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FEDERAL RESERVE BANK
OF SAN FRANCISCO




ANNUAL REPORT, T941

JAN UAR Y 1. 1942

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

There is presented herewith a condensed comparative
statement of condition of the Federal Reserve Bank of San
Francisco, including its branches, at the close of business
December 31, 1941 and December 31, 1940, together with a
comparison of earnings and expenses for 1941 and 1940.
Reconcilement of the capital and surplus accounts of the
bank for 1941 is also shown.
Yours very truly,

President.

COMPARATIVE STATEMENT OF CONDITION
ASSETS
Dec. 31,1941
Gold certificates on hand and due from United States Treasury $1,547,778,446.52
Redemption fund—Federal Reserve notes ...................................
1,292,855.97
26,532,530.74
Other cash - - - - - ...........................................
Total r e s e r v e s .............................................................................................. 1,575,603,833.23
Bills discounted:
Secured by United States Government obligations, direct and guaranteed Other bills discounted - - - - - - - - - - Total bills discounted - - - - - - - - - - -

Dec. 31,1940
$1,135,193,217.07
1,387,871.46
31,885,602.22
1,168,466,690.75

—0—
______ —0—
—0—

69.131.00
69.131.00

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

123,641.01

545,372.06

United States Government securities, direct and guaranteed:
B o n d s.......................................................................................................................
Notes - - - - - - - - Bills - ..............................................................................................
Total United States Government securities, direct and guaranteed - Total bills and s e c u ritie s .............................................................................

125,770,000.00
66,650,000.00
889,000.00
193,309,000.00
193,432,641.01

107.406.500.00
75,209,000.00
182.615.500.00
183,230,003.06

Due from foreign banks - - - - - - Federal Reserve notes of other banks - - - - - Uncollected i t e m s .......................................................................................................
Bank premises - - - - - - - - - - - - Other assets - - - - - - - Total assets - ..............................................................................................

3,550.40
3,396,265.00
66,962,705.87
2,766,176.30
4,083,581.15
1,846,248,752.96

3,409.59
3,863,520.00
45,637,395.67
2,848,691.56
4,249,267.66
1,408,298,978.29

-

699,739,135.00

492,512,380.00

Deposits:
Member bank—reserve account....................................................United States Treasurer—general account - - - - - - Foreign
- - - - - - - Other deposits - - - - - - - Total deposits - - - - - - -

930,407,793.80
45,966,863.08
58,080,877.25
30,693,412.98
1,065,148,947.11

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

Deferred availability i t e m s ......................................................................................
Other liabilities
- - - - - - - Total liabilities - - - - - ...................................

53,614,361.57
______ 5,919.35
1,818,508,363.03

36,530,973.64
3,403.53
1,380,774,077.48

CAPITAL ACCOUNTS
Capital paid i n - .......................................................................................................
Surplus (Section 7 ) ...........................................- - - - - Surplus (Section 13b) - - - - - - Other capital accounts - - - - - - Total liabilities and capital a c c o u n t s ...................................................

11,827,200.00
10,792,297.98
2,120,891.95
3,000,000.00
1,846,248,752.96

11,619,450.00
10,784,558.86
2,120,891.95
3,000,000.00
1,408,298,978.29

3,063,124.04

2,441,073.81

Industrial advances...................................

LIABILITIES
Federal Reserve notes in actual circulation -

Commitments to make industrial advances




- -

- -

- -

FEDERAL. RESERVE BANK OF SAN FRANCISCO

EARNINGS AND EXPENSES
CURRENT EARNINGS
1941
1940
Discounted b i l l s ...........................................................................................................$540.82
$ 2,272.70
United States Government securities..........................................................................
3,323,975.97
3,495,198.84
Industrial advances ..................................................................................
13,242.25
33,353.07
45,699.42
55,417.31
Commitments to make industrial a d v a n c e s ......................................... ........
All o t h e r ...................................................................................................................
41,728.38
51,632.39
Total current earnings
..........................................................................
3,425,186.84
3,637,874.31
CURRENT EXPENSES
Total operating expenses (including normal depreciation on bank premises) - Less Reimbursements for certain fiscal agency and other expenses Net operating e x p e n s e s ..........................................................................
Assessment for expenses of Board of G o v e r n o r s .................................................
Federal Reserve currency:
Original c o s t ...........................................................................................................
Cost of r e d e m p t i o n ..........................................................................................
Total current e x p e n s e s ..........................................................................
PROFIT AND LOSS
Current earn in g s...........................................................................................................
Current expenses...........................................................................................................
Current net e a r n in g s ..................................................................................
Additions to current net earnings:
Profits on sales of United States Government s e c u ritie s .................................
A llo th e r...................................................................................................................
Total additions to current net e a r n i n g s .................................................
Deductions from current net earnings:
Reserves for losses
- - - ..................................................................
All o th e r...................................................................................................................
Total deductions from current net e a r n i n g s .........................................
Net additions to current net earnings
- .........................................................
Net earnings - - - - - - - - - - - - - Dividends paid - - - - - - - Transferred to Surplus (Section 7 ) ..........................................................................
Transferred to Surplus (Section 1 3 b )..........................................................................

3,160,840.97
__ 721,853.42
2,438,987.55
139,884.76
215,804.85
18,561.73
2,813,238.89

2,601,187.17
367,342.49
2,233,844.68
127,155.83
116,793.54
14,765.45
2,492,559.50

3,425,186.84
2,813,238.89
611,947.95

3,637,874.31
2,492,559.50
1,145,314.81

111,515.24
4,790.01
116,305.25

985,473.31
137,232.75
1,122,706.06

13,284.23
3,466.25
16,750.48
99,554.77
711,502.72
703,763.60
7,739.12
—0—

30,966.08
4,803.22
35,769.30
1,086,936.76
2,232,251.57
671,781.98
1,560,469.59
—0—

RECONCILEMENT OF CAPITAL AND SURPLUS ACCOUNTS

CAPITAL PAID IN (Which is 50% of amount subscribed)
Balance December 31,1940 - - - - - - - - - - - - - - - $11,619,450.00
Issued during 1941 - - - - - .................................- - - - 230,350.00
11 Ado son no
Canceled during 1 9 4 1 ..................................................................................................................................................’ 22^600.00
Balance December 31, 1941 ...........................................................................................................
11,827,200.00
SURPLUS ACCOUNT (Section 7)
Balance December 31,1940 - - ..................................- - - - - - - Net earnings, after dividends, transferred in 1941 .................................................. - - Balance December 31, 1941
- ..........................................................................................




10,784,558.86
7,739.12
10,792,297.98

DIRECTORS AND OFFICERS
December 31,1941

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. K. M cI ntosh , San Francisco, California
C arlyle T horpe , Los Angeles, California
W illiam G. V olkmann , San Francisco, California
R eno O dlin , Tacoma, Washington
R eese H . T aylor , Los Angeles, California
C arroll F. B yrd , Willows, California
__________
E lmer H . Cox, San Francisco, California

MEMBER OF FEDERAL ADVISORY COUNCIL
P aul S. D ick,

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
J. M. O smer , Assistant Cashier

F. H. H olman,

General Auditor

A lbert C. A gnew ,

S hannon C randall

H. F. S lade , Assistant Cashier
R. T. H ardy , Assistant Cashier
R. E. E verson , Assistant Cashier

General Counsel

INDUSTRIAL ADVISORY COMMITTEE
W alter A. S tarr

H enry D . N ichols

LOS ANGELES 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

Wakefield B aker

SALT LAKE CITY BRANCH

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

Directors:

Directors:
C. E. B rouse
H erbert D. I vey

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

PORTLAND BRANCH

E dmund H ayes

F rederick P. C hamp
Orval W. Adams

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

Chairman

SEATTLE BRANCH

D . L. D avis , Managing Director
S. A. M ac E 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

Directors:

Directors:

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




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

A ndrew P rice
F red L. S tanton

C harles F. L arrabee ,
F red N elsen

Chairman