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Hwtwt 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