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ANNUAL REPORT 1945 FEDERAL RESERVE BANK OF ST. LOUIS January 10, 1946, 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 B a n k of St. Louis, including its Little Rock, Louisville and Memphis Branches, at the close of business December 31, 1945, and December 31, 1944, together with a comparison of earnings and expenses for the years 1945 and 1944. Very truly yours, President. DIRECTORS AND OFFICERS J A N U A R Y 10, 1946 DIRECTORS CLASS C RUSSELL L. DEARMONT, Chairman of the Board and Federal Reserve Agent, St. Louis, Mo. DOUGLAS W. BROOKS, Deputy Chairman, Memphis, Tenn. CLASS A TOM K. SMITH, St. Louis, Mo. PHIL E. CHAPPELL, Hopkinsville, Ky. G. R. CORLIS, Anna, 111. CLASS B A. WESSEL SHAPLEIGH, St. Louis, Mo. K. AUGUST ENGEL, Little Rock, Ark. 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. WEIGEL, Assistant Vice-President C. M. STEWART, Vice-President and Secretary J. H. GALES, Assistant Vice-President HENRY H. EDMISTON, 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 M. E. FINCH, Memphis, Tenn. G. A. HEUSER, Louisville, Ky. 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. 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 RUFUS C. BRANCH, Pecan Point, 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. 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, 1945 ASSETS Gold certificates Redemption fund—F. R. notes Total gold certificate reserves $ 588,989,469 42,997,153 Dec. 31, 1944 $ 619,418,553 32,782,633 631,986,622 652,201,186 15,293,462 13,473,685 1,790,000 0 Other bills discounted 1,410,000 0 Total discounts and advances 3,200,000 0 U. S. Government securities: Bills. , . Certificates Notes Bonds Total U. S. Government securities 493,510,000 427,625,000 108,365,000 48,409,000 1,077,909,000 459,871,000 232,353,000 74,567,000 59,124,000 825,915,000 Total loans and securities 1,081,109,000 825,915,000 3,315 9,042,000 103,677,300 2,058,939 3,965,981 4,205 8,425,950 108,111,340 . 2,114,725 3,058,298 1,847,136,619 1,613,304,389 1,063,366,475 930,850,205 599,150,570 37,877,338 24,611,949 16,300,189 528,957,959 15,915,684 35,836,425 11,790,193 677,940,046 592,500,261 84,736,042 298,451 73,102,721 262,196 1,826,341,014 1,596,715,383 5,610,700 12,938,821 526,615 1,719,469 5,142,100 7,048,131 526,857 3,871,918 1,847,136,619 1,613,304,389 0 55,000 36.3% 42.8% Other cash Discounts and advances: Secured by U. S. Government obligations. . . . Due from foreign banks Federal Reserve notes of other banks Uncollected items Bank premises (net) Other assets Total assets LIABILITIBS 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 Commitments to make industrial advances Ratio of gold certificate reserves to deposit and Federal Reserve note liabilities combined EARNINGS AND EXPENSES 1945 1944 Current Earnings: D i s c o u n t e d bills $ $ I n d u s t r i a l 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. G o v e r n m e n t securities All other T o t a l current earnings 107,862 0 214. 6,433,581 54,462 $ 71,965 775 431 4,581,826 30,454 6,596,119 4,685,451 O p e r a t i n g expenses Less reimbursements for certain fiscal agencyr a n d other expenses 4.229,233 4,034,518 1,893,963 1,946,934 N e t operating expenses Assessment for expenses of B o a r d of Governors . F e d e r a l Reserve currency 2,335,270 71,534 257,724 2,087,584 71,940 360,658 2,664,528 2,520,182 3,931,591 2,165,269 156,072 4,135 148,719 6,697 160,207 155,416 649,164 11,791 649,164 11,791 488,957 143,625 3,442,634 2,308,894 326,314 3,116,562 - 242 293,577 2,018,031 2,714 3,442,634 2,308,894 Surplus (Section 7) beginning of year 7,048,131 6,330,100 Additions as above 3,116,562 2,018,031 Transferred from reserve for contingencies 2,774,128 C u r r e n t 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: Profits on sales of U . S . G o v e r n m e n t securities. All other T o t a l additions D e d u c t i o n s from current net earnings: All other T o t a l deductions N e t additions t o or deductions from c u r r e n t n e t earnings N e t earnings 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) Surplus (Section 7) end of year 12,938.821 - 1,300,000 7.048,131
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