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ANNUAL REPORT
1946
FEDERAL RESERVE BANK
OF ST. LOUIS

January 9, 1947.

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 3 1 , 1946, and December 31, 1945, together with
a comparison of earnings and expenses for the years 1946 and 1945.




Very truly yours,

President.

DIRECTORS AND OFFICERS
J A N U A R Y 9, 1947
DIRECTORS
CLASS C
RUSSKLL L. DEARMONT, Chairman of the Board and Federal Reserve Agent,
St. Louis, Mo.
DOUGLAS W. BROOKS, Deputy Chairman, Memphis, Tenn.
P. R E D M A N , Cairo, 111.
CLASS A
CLASS B
TOM K. SMITH, St. Louis, Mo.
A. WESSEL SHAPLEIGH, St. Louis, Mo.
PHIL E. CHAPPELL, Hopkinsville, Ky.
K. AUGUST ENGEL, Little Rock, Ark.
G. R. CORLIS, Anna, 111.
LOUIS RUTHENBURG, Evansville, Ind.

OFFICERS
CHESTER C. DAVIS, President
S. F. GILMORE, Assistant Vice-President
F. GUY HITT, First Vice-President
FRANK N. HALL, Assistant Vice-President
OLIN M. ATTEBERY, Vice-President
G. O. HOLLOCHER, Assistant Vice-President
H. H. WE I GEL, Assistant Vice-President
C. M. STEWART, Vice-President and Secretary
J. H. GALES, Assistant Vice-President
WILLIAM H. STEAD, Vice-President
L. K. ARTHUR, Assistant Vice-President
WM. E. PETERSON, Vice-President
J. C. WOTAWA, General Auditor
L. H. CARSTARPHEN, General Counsel
A. F. BAILEY, Vice-President; Manager Little Rock Branch
CHAS. A. SCHACHT. Vice-President; Manager Louisville Branch
W. B. POLLARD, Vice-President; Manager Memphis Branch

FEDERAL ADVISORY COUNCIL MEMBER
JAMES H. PENICK, Little Rock, Ark.

INDUSTRIAL ADVISORY COMMITTEE
WM. K. NORRIS, Chairman, St. Louis, Mo.
JACOB VAN D Y K E , Vice-Chairman, St. Louis, Mo.
L. J. BUB, Secretary

LITTLE ROCK BRANCH
DIRECTORS
I. N. BARNETT, Batesville, Ark.
S. M. BROOKS, Little Rock, Ark.
CECIL C. COX, Stuttgart, Ark.
CHAS. A. GORDON, Pine Bluff, Ark.
EMMET MORRIS, Little Rock, Ark.
GEO. S. NEAL, Russellville, Ark.
RALPH E. PLUNKETT, Little Rock, Ark.
LLOYD SPENCER, Hope. Ark.

LOUISVILLE BRANCH
DIRECTORS
GEO. O. BOOMER, Louisville, Ky.
H. LEE COOPER, Henderson, Ky.
WALLACE M. DAVIS, Louisville, Ky.
E. J. O'BRIEN, JR., Louisville, Ky.
LEE L. PERSISE, Salem, Ind.
ROSCO STONE, Hickman, Ky.
A. C. VORIS, Bedford, Ind.

MEMPHIS BRANCH

DIRECTORS
HUGH M. BRINKLEY, Hughes, Ark.
W. W. CAMPBELL, Forrest City, Ark.
H. W. HICKS, Jackson, Tenn.
W. P. KRETSCHMAR, Greenville, Miss.
J. HOLMES SHERARD, Sherard, Miss.
LESLIE M. STRATTON, JR., Memphis, Tenn.
NORFLEET TURNER, Memphis, Tenn.




M. E. FINCH, Memphis, Tenn.
G. A. HEUSER, Louisville, Ky.

OFFICERS
A. F. BAILEY,
Manager
CLIFFORD WOOD,
Assistant Manager
CLAY CHILDERS,
Assistant Manager

OFFICERS
CHAS. A. SCHACHT,
Manager
F R E D BURTON,
Assistant Manager
STANLEY B. JENKS,
Assistant Manager
LEE S. MOORE,
Assistant Manager
OFFICERS
W. B. POLLARD,
Manager
S. K. BELCHER,
Assistant Manager
C. E. MARTIN,
Assistant Manager
H. C. ANDERSON,
Assistant Manager

COMPARATIVE STATEMENT OF CONDITION
Dec. 31, 1946
ASSETS
Gold certificates
Redemption fond—^F. R. notes
Total gold certificate reserves
Other cash
Discounts and advances:
Secured by U. S. Government obligations
direct and guaranteed
Other bills discounted and advances
Total discounts and advances
U. S. Government securities:
Bills
Certificates
Notes
Bonds

$

596,006,861
46,455,688
642,462,549

Dec. 31, 1945
$

588,989,469
42,997,153
631,986,622

15,516,187

15,293,462

280,000
4,641,000

1,790,000
1,410,000

4,921,000

3,200,000

631,259,000
412,831,000
19,567,000
41,492,000

493,510,000
427,625,000
108,365,000
48,409,000

Total U. S. Government securities

1,105,149,000

1,077,909,000

Total loans and securities

1,110,070,000

1,081,109,000

3,476
9,668,995
148,064,601
2,010,558
3,200,122

3,315
9,042,000
103,677,300
2,058,939
3,965,981

1,930,996,488

1,847,136,619

1,120,120,485

1,063,366,475

607,335,006
21,767,560
16,203,158
9,^38,650

599,150,570
37,877,338
24,611,949
16,300,189

654,644,374

677,940,046

130,929,393

84,736,042

364,530

298,451

1,906,058,782

1,826,341,014

6,103,200
16,577,077
521,317
1,736,112
1,930,996,488

5,610,700
12,938,821
526,615
1,719,469
1,847,136,619

222,585
4,225,000

0
0

36.2%

36.3%

Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
Bank premises (net)
Other assets
Total assets
LIABILITIES
Federal Reserve notes in actual circulation
Deposits:
Member bank—reserve account
U. S. Treasurer—general account
Foreign
Other deposits
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
Contingent liability on bills purchased for
foreign correspondents
Commitments to make industrial loans
Ratio of gold certificate reserves to deposit and
Federal Reserve note liabilities combined. . . .



EARNINGS AND EXPENSES
1946

1945

Current Earnings:
f-

•

.

D i s c o u n t s a n d advances
C o m m i t m e n t s t o m a k e industrial l o a n s . . . .
U . S. G o v e r n m e n t securities
All o t h e r

$
$

T o t a l current earnings

133,926
7,702
7,115,299
62.140

107,862
214
6,433,581
54,462

$

7,319,067

6,596,119

O p e r a t i n g expenses
Less reimbursements for certain fiscal agency
a n d other expenses

4,528,639

4.229,233

1,636,178

1,893,963

N e t operating expenses
,
Assessment for expenses of B o a r d of G o v e r n o r s .
F e d e r a l Reserve currency

2,892,461
76,771
295,072

2,335,270
71,534
257,724

3,264,304

2,664,528

4,054,763

3,931,591

86,925
3,294

156,072
4,135

90,219

160,207

158,864

649,164

158,864

649,164

Current Expenses:

T o t a l current expenses
C u r r e n t n e t earnings

Additions t o current n e t earnings:
Profit on sales of U . S. G o v e r n m e n t securities. .
All o t h e r
T o t a l additions

D e d u c t i o n s from current n e t earnings:
All other
T o t a l deductions
N e t deductions from current n e t earnings
N e t earnings

68,645

-

488,957

3,986,118

3,442,634

353,160
3,638,256
— 5,298

326,314
3,116,562
- 242

3,986,118

3,442,634

12,938,821

7,048,131

3,638,256

3,116,562

0

2,774,128

16,577,077

12,938,821

Disposition of net earnings:
D i v i d e n d s paid t o member b a n k s
Transferred to surplus (Section 7)
Transferred to surplus (Section 13b)
Total
Surplus (Section 7) beginning of year
Additions as above
Transferred from reserve for contingencies
Surplus (Section 7) end of year




Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102