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ANNUAL REPORT 3RA;«^V^ 1947 FEDERAL RESERVE B A N K OF ST. LOUIS February 2, 1948. 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 31, 1947, and December 31, 1946, together with a comparison of earnings and expenses for the years 1947 and 1946. Very truly yours, President, DIRECTORS A N D OFFICERS F E B R U A R Y 2. 1948 DIRECTORS CLASS C RUSSELL L. DEARMONT, Chairman of the Board and Federal Reserve Agent, St. Louis, Mo. Deputy Chairman J. P. R E D M A N , Cairo, 111. 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 WILLIAM H. STEAD, Vice-President H. H. WEIGEL, Assistant Vice-President WM. E. PETERSON, Vice-President J. H. GALES, Assistant Vice-President L. H. CARSTARPHEN, General Counsel and Secretary L. K. ARTHUR, Assistant Vice-President J. C. WOTAWA, General Auditor C. M. STEWART, Vice-President; Manager Little Rock Branch CHAS. A. SCHACHT. Vice-President; Manager Louisville Branch W. B. POLLARD, Vice-President; Manager Memphis Branch F E D E R A L A D V I S O R Y COUNCIL M E M B E R JAMES H. PENICK, Little Rock, Ark. I N D U S T R I A L 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. L I T T L E ROCK B R A N C H DIRECTORS 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. OFFICERS C. M. STEWART, Manager CLIFFORD WOOD, Assistant Manager CLAY CHILDERS, Assistant Manager LOUISVILLE B R A N C H DIRECTORS GEO. O. BOOMER, Louisville, Ky. H. LEE COOPER, Henderson, Ky. WALLACE M. DAVIS, Louisville, Ky. LEE L. PERSISE, Salem, Ind. ROSCO STONE, Hickman, Ky. A. C. VORIS, Bedford, Ind. ALVIN A. VOIT, Louisville, Ky. MEMPHIS BRANCH DIRECTORS HUGH M. BRINKLEY, Hughes, Ark. W. W. CAMPBELL, Forrest City, Ark. H. W. HICKS, Jackson, Tenn. W. P. KRETSCHMAR, Greenville, Miss. M. P. MOORE, Senatobia, Miss. LESLIE M. STRATTON, JR., Memphis, Tenn. NORFLEET TURNER, Memphis, Tenn. 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, 1947 ASSETS Gold certificates Redemption fimd—F. R. notes $ 620,742,895 Dec. 31, 1946 $ 596,006,861 46,693,405 46,455,688 667,436,300 642,462,549 15,047.926 15,516,187 50,000 1,771,000 1,821,000 280,000 4,641,000 4,921,000 568,921,000 390,354,000 84,804,000 163,852,000 631,259,000 412,831,000 19,567,000 41,492,000 Total U. S. Government s e c u r i t i e s . . . . . . . 1,207,931,000 1,105,149,000 Total loans and securities 1,209,752,000 1,110,070,000 3,330 10,190,000 161,998,732 1,972,629 7,163,302 3,476 9,668,995 148,064,601 2,010,558 3,200,122 2,073,564,219 1,930,996,488 1,143,968,480 1,120,120,485 691,845,896 41,733,008 11,515,000 8,161,128 607,335,006 21,767,560 16,203,158 9,338,650 753,255,032 654,644,374 150,013,526 130,929,393 677,089 364,530 2,047,914,127 1,906,058,782 6,404,300 16,971,986 521,317 1,752,489 2,073,564,219 6,103,200 16,577,077 521,317 1,736,112 1,930,996,488 86,112 580,000 222,585 4,225,000 35.2^ 36.2% 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 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 c o m b i n e d . . . . EARNINGS AND EXPENSES Current Earnings: Discounts and advances Commitments to make industrial l o a n s . . . . U. S. Government securities All other 1947 $ $ 144,406 7,369 8,078,123 82,579 1946 $ 133,926 7,702 7,115,299 62,140 t Total current earnings 8,312,477 7,319,067 Operating expenses r Less reimbursements for certain fiscal agency and other expenses 4,727.779 4,528,638 1,173,069 1,636,177 Net operating expenses Assessment for expenses of Board of Governors. Federal Reserve currency 3,554,710 93,699 310,707 2,892,461 76,771 295,072 3,959,116 3,264,304 4,353,361 4,054,763 130,373 4,046 86,925 3,294 134,419 90,219 160,643 158,864 160,643 158,864 26,224 — 68,645 4,327,137 3,986,118 3,553,033 401 378,794 394,909 0 0 0 353,160 3,638,256 - 5,298 4,327,137 3,986,118 16,577,077 12,938,821 394,909 3,638,256 16,971,986 16,577,077 Current Expenses: Total current expenses Current net earnings Additions to current net earnings: Profit on sales of U. S. Government securities.. All other Total additions Deductions from current net earnings: All other Total deductions Net deductions from current net earnings Net earnings Disposition of net earnings: Paid U. S. Treasury (Interest on outstanding Federal Reserve Notes) Paid U. S. Treasury (Section 13b) Dividends paid to member banks Transferred to surplus (Section 7) Transferred to surplus (Section 13b) Total Surplus (Section 7) beginning of year Additions as above Surplus (Section 7) end of year