object being to get things. As the early stages of the year progressed these manifestations became more striking, until about the middle of June, when the peak of the upward movement was reached. Intensive effort was put forth in all quarters to speed up production in order to realize top prices, and as in the case of consumers, scant regard was given to expense. Meanwhile an underlying current of resentment and reaction against the high cost of living was gaining steadily in strength. The war being over for many months, the public deemed it high time that something be done toward the restoration of a normal status. This topic was an appealing and popular one and was taken up extensively by the press, with the result that specific movements were started to bring down prices. Most memorable among these was the formation of the so-called overall clubs, which, while not productive of immediate results, did much to promote sober thinking and affect sentiment. The decline in spending by the public during 1920 is reflected in Chart F, which gives the total debits charged by banks in the leading centers of this district to cheeking accounts, savings accounts and trust accounts each week during the year. Toward the middle of the summer signs of slowing down in business became more numerous and clearly defined. Prices of basic commodities, notably silk, wool, sugar and hides, gave away, and confidence in values of other things was shaken. Merchants adopted greater conservatism in buying, especially for forward delivery. The great commodity markets were changing from a position of complete domination by sellers to the buyers' advantage. Withal labor continued well employed, crop prospects were splendid and buying power of the public had not been impaired at any point, so that in many quarters it was difficult to believe that the pace would slacken. However, readjustment had set in and due to the steadying influence of the Federal Reserve System, proceeded not too fast, but within safe limits. Interests holding out to the very last in hopes of realizing the extreme high prices, and thus making big profits, had to bear the brunt of the radical reaction of the two closing months of 1920. The year closed with the most difficult stages of readjustment successfully disposed of. The changes in the principal asset member banks in the leading cities of shown in Schedule 26 and Chart B. charged by member banks are given in and liability items of reporting this district during the year are The discount and interest rates Schedule 27. AGRICULTURAL CONDITIONS .An unfortunate feature in the year's reversal of conditions was that crops were planted and harvested during the period of heaviest costs, while their marketing fell largely in the months of decline. This was felt keenly in the Eighth Federal Reserve District, the prosperity of which is dependent in a great measure upon agriculture. In the Southern states cotton was produced at heavier expense than during any preceding year. The sharp decline in prices of that staple caused losses to planters in many instances, and sluggish marketing necessitated longer and more extensive financing than heretofore. In a greater or lesser degree, similar conditions obtained in areas where cereals and other crops are raised. Early in the year, the accounts relative to crops constituted a decided stimulant. Productions which are harvested early had turned out well, while there was every assurance which broad acreages and ideal growing conditions could give that yields of crops ripening later would be of record proportions. These hopes were realized, the year's agricultural output adding tremendous new wealth to the country, but the effect on immediate business fell below what had been anticipated, due to the drastic slump in market prices of virtually everything produced. Spending programs in the country underwent downward revisions, and new construction and improvements in the rural districts were postponed or abandoned. These changes ramified to city distributor and manufacturer and finally back to the producer, thus forming a completed economic cycle which, with other less tangible factors, wrought stagnation in business toward the close of the year. OPERATIONS OF THE FEDERAL RESERVE BANK OF ST. LOUIS The sequence of developments arising from the great war brought many new problems, in the solution of which the Federal Reserve System had an important part. Credit requirements for the conduct of busiaess expanded to unprecedented dimensions, and extended through longer periods than in any preceding year. This was particularly true of the Eighth Federal Reserve District, which includes within its boundaries a typically agricultural area. The crops produced were large, and were' raised at a greater cost than ever before. This fact, coupled with the slowness with which several important staples moved to market, entailed enormous financing. The Federal Reserve Bank rendered invaluable aid in supplying money and credit for agricultural requirements and the needs of commerce generally. It also aided the Government in its financial operations. Specifically the year was marked by added features in the service which the Federal Reserve Bank renders, and a broadening of those heretofore undertaken. FINANCIAL RESULTS OF OPERATION Gross earnings of the Federal Reserve Bank of St. Louis for 1920 aggregated $7,180117.23. Current expenses amounted to $1,924,455.92, leaving net earnings of $5,255,661.31. Out of the net earnings a $34,615 reserve was set aside to cover further depreciation in United States securities owned, and $365,000 of the cost of bank premises was charged off. Dividends amounting to $253,711.36 were paid during the year. The amount transferred to surplus was $4,621,854.39. The chief source of revenue during 1920 was bills discounted for member banks, $6,382,356.63 of the gross earnings being derived from these transactions. Schedule 1 shows in detail the earnings and expenses for the years 1919 and 1920. The total resources of the Federal Reserve Bank of St. Louis decreased from $301,094,164.75 on December 31, 1919, to $263,101,962.01 on De cember 31, 1920. Between these dates its gross deposits decreased from $131,963,641.07 to $104,269,005.59, and its earning assets increased from $128,874,552.62 to $133,308,109.18. Reserve deposits of member banks decreased from $72,282,788.29 to $66,902,690.78, and Federal Reserve notes in circulation fell from a total of $145,298,330 to $135,785,330. Comparative balance sheets as of December 31, 1919, and 1920, are given in Schedule 2. The movement of the principal asset and liability items during the year are shown in Schedule 3 and Charts A and C. RESERVE POSITION On January 2, 1920, the adjusted reserve of this bank against net deposit and Federal Reserve note liabilities was 58.5 per cent and the actual reserve was 46.8 per cent. The bank held $23,789,634 of paper acquired from other Federal Reserve Banks. Its reserve position was strong, and it continued to discount for other reserve banks until the middle of January.' From that time on the demand for accommodations in this district steadily increased and the reserve ratio went steadily down. On March 23 it was necessary to rediscount with other Federal Reserve Banks paper amounting to $2,529,000 in order to protect our reserve position, the adjusted reserve on that date being 38.5 per cent. The demand for funds from all parts of the district kept up in an increasing degree and the reserve decreased proportionately. On May 25 the adjusted reserve was 14.4 per cent, and paper amounting to $52,529,000 was under rediscount with other Federal Reserve Banks. The low point in the reserve position was reached on May 28, with an adjusted reserve of 13.9 per cent. To meet this situation the Board of Directors inaugurated the progressive discount rate which became effective May 26. The reserve position began to improve almost immediately. On June 1 the adjusted reserve had increased to 15.3 per cent and by July 15 it had increased to 28.5 per cent. It remained at about that level except for a slump in October and the early part of November. In November and December the reserve position showed pronounced improvement and on December 9 the last rediscount with other Federal Reserve Banks matured. The actual and adjusted reserve on that date was 40.6 per cent. On December 31, 1920, the actual and adjusted reserve against net deposit and Federal Reserve note liabilities was 44.3 per cent. The total cash reserves, net deposit and Federal Reserve note liabilities and actual and adjusted reserve percentages at the close of business each Friday are shown in Schedule 3 and Chart C. DISCOUNT OPERATIONS The total amount of paper discounted for member banks during 1920 was $2,438,040,713.61, exclusive of discounts acquired from other Federal Reserve Banks and bankers' acceptances purchased. Of this amount $1,074,803,559 was commercial or single-name paper; $13,471,151.01 consisted of trade acceptances, or two-name paper, and $1,349,766,003.60 consisted of member banks' fifteen-day collateral notes. Of the $1,074,803,559 of commercial paper discounted, $94,417,329.54 was secured by Liberty Bonds, Victory Notes and Certificates of Indebtedness and of the $1,349,766,003.60 of member banks' collateral notes, $1,346,813,633.82 was secured by such Government obligations. The total paper discounted for member banks during 1920 shows an increase of $337,410,118.10 over the amount discounted in 1919. During 19] 9 this bank discounted paper entitled to classification as Agricultural or Live Stock paper amounting to $4,762,082.24, while in 1920 such paper amounted to $24,591,095.49, or an increase of $19,829,013.25. "While this increase is very large, it does not measure the true amount of assistance rendered to agricultural interests. A great deal of the paper offered by the smaller banks in this district is directly for the benefit of agricultural interests, although it cannot technically be classified as Agricultural or Live Stock paper. An analysis of loans as of December 15, 1919, and December 15, 1920, indicated that during 1919 approximately 11 per cent of our total loans, was for the production and sale of agricultural products, while in 1920 about 29 per cent was for benefit of the agricultural communities. The total number of bills handled during 1920 was 83,779 as follows: Rediscounts, 68,353; member banks' collateral notes, 13,459. and bills bought, 1,967. There were 49,913 more bills handled than in 1919. Of the 571 member banks, 386 different member banks borrowed from this bank during 1920, which is an increase of 81 over the number accommodated in 1919. Schedule 4 shows the volume of the different classes of paper discounted by this bank and each of its branches during the year, the volume of paper received from each state each month and the number of different banks in each state discounting during the year. The total amount of discounts held each week is given in Schedule 3 and Chart A. The demand for accommodations in the territories served by the parent bank and each branch is shown in Chart B. During the year the Federal Reserve Bank of St. Louis rediscounted with other Federal Reserve Banks $315,498,734.75 of paper. Of this 10 amount $166,000,023 was secured by Government obligations, $143,499,385.36 commercial paper and $5,999,326.39 consisted of bankers' acceptances. The amounts rediscounted with other Federal Reserve Banks were as follows: Philadelphia, $24,999,840; New York, $60,000,595.23; Boston, $133,971,332.32; San Francisco, $12,500,000; Cleveland, $81,497,967.20, and Minneapolis, $2,529,000. The Federal Reserve Bank of St. Louis discounted during the year for other Federal Reserve Banks $13,000,000 of paper, all of which was done in January. Of this amount $8,000,000 was for Philadelphia and $5,000,000 for New York. The rediscount operations with and for other Federal Reserve Banks are shown in Schedules 3 and 5 and Charts A and B. TRADE ACCEPTANCES During 1920 this bank discounted a total of $13,471,151.01 of trade acceptances for member banks, which is an increase of $5,524,971.01 as compared to 1919. The increase in the use of trade acceptances is gratifying because it was made in the face of abnormal conditions, especially in the southern portions of the district. BANKERS' ACCEPTANCES During the past year this bank purchased a total of $36,019,617.46 of bankers' acceptances. Of this amount $35,769,617.46 was purchased from banks and dealers in the district, and $250,000 through the Federal Reserve Bank of New York. This is a decrease of $91,803,299.86 under the amount purchased during 1919. The rates on these acceptances ranged from 4T5ff per cent to 6% per cent. Schedule 6 shows the amount of bankers' acceptances purchased each month. Conditions in this district were not favorable to the development of bankers' acceptances during the past year. Member banks, generally speaking, did not have surplus funds to invest and this institution consistently followed the policy of not encouraging banks to indorse bills for profit. Efforts to encourage the use of bankers' acceptances have been further hampered by the unusual amount of frozen credit in the district, particularly the southern parts. In an effort to sustain the market and to encourage the investment of a bank's surplus funds in liquid assets, this bank established, on January 24, 1920, a preferential rate for the discount of indorsed bank bills. This preferential rate has been carried since that date and has afforded a ready outlet for banks which have not borrowed in excess of their basic line. The open market rate for the purchase of indorsed bank bills has varied according to conditions and has been used freely by member banks which have borrowed in excess of their basic line because sales to this bank under these 11 rates are not included in the credit structure nor subject to its progressive rates of discount. During 1920 no member banks in this district applied for permission to accept up to 100 per cent of their capital and surplus, drafts and bills of exchange growing out of transactions involving the importation or exportation of goods, as provided in Section 13 of the Federal Reserve Act. Seven member banks were previously granted such permission by the Federal Reserve Board. DISCOUNT RATES During the year the normal discount rates of this bank on commercial or agricultural paper did not exceed six per cent, and the normal rates on collateral notes or rediscounts secured by Government war obligations were not in excess of five and one-half per cent. The normal discount rates in effect at the opening and closing of the year, and changes made during the year, are shown in Schedule 7. As previously mentioned, effective May 26, 1920, this bank established a progressive discount rate, which was continued through the year. A member bank was charged the normal discount rate on its borrowings up to the amount of its basic line, and on each additional one-fourth of its basic line borrowed one-half per cent was added to the rate. The basic line established for each member bank was a theoretical amount which the Reserve Bank could lend it, provided all member banks called on it for accommodations at the same time. The basic line was calculated by adding the amount paid in by a member bank on its capital stock subscription to 65 per cent of its required reserve and then multiplying this total by 2y2. The reserve balances and requirements of member banks in this district are figured on an average of a seven-day period for banks in St. Louis, Little Rock, Louisville and Memphis, and on a fifteen-day period for all other banks. In like manner the charges under the progressive rates were figured on the average borrowings of member banks for the same periods used in figuring their average reserves. Liberty Bonds or Victory Notes actually owned by the borrowing' bank on April 1, 1920, and Treasury Certificates of Indebtedness actually owned by the borrowing bank on date of hypothecation, were exempted from the credit structure and from the application of the progressive discount rate. Other borrowings which perhaps directly reflected unwarranted credit expansion or frozen credits were subject to the progressive rate of discount. 12 On December 31 there were 571 member banks in this district. The number of banks subject to the progressive discount rate varied from 28 in May to 111 in December. The number of banks which borrowed in excess of their basic lines was always larger than the number subject to the progressive rates of discount because of the exemption of collateral notes secured by Government war obligations. There was no period during the year when twenty per cent of the member banks were paying a progressive rate of discount. Over eighty per cent of the banks were, therefore, receiving accommodation at our normal rates of discount. The average rate of earnings of the bank on all bills discounted for the last half of the year, exclusive of the interest earned under the schedule of progressive rates, was 5.64 per cent. The average rate of earnings, including the progressive rates, for the same months, amounted to 6.13 per cent. At no time during the year did the average interest on all bills discounted reach as high as 7 per cent. The following table gives by months the number of member banks subject to the progressive rates and the average rate of earnings on bills discounted: Month, 1920. May June Julv August September October November December Number of banks borrowing in excess of basic line on the 1st of each month. 132 149 154 159 166 172 179 182 Number of banks subject to progressive rates. 28 79 77 89 106 109 111 111 Average rate of Average rate of earnings on all earnings on all bills discounted, bills discounted. exclusive of including: progressive progressive rates. rates. 5.68% 5.70% 5.41% 5.47% 5.79% 5.82% 6.07% 6.03% 5.74% 5.86% 6.80% 6.47% FEDERAL RESERVE NOTES In 1920 the Federal Reserve Agent received from the Comptroller of the Currency Federal Reserve Notes aggregating $105,400,000, which compares with $138,220,000 in 1919. The Agent issued and reissued to the Federal Reserve Bank of St. Louis during 1920, against the pledge of gold and eligible paper, Federal Reserve Notes to the value of $106,470,000, which was $27,555,000 less than the amount issued and reissued the preceding year. The heaviest demand for notes was in February and through August, September and October. Schedule 8 shows the amount of each denomination of Federal Reserve Notes issued to the bank each month during the year. 13 The bank returned to the Federal Reserve Agent a total of $3,350,000 fit Federal Reserve Notes during the year. The Treasurer of the United States during 1920 redeemed out of the redemption fund maintained with him by the Federal Reserve Agent $112,447,570 of unfit notes of the Federal Reserve Bank of St. Louis, which were turned over to the Comptroller of the Currency for destruction. The amount of Federal Reserve Notes outstanding at the close of 1919 was $164,718,955. Adding the $106,470,000 of notes issued during 1920 and subtracting the $3,350,000 of fit notes returned by the bank to the Federal Reserve Agent and the $112,447,570 of unfit notes redeemed, left a total of $155,391,385 Federal Reserve Notes outstanding on December 31, 1920. To secure these outstanding notes there were $49,337,145 of gold and $116,079,990.83 of eligible paper pledged with the Federal Reserve Agent. Of the $155,391,385 Federal Reserve Notes outstanding, $18,020,705 were held by the Federal Reserve Bank and its branches and $1,585,350 were in transit to Washington for redemption, leaving $135,785,330 in actual circulation on December 31, 1920. Schedule 9 shows the amount of each denomination of Federal Reserve Notes outstanding December 31, 1919, issued, returned and redeemed during 1920, and outstanding December 31, 1920. Comparative statements of the Federal Reserve Agent's accounts as of December 31, 1919 and 1920, are given in Schedule 10. Out of the redemption fund maintained by the Federal Reserve Bank of St. Louis with the United States Treasurer, $1,953,100 of fit Federal Reserve Notes were redeemed during the year, which were returned to the bank for reissuance. During 1920 the Federal Reserve Bank of St. Louis received from other Federal Reserve Banks for redemption or credit $59,593,580 of its own fit and unfit Federal Reserve Notes and returned to other Federal Reserve Banks for redemption or credit $95,669,985 of their notes. In other words, this bank returned $36,076,405 more notes of other banks than it received of its own. As was the case in 1919, the Federal Reserve Bank of Chicago returned to this bank more notes of the Federal Reserve Bank of St. Louis than did any other district. This bank also returned more notes of the Federal Reserve Bank of Chicago than of any other district. Schedule 11 shows the amount of Federal Reserve Notes received by this bank from each other Federal Reserve Bank and the amount of notes of each other Federal Reserve Bank returned by this bank during 1920. 14 FEDERAL RESERVE BANK NOTES Issues of Federal Reserve Bank Notes during the year 1920 totaled $11,880,000, all of which were issued in replacement of unfit notes redeemed. The total amount of unfit Federal Reserve Bank Notes redeemed during the year was $18,879,400, leaving a net reduction in the amount of outstanding notes of $6,999,400. The balance outstanding on December 31, 1920, was $9,608,600, this being secured by $15,568,000 United States special 2fo certificates of indebtedness deposited with the Treasurer of the United States. Of the balance outstanding December 31, 1920, $121,850 was held by the Federal Reserve Bank and its branches, leaving a net amount of $9,486,750 Federal Reserve Bank Notes in actual circulation at the end of the year. Schedule 12 gives by denominations the Federal Reserve Bank Notes outstanding December 31, 1919, replacements and redemptions during 1920 and balance outstanding December 31, 1920. SHIPMENTS OF CURRENCY AND COIN In addition to absorbing the cost of currency shipments to and from member banks and the cost of coin shipments from members, this bank and its branches inaugurated in August the practice of assuming the cost of shipments of subsidiary and minor coin to member banks. In September this bank advised its member banks that shipments of currency and coin would be made upon request to their correspondents, located in this district, free of expense if the correspondent was a member bank, and at the expense of the bank making the request if the correspondent was a non-member. The member banks availed themselves freely of this privilege, and it has resulted in a saving of labor, in that it eliminates the rehandling of money intended for transmission to country banks. During the year the Federal Reserve Bank of St. Louis and its branches paid out a total of $370,334,398.12 currency and coin, of which $344,456,290.43 was to member banks and $25,878,107.69 to non-member banks. It received a total of $443,426,788.16, of which $412,140,884.27 was from member banks and $31,285,903.89 from non-members. Schedule 13 shows the amounts received and shipped by the parent bank and each branch. CLEARINGS In the matter of checks handled by the St. Louis Federal Reserve Bank, 1920 was marked by considerable growth. This was due in a great measure to successful results of the campaign for par points, which in 15 this district was completed in February. With the exception of 187 banks in Mississippi, all the banks of the district are now remitting at par. The check totals were further swelled by the fact that eighteen banks in St. Louis and its environs clear directly through this bank, and by additions resulting from taking over the clearing functions of the Louisville clearing house by the Louisville Branch. During the year 31,070,661 checks, amounting to $7,535,897,265, were handled by the Federal Reserve Bank of St. Louis and its branches. These figures indicate an increase 11,963,026 in the number of checks and $1,527,361,395 in amount over the respective, totals in 1919. At the close of 1920, the parent bank and its branches were handling an average of 110,169 clearing items daily, as compared to a daily average of 88,500 at the close of 1919. Schedule 14 shows the number and amount of the various classes of clearing items and Chart D shows the daily average number of clearing items handled by the Federal Reserve Bank of St. Louis and each of its branches each month during 1920. The number of member banks making use of the clearing facilities of this bank as of December 31, 1919, was 273, while on the same date in 1920 the number was 332. On December 31, 1920, the number of clearing non-member banks making use of the clearing facilities was 17, an increase of 3 for the year. COLLECTIONS To a greater extent than ever before, member banks during 1920 made use of facilities of the Federal Reserve Bank of St. Louis for the collection of such items as notes, drafts, acceptances, coupons, etc., with the result that the totals representing such operations for the year were nearly three times as great as in 1919. The bank handled in 1920 a total of 90,593 collection items, amounting to $180,848,903.41, which compares with 34,372 items, amounting to $87,257,166.92 in 1919. Of the collection items handled, 81,674 items, aggregating $167,612,216.77, were collected, leaving 8,919 items, amounting to $13,236,686.64 returned unpaid. The average item handled in 1920 was approximately $1,996, and in 1919 the average was about $2,538. Schedule 15 gives the number and amount of collections handled each month in 1920 by this bank and its branches. The number of Government coupons handled in 1920 was 6,332,980, amounting to $28,606,861.67. This shows an increase of 679,585 in the number and $7,184,306.11 in amount ovi?r 1919. Schedule 16 gives the 16 number and amount of coupons handled by the parent bank and its branches each month during 1920. GOLD SETTLEMENT FUND Due to the enormous growth in transactions handled between Federal Reserve Banks, and especially in the case of special transfers of funds for member banks and the Treasurer of the United States, and rediscounting between the Federal Reserve Banks, the gold settlement fund has proved an invaluable part of the system's machinery. The private wire system linking the Federal Reserve Banks, their branches and the Federal Reserve Board at Washington has facilitated and expedited the operations involved in settlements through the fund. During 1920 operations through the gold settlement fund were larger than ever before, and show a substantial increase over the totals of 1919. On December 26, 1919, the credit balance in this account was $13,373,782.78, while on December 30, 1920, the balance was $21,852,704.38. The total settlements were as follows: Receipts, $6,629,605,118.05, and disbursements, $6,621,126,196.45, indicating a net gain in balance of $8,478,921.60. Schedule 17 gives the total receipts and disbursements through the gold settlement fund weekly during 1920, together with credit balances at the end of each week. The gold fund in Washington has also been of great assistance in effecting transfers of gold between the Federal Reserve Bank and the Federal Reserve Agent, and in making deposits to the funds in Washington used to redeem Federal Reserve Notes. Most of the gold pledged by the bank with the Federal Reserve Agent as security for Federal Reserve Notes is deposited in the Federal Reserve Agents' Fund in Washington, which enables transfers to be made by wire. During 1920, the total deposits made to the credit of the Federal Reserve Agent at. St. Louis through this fund amounted to $120,100,000, and the withdrawals aggregated $134,500,000. The balance to his credit in this fund at the close of the year was $39,530,600. TRANSFERS OF FUNDS In the year the Federal Reserve Bank of St. Louis and its branches receive::! 17,982 incoming wire transfers, totaling $756,496,519.11, and dispatched 32,068 outgoing wire transfers, totaling $1,225,250,058.53. During 1920 there were 30 transfers sold by draft, amounting to $4,816,907.04. No transfers were bought during the period. Transfers bought and sold were virtually discontinued in October, 1919, and the 17 transfers considered as sold in 1920 represent checks on other Federal Reserve Banks issued by this bank without charge. DEPOSITS TO 5% FUND FOR NATIONAL BANKS The Federal Reserve Bank of St. Louis has continued to make deposits for national banks to their 5 per cent redemption accounts with the Treasurer of the United States at Washington, through the medhun of the Federal Reserve Board and the Gold Settlement Fund. The value of such deposits during 1920 was as follows: No. Deposits Amount 193 $1,568,335.00 121 2,833,270.00 311 2,358,470.00 285 1,444,700.00 402 1,789,347.50 638 1,338,500.00 634 1,033,760.00 726 1,294,900.00 720 ] ,069,130.00 838 960,177.50 1,119 1,171,637.00 1,674 1,906,055.21 7,661 $18,768,282.21 January February March April May June July August September October November December Total NATIONAL BANKS GRANTED FIDUCIARY POWERS Nine national banks in the district were granted permission by the Federal Reserve Board in 1920 to act as trustee, executor, etc., under the provisions of Section 11 (k) of the Federal Reserve Act, as amended by the Act of September 26, 1918. One national bank which had received fiduciary powers as originally provided in the Federal Reserve Act was authorized to exercise the additional powers conferred by the amendment of September 26, 1918. On December 31, 1920, there were 82 national banks in this district authorized to exercise fiduciary powers, of which 13 were located in Arkansas, 18 in Illinois, 15 in Indiana, 19 in Kentucky, 1 in Mississippi, 15 in Missouri and 1 in Tennessee. Schedule 18 gives a list of the national banks granted permission during 1920 to exercise fiduciary powers. MONTHLY REPORT ON CONDITIONS During the year the bank continued to compile each month a report on business and agricultural conditions. The scope of the report was 18 considerably broadened. A number of new lines of study and investigation were undertaken, and the results included in this bulletin. That its message is receiving appreciation was evidenced by the large number of requests to be placed on the mailing list, and the space given it in the editorial and news columns of newspapers published in St. Louis and other cities of the district. RELATIONS WITH BANKS Nothing was left, undone during the year to promote closer relations between the St. Louis Federal Reserve Bank and the banks of the district. That substantial progress was made in this direction was demonstrated by the greater extent to which the members took advantage of the services and facilities offered by the institution. The principal developments in the relationship between the Federal Reserve Bank of St. Louis and non-member state banks in 1920 were the broadening of the check collection system and shipping of currency and coin to correspondents of member banks. These functions served to establish a closer relationship with non-member banks of the district as well as to draw the Federal Reserve Bank and its members more closely together than ever before. Through regular representation at group meetings and state conventions of bankers' organizations in the several states, opportunity was given for an intimate interchange of ideas between officers of this bank and those of the commercial institutions. These meetings proved beneficial educationally, and enabled the representatives of this bank to explain first hand its operations and benefits. MOVEMENT OF MEMBERSHIP On January 1, 1920, the Federal Reserve Bank of St. Louis had a total of 540 member banks, consisting of 472 national banks and 68 state banks and trust companies. Its authorized capital was $8,130,900, of which $4,064,450 was paid in. During 1920 fifteen new national banks were enrolled as members, six liquidated and one consolidated with another national bank. Twenty-four state banks and trust companies were admitted to membership, and one state bank was converted into a national bank. On December 31, 1920, this bank had a membership of 571, representing a gain of 31 for the year. There were 480 national banks and 91 state banks and trust companies. The total authorized capital stock was $8,741,000, of which $4,364,750 was paid in. The paid-in capital increased $300,300 during the period under review. 19 Schedule 19 gives a list of the national and state banks which became members during 1920; also the banks which liquidated or consolidated. On December 31, 1920, there were 1,015 eligible non-member state banks and trust companies in this district with total resources aggregating approximately $603,279,000. The total resources of the 91 member state banks and trust companies amounted to $390,073,000, which is almost 40 per cent of the total resources of all eligible state institutions in this district. Several applications of state institutions for membership were pending at the close of the year. EXAMINATION DEPARTMENT The Department of Examinations was enlarged during the year and examiners for the Federal Eeserve Bank participated with the various State Banking Departments of the district in 80 examinations of 69 member state banks and trust companies. The Federal Eeserve Examiners also made 12 independent examinations. The following table shows the work done by states: State Member state banks. Independent examinations by F. R. examiners- Independent examinations by state examiners. Participations by Federal Reserve examiners. Arkansas Illinois Indiana Kentucky Mississippi Missouri Tennessee . 29 14 2 5 1 30 10 3 1 0 0 1 7 0 3 14 1 1 1 1 2 27 3 2 5 0 25 18 Totals 91 12 23 80 FOREIGN ACCOUNTS In course of the year 1920, the balance of the participation of the Federal Reserve Bank of St. Louis in the Bank of England Sterling Gold Account was reduced from $6,172,049.99 to $3,029,109.69. Foreign Government credit balance of the Argentine Government at the beginning of 1920 was $3,397,820.65 and on October 28 was closed out entirely, a small balance being transferred to the Federal Reserve Bank of New York. On June 16 a proportionate share of the deposit of the Bank of Japan in the amount of $188,000 was placed upon the books of this bank, which balance is still carried. 20 On November 3 the Bank of France, Earmarked Gold Account, was opened in the amount of $155,100, which balance was also outstanding at the close of the year. INTERNAL ORGANIZATION On January 1, 1920, the Board of Directors of the Federal Eeserve Bank of St. Louis was composed of the following members: Walker Hill, J. C. Utterback and Sam A. Ziegler, Class A directors; LeRoy Percy, W. B. Plunkett and Rolla Wells, Class B directors, and John W. Boehne, Wm. McC. Martin and C. P. J. Mooney, Class C directors. Mr. Martin was also Chairman of the Board and Federal Reserve Agent and Mr. Boehne deputy chairman. Of the above directors the terms of Messrs. Boehne, Hill and Percy expired on December 31, 1920. From November 18 to December 5 an election was conducted for the selection of Class A and Class B directors to succeed Mr. Hill and Mr. Percy, respectively. John G. Lonsdale, president of the National Bank of Commerce, St. Louis, was chosen Class A director by banks in Group 1 to succeed Mr. Hill, and Group 3 banks reelected Mr. Percy to succeed himself as Class B director, both to serve for three years from January 1, 1921. In December the Federal Reserve Board reappointed Mr. Boehne as Class C director to serve for three years from January 1, 1921. It also redesignated him as Deputy Chairman. The Board held 23 meetings during the year, with an average attendance of seven directors. On January 7 the Board elected Directors Boehne, Hill and Wells to serve on the Executive Committee with the Governor and Federal Reserve Agent. Throughout the year the Executive Committee met Monday, Wednesday and Friday of each week, except from April 19 to September 13, during which period two meetings a week were held on Tuesdays and Thursdays. All told 147 meetings were held. At the meeting of the directorate on January 7 the following officers were elected to serve during 1920: D. C. Biggs, Governor; Olin M. Attebery, Deputy Governor; J. G. McConkey, Counsel and Secretary ; J. W. White, Cashier; A. H. Haill, J. W. Rinkleff. and W. H. Glasgow, Assistant Cashiers, and E. J. Novy. General Auditor. F. O. Watts. President of the First National Bank, St. Louis, was reelected to represent this bank on the Federal Advisory Council during 1920. C. M. Stewart was reappointed Assistant Federal Reserve Agent at the beginning of the year. Due to the expansion of the bank's operations during 1920 it became necessary to make additions to the official staff, and on July 21 the Board 21 of Directors elected S. F. Gilmore, E. C. Adams and F. N. Hall, Assistant Cashiers. One Assistant Cashier was elected in course of the year for each of the branches. At the close of 1920 the Federal Reserve Bank of St. Louis and its branches had 851 officers and employees, of whom 136 were engaged in fiscal agency work. At the close of 1919 the total personnel was 541, of whom 104 were employed on fiscal agency work. BANKING QUARTERS Through 1920 the Federal Reserve Bank continued to occupy its quarters in the Federal Reserve Bank Building, northeast corner of Broadway and Pine Street, St. Louis. Additional room being required, however, the War Savings Division was removed about May 1 to the building at 415 Locust Street, on the site purchased by this bank for permanent quarters. As mentioned in preceding annual reports this bank has purchased for permanent quarters the premises formerly occupied by the St. Louis Union Trust Company and the St. Louis Union Bank, northwest corner of Fourth and Locust streets, together with three parcels of real estate on Fourth Street contiguous to and immediately north of this property, constituting a frontage on Fourth Street of 161 feet 4 inches and on Locust Street of 127 feet 3% inches. In addition, the bank has acquired the northeast corner of Broadway and Locust Street, fronting 65 feet on Broadway and 127 feet 3^2 inches on Locust Street. An alley 15 feet wide, opening on Locust Street, has been vacated by the Municipality in return for an alley 16 feet wide, opening on Fourth Street, so that the site will be unbroken, and have a total frontage on the three streets of 479 feet, 11 inches. This location is in the heart of the financial district and ideal in every respect for banking purposes. It is sufficiently large to accommodate a structure calculated to serve present and future requirements of this institution. No work on our proposed building has as yet been undertaken. OPERATIONS OF BRANCHES During the year this bank continued to operate its branches at Louisville, Ky., Memphis, Tenn., and Little Rock, Ark. Facilities afforded by these auxiliaries were used freely by banks in the areas assigned to them. Transactions of all kinds were heavy at the branches, necessitating the enlargement of personnel. Discount operations in the branch cities were particularly heavy, and the check collection system was used to such an extent that the aggregate number of items handled by the three branches shows a marked gain over the preceding year. LOUISVILLE BRANCH Total earnings of the Louisville branch for the year 1920 amounted to $939,956.91 and its expenses were $231,338.79, leaving net earnings of $708,618.12. Of the total earnings, $919,681.16 were derived from bills discounted for member banks. During the year this branch discounted for member banks a total of $434,793,549.61 of paper and purchased bankers' acceptances in an aggregate of $1,717,115.90. Schedule 4 shows the amounts of the different classes of paper discounted during the year, and in Schedule 6 is set forth the amount of bankers' acceptances purchased each month. During 1920 the Louisville Branch handled 5,364,812 clearing items, aggregating $1,264,438,485. It handled a total of 14,940 collections, amounting to $27,559,504.99 and 1,091,801 Government coupons, amounting to $5,935,621.47. Schedules 14, 15 and 16 show the clearing items, collection items and coupons handled each month. Its currency receipts from member and non-member "banks for the year amounted to $64,686,405.06 and its shipments amounted to $51,934,498, as shown by Schedule 13. On January 7 the directorate of the parent bank reappointed W. P. Kineheloe, Manager, and John T. Moore, Cashier, for 1920. It also reelected as directors of the branch Mr. Kineheloe, George M. Norton and W. C. Montgomery. The Federal Reserve Board reappointed the following directors: F. M. Sackett and E. L. Swearingen. On June 1 the 23 directors of the St. Louis Bank elected Earl R. Muir Assistant Cashier of the Branch. On August 18 the directorate authorized the purchase of 26 feet of ground directly north of the branch bank's present quarters at the northeast corner of Fifth and Market streets, and facing on Market Street, upon which will be erected a building to afford additional banking space required. In April the Louisville Branch took over the clearing functions of the Louisville Clearing House. At the close of the year the Louisville Branch had 79 officers and employees, which compares with 53 officers and employees at the close of 1919. The number of member banks assigned to it was 96. MEMPHIS BRANCH In 1920 total earnings of the Memphis Branch amounted to $1,156,254.45 and the expenses to $305,878.78, with resultant net earnings of $850,375.67. Of the total earnings $1,133,117.63 were derived from bills discounted for member banks. During the year this branch discounted a total of $264,222,585.86 of paper for member banks and purchased bankers' acceptances in the sum of $123,632.79. Schedule 4 shows the amounts of the various classes of paper discounted, and Schedule 6 gives the amount of bankers' acceptances purchased each month in 1920. The Memphis Branch in 1920 handled a total of 2,815,997 clearing items, representing $695,518,201. It handled 16,649 collection items amounting to $32,571,303.91 and 460,702 Government coupons with money equivalent of $1,962,744.34. Schedule 14, 15 and 16 show the clearing items, collection items and coupons handled each month. Its currency receipts from members and non-members for the year amounted to $61,204,024 and its shipments amounted to $54,802,373. as shown by Schedule 13. The directors of the Federal Reserve Bank of St. Louis reappointed John J. Heflin, Manager, and A. J. Williams, Cashier. As directors of this branch, Mr. Heflin, R. Brinkley Snowden and John D. McDowell were reelected by the parent directorate. The Federal Reserve Board reappointed T. K: Riddick and S. E. Ragland to serve as directors through 1920. V. S. Fuqua was elected Assistant Cashier by the Board of the St. Louis Bank on June 1. Growth of business of the Memphis Branch requiring additional space, the Board of Directors of the parent institution on May 5 author 24 ; zed the leasing of enlarged quarters in the Goodwyn Institute Building. Che branch began to move into its new quarters on September 10. At the end of 1920 the Memphis Branch had a total of 84 officers and employees, which compares with 68 at the close of business on December 31, 1919. The number of member banks assigned to it was 49. LITTLE ROCK BRANCH Total earnings of the Little Rock Branch for 1920 totaled $572,751.99 and its expenses were $164,805.35, leaving net earnings of $407,946.64. Of the total earnings $555,826.61 were derived from bills discounted for member banks. In course of the year this branch discounted for member banks an aggregate of $151,484,929.14 of paper. Schedule 4 shows the amounts of the different classes of paper discounted during 1920. A total of 3,705,327 clearing items was handled by this branch in 1919, amounting to $643,362,614. It handled, in addition, 6,698 collection items, amounting to $15,248,496.95 and 271,061 Government coupons, with aggregate value of $858,686.29. Schedules 14, 15 and 16 show the clearing items, collections and coupons handled each month. Its currency receipts from members and non-members for the year amounted to $27,430,765, and its shipments amounted to $24,540,426, as shown by Schedule 13. A. F. Bailey and M. H. Long were reappointed Manager and Cashier, respectively, of the branch by the directorate of the St. Louis Federal Reserve Bank. Mr. Bailey, C. A. Pratt and J. E. England, Jr., were elected directors. The Federal Reserve Board reappointed Moorhead Wright and G. W. Rogers members of the Little Rock Branch Board. On August 4 the parent directorate elected F. A. Coe as Assistant Cashier. On November 17 the directors of the St. Louis Bank authorized the purchase of 80x100 feet of ground at the corner of Third and Louisiana streets as a site for permanent quarters of the Little Rock Branch. At the close of the year the Little Rock Branch had 68 officers and employees, which compares with 38 at the close of the preceding year. The number of member banks assigned to it was 68. BRANCH BANK CONFERENCES In order to promote an intimate interchange of handling of banking matters, beginning September ••he branches met in St. Louis monthly with officials in addition, visits were made for specific purposes members of the staff of the St. Louis Bank. 25 ideas and facilitate 29, 1920, officers of of the parent bank, to the branches by FISCAL AGENCY OPERATIONS As fiscal agent of the United States Government during 1920 the Federal Eeserve Bank of St. Louis continued to receive and disburse funds for its account. It handled the sale and delivery of United States certificates of indebtedness and war savings stamps in this district, and also the exchange and conversion of Liberty Bonds for banks and the public. CERTIFICATES OF INDEBTEDNESS In course of the year ten offerings of tax certificates of indebtedness were made by the Government, two in anticipation of income and excess profit taxes due in 1920 and eight in anticipation of similar revenues djue in 1921. Financial institutions, corporations and individuals in this district subscribed to $32,655,500 of the first two issues and to $55,324,000 of the other eight issues. Details of the several offerings of tax certificates made in 1920 and the quotas and subscriptions to each in this district are shown in Schedule 20. There were, also, eight offerings of so-called loan certificates of indebtedness. The total subscriptions to these amounted to $40,955,000. Schedule 21 shows the eight offerings of loan certificates of indebtedness and the subscriptions of each in this District. The number of different banks in the District subscribing to certificates of indebtedness during the year was 1,575. During the year $211,917,500 of certificates of indebtedness were redeemed by the Federal Reserve Bank of St. Louis and its branches, as shown by Schedule 22. DEPOSIT OF TREASURY FUNDS WITH BANKS Three banks in this District qualified in 1920 for deposits arising out of the sale of Treasury certificates of indebtedness. Adding those which had qualified prior to January 1, 1920, and deducting those which were dropped from the list, there were 478 Government depositaries at the end of the year under review. This bank had custody of all collateral offered as security for these deposits and performed all duties incident to the deposit and withdrawal 26 of funds, interest, etc. To facilitate matters, several outside custodians of the collateral were appointed. The largest amount of collateral held at any time was on January 9, when the securities totaled $46,487,000. The average securities pledged against war loan deposits at the end of each month during 1920 were as follows: In our own vaults, $10,181,399.08; outside custodians, $4,556,884.73. The average number of outside custodians at the end of each month was 5. The largest amount of deposits outstanding with depositaries at any one time was $29,102,000. on January 5. The total amount of deposits made with depositaries during the year was $86,925,000, of which $7,333,000 was outstanding at the close of business December 31. Interest collected by the Federal Reserve Bank for account of the United States Government on such deposits during the year amounted to $96,235 WAR SAVINGS STAMPS, ETC. During the year 12,016 Thrift Stamps, amounting to $3,004; 11,541 War Savings Stamps, maturity value. $u7,705, and 6,225 Treasury Savings Certificates in denominations of $100 and $1,000, maturity value. $1,361,400. were reported sold by agents in the Eighth Federal Reserve District. These totals show a very material decrease as contrasted with those of 1919. The decrease in sales may be attributed largely to the fact that no special campaign for disposing of these securities was undertaken, as was the case in 1919. Another reason for the falling off was the higher rate of interest offered investors by market levels of other securities, including Liberty Bonds. However, there seems to be a growing demand for Treasury Savings Certificates among small investors. There were redeemed during the year 20,256 Thrift Stamps, aggregating $5,064: 18,038 War Savings Stamps of maturity value $90,190. and 6.558 Treasury Savings Certificates with maturity value of $1,137,300. Cash reimbursements amounting to $3,480 were also made on 870 thrift cards. Schedules 23 and 24 show the number and amount of War Savings Stamps, Thrift Stamps and Treasury Savings Certificates sold and redeemed each month in 1920. EXCHANGES AND CONVERSIONS OF LIBERTY BONDS Early in March the exchange of permanent Third Liberty Loan Coupon Bonds for temporary securities of the same issue was authorized. Almost simultaneously with this exchange occurred the delivery of permanent First Converted and Second Converted Liberty Loan Bonds against temporary bonds surrendered. During March. April and 27 May an enormous volume of these bonds in temporary form was surrendered for exchange by subscribers. The following months, however, witnessed a marked decline in the number of pieces handled and the congestion was relieved. Prompt deliveries on permanent bonds were maintained throughout the period, with the result that banks were well and regularly served. During the year the Federal Reserve Bank of St. Louis and its branches converted 215,338 Liberty Bonds and Victory Notes of the par value of $26,815,400; exchanged 210,833 coupon bonds, aggregating $44,765,500 for registered bonds; exchanged 7,997 registered bonds, amounting to $2,568,600 for coupon bonds, and exchanged 1,356,283 temporary bonds, amounting to $247,241,950 for permanent bonds. There were also 135,691 bonds, aggregating $15,943,850, exchanged for similar bonds of different denominations, and 9,699 registered bonds amounting to $3,331,550, were transferred. Schedule 25 gives details relative to the conversion and exchange of Liberty Loan Bonds and Victory Notes during 1920. DELIVERY OF PERMANENT LIBERTY BONDS ON CONSIGNMENT Pursuant to Treasury Department Circular No. 164, 33 banks and trust companies which had previously qualified as Government depositaries under Treasury Department Circular No. 92, as amended and supplemented April 17, 1919, availed themselves of their privilege to obtain permanent Liberty Bonds on consignment to exchange for temporary bonds. This bank had custody of all collateral offered as security for consignment of bonds and performed all duties incident to the consignment of permanent and surrender of temporary bonds for credit in permanent bond account. The largest amount of collateral in custody at any one time was held on March 25, when securities totaled $2,849,050. The largest amount of bonds outstanding on consignment at any given time was $2,345,050, on August 20. Deliveries of permanent Liberty Loan Bonds on consignment for the year amounted to $13,227,200, of which $788,950 were outstanding at the close of business December 31. These were divided among the several issues as follows: First Liberty Loan Bonds, Con. 4%% of 1932-47 $ 667.800 Second Liberty Loan Bonds, Con. 4%% of 1927-42 3.476.950 Third Liberty Loan Bonds, 4*4% of 1928 9.082,450 Total $13,227,200 No deliveries of permanent Fourth Liberty Loan Bonds were made in 1920. 28 WAR FINANCE CORPORATION On account of the discontinuance of War Finance Corporation operations, activities during 1920 were in the nature of redemption only. On April 1, 1920, the $200,000,000 issue of Series " A " one-year 5% Gold Bonds, matured. The Federal Reserve Bank of St. Louis purchased $303,000 of these bonds prior to maturity for account of the War Finance Corporation. On and after maturity a total of $3,646,000 of these bonds was redeemed making a total of $3,949,000 redeemed and cancelled by this bank. Coupons from the bonds were redeemed and cancelled during the year in the total amount of $111,150. TAKING OVER THE FUNCTIONS OF THE ST. LOUIS SUBTREASURY In accordance with the terms of the Federal Reserve Act and under directions of the Secretary of the Treasury, many functions of the Subtreasury were being performed by the Federal Reserve Bank of St. Louis prior to passage of the Act approved May 29, 1920, providing for the discontinuance of subtreasuries. Receiving deposits and making shipments of paper currency and coin have long been matters of daily routine, and since the establishment of a balance to the credit of the United States Treasurer in 1916, this bank has been authorized to receive checks and warrants drawn on the Treasurer of the United States, as well as coupons from United States notes and bonds, and to redeem maturing United States bonds. Up to the present these duties have also been performed by the Subtreasury. The redemption of Certificates of Indebtedness in this district has been handled entirely through the Federal Reserve Bank and its branches. On November 1, 1920, the Federal Reserve Bank of St. Louis was authorized to exchange, replace and redeem United States paper currency and with the discontinuance of the Subtreasury a similar function will be assumed with respect to the handling of coin. These functions, however, have had but slight effect on the operations of the bank, except . in its relations with the Treasury Department, inasmuch as they were already being performed as bank operations in its daily transactions with member and non-member banks. All of the functions of the Subtreasury are now being performed either directly or indirectly by the Federal Reserve Bank of St. Louis and no difficulty is anticipated when the Subtreasury is discontinued. APPENDIX SCHEDULES No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. Page Comparative Profit and Loss statements 31 Comparative Balance sheets 32 Movement of principal asset and liability items 33-34 Paper discounted for member banks 35 Paper discounted for and paper reiliscounted with other Reserve Banks 36 Bankers acceptances purchased 37 Discount rates of Federal Reserve Bank 37 Federal Reserve Notes issued each month 38 Federal Reserve Notes returned, redeemed and outstanding 38 Comparative Statements of Federal Reserve Agent's accounts 39 Federal Reserve Notes received from and returned to other Reserve Banks 39 Federal Reserve Bank Notes issued, redeemed and outstanding 39 Currency and coin receipts and payments 40 Clearing items handled 40 Collection items handled 41 Coupons from U. S. securities handled 41 Debits and credits through Gold Settlement Fund 42 National banks granted fiduciary powers 42 Banks admitted to membership and banks surrendering memberships.. 43 Tax certificates of indebtedness, offe'rings and subscriptions 44 Loan certificates of indebtedness, offerings and subscriptions 44 Certificates of indebtedness redeemed 44 Sales of Thrift Stamps, War Savings Stamps, etc 45 Redemptions of Thrift Stamps, War Savings Stamps, etc 45 Exchanges and Conversions of Liberty Bonds and Victory Notes 46 Changes in resource and liability items of reporting member banks... 47 Interest rates of banks in St. Louis, Louisville and Little Rock 48 CHARTS A Movement of earning assets 49 B Bills discounted and bought 50 C Net deposit and Federal Reserve Note liabilities, cash reserves and reserve ratios 51 I) Daily average number of clearing items handled 52 E Loans and investments, and deposits of reporting member banks 53 F Debits to Individual Accounts 54 30 SCHEDULE 1.—Comparative profit and loss statements of Federal Reserve Bank of St. Louis, including branches, for years lgiQ and io>o. 1920 Earning- from— Pills discounted for members and other Federal Reserve Banks Bills purchased—-acceptances United States securities Transfers—net earnings • Deficient reserve penalties (including interest) Sundry profits Total earnings. TCxponses— Current expenses (Operating )Furniture and equipment charged off. F t d e r a l Reserve Board assessments Cost of Federal Reserve currency Current net earnings. Deductions account of— Reserve for Federal Reserve Board assessments, J a n u a r y - J u n e , 1920. B a n k premises cost, reduced Depreciation United States securities All other 1919. 104.1(13..13 28,560.47 iJ2,918,4G2.08 564,496.64 320,411.78 10,570.02 52,372.89 18,165.88 7.180,117.23 3,884.478.29 $G,382,30r..r,:j 273,121.SI 391,1)11.711 $l,3!)2.0!)0.8!i i7c.ioi.iin 20,018.39 329,O38.<;9 1,924 455.!'2 t 19.519.44 33a,000.00 $ 3t;r,,ooo.oo 34,61.1.00 n.nce transferred to surplus S u r i l u s previous year. . . . Kurnhip end of y e a r . 19,519.44 1.174,793.26 2,709,685.03 5.255.661.31 354,531.12 399.615.00 Reserve for Federal Reserve Board assessment J a n u a r y - J u n e , 1920, reversed Net earnings available for dividends, surplus, etc. Dividends paid 808,783.r.3 73.798.23 24,981.38 267,230.12 380.095. 4,875,665. 2.-3.711 3 0 2.355,153.91 234,659.91 1,021,854. 3!t 3,723.805. 2,120,494.00 1.603.311.22 8,.3ir,.c,r.ti. 61 3,723,805.22 SCHEDULE 2.—Comparative balance sheets of the Federal Reserve Bank of St. Louis, including its branches, as of December 31, 1919 and i(j20. RESOURCES Reserves— Gold redemption fund against F. R. notes Gold with Federal Reserve agent Gold settlement fund Gold bullion and coin Gold certificates (including C. H. Ctfs.) Gold with foreign agencies Silver coin and certificates (including C. H. Ctfs.) Legal tender notes (including C. H. Ctfs.J Deductions from deposits— Bank notes of other F. R. banks F. H. notes of other F. R. banks Unassorted currency Exchange for clearing house Total deductions from deposits Loans, discounts and investments— Bills discounted—members— Secured by Government obligations Otherwise secured and unsecured Bills purchased in open market U. S. certificates of indebtedness securing circulation.. U. S. certificates of indebtedness, other Total Investments Other resources— Five per cent fund against F. R. bank notes Overdrafts—members War loan expenses (due from U. S. Treasury) War Finance Corporation (reimbursable) Interest accrued U. S. obligations Un matured Government coupons 43,776,447.49 71,156,311.61 1,199,460.18 1,153,400.00 15,668,000.00 454,500.00 133,308,109.18 623.200.00 219,455.29 2,235.96 70,416.64 i84.942.9i 484.OS 641,414.00 52,168.82 i 6.132,620.00 61.624,716.00 17,887,761.75 237.50 2,756,890.00 H,172,049.99 1,189,706.00 1,164,189 50 96,928,159.74 747,310.00 71,192.00 1,967,806 00 5,888,621.00 3.460,265.75 61,717,611.15 73.S42.794.9O 45,068,227.23 32,611,246.03 32,803,679.36 1,153,400.00 17,068,000.00 170.000.00 128,874,552.62 672,800.00 113,486.98 1,046.64 105,203.98 1,252.95 181,755.28 111.81 335.736.50 17.2B3.3o 1,694,317.73 LIABILITIES Notes— Federal Reserve notes in actual circulation F. R. bank notes secured by U. S. obligations in circulation—net liability 1,448.657.49 3D1.094.164.75 Dec. 31, 1920 Dec. 31, 1919 $135,785,330.00 $145,298,330.00 - 4,064,450.00 S,723,806.22 12, 710,,409 .61 Total capital 131.963,641.07 4, 364, 750.00 8, 345, 659.61 Other liabilities: Unearned discount Reserved for other taxes Reserved for sundry expenses Difference account Reserve for F. R. Board assessment Reserve for depreciation U. S. bond* 2,352,383.96 72.282,788.29 348,498.66 3.397,820.65 199,436.62 53.382,712.99 104, 269,005,.59 Gross deposits Capital— Capital paid in Surplus 15,498,324.00 160,796,654.00 2,618,369.48 66,902,690.78 465,756.47 188,000.00 62,346.49 34,031,842.37 • 9,486,760.00 145,272,080.00 Total 8,255.22 484,016.90 29,034.07 129,677.46 126.38 296.691.41 56,180.04 226.57 19,519.44 172,997.00 207,'6l'2'.66 860,466.81 Total other liabilities Total liabilities Memorandum: Discounted paper pledged with P . R, agent to secure F . R. notes Percentage of total reserve against net deposit a n d F . R, note liabilities 571,790.00 703,400.00 3,064,022.00 1,037,888.63 33,846,644.81 39,223,745.4 1 Dee. 31, 1919 263,101,962.01 Total other resources Total resources Deposits— V. S. Government Members' reserve accounts Non-member clearing accounts Foreign banks Cashier's checkc Transit items Dec. 31, 1920 t 6,403,990.00 49,337,145.00 21,763,038.67 3,036,809.69 2,091,410.00 155,100.00 4,177,243.30 1,911.053.00 88,875,789.66 32 263.101,962.01 116,079,990.83 545,614.46 301,094,164.75 110,358,070.82 47.7% SCHEDULE 3.—Movement of principal asset and liability items of Federal Reserve Bank of St. Louis, including its branches, during 1920. (Amounts in thousands of dollars.) I'tlHCIlASEl) HILLS IHSOOUNTEP HILLS Date M:i r. April May June July 9 16 23 30 0 13 20 27 5 12 19 26 2 9 16 23 30 7 14 21 28 4 11 18 25 2 9 1(1 23 30 Total earning assets Total held Redivcounted with other F. R. banksi 5131, 408 $ 80,858 113. 764 74,214 — 4 , 5 0 0 129, 817 95,715 — 1 2 , 9 7 0 133 205 101,690 — 7,470 122 ,935 93,362 126, 883 99,102 124 ;314 96,072 130 716 102,281 135 ,163 105,995 133 850 104,905 132; 589 103,666 138, 464 110,123 137, 895 107,857 11,829 135, 988 105.108 19,084 132, 402 104,411 25.327 12S,990 108,676 26,139 131 .103 109,910 30,(ili8 132 .140 111.063 35.636 137 .475 116,795 36,278 13 (189 112.335 41.731 133 715 111.904 46,922 131 ,948 110,344 •If! 4 92 132 ,688 111,263 43,838 127 ,147 127 ,418 12S .805 135 163 129 ,956 131 126 129, 282 128, 712 105,120 101.674 Hit;.(179 113.343 108.296 109.674 107.957 107.586 37.989 29,500 25.513 24,627 24.949 24,221 31.177 30,607 Discounted for nii-nibi r banks in this district B Secured ' by Qov't war obligations I 80,858 $ 48,271 69,714 41,140 82,745 49;062 94,220 46,969 93,362 48,300 99,102 51,046 96.072 50,405 102.281 49,686 105,995 51,153 104.905 57,863 103.666 55,493 110,123 56,368 119.686 56,580 124,192 56,547 129,738 59,238 134,815 59,819 140,578 59.119 146,699 60.774 153,073 61,443 151.006 61,601 158,826 63,604 156.836 62,879 155.101 61,895 143,089 58.320 134,174 55.250 132.192 54.601 137.970 53,982 133,245 52 259 133,895 51,814 139,134 51,285 138.193 50.344 Per cents CB-iA) 59.7 59.0 .59.3 49.8 51.7 51.5 52.5 48.6 48.3 55.2 53.5 51.2 47.3 45.5 45.7 44.3 42.0 41.4 40.1 40.0 40.0 40.2 39.9 40.8 41.2 41.3 39.1 39.2 3S.7 36.9 36.4 Reserve Percentage Purchase U in open market Huld to other F. R. banksi 7,372 $—23,789 7,201 —13,953 7,090 — 8,578 6.587 — 6,025 9,197 — 1,1163 8.516 — 950 9,798 9,802 10,524 10,589 10,509 9,988 11,130 10,537 9.597 7.918 5,991) 8.188 5,!)9 9 8.444 5,749 8.054 5.731 7.424 5,128 7.431 4,075 6.800 3,568 6.110 2,988 6.113 2.408 6,183 1.900 4.867 1.210 3.346 3.268 3.071 2.800 2.740 Total held 31,161 21,154 15,668 12,612 10,860 9,466 9.798 9,802 10,524 10,589 10,509 9,988 11,130 10.537 9,597 1.9111 2,189 2,6 95 2.320 2.296 3.35(1 3.232 3.122 3.705 4.2S3 3.657 3 3" 3.26S 3,071 2.800 2,710 F. R. Total U.S. notes Net cash securideposits in circuties reserves lation 19,389 % 95.820 % 61.121 $143,411 18,396 56.779 104,682 138,726 18,434 65,347 95,216 136,627 18,903 65,430 89.445 133,849 18.713 61,256 95,648 134,209 18,315 63,247 93,787 134,455 18,444 62,292 96,971 136,668 18,632 59.623 88,150 137,133 18,644 60,740 85,830 138,778 18,356 54,422 78,073 138.307 18.414 63,544 87,761 137,061 18,353 61,829 79,697 137,695 18.408 59,837 76.882 136.004 20,343 57,506 70,386 136,448 18,394 54.780 75,848 134,702 18.395 65.527 134,211 79.546 19,004 58.916 77.810 131,767 18,382 59,640 76.597 131,087 18.360 64,703 76,828 131,481 18,358 66,445 SI,417 129,996 18,455 66,655 80,131 129,114 18,372 60,876 76,124 129,084 18.303 63,553 78,398 129,301 18,322 61,367 127,665 80,149 18,461 60,260 78,366 127,649 18,469 63,958 79,631 126.289 18,474 63.265 75,522 128,909 18,392 59,427 76,603 128,639 18,381 57.980 72,403 127.121 18,525 63,742 78 772 125.835 18,386 (14,387 126,517 80.799 Actual 46.9 53.5 47.1 44.9 48.9 47.4 48.7 44.8 43.0 40.5 43.7 39.9 39.3 39.4 40.0 11.9 40.S 40.2 39.2 41.4 40.It 40.1 4 0.7 48.4 41.7 41.9 39.3 40.7 39.1 41.6 42.3 Adjusted-1 58.5 63.0 67.8 51.7 49.8 47.9 48.7 44.8 43.0 40.5 43.7 39.9 33.2 29.5 26.7 25.0 21.6 18.5 17.7 17.0 14.!) 13.9 16.4 21.0 26.0 27.8 26.5 27.4 26.0 25.1 26 3 SCHEDULE 3 (Continued).—Movement of principal asset and liability items of Federal Reserve Bank of St. Louis, including its branches, during 1920 (Amounts in thousands of dollars.) DISCOUNTED BILLS Date Aug. Sept. Oct. Nov. Dec. 6 13 20 27 3 10 17 24 1 8 15 22 29 5 12 19 26 3 10 17 23 Total earning assets Total belli Rediscount ed witb other PURCHASED BILLS Discountod for member banks in tbis district F. n. banksl $130,152 {109.106 t 31,904 J14.1.010 111,759 132,700 20,941 132,329 lH.728 142,356 27,628 135,753 144,664 32,434 133,207 112,230 114,344 147.984 33,640 134,992 114,561 140,733 26,172 134,880 121,047 27,978 149.025 141,246 116.483 153,479 36,996 136,652 119,012 35,051 154,063 139,342 115,606 154,990 39,384 135,082 120,143 155,491 35,348 140,077 118,706 159,116 40,410 138,192 120,654 157,959 37,305 140,511 118,531 34,433 152,964 138,872 117,275 140,955 23,680 137,323 120,311 137,050 16,739 140,239 120,169 12,793 132,962 140,234 7,937 129,420 141,944 121,483 120.495 139,472 120,495 117,211 117,211 136.814 115,953 115,953 134.983 114,218 114,218 182,599 B Secured by Gov't war obligations 49,400 48,768 49,530 50,50.1 50,870 48,406 47,075 47,734 48,171 48,675 48,603 50,224 50,494 49,422 49,404 50,462 49,825 50,768 49,996 48,405 49,308 44.707 Per cents ( Reserve Percentage Purchased iti open market Sold tc otber P. It. banks! Total held U. S. securities Total casl! reserve: Net deposits F. R. notes in circu lation Adjusted? A) 35 0 36.8 34.8 34.9 34.4 34.4 31.6 31.1 31.3 31.3 31.3 31.6 32.0 32.3 35.0 36.8 37.5 39.2 41.5 41.3 42.5 39.1 2.619 2,160 2,570 2,315 1,970 1,630 1,720 1,595 1,880 960 1,428 993 1,488 1,933 1,639 1.489 1,365 1,612 073 l.HOS 1.769 1,146 2,619 2,160 2,570 2,315 1,970 1,630 1,720 1,595 1,880 960 1,428 993 1,488 1.933 1,639 1.489 1,365 1.612 973 1,908 1,769 1,146 $ 18,427 18.410 IS.455 18,662 18.678 18.689 18,478 18,574 18,450 18.516 18,606 18.493 18,369 18.408 18,409 18,439 18.700 18.84!) 18.004 17.695 17.261 17.235 78,749 77,109 81,211 80.379 76,901 78,201 78,649 77,329 76,614 82,180 7(5,527 82,106 80,362 86,911 83,1 3 D 81.267 82,797 82.228 80,9T,3 85,515 85,544 88,904 % 61,711 $128,214 62.078 128,262 68.655 128,584 65,090 128,316 60,058 131,114 60,299 132,163 64.484 134,578 59.236 133,283 58.801 135,888 59,733 136,084 57,628 137,565 61,003 137,770 61,210 137,898 64,813 138,629 60,655 137,348 62.444 136,804 64,505 136,167 65.924 136,081 61.112 134,279 64.312 136,374 5 9.186 139,721 63.359 136,610 41.5 40.5 41.2 41.6 40.2 40.6 39.5 40.2 39.4 42.0 39.2 41.3 40.4 42.7 42.0 40.8 41.3 40.7 40.8 42.6 43.0 4 1.5 iMinus sign indicates net amount discounted for or purchased from other Federal Reserve Banks. 2Ad1usted percentages are calculated after increasing or reducing reserves held by the amount of accommodation extended to or received from Federal Reserve Banks. 24.7 27!2 24.8 22.6 27.0 25..1 21.0 21.3 21.0 21.1 21.0 21.6 2r,.s 30.0 32.4 31.11 3C.8 40.8 42.(1 43.0 If. a SCIIKDUI.K 4.—Paper discounted for member banks by the Federal Reserve Hunk of St. Louis and its branches during it)20 (exclusive of paper discounted for other Federal Reserve Banks and bankers' acceptances purchased). Clasnes of Paper St. Louis Parent Bank Discounted. Member b a n k s ' collateral notes secured by Government obligations Member banks' collateral notes otherwise secured Customers' paper secured by Government war obligations Agricultural and live stock paper • Trade acceptances . . . * Other discounts war by January . , February . . March April May June July August September October . . . November . December , Totals N u m b e r m e m b e r b a n k s 12-31-20 Different b a n k s d i s c o u n t i n g d u r i n g year Memphis Branch Little Rock Branch Totals 749,873,316.51 1.487,650.00 54,421.342.64 13,406,002.48 3,413,951.92 764,937.385.42 $339,164,126.32 10.000.00 14,220.374.50 3,500,000.00 2,000,224.37 75,898,824.42 3151.263,660.36 1,395.719.78 21.421.541.95 4,463,790.77 fi,347,752.59 79.330,220.41 U06.512,630.60 59,000.00 4.354.070.45 . 3.221,302.24 1,709.222.13 35,628,703.72 $1,346,813,633.82 2,952.369.78 94,417,329.54 24,591,095.49 13.471.151.01 955,795.133.97 {1.587,539,649.00 Totals Total Paper Discounted Months and States. Louisville Branch $434,793,549.61 $264.222.585.8fi $101,484,929.14 $2,438,040,713.61 Kentucky Arkansas $3,357 ,413.12 3.692 ,447.88 1.369 .434.49 4,65 .697.91 3.171 079.32 3.640, 462.61 4.316 ,028.58 L'.721 250.00 .1.011 778.24 2 762,556.34 2,543,.460.19 3,302 ,635.96 $35,706 684.06 19,717 223.84 30,200 306.65 44.676 913.18 30.570 419.21 2r,.626 313 24 30.Ml 056.72 40 !>!>9 101.S 51,064, 490.33 53.095 314.24 40.326, 793.82 23,900, 478.05 Mississippi Tennessee $10,516,217.69 8,709,431.44 16.273,549.45 15,778,579.59 15,819,214.79 17.230 264.50 17.841 077.17 18.084 469.61 21.028 006.91 21.984 027.82 19.244 641.66 21.312 594.30 $10,682,398.01 6,287.446.07 12.710.345.95 13,062.190.59 9.183.678.61 10.943,031.01 10.674.780.13 7,599.195.01 8.798,920.58 11.504.616.88 9.768.121.33 11,243,736.26 $204,422,074.98 $122,458,460.43 114 176 61 15 111 25 571 94 103 30 11 82 21 386 $973,770.44 589.500.00 861.918.66 904.187.44 1.187,993.33 1,597.442.14 1.662.154.08 1,777.685.01 1.886.378.33 2.030,080.96 2,238,639.61 2.995,781.06 $120,635,777.21 114.499,583.38 181,781,582.62 160,044.731.29 130,441.704.47 101,992,457.66 110,690,659.03 117,117,521.61 103,424.188.01 98.452,392.74 84.890,356.22 83.908.143.39 $13,517, 664.11 13.281, 170.47 23.199, 172.11 23.482, 676.33 15.105, 405.05 17.146, 564.30 17.015 .152.72 17.422 ,122.18 17.479 .091.93 18.333 ,895.49 19,166 .614.05 21,636 ,680.96 $195,389,924.64 166,776,803.08 269.396.309.93 262,604.976.33 205,479.494.78 178.176,535.46 192,560,908.43 205.721,345.24 207.292.854.39 208,162.884.47 178,178.626.88 168.300.049.98 $11,544,244.64 $426,245,095.16 $18,705,531.06 $1,407,879,097.63 $216,786,209.76 $2,438,040,713.61 SCHEDULE 5.—Paper discounted for and paper rediscoutited with other Federal Reserve Banks by Federal Reserve Bank of St. Louis each month during 1920 (including bankers' acceptances purchased from or sold to other reserve banks). DISCOUNTED FOR FEDERAL RESERVE BANKS OP Philadelphia New York Totals $8,000,000 15,000,000 113,000,000 $8,000,000 $5,000,000 {13.000.000 April July Totals s REDISCOUNTED W I T H FEDERAL, R E S E R V E BANKS OF Minneapolis Aorll $2,529,000. Of Cleveland $10,000,000.00 20,999,014.20 5,000,000.00 San Francisco $5,000,000.00 7,500,000.00 14,000,000.00 16,999,11C.5O 14.499,836.50 December Totals $2,529,000.00 $81,497,967.20 $12,500,000.00 Boston New York Philadelphia Totals 13,000.000.00 7,999,840.00 4,000.000.00 $22,000,000.00 5,000,000.00 3,000,000.00 14,999,056.00 47,976,618.12 17.998,319.68 22,997,438.52 $23,000,595.23 25.000,000.00 5,000,000.00 7,000,000.00 1133.971.332.32 $60,000,595.23 $17,529,000.00 73,499,609.43 35.000,000.00 8,000,000.00 35,999,056.00 47,976.518.12 47,997,436.18 45,497,115.02 4,000,000.00 $29,999,840.00 $315,498,734.75 $5,000,000.00 SCHEDULE 6.—Bankers' acceptances purchased by Federal Reserve Bank of St. Louis and its branches each month during By St. Louis parent bank from member banks. Month January February March April May June July August September October November December Totals By parent bank from dealers In St. Louis market. By Louisville branch from members. Direct from Through Federal By Little Rock -branch from other Federal Reserve Bank members. Reserve Banks of New York. By Memphis •branch from members. $1,100,000.00 1,716,374.94 1,560,588.76 1,328,421.84 1,332,809.68 1,949,626.60 1,040,770.22 600,000.00 990,000.00 1,134,031.77 230,000.00 1,718,752.28 $475,000.00 647,310,06 332,000.00 91,211,81 41,077.05 60,000.00 ... ... $3,246,000.00 3,087,744.27 4,225,260.S6 2,726,414.70 1,222,802.49 1,206,964.60 1,000,000.00 376,000.00 330,000.00 967,905.77 245,000.00 597,600.00 35,516.98 62,046.42 .. $19,228,592.68 $14,700,276.09 $1,717,115.90 $123,632.79 .... .. . $48,583.87 $250,000.00 13,002.50 10,000.00 25,000.00 $250,000.00 Totals. $4,820,000.00 5,749,013.14 6,117,849.61 4,169,060.85 2,696,689.22 3,215,491.20 2,040,770.22 986,000.00 1,345,000.00 2,101,937.64 672,563.40 2,316,262.28 $36,019,617.46 SCHEDULE 7.—Discount rates of Federal Reserve Bank of St. Louis during 1920. In effect: Member banks' 15-day collateral notes: Secured by certificates of indebtedness Wholly secured by 6'4% certificates of indebtedness Secured by certificates of indebtedness except 5Vi% certificates Secured by certificates of Indebtedness, except 6>4% and 6%% ctfs Wholly secured by 5%% certificates of indebtedness Secured by certificates of Indebtedness bearing less than 5^4% Secured by certificates of indebtedness bearing more than 514% Secured by Liberty Bonds or Victory Notes Secured by War Finance Corporation bonds Secured by bills receivable Rediscounts: 1 to 90 days— Secured by certificates of* indebtedness Wholly secured by 614% certificates of indebtedness Secured by certificates of Indebtedness except 514% certificates Secured by certificates of indebtedness except 514% and 5%% certificates Wholly secured by 6%% certificates of indebtedness Secured by certificates of indebtedness bearing less than 514% Secured by certificates of indebtedness bearing more than 6%% Secured by Lioerty Bonds or Victory Notes Secured by War Finance Corporation bonds Commercial Paper Agricultural or Livestock Paper— 1 to 90 days 91 days to 6 months Trade acceptances Bankers' acceptances Bankers' acceptances, purchased in the market, subject to agreement Jan. 1 Jan. 24 Jan. 27 4%% Mar. 4 5% Apr. Apr. 24 May 15 May 20 July 1 5% 514% 6% 5% 5% 6%<i 4%% 5%% 4%% 7% 6% 1", 6% 5% 6% 5% 5V 514% 6% 514% 6% 514% ' V%' 6% 6% 5% SI 5%% SCHEDULE 8.—Federal Reserve notes issued by Federal Reserve Agent to Federal Reserve Bank of St. Louis each month during 1920. Fives Twenties Fifties Hundreds % 600,000 3,440,000 1,840,000 1,840,000 960,000 2,660,000 3,120,000 4,720,000 2,720,000 4 320,000 2,400,000 2,880,000 800,000 400,000 600,000 Vob'.ooo 34,560,000 31,400,000 4,150,000 2,100,000 One Thousands Five Thousands Ten Thousands Totals $150,000 July 900,000 4,620,000 1,920,000 2,600,000 2,400,000 2,000,000 2,320,000 4,800,000 4,400,000 4,160,000 1,680,000 2,760,000 Five Hundreds April . . May 800,000 3,300,000 2,560,000 1,600,000 2,900,000 2,100,000 3,140,000 3,980,000 3,700,000 2,800,000 2,300,000 3,380,000 32,560,000 January. . . February.. March April May June July August. . . . September. October. . . . November. December.. $300,000 150,000 200,000 100,000 200,000 300,000 700,000 300,000 350,000 300,000 400,000 600,000 $100,000 $100,000 December 600,000 900,000 400,000 $ 100,000 Totals 200,000 100,000 100,000 3,650,000 11 660 000 7,020,000 6,540,000 6,260,000 8,060,000 9,180,000 13,600,000 11,320,000 12,080,000 7,580,000 9,620,000 106,470,000 SCHEDULE 9.—Federal Reserve notes outstanding December 31, 1919, issued, returned and redeemed during 1920 and outstanding December 31, 1920. Outstanding December 31, 1919 Twenties One hundreds Five hundreds One thousands Five thousands Ten thousands Totals Issued and re-issued during 1920 Returned by bank during 1920 Redeemed during 1920 Outstanding December 31, 1920 $ 36,026,806 48,638,100 63,580,400 9,036,350 5,495,800 397,600 1,194,000 100.000 250,000 t 32,660,000 34,560,000 31,400,000 4,150,000 2,100,000 600,000 900,000 100,000 100,000 $ 480,000 920,000 1,100,000 400,000 100,000 $35,371,570 37,610,580 34,864,120 3,130,500 1,200,800 89,000 171,000 10,000 $32,735,235 44,667,520 59,016,280 9,666,850 6,295,000 908,600 1,723,000 160,000 240,000 164,71 8,855 106,470,000 3,350,000 112,447,570 •155,391,385 200,000 50,000 100,000 •IP,020 705 of Federal Reserve notes were held by the Federal Reserve Bank and its branches and $1,585,350 were in transit to Washington for redemption, leaving $135,785,330 in actual circulation at end of year. 38 SCHEDULE 10.—Comparative statements of Federal Reserve agent's accounts as of December 31, 1919 and 1920. RESOURCES Federal Reserve notes on hand Federal Reserve notes outstanding,. Discounted paper pledged to secure Federal Reserve notes Gold deposited to secure Federal Reserve notes— In hands of Federal Reserve agent In Federal Reserve agent's fund at Washington In gold redemption fund at Washington December 31, 1920 December 31, 1919 $23,780,000.00 155,391,3F5.00 $21,500,000.00 164,718,966.00 116,079,990.083 110,358,070.82' $6,060,000.00 4,000,000.00 39,530,600.00 63,930,600.00 3,746,545.00 Unfit notes redeemed and destroyed bv Comptroller (total) 49,337,145.00 ' 3,694,115.00 61.C24.715.00 225,828,615.00 570,417,135.83 471,582,785.82 $405,000,000.00 $299,600,000.00 116,079,990.83 49,337,145.00 110,358,070.82 61,624,715.00 570,417,136.83 Totals 113,381,046.00 471,582,785.82 LIABILITIES Federal Reserve notes received from Comptroller (gross) Collateral received from Federal Reserve Bank— Discounted paper Gold Totals SCHEDULE 11.—Federal Reserve notes received from other Federal Reserve Banks for redemption or credit and returned to other Federal Reserve Banks for redemption or credit by Federal Reserve Bank of St. Louis, including its branches, during 192c. Received from Federal Reserve Bank of— Returned to $ 1,069,700 8,004,350 1,376,500 3,091,800 2,229,500 12,207,300 14,976,500 933,000 8,108,800 4,762,000 2.834,130 59,593,580 Boston New York Philadelphia. . Cleveland Richmond Atlanta Chicago Minneapolis... Kansas City . . . Dallas San Francisco. $ 1,473,260 8,641,040 2,167,907% 9,379,895 2,276,895 9,450,566 37,721,440 1,906,585 11,355,185 8,417,967% 2.880,245 95,669,985 SCHEDULE 12.—Federal Reserve Bank notes outstanding December 31, 1919, issued and redeemed during 1920 and outstanding December 31, 1920. New note« issued in Outstanding Unfit notes Outstanding 1920 December replace to redeemed unfit during 1920 December 31, 1919 31, 1920 notes redeemed Fives Fifties Totals $11,144,152 2,145,698 2,437,350 480,800 400,000 $ 6,980,000 2,400,000 2,220,000 16,608,000 80,000 200,000 $13,434,000 2,836,000 2,079,100 334,600 188,300 7,400 $4,690,152 1,709,698 2,578,250 146,200 291,700 192,600 11,880,000 18,879,400 •9,608,600 *?121,S50 of Federal Reserve Eank notes were held by the Federal Reserve Bank and its branches, leaving $9,486,750 of bank notes in actual circulation at end of year. 39 SCHEDULE 13.—Currency and coin receipts from and payments to member and non-member banks by Federal Reserve Bank of St. Louis and its branches during 1920. 1 RECEIPTS PROM Members PAYMENTS TO Totals Non-members Members Totals Non-members (273,536,314.82 63,413,174.45 54,544,275.00 20,647,090.00 Totals $290,105,594.10 64,686,405.06 61,204,024.00 27,430,765.00 $224 312,841.43 61,091,350.00 46 847 363 00 22,204,736.00 $14,744,259.69 843,148.00 7,956,010.00 2,335,690.00 $239,057,101.12 51,934,498.00 54.802,373.00 24,540,426.00 412,140,884 2"( Little Rock Branch {16,669,249.28 1,273,230.61 6,659,749.00 6,783,675.00 31,285,903.89 443,426,788.16 344,456,290.43 25,878,107.69 370,334,398.12 SCHEDULE 14.—Clearing items handled by Federal Reserve Bank of St. Louis and its branches during 1920. St. Louis Parent Bank Louisville Branch Memphis Branch Little Rock Branch Totals Classes of items handled Number Checks on local banks Checks on other banks in this district Checks on banks in other districts Checks and warrants on U. S. Treasurer Totals. Amount Number Amount Number Amount Number Amount Number Amount 2,824,283 3,333,712,359 941,288 $842,308,032 809,243 1493,172,060 609,217 14,892,457 1,358,084,169 4,014,663 332,466,056 1,881,348 170,850,033 3,034,260 284.171 117,018,610 121,563 30,748,101 25,361 11,244,233 88,688 23.736.54S 519,773 182,747,490 1,183,614 123,762,827 287,298 58,916,295 100,055 20,251,875 73,162 20,673,24? 1,644,129 223,604,246 19,184,525 4,932,677,966 6,364,812 1,264,438,485 2,815,997 695,518,201 3,706,327 613,362,614 31,070,661 7,535,897,265 1,421,819 1,336,596 1,691,457 1,616,604 1,508,194 1,604,093 1,549,629 1,608,800 1,693,605 1,748,729 1,076,868 1,728,141 436,831,292 366,967,046 502,327,638 437,537,662 397,476,611 405,048,280 382,690,128 391,580,829 430,143,787 420,134.788 383.134.696 378,705,318 343,885 366,944 476,741 470,438 441,460 465,253 445,347 435,201 461,191 481,287 478,648 498,417 111,934,446 102,770,388 124,678,311 111,023,263 103,664,404 104.720,612 103,024,669 100,437,419 106,523,087 104,873,830 94.770.109 :i6,018,047 225,619 232,822 293,215 265,955 217,127 219,097 216,752 207,027 213,452 240,037 244,521 241,373 83,380,205 63,067,543 74,538,438 63,288,932 52,950,940 53,241,254 46,186,845 44,372,208 47,892,176 55,224.886 68,198.185 53,176,583 217,387 246,445 317,546 330,076 318,713 298,762 308,007 316,562 320,961 339,786 340,526 350,556 19,184,525 4,932,577,965 5,364,812 1.264.488.488 2,815,997 695,518,201 3,706,327 $339,969,96!: 6,084,031 $5,009,162,413 258,982,868 23,822,728 2,120,383,116 Total items h a n d l e d by months January February March April May June July August September October November December Totals 2,208,710 2,182,807 2,778,959 2,683,073 2,485,494 2,587,205 2,518,735 2,567,590 2,689,209 2,809,839 2,740,553 2,818,487 682.919,538 583,134,765 765,454,601 675,803,745 614,031,664 613,843,770 580,161,051 584,693,016 634,673,535 036,176,683 588,619,884 576,485,022 643,362,61« 31,070,661 7,535,897,265 60,771,595 60.329,782 63,910,214 63.953.898 59.939.699 50,833.724 48,259.409 48,302,560 50,014,486 r.5,943,17! 52.610,994 48,580,074' SCHEDULE 15.—Collection items handlet by Federal Reserve Bank of St. Loms and its branches during 1920. St. Louis P a r e n t B a n k Louisville Branch Memphis Branch Little Totals Rock Branch Month Amount No. 3 044 2 983 3 691 3,622 4,859 4,672 4,140 4116 4431 4 883 6 196 6,670 April May June July December 52,306 Totals Amount No. No. Amount No. Amount No. Amount 6 993,160 29 7 244,338.90 9,598,642 07 8,624,693.16 10,746,983.44 8,469,947.52 7,674,889 67 8,978,764.54 7,667,963.17 9 078 462 29 9 267 026 46 11,124,725.65 848 725 1,091 1,163 1,689 1,283 1,276 1,083 1,167 1,602 1,630 1,684 $1,400,450.95 1,619,834.65 1,663,216.67 1,476,769.09 2,623,294.41 2,314,093.65 3,328,536.66 2,981,246.16 2,442,876.09 2 607,423 86 2 642,251.66 2,669,522.15 1,514 1,376 1,786 1,616 1,620 1.465 1,208 1,162 1,065 1,161 1,341 1,355 ?3,692,815.97 3,680,506.67 4,303,840.31 3,263,269.01 3,221,762.78 2,721,775.41 2,212,110.16 1.852,762.44 1,489,619.24 2,159,647.57 2,143,787.06 1,929,407.29 439 637 626 490 451 562 509 550 408 527 774 825 $2,080,406.32 1,697,881.83 1,397,467.76 1,274,747.88 1,420,481.38 1,345,354.38 1,221,982.69 1,113,609.66 711,039.70 863,163.32 1,238,228.09 884,243.96 5,845 5,621 7,194 6,891 8,519 7,982 7,132 6,901 7,071 8,063 8,840 10,534 $14,166,833.53 14,042,562.05 16,963,155.80 14,639,469.14 18,012,522.01 14,851,170.96 14,437,519.18 14,926,282.79 12,311,498.20 14,708,697.03 15,191,293.67 16,597,899.05 $105,469,597.56 14,940 $27,559,504.99 16,649 $32,571,303.91 6,698 $15,248,496.95 90,593 $180,848,903.41 81,674 167,612,216.77 8,919 $13,236,686.64 $ Total collected Returned unpaid SCHEDULE 16.—Coupons from United States securities handled by Federal Reserve Bank of St. Louis and its branches each month during IQ20. St. Louis Parent Bank Louisville Branch Memphis Branch Little Rock Branch Totals Month No. January.. . February. . March April May June July August.... September. October. . . . November. December.. Totals 306,993 134,358 444,134 664,577 408,501 473,746 211,640 123,442 256,107 664,371 369,651 562,896 4,509,416 Amount No. Amount No. 69,664 40,714 106,323 176,670 93,025 110,661 44,616 26,204 62,463 180,856 80,574 121,141 $288,107.82 97,738.67 453,850.45 933,890.61 510,399.49 733,112.54 182,373.26 82,920.47 319.583.04 995,325.42 484,262.20 854,067.60 39,836 18,253 47,353 62,911 44,821 46,176 27,604 17,292 23,447 60,070 32,976 60,963 $177,835.23 65,682.20 158,339.41 246,927.76 186,063.46 232,237.99 114,271.23 58,145.64 106,808.04 221,604.89 130,601.04 264,327.45 18,842 7,861 34,079 32,713 22,033 32,114 13,210 9,131 17,078 29.222 19,248 36,530 $54,773.03 22,745.08 87,139.50 81,614.63 55,833.25 132,577.20 44,708.28 20,404.03 57,257.17 97,274.76 68,623.64 145,835.82 424,235 201,186 631,889 936,871 568,380 661,687 297,070 175,069 349,096 824,519 502,449 760,530 $1,661,600.77 650,102.75 2,465,778.42 3,721,027.21 2,390,363.13 4,024,669.28 1,050,013.73 492,303.24 1,764,069.04 3,586,376.75 2,313,441.59 4,697,215.76 $19,849,809.57 1,091,801 $6,936,621.47 460,702 $1,962,744.84 271,061 $858,686.29 6,332,980 $28,606,861.67 No.. $1,130,884.69 364,036.90 1,766,449.06 2,458,694.31 1,638,066.93 2,926,641.55 708,660.96 330,833,10 1,280,420.79 2,272,171.68 1,639,954.71 3,332,994.89 Amount No. Amount SCHEDULE 17.--Total debits and credits of Federal Reserve Bank of St. Louis through gold settlement fund in Washington for each zveek during 1920 and the balance to its credit on the dates shown. For week ending Total debits (receipts) Total credits Credit balance of (disbursements) F. R. B., St. Louis Balance December 26, 1919. 2, 1920 16. 23. 30. 6. Feb. 13. 20. 27. March. 5. 12. 19. 2. 9. 16. 23. 30. 7. May 14. 21. 28. 4. June 11. IS. 26. 2. July 9. 16. 23. 30. 6. 13. 20. April Sept. 3 10 17 24 1 8 15 22 29 12. 19. 26. 3. 10. 17. 23. 30. $13,373,782.78 118.987,540.70 154,838,195.15 158,893,062.20 133,260,689.15 137,213,596.02 121,486,159.42 104,224,580.55 142,402,278.69 115,613,063.51 166,623,037.35 133,285,849.91 142,999,312.18 134,648,082.03 119,532,786.86 133,806,677.63 155,811,026.10 137,279,035.33 136,709,848.88 114,564,480.57 124,240,231.46 134,466,497.63 118,374,663.16 108,430,461.95 111,991,432.97 130,435,837.68 121,284,781.86 114,649,664.14 97,075,024.60 125,730,103.91 130,245,048.28 109,218,322.31 106,853,610.54 114,731,808.27 137,985,204.35 126,278,111.37 129,860,630.26 99,794,115.93 152,406,769.12 136,011.034.54 118,386,789.23 129.347,984.28 126,328,202.37 161.147,568.71 125,654,662.20 121,289 817.36 115,8591874.02 125,122,354.25 104,807,636.26 113,810,591.94 108,985,074.86 116.128.526.13 88,457,705.15 94,045,994.94 $115,686,266.38 155,634,552.82 152,413,280.07 137,943,817.40 134,615,547.19 122,107,257.82 102,811,264.33 150,168,368.62 114,667,(68.81 161,711,541.21 125,918,057.66 149,138,217.95 137,253,093.68 119,416,331.69 133,927,317.30 153,410,773.20 137,032,390.12 136,379,787.34 113,347,604.27 122,011,687.69 135,157,787.54 121,928,467.93 105,849,905.11 109,641,611.51 132,228,746.98 120,562,260.18 119,069,704.97 96,517,504.61 128,873,377.40 123,576,774.07 106,676,530.45 110,149,838.60 116,425,354.31 134,458,185.69 127,497,861.92 133,541,300.01 99,181,728.62 153,112.771.43 136,901,423.97 119,312,062.56 122,720,906.01 132,163,467.99 155,458,863.61 126,760,112.01 117,868,246.27 118,075,301.43 125.S61.4S0.57 102,363,990.97 113,415,343.88 108. -187.584.32 110,461.231.22 90.360,153.21 90,879,721.66 $6.642,978.900.83 Jan. $6,621,126,196.4f> $16,675,057.10 15,878,699.43 22,358,481.56 17,675,353.31 20,273,402.14 19,652,303.74 21,065,619.96 13,309,540.03 14,255,144.73 9,166,640.87 16,534,433.12 10,395,527.35 7,790,515.70 7,906,970.86 7,786,231.19 10,186,484.09 10,433,129.30 9,763,190.84 10.980,0(1;7.14 13,208,610.91 12.507.320.90 8,953,516.13 11,534,072.97 13,883,894.43 13,090,985.03 12,813,506.71 3,393,355.88 8.950,875.87 5.807,402.38 12,475,876.59 15,017,668.45 11,721.340.4!! 10.027.794.45 13.554.813.11 12,335,062.5(1 8,654,392.81 9,266,780.12 8,560.777.81 7.670.3SS.38 6,745,115.06 13,372.113.32 7.534,937.70 13.223.612.80 12.118.182.99 15.539.754.08 13.324.326.67 12.585.200.35 15,028,845.64 15.424,093.70 15.921.584.24 20.588.879.15 18.686,431.On 21,852.704.38 SCHEDULE 18.—National banks granted fiduciary powers during 1920, under section 11 (k) of the Federal Reserve Act, as amended September 26, 101S. First National Bank First N ational Bank C^.tro National Bank St. Clair National Bank First National Bank National Bank of Orleans First National Bank First National Bank First National Bank . Lake Village, Ark. Mena, Ark. Cairo 111 Belleville. 111. Marion, 111. Orleans, Ind. Sullivan, Ind. Louisville, Ky. Jefferson City, Mo. National banks granted additional fiduciary powers under the amendment of September 26, 191S, to Section 11 (k) of the Federal Reserve Act. First National Bank Pittsfield. 111. 42 SCHEDULE \9.-^Bauks admitted to membership in Federal Reserve Bank of St. Louis and banks surrendering memberships during 1920. NEW NATIONAL BANK MEMBERS. Paid-in capital when admitted Location First National Bank Farmers' National Bank Farmers & Miners Nat. Bank.. First National Bank Planters' National Bank First National Bank First National Bank First National Bank First National Bank First National Bank First National Bank Old Exchange National B a n k . . . First National Bank Liberty National Bank First National Bank $100,000 60,000 25,000 32,500 30,000 25,000 80,000 50,000 400,000 25,000 50,000 50,000 25,000 125,000 15.291 Blytheville, Ark Clarksvllle, A r k . . . . Hartford, Ark Hartford, Ark Hughes, Ark Lincoln, Ark Paris, Ark Pocahontas, Ark East St. Louis, 111. . . Livingston, 111 Okawville, 111 Okawville, 111. Woodlawn, 111 Bowling Green, K y . . Dawson Springs, Ky. Surplus when admitted 510,000 6,000 6,000 3,000 2,500 20,000 6,000 80,000 3,000 10,000 10,000 70 STATE BANKS AND TRUST COMPANIES ADMITTED TO MEMBERSHIP DURING 1920. Name Monroe County Bank Peoples State Bank Arkansas Valley Bank Crittenden County Bank American Bank & Trust C o . . . . Bank of Russellville Saline Trust & Savings B a n k . . First State Bank ML Olive State Bank Boliver County Bank Commercial Bank of Bertrand. Farmers & Traders Bank Cass Avenue Bank Grand Avenue Bank Jefferson-Gravois Bank Manchester Bank Mound City Trust Co South Side Trust Co Tower Grove Bank West St. Louis Trust Co Gravois Bank Bank of Alamo Bank of Crockett Peoples Sav. Bank & Trust Co. Capital and surplus when admitted Location Brinkley, Ark ~!abot, Ark Fort Smith, Ark Marion, Ark Paris, Ark Russellville, A r k . . . . . . Harrisburg, 111 Mt. Carmel, 111 Mt. Olive, 111 Rosedale. Miss Bertrand, Mo Iberia, Mo St. Louis, Mo. St. Louis, Mo St. Louis, Mo St. Louis, Mo St. Loui Mo St. Loui; Mo St. Louis, Mo St. Louis, Mo St. Louis County, Mo.. Alamo, Tenn Bells, Tenn Halls, Tenn Total resources when admitted $55,000 27,500 120,000 350,000 53,700 112.750 150,000 116,500 55.000 150,000 $234,857 27,500 1,565,132 2,900,453 352,356 530,577 846,887 547,096 294,126 523,975 110,441 269,761 3.368,836 2,626,734 1.656.369 3,859,055 604,604 2.239,751 3,138,206 1,622.717 451.883 344,070 346,513 214,135 30,800 35.000 250,000 250,000 270,000 350,000 226.000 250.000 250,000 220.000 30.000 25,000 25,000 35,000 BANKS SURRENDERING MEMBERSHIPS DURING 1920. Name First National Bank Illinois State Bank First National Bank First National Bank LaRue National Bank Aberdeen National Bank First National Bank.. Citv National Bank Location Judsonia, Ark East St. Louis, 111 Corydon, Ind Owensville, Ind Hodgenville, Ky Aberdeen, Miss 43 Disposition Receiver appointed Converted into First National Bank Merged with Corydon National Bank Charter expired by limitation Consolidated •with Farmers' Nat. Bank Absorbed by the Com. Bank & T. Co Absorbed by a State Bank Converted into City State Bank SCHEDULE1 20.—Tax certificates of indebtedness offered during 1920 and subscriptions to each issue handled by Federal Reserve Bank of St. Louis. IN ANTICIPATION OF TAXES DUE IN 1920. Date of issue January 2, February 2, Rate Total offering Maturity Quota for district Subscriptions December 15, 1920.. March 15, 1920 4%% 4%% Totals $750 000.000 300 000,000 $30,000,000 12,000,000 $23 234 000 9 421 500 $1,050 000,000 1920 1920 $42,000,000 $32 655 500 IN ANTICIPATION OF TAXES DUE IN 1921. March 16, 1920 June 16, 1920 July 16, 1920 •September 15, 1920. September 15, 1920.. October 15, 1920 •December 16, 1920. December 15, 1920., Rate Maturity Date of Issue Total offering Quota for district Subscriptions 4%% 6% 594% 6% " \ 594% 594%] 6% i Totals $400,000,000 400,000,000 200,000,000 400,000,000 100,000,000 500,000,000 $16,000,000 •16,000,000 •8,000,000 16,000,000 4,000,000 20,000,000 $6,806,000 9,793,600 2,300,000 ( 1,046,600 j 9,900,600 4,621,000 J 6,153,000 ) 14,703,500 $2,000,000,000 March 16, 1921 June 15, 1921 March 15, 1921 March 15, 1921 September 15, 1921. . March 15, 1921 June 16, 1921 December 16, 1921.. $80,000,000 $55,324,000 "Combined issues. SCHEDULE 21.—Loan certificates of indebtedness offered during 1920 and subscriptions to each issue handled by Federal Reserve Bank of St. Louis. . Date of issue April 1, 1920 April 16, 1920 April 15, 1920 May 17, 1920 June 15, 1920 July 15, 1920 August 16, 1920.... November 15, 1920.. Rate Total offering Maturity Quota for district Subscriptions 4%% 5'/*%] 5% 1 5%% 6 94% 5%% 6% 5%% Totals $200,000,000 250,000,000 100,000,000 •400,000,000 •200,000,000 150,000,000 200,000,000 $8,000,000 10,000,000 4,000,000 •16,000,000 •8,000,000 6,000,000 8,000,000 $4,277,600 J 4,115.600 1 3,135,600 4,237,000 5.625,000 3,702,500 6,285,500 9,676,500 $1,600,000,000 July 1, 1920. October 15, 1920 July 15, 1920 November 15, 1920.. January 3, 1 9 2 1 . . . . January 15, 1921... . August 16, 1921 .May 16, 1921 $60,000,000 $40,955,000 SCHEDULE 22.—Certificates of indebtedness redeemed by Federal Reserve Bank of St. Louis and its branches during 1920. Cash Redemptions St. Louis parent bank Louisville branch Memphis branch Little Rock branch Totals Exchanged for other Issues Used in payment of taxes Total $174,964,500 18,623,500 4,454,000 2,217,000 $11,588,000 $69,500 10,000 1,000 $186,612,000 18,633,500 4,454,000 2,218,000 $200,249,000 $11,588,000 80,500 $211,917,500 44 SCHEDULE 23.—Sales of Thrift Stamps, War Savings Stamps and Treasury Savings Certificates through Federal Reserve Bank of St. Louis during 1920. T H R I F T STAMPS Num'ber WAR SAVINGS STAMPS Value TREASURY SAVINGS CERTIFICATES Maturity value Number $100 Num'ber January February March April May June July August September October November December 2,377 888 1,654 1,847 507 422 1,015 171 336 848 1,115 836 $ 594.25 222.00 413.50 461.75 126.75 105.50 253.75 42.75 84.00 212.00 278.75 200.00 5,208 1,636 824 1,542 480 639 345 176 179 503 102 107 $26,040 7,680 4,120 7,710 2,400 2,695 1,725 880 895 2,515 510 535 1,723 969 651 565 350 401 119 91 158 109 93 185 Totals 12,016 3,004.00 11,541 57,70!) 5,404 Maturity value Maturity value $172,300 96,900 65,100 55,500 35,000 40,100 11,900 9,100 15,800 10,900 9,300 18,500 281 212 105 88 44 33 13 15 9 8 6 7 $281,000 212,000 105,000 88,000 44,000 33,000 13,000 16,000 9,000 8,000 6,000 7,000 540,400 • $1,000 Num'ber 821 821,000 SCHEDULE 24.—Redemptions of Thrift Stamps, War Savings Stamps and Treasury Savings Certificates through Federal Reserve Bank of St. Louis during 1920. T H R I F T STAMPS WAR SAVINGS STAMPS Maturity value Number $100 Maturity value 14,499 2,053 1,175 17 182 24 $72,495 10,266 5,875 85 910 120 162.00 338.75 88 440 3,421 1,713 165 179 176 93 20 50 36 17 56 97 $5,064.00 18,038 $90,190 6,023 Number Value Number January February March April May June July August September October November 14.922 1,280 1,944 $3,730.50 320.00 486.00 107 26.75 648 1,356 Totals 20,266 TREASURY SAVINGS CERTIFICATES CASH REIMBURSEMENTS ON F I L L E D T H R I F T CARDS Number $1,000 Maturity value $342,100 171,300 16,500 17,900 17,600 9,300 2,000 5,000 3,600 1,700 5.600 9,700 218 106 12 36 28 31 8 35 3 21 35 2 $218,000 106,000 12,000 36,000 28,000 31,000 8,000 35,000 3,000 21,000 35,000 2,000 326 70 60 26 60 66 53 23 0 9 61 126 $1,304 280 240 101 200 264 212 92 0 . 36 244 504 $602,300 535 $535,000 870 $3,480 Number Amount SCHEDULE 25.—Exchanges and Conversions of Liberty Bonds and Victory Notes handled by federal Reserve Bank of St. Louis and its branches during 1920. Temporary bonds exchanged for permanent bonds No. pieces First Temp. 4% Liberty bonds First Temp. 4',4% Liberty bonds 471 63,453 P a r value ? Percent exchanged to total sold in district No. pieces P a r value Coupon bonds exchanged I Registered bonds exchanged I for coupon bonds for registered bonds No. pieces 451 151 53.300 If,, 829,750 7 7% 3,564 468 8 598 83% 21 1,951 245.950 Second Temp. 4 /*% Liberty bonds 270.568 82.005.100 84% 96% Third Temp. 4^4% Liberty bonds 81C..369 114.81C.700 62% 69% F o u r t h T t m p . 414% Liberty bonds 203,450 34,289,250 15%' First 2nd Conv. 4*4% Liberty b o n d s . . . . Second Temp. 4% Liberty bonds x 16.816 3 205 62,628 15.018 76.641 13%' P a r value $ 295.200 23.950 1 7r.O 979 ">C0 130,950 72.700 3 300 4.953.250 1 077 400 9,097,400 3.333.100 16 681 950 31 353 19 1.356,283 217,211.950 8,052.200 62,500 210.S33 Victory notes 3 % % 44,765.500 No. pieces P a r value IS % 32,400 IIS 76,900 150 11 3,150 344,900 1,932 522,750 3.9C4 1 22", 1,063,200 515,150 10,000 2,568,600 10 7,997 delivered Denominational exchanges No. pieces First iVi% Liberty bonds First Temp. 4% Liberty bonds First Perm. 4% Liberty bonds First Temp. 4*4% Liberty bonds First Perm. 4',4% Liberty bonds First 2nd Conv. iY*% Liberty b o n d s . . . . Second Temp. 4% Liberty bonds Second Perm. 4% Liberty bonds Second Temp. 4^4% Liberty bonds Second Perm. 4%% Liberty bonds Third Temp. iY*% Liberty fronds Third Perm. 4%% Liberty bonds F o u r t h Temp. 4%% Liberty bonds F o u r t h Perm. 4*4% Liberty bonds Victory notes 4%% Victory notes 3 % % TotaH 1,871 765 Par value i 165,550 54,000 1,090 1,155 104,150 238.000 2,389 112 6,614 6,115 14.413 10,006 159.400 12,850 599,350 1,374.950 1,042.950 1,881.650 5.547,050 39,122 284 4,472,400 291,550 135,691 15,943,850 Registered bonds t r a n s ferred No. pieces 15 P a r value t 4G.700 • 192 1 131,650 100 11 2,350 923 Conversions Converted into No. pieces Par value 4'/*% bonds 4%% bonds 45,490 303 I 5,243,800 97,350 iVt% bonds iV*% bonds 167,371 1.496 20,440,460 415,350 3 % % notes i%% notes 378 300 317,000 301.450 215,338 26.815.400 484.400 2,155 582,000 4.531 1.871 1,278,200 806,150 9,699 3,331,550 SCHKDUI.E 26.—Changes in principal resource and liability items of reporting member banks in St. Louis, Louisville, Memphis, Little Rock and Evansville during the year Jan. 2 U. S. Victory notes U. S. certificates of indebtedness Loans and investments, including bills redlscounted with Federal Reserve Bank— Loans secured by stocks and bonds other than 1\ S. All other loans and investments Total loans and investments, including redisNet demand deposits on which reserve is computed Government deposits 35 $ 17 178 000 15 631 000 5 099 000 24.225.000 Loans secured by stocks and foonds other than U. S. Total loans and investments, including redisNet demand deposits on which reserve is computed 177 001) 497,000 287 000 407,000 Aiiril 2 000 000 000 000 May 7 June 4 July 2 35 $ 17,174,000 14,120,000 3,706,000 13,038,000 48,010,000 rc.h 5 35 ? 17 177 11 1'»6 3 655 18 372 35 if 1(1,925.000 12.919,000 3,034,000 13.579,000 46,487,000 35 $ 16 925.000 12,445,000 2,706,000 10,011.000 42,090.000 35 $ 16,924,000 12,763,000 2,816,000 4,043,000 36,546,000 57 368 000 37,906,000 38 100,000 38 809 000 11.851,000 39,030,000 39,102,000 37,112,000 160 974 00C 345,992.00* 160 024 000 371 519,000 159 868 000 385 344 000 158,425,000 409,519.000 156,433,000 407,542,000 607 005 000 49 555 000 13 715 000 375,358,000 113,559.000 23,496,000 627 011 000 44 400 000 10 242 000 Sc,1 000 000 43 10 408 000 365 .371 000 119 .951 000 1 036.000 657,835.000 45,539.00 10,135.000 357,143,000 119,682,000 2,824,000. 649.492,000 43.945,000 10,433.000 333,930,000 123.748,000 3,214,000 129,653,000 415,707,000 626,552,000 40,432,000 10,511,000 307,947,000 124,138,000 1,924,000 127,935,000 409,808,000 611,401,000 40,340,000 9,811,000 312,892,000 126,446,000 3.031,000 35 Lnan.s and investments, Including bills redlscounted with Federal Reserve Bank— $17 11 4 21 Mi 62 133 000 August 6 TJ. S. Victory notes F •1). 6 $ 16,924,000 13,110.000 2,649,000 5,126,000 37,809,000 365 597,000 118 458,000 456,000 53.330 000 September 3 October 1 35 35 ? 16,924 ,000 13.27C ,000 2,fiS; ,000 5,31f .000 38,19" ,000 $ 16,923,000 13,110,000 2,664,000 3.935,000 36,632,000 November 5 35 $ 16 422,000 13 353,000 2 720.000 3 853,000 30 348.000 December 3 35 ? 16,222,000 13,810,000 2,723,000 3,652,000 36,407,000 December 31 35 $ 15,922,000 14,564,000 2.873,000 4,150,000 37.499,000 33,593,000 31,87r .000 32,204,000 31 743.000 32,034.000 2(5,840,000 126 642 000 411,289.000 125 67f 000 412.011 ,000 127 851.000 408 439,000 609.333.000 38,455 000 9,578,000 318,020,000 124,764,000 1,750,000 607,660.000 39 760 000 9,57: .000 315,351,000 124,916,000 1,575,000 126,580,000 411,489,000 606,905,000 38,791,000 9.389.000 307,969,000 126,308.000 6, 049,000 128,045,000 384.362,000 580,848,000 41,376,000 9,345,000 303,560,000 131,165,000 698,000 126,445,000 385.748,000 576.532,000 42.235.000 8,207,000 310,887,000 130,927,000 5.947,000 604, 181,000 38 231,000 10 088,000 300 586,000 130 283.000 1 139,000 SCHEDULE 27.—Customary discount and interest rates charged customers by banks in St. Louis, Louisville and Little Rock during the 30-day periods ending the fifteenth of each month in 1920. Prime commercial paper Customers' paper 30 to 90 days St. Louis January... February. . March April May June July August. . . . September. October.. . . November. December. . «V4 6 Vi 6% 7 7 7 7 7 4 to G 1 1 on ills 1 :iO to 90 days to other banks Bankers' acceptances 60 to 90 days 4 to 0 months 28 6% 7 7 7 7 7 7 7 6% 6% 7 7 6 6 G 6 6 7% 6 6% G'A 7 7 7 714 7 6!4 7 7 Collateral loans, secured by stock exchange or other current collateral 3 months Uuiudorsed 6*4 6 6 6 7% 7 Loans 6 6 6V4 Louisville January. . . February.. March April May June July August.... September. October.... November. December. . Little Rock January.. . February. . March April May June July August.... September. October.... November. December. . Purchased In open market 4% 6 5Vi 5% 7 6V4 6 14 6% 6*4 6*4 6% 6% 6% 6% 6% 6% 6% 7 7 7 Cattle loans 3 to 6 months 6% 6H 6% 6 6% 6% 7 7 7 1\h. 7% 7'/ 2 6 5 > 6 6 fi 6 6 6 6 6 6 6 6% 6'A 7 7 7 7 7 S 7 V- Commodity paper secured by warehouse receipts, etc. Loans secured by Liberty bonds and certif. of Ind. 6 6% 6% 6% CVS 7 7 7 7 7 7 7 7 7 7 7 7 6 6 6 6 6 6 0 6 6 6 6 7 614 6 G (1 G 6 li li G G G 6 G 6% 7 7 7 7 7 7 8 8 CHART A FEDEMLRESERYEBANKOFST.LOUIS. MOVEMENT OF EARHI 116 ASSETS DURIN6I9Z0. UNITED STATES SECURITIES SO 2S PURCHASED SILLS HELD no 80 —«. 60 — 40 20 PERCEHTA6E0FWAR PAPER TO TOTAL DISCOUliTS FOR BAttKS IN DISTRICT DISCOUNTED BILLS. (SEE NOTE BELOW) TOTAL EARNING ASSETS JAN. FEB. MAR. APR. MAY JUNE JULY AUQ SEPT. OCT. W/.\DEC. jd.:Jhju-r secured, bydortmmaiblf&rOUigalumf B fJkal^iiterdisccajUed firSaxJauifiisfria. Sjuujcbeiweai Una\h'and C'rcfwesenls and - b £ S h ^ 49 CHART B BILLSDISCOUNTED RAID I5QUGHT BY TH£ r£D£RPL ~RESERVE &FINK OF 50 jrLOU/3 CHART C FEDERALRESERTEBANK OFST.LOUIS NET DEPOSIT LIABILITY F.R. NOTE CIRCULATION, CASHRESERVES.AND RESERVE RATIOS. 1920. TO S 70 A 60 A\ f \y SO 40 60 A A \ 30 r 20 V O SO 40 30 20 V RESERVEPERCE11TA6ES. ACTUAL 'A; ARIUSTED-B-. SEEliOTEBELOW 100 ?s so 25 DEPOSITAND £R. NOTELIABILITIES, JAti. FEB MAR. APR. MAY ME JULY AU6. SEPT. OCT. NOV. DEC: JJdjusted jtercembages arc calculated after increasing or reducing reserves held' - bytit£amount efaccomoeUitiorv extended to orreceiyed-frpnvotherJedavLXeserpe.SanH!s. 51 0 CHART D £& By \ - i ( i '! r 5 S •- i ! * .- > » J % i i /1H aims} sa CHART E &P/V I #1»y I ^«rf | 71/i.y I Rucr [ Serr 53 I O CHART F DEBITS To 7 C ^ ^ £* J ^ C JO / T <& LOU'S vi.L£ f O / f*''^ flCCO UMTS ~*S / f*/ *J 7~ C- Q dJ f <f ff\£ IVi ^ L >TTI_EROCK I1Z0 -X 1 3 is Jfr ft ''If '4 f III- m**, \Bf>a, | Pi*? I 7UNS ] Jl/^y I Auc, ] Serr 54 ] Per | Mo i/ ] J g p INDEX Acceptances: Bankers' acceptances Permission to accept up to 100% Trade acceptances Agricultural conditions Assets and liabilities Banking conditions Branches, operations of: Conferences Little Bock Branch Louisville Branch Memphis Branch Business conditions Certificates of Indebtedness Clearings Collections Coupons Currency and coin Debits to individual accounts Deposits to 5% Fund for National Banks Directors of parent bank and branches Discount operations Earnings and expenses Employes of parent bank and branches Examination Department Federal Reserve Bank Notes Federal Reserve Notes Fiduciary powers granted national banks Fiscal Agency operations Foreign accounts Gold settlement fund Liberty Bonds: Exchanges and conversions of Delivery of permanent bonds on consignment Map of district Membership, movement of Monthly report on business conditions Officers of parent bank and branches Progressive discount rates Quarters Rates, discount .and interest Relations with banks Reserve position t State banks and trust companies St. Louis Subtreasury Transfers of funds Treasury funds, deposit of with banks U. S. securities held War Finance Corporation War Savings Stamps, etc 55 11-12-33-34-37 12 11 6-8-10 8-9-32-33-34-49-51 6-9-47-48-53 25 25 23 24 5-6-7 26-44 15-40-52 16-41 16-17-41 15-40 5-54 18 3-21-23-24-25 10-11-33-34-35-36-49-50 8-31 22-24-25 20 15-39 13-14-33-34-38-39-51 18-42 26-27-28-29 20-21 17-42 27-28-46 28 4 19-20-43 18-19 3-21-22-23-24-25 12-13 22 12-13-37-48 19 9-33-34-51 19-20-43 29 17-18 26-27 33-34 29 27-45