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ANNUAL REPORT, 1943

FEDERAL RESERVE BANK
OF SAN FRANCISCO




JANUARY 1, 1944

To the Stockholders of the
Federal Reserve Bank of San Francisco.
D ear S ir s :

There is presented herewith a condensed comparative
statement of condition of the Federal Reserve Bank of
San Francisco, including branches, at the close of business
December 31, 1943 and December 31, 1942, together with
a comparison of earnings and expenses for 1943 and 1942.
Yours very truly,

President.

COMPARATIVE STATEMENT OF CONDITION
ASSETS
Dec. 31,1943
Gold certificates on hand and due from United States Treasury $2,301,100,953.89
Redemption fund—Federal Reserve n o t e s ...............................................................
20,405,571.24
Other c a s h ....................................................................................................................
39,922,413.15
Total r e s e r v e s .................................................................................................. 2,361,428,938.28
Bills discounted:
Secured by United States Government obligations, direct and guaranteed —0—
Other bills discounted.................................................................................................. ............... —0—
Total bills discounted......................................................................................... ............... —0—
Industrial advances - - - -

-

-

-

.............................................

4,550,000.00

Dec. 31,1942
$1,967,283,436.92
7,132,673.87
35,995,085.30
2,010,411,196.09
10,000.00
190,000.00
200,000.00
4,034,240.54

United States Government securities, direct and guaranteed:
B o n d s.............................................................................................................................
N o t e s .............................................................................................................................
Certificates....................................................................................................................
B i l l s ............................................................................................................................
Total United States Government securities, direct and guaranteed - Total bills and s e c u r itie s .................................................................................

194,465,000.00
80,902,000.00
294,454,000.00
597,892,000.00
1,167,713,000.00
1,172,263,000.00

288,968,000.00
139,185,500.00
107,719,000.00
78,606,000.00
614,478,500.00
618,712,740.54

Due from foreign b a n k s ..................................................................................................
Federal Reserve notes of other b a n k s ........................................................................
Uncollected i t e m s ...........................................................................................................
Bank premises - - - - - - ...............................................................
Other a s s e t s ....................................................................................................................
Total a sse ts...........................................................................................................

10,322.55
16,749,575.00
214,877,565.84
2,022,502.50
7,265,668.67
3,774,617,572.84

3,551.34
7,251,310.00
155,453,971.51
2,691,322.13
9,605,789.83
2,804,129,881.44

LIABILITIES
Federal Reserve notes in actual circulation...............................................................

1,937,358,985.00

1,279,379,550.00

Deposits:
Member bank—reserve accounts
- ...............................................................
United States Treasurer—general account...............................................................
F o r e i g n ....................................................................................................................
Other d e p o s it s ...........................................................................................................
Total d e p o s i t s ..................................................................................................

1,461,805,233.02
41,240,404.06
96,249,877.16
45,327,918.92
1,644,623,433.16

1,232,212,180.63
85,287,596.49
53,328,238.14
41,615,238.65
1,412,443,253.91

Deferred availability i t e m s .........................................................................................
Other l i a b i l i t i e s ...........................................................................................................
Total lia b ilitie s ..................................................................................................

160,470,537.38
404,176.20
3,742,857,131.74

83,984,654.37
75,955.23
2,775,883,413.51

CAPITAL ACCOUNTS
Capital paid i n ....................................................................................................................
Surplus (Section 7 ) ...........................................................................................................
Surplus (Section 1 3 b ) ..................................................................................................
Other capital a c c o u n ts ..................................................................................................
Total liabilities and capital a c c o u n t s ......................................................

12,472,950.00
14,158,474.61
2,129,016.49
3,000,000.00
3,774,617,572.84

12,081,250.00
11,044,325.98
2,120,891.95
3,000,000.00
2,804,129,881.44

2,523,619.09

3,892,366.97

Commitments to make industrial advances -




...................................................

FEDERAL RESERVE BANK OF SAN FRANCISCO

EARNINGS AND EXPENSES
CURRENT EARNINGS
Discounted bills ......................................................................................$
United States Government securities.............................................................................
Industrial advances - ...............................................................................................
Commitments to make industrial a d v a n c e s ............................................................
All o t h e r .........................................................................................................................
Total current e a r n i n g s ................................... ........

1943
1,138.00
$
6,641,585.66
112,254.99
27,942.71
5,302.75
6,788,224.11

1942
1,327.70
4,747,120.07
39,591.47
45,822.10
13,654.66
4,847,516.00

7,405,069.16
3,848,067.17
3,557,001.99
182,582.85

5,408,546.70
2,445,329.42
2,963,217.28
132,114.83

793,341.83
42,078.06
4,575,004.73

603,599.35
22,087.00
3,721,018.46

6,788,224.11
4,575,004.73
2,213,219.38

4,847,516.00
3,721,018.46
1,126,497.54

Additions to current net earnings:
Profits on sales of United States Government s e c u r it ie s ...................................
3,094,713.04
All other - - - - - - - - 65,206.95
Total additions to current net e a r n in g s ................................................... 3,159,919.99

281,766.70
15.25
281,781.95

CURRENT EXPENSES
Total operating expenses (including normal depreciation on bank premises) - Less Reimbursements for certain fiscal agency and other expenses Net operating expenses
- - - - ...........................................
Assessment for expenses of Board of G o v e r n o r s ...................................................
Federal Reserve currency:
Original cost - - - - - - - Cost of redemption
- - - - - ...................................
Total current expenses
- - - - - PROFIT AND LOSS
Current earnings......................................................................................Current expenses - - - - - - - Current net e a r n in g s ............................................................................. -

Deductions from current net earnings:
Reserves for losses .............................................................................................. Retirement System (interest base and increased benefits adjustments) - Special reserves on bank premises - - - - - - - - All o th e r ........................................................................................................................
Total deductions from current net e a r n in g s ...................................Net additions to or deductions from current net earnings - - - - Net earnings........................................................................................................................

5,122.92
876,282.24
593,965.46
1,696.84
1,477,067.46
+1,682,852.53
3,896,071.91

Paid to United States Treasury (Section 1 3 b )............................................................
Dividends p a i d ................................................................................................................
Transferred to Surplus (Section 7 ) ....................................................Transferred to Surplus (Section 1 3 b ).............................................................................

43,135.90
730,662.84
3,114,148.63
8,124.54




49,981.86
385,241.00
4,097.95
439,320.81
—157,538.86
968,958.68
716,930.68
252,028.00

DIRECTORS AND OFFICERS
December 31,1943

DIRECTORS

H enry F. G rady, San Francisco, California, Chairman and Federal R eserve Agent
S t . G eorge H olden ; San Francisco, California, Deputy Chairman
Carroll F. B yrd, W illows, California
H arry R. W ellman , Berkeley, California
E lmer H. C ox , San Francisco, California
C. K. M cI ntosh , San Francisco, California
W illiam G. V olkmann , San Francisco, California
R eno O dlin , Tacoma, Washington
R eese H. T aylor , L os Angeles, California

MEMBER OF FEDERAL ADVISORY COUNCIL
G. M. Wallace, L os Angeles, California

OFFICERS

Wm. A. D ay , President
I ra C lerk , First Vice President
W. M. H ale , Vice President
R. B. W est, Vice President
C. E. E arhart, Vice President
H. N. M angels , Cashier

E. C. M ailliard , Assistant Cashier
J. M. O smer , Assistant Cashier
H . F. S lade , Assistant Cashier
R. T. H ardy , Assistant Cashier

M erritt S herman , Assistant Cashier
H. A rmstrong, Assistant Cashier
R onald T. S ymms, Assistant Cashier
J. A. R andall, Assistant Cashier
R. H. M orrill, Assistant Cashier
O liver P. W heeler , Director of Research

F. H . H olman, General Auditor

A lbert C. A gnew , General Counsel

H enry D. N ichols, Chairman
Wakefield B aker

INDUSTRIAL ADVISORY COMMITTEE

LOS ANGELES BRANCH

W. N. A mbrose , Managing Director
F red C. B old , Assistant Manager
M . M cR itchie , Assistant Manager
L. C. M eyer , Assistant Manager
W. D . D urran , Assistant Manager
C. H . W atkins , Assistant Manager
E. R . B arglebaugh , Assistant Manager
F. E. S nedecor
H erbert D . I vey

Directors:

Y. F rank F reeman , Chairman
C. E. M yers

PORTLAND BRANCH

D. L. D avis , Managing Director
S. A. M ac E achron , Assistant Manager
D . E. B ent , Assistant Manager
J. P. B lanchard , Assistant Manager

Directors:

P aul S. D ick
G eorge T. G erlinger , Chairman
W illiam C. C hristensen W illiam H. S teen




S hannon C randall , Vice Chairman
Walter A. S tarr

E dmund H ayes

SALT LAKE CITY BRANCH

W. L. P artner , Managing Director
Jos. M. L eisner , Assistant Manager
W. M. S cott, Assistant Manager
0. H. B arnard , Assistant Manager
F rederick P. C hamp
Orval W. A dams

Directors:

H erbert S. A uerbach , Chairman
R. C. R ich

SEATTLE BRANCH

C. R. S haw , Managing Director
B. A. R ussell , Assistant Manager
R. E. E verson , Assistant Manager
D. E. S imms, Assistant Manager
A ndrew P rice
F red L. S tanton

Directors:

C harles F. L arrabee , Chairman
F red N elsen


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102