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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