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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