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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