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ANNUAL REPORT, 1946

FEDERAL RESERVE BANK
OF SAN FRANCISCO




J A N U A R Y 1. 1947

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, 1946 and December 31, 1945, together with
a comparison of earnings and expenses for 1946 and 1945.
Yours very truly,

President.

COMPARATIVE STATEMENT OF CONDITION
ASSETS
Dec. 31,1946
Gold c e r t if ic a t e s .......................................................................................................... $2,314,659,640.21
Redemption fund—Federal Reserve n o t e s ............................................................... 106,275,482.29
Total gold certificate r e s e r v e s ....................................................................... $2,420,935,122.50
Other C a s h ...................................................................................................................
32,272,703.49
Discounts and advances:
Secured by United States Government obligations.............................................
100,000.00
Other discounts and a d v a n c e s................................................................................ 11,466,000.00
Total discounts and a d v a n c e s .......................................................................$ 11,566,000.00
Industrial l o a n s .......................................................................................................... ...............—0—
United States Government securities:
B i l l s ............................................................................................................................ 1,803,907,000.00
Certificates................................................................................................................... 710,457,000.00
N o t e s ............................................................................................................................ 33,675,000.00
B o n d s............................................................................................................................ 71,405,000.00
Total United States Government s e c u r it ie s .............................................$2,619,444,000.00
Total loans and securities ...............................................................$2,631,010,000.00
Due from foreign b a n k s ...............................................................................................................8,587.16
Federal Reserve notes of other b a n k s .......................................................................
17,561,750.00
Uncollected i t e m s .......................................................................................................... 213,584,725.08
Bank prem ises...................................................................................................................
1,788,015.03
Other a s s e t s ...................................................................................................................
4,972,774.30
Total a s s e ts .......................................................................................................... $5,322,133,677.56
LIABILITIES
Federal Reserve n o t e s ................................................................................................. $2,871,018,460.00

Dec. 31,1945
$2,395,549,263.51
111,836,772.29
$2,507,386,035.80
27,672,754.25

$

—0—
3,572,000.00
3,572,000.00
—0—

1,778,461,000.00
785,987,000.00
199,179,000.00
88,978,000.00
$2,852,605,000.00
$2,856,177,000.00
8,397.56
24,172,505.00
219,221,376.63
1,862,869.20
6,305,554.18
$5,642,806,492.62
$3,219,198,990.00

Deposits:
Member bank—reserve a c c o u n t s ....................................................................... 2,093,668,007.78
United States Treasurer—general account..............................................................
18,834,546.63
F o r e i g n ...................................................................................................................
40,038,198.75
Other d e p o s it s ..........................................................................................................
48,541,845.26
Total d e p o s i t s ................................................................................................. $2,201,082,598.42
Deferred availability i t e m s ........................................................................................
189,332,891.03
Other l i a b i l i t i e s ..........................................................................................................
922,533.51
Total lia b ilitie s ................................................................................................. $5,262,356,482.96

2,032,697,368.43
58,936,522.00
62,469,957.13
49,331,067.39
$2,203,434,914.95
169,597,603.99
908,609.44
$5,593,140,118.38

CAPITAL ACCOUNTS
Capital paid i n - - * - - - - - ....................................17,183,350.00
Surplus (Section 7 ) ..........................................................................................................
38,105,691.71
Surplus (Section 1 3 b ) .................................................................................................
2,139,706.03
Other capital accounts ................................................................................
2,348,446.86
Total liabilities and capital a c c o u n t s ............................................ -$5,322,133,677.56

16,296,500.00
28,923,947.33
2,142,173.68
2,303,753.23
$5,642,806,492.62

Commitments to make industrial loans




$

183,333.30

$

92,085.58

FEDERAL RESERVE BANK OF SAN FRANCISCO

EARNINGS AND EXPENSES
CURRENT EARNINGS

1946

Discounts and a d v a n c e s ...............................................................................................$ 108,083.62
United States Government securities.............................................................................
15,472,767.11
Industrial l o a n s ................................................................................................................
—0—
Commitments to make industrial l o a n s .....................................................................
1,086.50
All o t h e r .........................................................................................................................
44,372.72
Total current earnings...................................................................................... $15,626,309.95

1945
$

77,747.72
14,819,880.76
14,551.12
5,725.86
24,741.48
$ 14,942,646.94

CURRENT EXPENSES
Total operating expenses (including normal depreciation on bank premises)

$ 7,712,665.68
3,052,303.94
Net operating expenses......................................................................................$ 4,660,361.74
Assessment for expenses of Board of G o v e r n o r s ....................................................
190,454.84
Federal reserve currency:
Original cost ...............................................................................................
456,580.63
Cost of redemption
............................................................
74,642.58
Total current e x p e n s e s ............................................................................. $ 5,382,039.79

Less Reimbursements for certain fiscal agency and other expenses -

$ 7,958,460.19
3,915,266.03
$ 4,043,194.16
181,940.37
419,117.54
74,946.88
$ 4,719,198.95

PROFIT AND LOSS
Current earnings - - - - - ....................................................$ 15,626,309.95
$ 14,942,646.94
Current expenses................................................................................................................
5,382,039.79
4,719,198.95
Current net ea r n in g s............................................................ - - - $ 10,244,270.16
$ 10,223,447.99
Additions to current net earnings:
Profits on sales of United States Government securities
All other - - - - - - - ...................................
Total additions to current net earnings Deductions from current net earnings:
...........................................
Reserve for contingencies
All o t h e r ...............................................................................................
Total deductions from current net earnings Net deductions from current net earnings - - - - - Net earnings...............................................................................................
Paid to United States Treasury (Section 13b) Dividends paid - - - - ...........................................
Transferred to Surplus (Section 7 ) ....................................................
Transferred to Surplus (Section 1 3 b )....................................................




-

-

-

-

181,521.45
101.15
- $ 181,622.60
45,477.76
190,182.11
- $ 235,659.87
54,037.27

1,010,956.16
9,181,744.38
—2,467.65

$

329,973.37
41,257.47
371,230.84

461,425.69
70,208.62
$ 531,634.31
160,403.47
$ 10,063,044.52
14,914.70
930,954.67
9,117,175.15

DIRECTORS AND OFFICERS
January 1,1947

DIRECTORS
H enry F. G rady, San Francisco, California, Chairman and Federal Reserve Agent
H arry R. W ellman , Berkeley, California, Deputy Chairman
Walter S. Johnson , San Francisco, California
C arroll F. B yrd , W illows, California
C has . H. S tewart , Portland, Oregon
W illiam W. C rocker , San Francisco, California
R eese H . T aylor, L os Angeles, California
S t . G eorge H olden , San Francisco, California
B rayton Wilbur , San Francisco, California

MEMBER OF FEDERAL ADVISORY COUNCIL
R eno O dlin, Tacoma, Washington

OFFICERS

C.
E. E arhart, President
H. N . M angels, F irst Vice President
W. N . A mbrose, Vice President, and Manager of Los Angeles Branch
D.
L. D avis, Vice President, and Manager of Portland Branch
J. M. L eisner , Vice President and Cashier
W. L. P artner , Vice President, and Manager of Salt Lake C ity Branch
C. R. S haw , Vice President, and Manager of Seattle Branch
H . F. S lade, Vice President
W. F. V olberg , Vice President
0 . P. Wheeler , Vice President
R. T . H ardy , Assistant Vice President
H . A rmstrong, Assistant Cashier
E. C. M ailliard , Assistant Vice President
T. W. B arrett , Assistant Cashier
J. M. O smer , Assistant Vice President
R. C. M illiken , Assistant Cashier
R onald T . S ymms, Assistant Vice President
J. A. R andall, Assistant Cashier
F. H . H olman, General Auditor
A lbert C. A gnew , General Counsel
J ohn A. O’K ane , Assistant General Counsel

INDUSTRIAL ADVISORY COMMITTEE
H enry D . N ichols, Chairman
W akefield B aker

E dmund H ayes

LOS ANGELES BRANCH

DIRECTORS
Y. F rank F reeman , Chairman
M . V ilas H ubbard
F red G. S herrill
F rank L. K ing
F. E. S nedecor
OFFICERS
W. N . A mbrose, Vice President, and Manager
Fred C. B old, Assistant Manager
E. R . B arglebaugh , Assistant Manager
M . M cR itchie , Assistant Manager
L. C. M eyer , Assistant Manager
C. H . W atkins , Assistant Manager

PORTLAND BRANCH

DIRECTORS
A aron M. F rank , Chairman

W illiam C. C hristensen
W. W. F lint

OFFICERS

E. B. M acN aughton
R. B. T aylor

D . L. D avis , Vice President, and Manager
S. A. M acE achron , Assistant Manager
D . E. B ent , Assistant Manager
J. P. B lanchard , Assistant Manager




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

SALT LAKE CITY BRANCH
DIRECTORS

H enry A ldous D ixon , Chairman
M erle G. H yer
J ohn A. S choonover
D . F. R ichards
C has . L. S mith

OFFICERS
W. L. P artner , Vice President, and Manager
R. E. E verson , Assistant Manager
O. H . B arnard , Assistant Manager
W. M. S cott, Assistant Manager

SEATTLE BRANCH
DIRECTORS

J ohn T. T enneson , Chairman
L awrence M. A rnold
J ohn M . M c G regor
F red C. F orrest
B enj . N . P hillips

OFFICERS
C. R. S haw , Vice President, and Manager
B. A. R ussell , Assistant Manager
R. H. M orrill, Assistant Manager
D . E. S imms, Assistant Manager

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