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FEDERAL RESERVE B A N K
OF ST. L O U I S

REPORT TO STOCKHOLDERS
FOR THE YEAR ENDED DECEMBER 31. 1941




FEDERAL RESERVE BANK OF ST. LOUIS
D I R E C T O R S
CLASS C

C h a i r m a n of t h e Board
and F e d e r a l Reserve Agent, St. Louis, M o .
O S C A R G . J O H N S T O N , D e p u t y Chairman, Scott, M i s s .
DOUGLAS W . BROOKS, Memphis, Tenn.

W I L L I A M T . NARDIN,

CLASS A
S I D N E Y M A E S T R E , St. Louis, M o .
M A X B . N A H M , BowHng Green,

CLASS B
J. W . H A R R I S , St. Louis, M o .
H . H . T U C K E R , L i t t l e Rock, Ark.
J O H N R . S T A N L E Y , Evansville, Ind.

Ky.

G. R . CoRLis, Anna, 111.

O F F I C E R S
A. H . H A I L L , Asst. Cashier
CHESTER C . DAVIS, President
S. F . GiLMORE, Asst. Cashier
F . G U Y H I T T , First Vice-President
F R A N K N . H A L L , Asst. Cashier
O L I N M . A T T E B E R Y , Vice-President
C. M . S T E W A R T , Cashier and Secretary
G. O. HoLLOCHER, Asst. Cashier
L. H . C A R S T A R P H E N , General Counsel
L. H . B A I L E Y , General Auditor
H E N R Y H . E D M I S T O N , Assistant Vice-President
H . H . W E I G E L , Assistant Vice-President
FEDERAL

ADVISORY COUNCIL
MEMBER
S. E . R A G L A N D , M e m p h i s , T e n n .

INDUSTRIAL ADVISORY
COMMITTEE
M. E. FINCH, Memphis, Tenn.
W M . K . N O R R I S , Chairman, St. Louis, M o .
F O S T E R H . E M B R Y , Louisville, K y . *
J A C O B V A N D Y K E , Vice-Chm., St. Louis, M o .
L. J . B U B , Secretary
M A U R I C E W E I L , St. Louis, M o .
LOUISVILLE
DIRECTORS
P E R R Y B . G A I N E S , Chairman, Carrollton,
G E O . O . B O O M E R , Louisville, K y .
P H I L E . C H A P P E L L , Hopkinsville, K y .
R A L P H C . G I F F O R D , Louisville, K y .
E. J . O ' B R I E N , J R . , Louisville, K y .
J. O. S A N D E R S , H u n t i n g b u r g , Ind.
C H A S . A . S C H A C H T , Louisville, K y .

MEMPHIS

BRANCH
OFFICERS
C H A S . A. S C H A C H T ,

Ky.

M a n a g i n g Director
FRED BURTON,

Cashier
STANLEY B .

BRANCH

DIRECTORS

J. p . N O R F L E E T , Chairman, M e m p h i s , T e n n .
V. J . A L E X A N D E R , M e m p h i s , T e n n .
O L I V E R B E N T O N , Jackson, T e n n .
R U F U S C . B R A N C H , P e c a n Point, Ark.
W. H . G L A S G O W , M e m p h i s , T e n n .
B. A. L Y N C H , Blytheville, Ark.
J. H O L M E S S H E R A R D , Sherard, Miss.
LITTLE

ROCK

DIRECTORS
R. E . S H O R T , Chairman, Brinkley, Ark.
A. F . B A I L E Y , L i t t l e Rock, Ark .
I. N . B A R N E T T , J R . , Batesville, Ark.
S. M . B R O O K S , L i t t l e Rock, Ark.
P A U L R . M C C O Y , Stuttgart, Ark.
A. E . M C L E A N , Little Rock, Ark.
J A M E S H . P E N I C K , Little Rock, Ark.

=Term


begins 3-1-42.

JENKS,

Asst. Cashier

— 2 —

W.

OFFICERS
H. GLASGOW,

M a n a g i n g Director
S. K.

BELCHER,

Cashier
C. E .

MARTIN,

Asst. Cashier
BRANCH
OFFICERS
A. F . B A I L E Y ,

Managing Director
CLIFFORD WOOD,

Cashier
CLAY CHILDERS,

Asst. Cashier

J a n u a r y 23, 1942.

FEDERAL RESERVE B A N K O F S T . L O U I S

January 23, 1942.

To the Stockholders
Federal Reserve

of the

Bank of St.

Louis:

There is submitted herein a comparative statement of the condition
of the Federal Reserve Bank of St. Louis, including its Louisville,
Memphis, and Little Rock Branches, at the close of business December
31, 1941, and December 31, 1940, together with comparative statements
of operations for the years 1941 and 1940, and other data.




Very truly yours,
CHESTER C. D A V I S ,
President.

— 3

COMPARATIVE STATEMENT OF CONDITION
ASSETS
Dec. 3 1 , 1941

Dec. 3 1 , 1940

Gold certificates o n hand and due from U . S. Treasury ^632,041,596
Redemption fund—Federal Reserve notes
643,491
Other cash
17,601,813

^494,577,^52
169,305
16,482,214

Total reserves

650,286,900

511,228,571

0
O

0
28,410

O

28,410

300,000

0

73,695,000
39,053,000
521,000

55,507,500
38,868,000
0

Total U . S. Government securities

113,269,000

94,375,500

Total bills and securities

113,569,000

94,403,910

627
2,430,400
49,584,893
2,154,023
2,026,207

627
2,896,150
52,650,867
2,318,319
1,916,612

820,052,050

665,415,056

Federal Reserve notes in actual circulation

322,066,860

221,147,230

Deposits:
Member banks—reserve account
United States Treasurer—general account
Foreign
Other deposits

363,642,898
39,645,660
22,904,237
12,593,560

326,872,451
23,892,502
23,248,036
7,167,303

438,786,355

381,180,292

47,310,905
32,090

51,417,675
56,431

808,196,210

653,801,628

4,416,550
4,966,321
528,979
1,943,990

4,211,650
4,924,976
532,812
1,943,990

820,052,550

665,415,056

1,225,965

299,193

85.5%

84.9%

Bills discounted:
Secured by U . S. Government obligations, direct
and guaranteed
Other bills discounted
Total bills discounted
Industrial advances
U . S. Government securities, direct and guaranteed:
Bonds
Notes
Bills

Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
Bank premises (net)
Other assets
Total assets
LIABILITIES

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 total reserves to deposit and Federal
Reserve note liabilities combined






FINANCIAL RESULTS OF OPERATIONS
Year 1940

Year 1941
Current earnings:
Discounted bills
Purchased bills
Industrial advances
Commitments to make industrial advances
U . S. Government securities
All other
Total current earnings

^

1^42
O
3,015
4,179
1,935,696
21,763

$

2,332

0
818
3,105
1,894,530
19,994

1,965,895

1,920,779

1,992,784

1,744,225

548,115

468,856

N e t operating expenses
Assessment for expenses of Board of Governors. .
Federal Reserve currency

1,444,669
55,265
109,437

1,275,369
50,617
47,222

Total current expenses

1,609,371

Current expenses:
Operating expenses
Less reimbursements for certain fiscal agency
and other expenses

Current net earnings

356,524

Additions to current net earnings:
Profits on sales of U . S. Government securities. .
All other
Total additions
Deductions from current net earnings:
Special reserve on bank premises
All other
Total deductions

60,214
313
60,527

120,468
309
120,777

Net additions to current net earnings

—60,250

1,373,208
547,571

528,208
60,894
589,102

150,000
101
150,101
439,001
986,572

N e t earnings

296,274

Distribution of net earnings:
Dividends paid to member banks
Transferred to surplus (Section 7)
Transferred from surplus (Section 13b)

258,762
41,345
3,833

248,242
744,005
5,675

296,274

986,572

4,924,976

4,709,180

41,345

744,005

O

528,209

4,966,321

4,924,976

Surplus (Section 7) beginning of year
Addition, as above
Transferred to reserve for contingencies
Surplus (Section 7) end of year

—5—

V O L U M E O F MAJOR O P E R A T I O N S
Year 1941

Checks (cash items) handled:
LJ. S. Govt, checks and warrants:
Number
8,477,015
Amount
^1,244,844,000
All other checks:
Number
60,347,480
Amount
^18,723,825,000
Collections (noncash items) handled:
U . S. Govt, coupons paid:
Number
Amount
Other collection items:
Number
Amount

Year 1940

10,113,638
^716,008,000
56,016,827
^14,507,619,000

888,859
^16,175,000

949,095
^16,320,000

439,796
^436,999,000

426,458
052,524,000

60,905
0,591,639,000

54,713
0,022,419,000

123,328,278
^428,327,000

105,332,613
052,294,000

Coin received and counted:
Number
Amount

124,973,097
^13,441,000

115,511,517
^12,426,000

Rediscounts, advances and
commitments:
Number
Amount

151
^13,339,000

138
0,087,000

639,647
071,586,000

208,036
073,323,000

11,434
06,226,000

16,228
^15,604,000

154,964

156,083

Transfers of funds:
Number
Amount
Paper currency received and counted:
Number
Amount

New issues, redemptions, and exchanges of securities as fiscal
agent of:
United States Government:
Number
Amount
Government instrumentalities:
Number
Amount
Coupons clipped from securities in
custody*:
Number

*In addition to securities, a large volume of bills, notes, warehouse receipts,
etc., was held in custody for member banks, the LJ. S. Treasury, Reconstruction
Finance Corporation, and other Government agencies, departments, and officials.



— 6 —




FEDERAL RESERVE BANK OF ST. LOUIS
PERSONNEL
The number of officers and employees of the parent bank and
branches on December 31, 1941, was 824, the salaries of 209 being
reimbursable on account of fiscal agency operations.
MEMBERSHIP

MISSOURI \IUUNOIS;iNDIAMA^

yTENKESSEl 1

ARKANSAS /MISSISSIPPI

During 1941, twenty-one State banks
became members of the Federal Reserve
Bank of St. Louis, and one nonmember
State bank converted into a national bank.
O n December 31 there were 437 member banks, of which 319 were national
banks and 118 State banks and trust
companies.
The deposits in these member banks
aggregate approximately 75 per cent of
the deposits in all commercial banks of
this district.

During the year 1941, the twenty-two banks listed below, located
in the Eighth Federal Reserve District, became members on the dates
shown.
February
February
March
March
March
April
April
April
May
June
June
July
August
September
September
September
September

18
28
12
22
31
17
21
28
16
21
26
5
14
6
8
9
9

September 13
September 17
October
18
December 20
December 29

Bank of Eldon, Eldon, M o .
Fayette County Bank, St. Elmo, 111.
State Bank of Farina, Farina, 111.
Citizens State Bank, Fair Play, Mo.
Illinois National Bank of Quincy, Quincy, 111.
The St. Charles Savings Bank, St. Charles, M o .
Elk Horn Bank 8C Trust Company, Arkadelphia, Ark.
The Merchants and Planters Bank, Camden, Ark.
The Clay City Banking Company, Clay City, 111.
Bank of Middletown, Middletown, Ky.
D u Quoin State Bank, D u Quoin, 111.
Paris Savings Bank, Paris, Mo.
Farmers Bank of Polo, Polo, M o .
The State Bank of Salem, Salem, Ind.
Community Bank, Steelville, Mo.
Teutopolis State Bank, Teutopolis, 111.
The Farmers and Merchants Bank of Vandalia,
Vandalia, 111.
Bank of Lincoln County, Elsberry, Mo.
The Union Savings Bank of St. Charles,
St. Charles, Mo.
Bank of Ste. Genevieve, Ste. Genevieve, Mo.
The First State Bank of Dongola, Dongola, 111.
The Maries County Bank, Vienna, Mo.

— 7—

GROSS DEPOSITS. LOANS. ETC.. OF

REPORTING MEMBER BANKS
In St. Louis, Louisville, Memphis, Little Rock and Evansville.
CURVE 1
2
3
4

1941

Gross Deposits.
Loans, including Bills Rediscounted with Federal Reserve Bank.
Investments.
Borrowings from Federal Reserve Bank.
(AT CLOSE OF BUSINESS EACH

JAN.

FEB.

•-'fMCVJ

rH.-lCVI

MAR.
.-li-lCVJ

APR.
% ^

MAY
CJ rf

^tVJOJ

JUNE

WEDNESDAY)

JULY

^—iCNi

-1 tsl rr\

AUG.
•-• Cij C
M

SEPT.'
<-l •-• C\J

OCT.
r-« N

cCl

NOV,
i-H ?H W

DEC.
S

U i o l t<>

1.242*0
1.2*32

1.1:32

l:^

1.U6
1.1^8
i,hoo
1.392
I.3QU
1.376
1.366
1.360
1.352
1.3Wi
1.336
1.328
1.320
1.312

I.24O8
1,2400
1.392
1.3824
1.376
1.368
1.360
1.352
1.32424
1.336
1.526
1.320
1.312
1.3024
1.296
1.288
1.260
1.272
1.26U
1.256
1.22,8
I.224O
1.232
1.2224
1.216
1.208
1.200
1.192
1.1614.

1.296
1.268
1.260
1.272
1.26ii
1.256
1.2448
1.2(40
1.232
l.ZSh
1.216
1.208
1.200
1.192

i.ieu
laii
"X90
1+82
UTh
U66
li58
1*50

2490
2482
2472*
2466
2*58
2450
24242
243U
2426

li>|p

i*3ii
i426
UI6
i^io
1)02
39U
386
378
370

2a8
2410
2402
3924
386
378
370

-2^
2486
2478
2470
2462
245U

I4B6

ii78
i470
1|62

U5h
IM
2+38

24246
2*38
2430
2422

1+30
1+22
i+li*
2406
398
390
382
37I4
_3^

398
390
382
3724

J6t

2
1
O

TV
(M 0^^0 t r \ o

«-« CO i r \ C\J 0 ^
•-< o j K i

JAN.

FEB.




MAR.

APR.

- . ^

f-4 <

75 cvj '

MAY

-/'•^

•-I 00 I cu o^^o
X
JUNE

K\o^'<%ot-'*sor—s>HooifNC\jo> ir\cvj CT\NP

JULY

—8

AUG.

SEPT.

OCT.

NOV.

1-1 ^ M KS

DEC.

i