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ANNUAL REPORT, 1940

FEDERAL RESERVE BANK
OF SAN FRANCISCO




JANUAR Y 1. 1941

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 Beserve Bank of San
Francisco, including its branches, at the close of business
December 31, 1940 and December 31, 1939, together with a
comparison of earnings and expenses for 1940 and 1939.
Reconcilement of the capital and surplus accounts of the
bank for 1940 is also shown.
Yours very truly,

President.

COMPARATIVE STATEMENT OF CONDITION
ASSETS
Dec. 31,1940
Gold certificates on hand and due from United States Treasury $1,135,193,217.07
Redemption fund—Federal Reserve notes
- - - - - 1,387,871.46
Other cash - - - - - - - - - - - - - - 31,885,602.22
Total r e s e r v e s .............................................................................................. 1,168,466,690.75
Bills discounted:
Secured by United States Government obligations, direct and guaranteed Other bills discounted - - - - ...........................................
Total bills discounted - - - - - - Industrial a d v a n c e s......................................................................................................

—0—
69,131.00
69,131.00
545,372.06

Dec. 31,1939
$808,290,295.62
1,335,821,04
30,621,051.43
840,247,168.09
35,000.00
361.440.00
396.440.00
908,219.81

United States Government securities, direct and guaranteed:
B o n d s ....................................................................................................................... 107,406,500.00
N o t e s ....................................................................................................................... 75,209,000.00
Total United States Government securities, direct and guaranteed - - 182,615,500.00
Total bills and s e c u r i t i e s ............................................................................. 183,230,003.06

111,015,500.00
93,115,500.00
204,131,000.00
205,435,659.81

Due from foreign banks - .....................................................................................
3,409.59
Federal Reserve notes of other banks - - - ........................................... 3,863,520.00
Uncollected i t e m s ...................................................................................................... 45,637,395.67
Bank premises - - - - - - - - 2,848,691.56
Other assets - - - - - - - - - - - - - - 4,249,267.66
Total a s s e t s ...................................................................................................... 1,408,298,978.29

3,361.69
4,504,140.00
33,097,181.42
2,955,865.23
5,120,593.07
1,091,363,969.31

LIABILITIES
Federal Reserve notes in actual c irc u la tio n ............................................................

492,512,380.00

388,039,130.00

Deposits:
Member bank—reserve account - ...........................................United States Treasurer—general acco u n t............................................................
Foreign bank
- - - - - - - Other d e p o s i t s ......................................................................................................
Total d e p o s i t s ..............................................................................................

754,095,437.41
16,583,415.36
56,589,520.73
24,458,946.81
851,727,320.31

583,593,684.46
18,643,225.67
29,320,734.20
20,141,531.11
651,699,175.44

Deferred availability items
- - - - ...................................
36,530,973.64
Other liab ilities.............................................................................................................. .................3,403.53
Total l i a b i l i t i e s .............................................................................................. 1,380,774,077.48

26,649,491.48
3,491.17
1,066,391,288.09

CAPITAL ACCOUNTS
Capital paid i n ...............................................................................................................
11,619,450.00
Surplus (Section 7 ) ......................................................................................................
10,784,558.86
Surplus (Section 1 3 b ) ..............................................................................................
2,120,891.95
Other capital accounts - - - - - ...................................
3,000,000.00
Total liabilities and capital a c c o u n ts............................................................ 1,408,298,978.29

10,627,700.00
10,224,089.27
2,120,891.95
2,000,000.00
1,091,363,969.31

Commitments to make industrial advances




2,441,073.81

2,960,059.63

FEDERAL RESERVE BANK OF SAN FRANCISCO

EARNINGS AND EXPENSES
CURRENT EARNINGS
1940
Discounted b i l l s .......................................................................................................... $ 2,272.70
Purchased bills ..........................................................................
—0—
United States Government securities..........................................................................
3,495,198.84
Industrial advances ..................................................................................
33,353.07
Commitments to make industrial a d v a n c e s .........................................................
55,417.31
All o t h e r ...................................................................................................................
51,632.39
Total current e a r n i n g s ..........................................................................
3,637,874.31
CURRENT EXPENSES
Total operating expenses (including normal depreciation on bank premises)
2,601,187.17
Less Reimbursements for certain fiscal agency and other expenses 367,342.49
Net operating expenses
.........................................................................
2,233,844.68
Assessment for expenses of Board of G o v e r n o r s .................................................
127,155.83
Federal Reserve currency:
Original cost - - - - ................................................. .
116,793.54
Cost of r e d e m p t i o n ..........................................................................................
14,765.45
Total current e x p e n s e s ......................................... ........
2,492,559.50
PROFIT AND LOSS ACCOUNT
Current earnings..........................................................................................................
3,637,874.31
Current expenses ..................................- ........................................
2,492,559.50
Current net e a rn in g s ..................................................................................1,145,314.81
Additions to current net earnings:
985,473.31
Profits on sales of United States Government s e c u ritie s .................................
All o th e r.......................................................................................................... 137,232.75
Total additions to current net e a r n in g s .................................................
1,122,706.06
Deductions from current net earnings:
Reserves for losses - « - - - * .........................................................
30,966.08
Special reserves and charge-offs on bank p r e m is e s .................................—0—
All o th e r...................................................................................................................
4,803.22
Total deductions from current net e a r n i n g s .................................35,769.30
Net additions to current net earnings .........................................1,086,936.76
Net e a r n i n g s ..........................................................................................................
2,232,251.57
Dividends p a i d ..........................................................................................................
671,781.98
Transferred to Surplus (Section 7 ) ..........................................................................
1,560,469.59
Transferred to Surplus (Section 13b)..........................................................................
—0—

1939
$ 5,620.03
167.25
3,050,130.65
52,371.52
54,827.00
54,070.44
3,217,186.89
2,569,962.03
345,377.45
2,224,584.58
117,451.54
109,099.15
15,931.10
2,467,066.37
3,217,186.89
2,467,066.37
750,120.52
372,768.09
31,715.05
404,483.14
223,865.49
3,183.69
261,242.81
143,240.33
893,360.85
634,122.57
259,238.28

RECONCILEMENT OF CAPITAL AND SURPLUS ACCOUNTS

CAPITAL STOCK ACCOUNT (Representing amount paid in, which is 50% of amount subscribed)
Balance December 31,1939 - - - - - - - - - - - - - - Issued during 1940 ...................................................................................................................................
Canceled during 1940 ....................................................................................................................................
Balance December 31, 1940 ...........................................................................................................
SURPLUS ACCOUNT (Section 7)
Balance December 31,1939
...................................................................................................................
Net earnings, after dividends, transferred in 1940 - .................................................Withdrawn in 1940 to increase reserves for c o n tin g e n c ie s ..................................................................
Balance December 31, 1940
- ..........................................................................................




$10,627,700.00
1,068,050.00
11,695,750.00
76,300.00
11,619,450.00
10,224,089.27
1,560,469.59
11,784,558.86
1,000,000.00
10,784,558.86

DIRECTORS AND OFFICERS
December 31,1940

DIRECTORS
R. C. F orce, San Leandro, California, Chairman and Federal Reserve Agent
S t . G eorge H olden , San Francisco^ California, Deputy Chairman
C arroll F. B yrd, W illows; California
C arlyle T horpe , L os Angeles, 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 d l i n , Tacoma, W ashington
____________
R eese H . T aylor, L os Angeles, California

MEMBER OF FEDERAL ADVISORY COUNCIL
P aul

S. D ice , Portland, Oregon

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, Cashier

C hester D . P hillips , Assistant Cashier
H. N. M angels , Assistant Cashier
E . C. M ailliard , Assistant Cashier

F. H . H olman,

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

General Auditor

A lbert C. A gnew , General Counsel

S hannon C randall ,
E dmund H ayes

Vice Chairman

INDUSTRIAL ADVISORY COMMITTEE
(Vacancy in the office of Chairman)

LOS ANGELES BRANCH

SALT LAKE CITY BRANCH

W. N . A mbrose , Managing Director
H . M. C raft , Assistant Manager
M . M cR itchie , Assistant Manager
L. C. M eyer , Assistant Manager

Directors:
V ictor H . R ossetti
C. E. B rousb

H enry D. N ichols
W alter A. S tarr

#

W. S. R osecrans,
Carl V. N ewman

W. L. P artner , Managing Director
Jos. M. L eisner , Assistant Manager
W. M. S cott, Assistant Manager
Chairman

PORTLAND BRANCH

Orval W. A dams
F rederick P. C hamp

Directors:

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

SEATTLE BRANCH

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

C. R . S haw , Managing Director
F red C. B old, Assistant Manager
B.
A. R ussell , Assistant Manager
R. E. E verson , Acting Assistant Manager

Directors:

Directors:

D.

N. A. D avis
E . B . M acN aughton




A. E. E ngbretson, Chairman
G eorge T . G erlinger

N . A. T elyea
A ndrew P rice

F red N elsbn , Chairman
C harles F . L a r r a b e e

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