Full text of Annual Report of the Federal Reserve Bank of St. Louis : Annual Report, 1943

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A N N U A L REPORT
1943
FEDERAL RESERVE B A N K
OF ST. LOUIS

January 15, 1944,

To the Stockholders
Federal

Reserve

Bank

of

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
Louisville,

Memphis, and Little Rock Branches, at the close of

business December 31, 1943, and December 31, 1942, together with
a comparison of earnings and expenses for the years 1943 and 1942.




Very truly yours,

President.

DIRECTORS A N D OFFICERS
JANUARY 15, 1944
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 B
CLASS A
A. WESSEL SHAPLEIGH, St. Louis, Mo.
SIDNEY MAESTRE, St. Louis, Mo.
H. H. TUCKER, Little Rock, Ark.
MAX B. NAHM, Bowling Green, Ky.
JOHN R. STANLEY, Evansville, Ind.
G. R. CORLIS, Anna, 111.

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
C. M. STEWART, Vice-President and Secretary
H. H. WEIGEL, Assistant Vice-President
H E N R Y H. EDMISTON, Vice-President
L. H. BAILEY, General Auditor
L. H. CARSTARPHEN, General Counsel

F E D E R A L ADVISORY COUNCIL M E M B E R
RALPH C. GIFFORD, Louisville, Ky.

INDUSTRIAL ADVISORY C O M M I T T E E
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

LOUISVILLE BRANCH
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.

OFFICERS
CHAS. A. SCHACHT,
Managing Director
FRED BURTON,
Assistant Manager
STANLEY B. JENKS,
Assistant Manager

M E M P H I S BRANCH
DIRECTORS
V. J. ALEXANDER, Memphis, Tenn.
OLIVER BENTON, Jackson, Tenn.
RUFUS C. BRANCH, Pecan Point, Ark.
W. W. CAMPBELL, Forrest City, Ark.
W. H. GLASGOW, Memphis, Tenn.
J. P. NORFLEET, Memphis, Tenn.
J. HOLMES SHERARD, Sherard, Miss.

OFFICERS
W. H. GLASGOW,
Managing Director
S. K. BELCHER,
Assistant Manager
C. E. MARTIN,
Assistant Manager

L I T T L E ROCK BRANCH
DIRECTORS
A. F. BAILEY, Little Rock, Ark.
I. N. BARNETT, Batesville, Ark.
S. M. BROOKS, Little Rock, Ark.
CHAS A. GORDON, Pine Bluff, Ark.
PAUL R. McCOY, Stuttgart, Ark.
W. A. M C D O N N E L L , Little Rock, Ark.
R. E. SHORT, Brinkley, Ark.



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

COMPARATIVE STATEMENT OF CONDITION
Dec. 3 1 , 1943
ASSETS
Gold certificates on h a n d a n d due from U, S. T r e a s u r y $
R e d e m p t i o n f u n d — F . R. notes
Other cash
T o t a l reserves

Dec. 3 1 , 1942

643,404,896
19,713,893
15,399,000

$

721,664,425
4,192 ,145
19,246,787

678,517,789

745,103,357

0
0

45,000
75,000

0

120,000

0

60,732

78,235,000
32,547,000
118,457,000
304,038,000

133,223,000
64,170,500
49,662,000
40,764,000

533,277,000

287,819,500

533,277,000

288,000,232

3,299
6,851,900
94,750,486
2 ,065 ,058
2,911,290
1,318,376,822

627
4,161,950
75,178,873
2 ,109,540
4,158,313
1,118,712,892

LIABILITIES
Federal Reserve notes in actual circulation

725,702 ,365

513,737 ,345

Deposits:
M e m b e r banks—reserve account
U . S. Treasurer—general account
Foreign
Other deposits

434,360,249
18,687 ,044
37,980,849
10,805 ,877

446,424,519
56,543,715
20,968,855
12 ,257 ,701

501,834,019

536,194,790

76,496,544
206,855

56,580,437
83,035

1,304, 239,783

1,106,595 ,607

4,705,450
6,330,100
529 ,571
2,571,918

4,549,450
4,966,321
529,596
2,071,918

1,318 ,376,822

1,118,712 ,892

336,500

1,686,500

55.3%

71.0%

Bills discounted:
Secured b y U . S. G o v e r n m e n t
direct a n d guaranteed
Other bills discounted

obligations,

T o t a l bills discounted
Industrial advances
U . S. G o v e r n m e n t securities, direct a n d g u a r a n t e e d :
Bonds
Notes
Certificates of Indebtedness
Bills
T o t a l U . S. G o v e r n m e n t securities,
direct a n d guaranteed
T o t a l bills a n d securities
D u e from foreign b a n k s
Federal Reserve notes of other b a n k s
Uncollected items
B a n k premises (net)
Other assets
T o t a l assets

T o t a l deposits
Deferred availability items
Other liabilities
T o t a l liabilities
CAPITAL ACCOUNTS
Capital paid in
Surplus (section 7)
Surplus (section 13b)
Other capital accounts
T o t a l liabilities a n d capital accounts
C o m m i t m e n t s t o m a k e industrial advances
R a t i o of t o t a l reserves t o deposit a n d
Reserve n o t e liabilities combined



Federal

EARNINGS A N D EXPENSES
C u r r e n t Earnings:
Discounted bills
$
Industrial advances
C o m m i t m e n t s t o m a k e industrial a d v a n c e s . . . .
U . S. Government securities
All other
T o t a l current earnings

1^43
14, 767
139
5,591
3.135, 786
24,351

1942
$

1,838
982
9,177
2 ,518,158
22, 203

3,180,634

2,552,358

3 , 584,618

2 ,681 ,000

1,744,862

931; ,618

1,839, 756
72 ,801
262,847

1 ,749.,382

2 ,175,404

2 ,058 ,302

Current n e t earnings

1,005,230

4 9 4 ,056

Additions t o current net earnings:
Profits on sales of U . S. Government securities.
All other

1,658, 200
1,249

153 ,088
1 ,539

1,659,449

154 ,627

521,905
110

248,913
1,913

522 ,015

250;,826

N e t additions t o current net earnings

1,137,434

- 96 ,199

N e t earnings

2,142 ,664

397;,857

Disposition of net earnings:
Paid U . S. Treasury (Profit on SurplusSec. 13b)
Dividends paid to member banks
Transferred to surplus (Section 7)
Transferred to surplus (Section 13b)

1,115
277,795
1,863,779
-25

0
269,311
127,929
617

2,142,664

397,857

Surplus (Section 7) beginning of year

4,966,321

4,966,321

Addition as above

1,863, 779

127,929

500,000

127,929

6,330,100

4,966,321

C u r r e n t Expenses:
Operating expenses
Less reimbursements for certain fiscal agency
a n d other expenses
N e t operating expense
Assessment for expenses of Board of G o v e r n o r s .
Federal Reserve currency
T o t a l current expenses

T o t a l additions

Deductions from current net earnings:
R e t i r e m e n t System (Interest base a n d increased
benefits adjustments)
All other
T o t a l deductions




Transferred t o reserves for contingencies
Surplus (Section 7) end of year

52,,994
255.,926