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ANNUAL REPORT 1944 FEDERAL RESERVE BANK OF ST. LOUIS January 13, 1945. To the Stockholders Federal Reserve of Bank the of St. Louis: Dear Sirs: There is presented herewith a condensed comparative statement of condition of the Federal Reserve Bank of St. Louis, including its Little Rock, Louisville and Memphis Branches, at the close of business December 31, 1944, and December 31, 1943, together with a comparison of earnings and expenses for the years 1944 and 1943. Very truly yours. I DIRECTORS AND OFFICERS JANUARY 13, 1945 DIRECTORS CLASS C WILLIAM T, N A R D I N , Chairman of the Board and Federal Reserve Agent, St. Louis, Mo. DOUGLAS W. BROOKS, Deputy Chairman, Memphis, Tenn. WM. H. STEAD, St. Louis, Mo. CLASS A TOM K. SMITH, St. Louis, Mo. MAX B. N A H M , Bowling Green, Ky. G. R. CORLIS, Anna, 111. CLASS B A. WESSEL SHAPLEIGH, St. Louis, Mo. H. H. TUCKER, Little Rock, Ark. LOUIS RUTHENBURG. Evansville, Ind. OFFICERS CHESTER C. DAVIS, President F. GUY HITT, First Vice-President OLIN M. ATTEBERY, Vice-President C. M. STEWART, Vice-President and Secretary HENRY H. EDMISTON, Vice-President WM. E. PETERSON, Vice-President L. H. CARSTARPHEN, General Counsel S. F. GILMORE, Assistant Vice-President FRANK N. HALL, Assistant Vice-President G. O. HOLLOCHER, Assistant Vice-President H. H. WEIGEL, Assistant Vice-President L. K. ARTHUR, Assistant Vice-President L. H. BAILEY, General Auditor F E D E R A L A D V I S O R Y COUNCIL M E M B E R RALPH C. GIFFORD, Louisville, Ky. I N D U S T R I A L ADVISORY COMMITTEE WM. K. NORRIS, Chairman, St. Louis, Mo. JACOB VAN D Y K E , Vice-Chairman, St. Louis, Mo. MAURICE WEIL, St. Louis, Mo. M. E. FINCH, Memphis, Tenn. G. A, HEUSER, Louisville, Ky. L. J. BUB, Secretary L I T T L E ROCK B R A N C H DIRECTORS A. F. BAILEY, Little Rock, Ark. I. N. BARNETT, Batesville, Ark. S. M. BROOKS, Little Rock, Ark. CHAS. A. GORDON, Pine Bluff, Ark. EMMET MORRIS, Little Rock, Ark. GEO. S. NEAL, Russellville, Ark. R. E. SHORT, Brinkley, Ark. OFFICERS A. F. BAILEY, Managing Director CLIFFORD WOOD, Assistant Manager CLAY CHILDERS, Assistant Manager LOUISVILLE B R A N C H DIRECTORS GEO. O. BOOMER, Louisville, Ky. PHIL E. CHAPPELL, Hopkinsville, Ky. WALLACE M. DAVIS, Louisville, Ky. E. J. O'BRIEN, JR., Louisville, Ky. LEE L. PERSISE, Salem, Ind. CHAS. A. SCHACHT, Louisville, Ky. ROSCO STONE, Hickman, Ky. MEMPHIS BRANCH DIRECTORS V. J. ALEXANDER, Memphis, Tenn. RUFUS C. BRANCH, Pecan Point, Ark. W. W. CAMPBELL, Forrest City, Ark. W- H. GLASGOW, Memphis, Tenn. W. P. KRETSCHMAR, Greenville, Miss. J. P. NORFLEET, Memphis, Tenn. J. HOLMES SHERARD, Sherard, Miss. OFFICERS CHAS. A. SCHACHT, Managing Director FRED BURTON, Assistant Manager STANLEY P. JENKS, Assistant Manager LEE S. MOORE, Assistant Manager OFFICERS W. H. GLASGOW, Managing Director S. K. BELCHER, Assistant Manager C. E. MARTIN, Assistant Manager H. C. ANDERSON, Assistant Manager COMPARATIVE STATEMENT OF CONDITION Dec. 31, 1944 ASSETS Gold certificates on hand and due from U.S. Treasury.$ Redemption fund—F. R. notes Other cash Total reserves 619,418,553 32,782,633 13,473,685 Dec. 31, 1943 $ 643,404,896 19,713,893 15,399,000 665,674,871 678,517,789 59,124,000 74,567,000 232,353,000 459,871,000 78,235,000 32,547,000 118,457,000 304,038,000 825,915,000 533,277,000 825,915,000 533,277,000 4,205 8,425,950 108,111,340 2,114,725 3,058,298 1,613,304,389 3,299 6,851,900 94,750,486 2,065,058 2,911,290 1,318,376,822 Federal Reserve notes in actual circulation 930,850,205 725,702,365 Deposits: Member bank—reserve account U. S. Treasurer—general account Foreign Other deposits 528,957,959 15,915,684 35,836,425 11,790,192 434,360,249 18,687,044 37,980,849 10,805,877 592,500,260 501,834,019 73,102,721 262,196 76,496,544 206,855 1,596,715,382 1,304,239,783 5,142,100 7,048,132 526,857 3,871,918 4,705,450 6,330,100 529,571 2,571,918 1,613,304,389 1,318,376,822 55,000 • 43.7% 336,500 U. S. Government securities, direct and guaranteed: Bonds Notes Certificates of Indebtedness Bills Total U. S. Government securities, direct and guaranteed Total bills and securities Due from foreign banks Federal Reserve notes of other banks Uncollected items Bank premises (net) Other assets Total assets LIABILITIES Total deposits Deferred availability items Other liabilities Total liabilities CAPITAL ACCOUNTS Capital paid in Surplus (Section 7) Surplus (Section 13b) Other capital accounts Total liabilities and capital accounts Commitments to make industrial advances Ratio of total reserves to deposit and Federal Reserve note liabilities combined 55.3% EARNINGS AND EXPENSES 1944 Current Earnings: Discounted bills Industrial advances Commitments to make industrial advances. U. S. Government securities All other $$ Total current earnings 71,965 775 431 4,581,826 30,454 1943 $ 14,767 139 5,591 3,135,786 24,351 4,685,451 3,180,634 Operating expenses Less reimbursements for certain fiscal agencyT and other expenses 4,024,476 3,584,618 1,946,934 1,744,862 Net operating expense Assessment for expenses of Board of Governors Federal Reserve currency 2,077,542 71,940 370,700 1,839,756 72,801 262,847 2,520,182 2,175,404 2,165,269 1,005,230 148,719 6,697 1,658,200 1,249 155,416 1,659,449 0 11,791 521,905 110 11,791 522,015 143,625 1,137,434 2,308,894 2,142,664 0 293,577 2,018,031 2,714 1,115 277,795 1,863,779 25 2,308,894 2,142,664 Surplus (Section 7) beginning of year 6,330,100 4,966,321 Addition as above 2,018,031 1,863,779 Transferred to reserve for contingencies 1,300,000 500,000 Surplus (Section 7) end of year 7,048,131 6,330,100 Current Expenses: Total current expenses Current net earnings Additions to current net earnings: Profits on sales of U. S. Government securities All other Total additions Deductions from current net earnings: Retirement System (Interest base and increased benefits adjustments) All other Total deductions Net additions to current net earnings Net earnings Disposition of net earnings: Paid U. S. Treasury (Profit on surplus-Sec. 13b)) Dividends paid to member banks Transferred to surplus (Section 7) Transferred to surplus (Section 13b)
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