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ANNUAL REPORT, 1944

FEDERAL RESERVE BANK
OF SAN FRANCISCO




J A N U A R Y 1, 1945

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 branches, at the close of business
December 31, 1944 and December 31, 1943, together with
a comparison of earnings and expenses for 1944 and 1943.
Yours very truly,

President.

COMPARATIVE STATEMENT OF CONDITION
ASSETS
Dec. 31,1944
Gold certificates on hand and due from United States Treasury . . . .
$2,388,208,150.44
Redemption fund—Federal Reserve notes - - - - 69,203,531.24
Other c a s h ....................................................................................................................
21,994,197.38
Total r e s e r v e s .................................................................................................. 2,479,405,879.06
Bills discounted:
Secured by United States Government obligations, direct and guaranteed —0-—
Other bills discounted...................................................................................................................—0—
Total bills discounted.........................................................................................................—0—
Industrial advances -

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

487,500.00

Dec. 31,1943
$2,301,100,953.89
20,405,571.24
39,922,413.15
2,361,428,938.28
—0—
—0—
—0—
4,550,000.00

United States Government securities, direct and guaranteed:
B i l l s ............................................................................................................................. 1,302,796,000.00
Certificates.................................................................................................................... 475,362,000.00
N o t e s ............................................................................................................................. 152,553,000.00
B o n d s............................................................................................................................. 120,958,000.00
Total United States Government securities, direct and guaranteed - - 2,051,669,000.00
Total bills and s e c u r itie s ................................................................................. 2,052,156,500.00

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

Due from foreign banks ........................................................................
Federal Reserve notes of other banks - ...............................................................
Uncollected i t e m s ...........................................................................................................
Bank prem ises....................................................................................................................
Other assets - .................................................................................................. Total a sse ts...........................................................................................................

10,579.54
20,533,225.00
232,441,435.72
1,937,701.20
6,044,656.33
4,792,529,976.85

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

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

2,699,477,350.00

1,937,358,985.00

Deposits:
Member bank—reserve a c c o u n t s ........................................................................ 1,705,543,110.74
United States Treasurer—general account...............................................................
28,481,975.91
F o r e i g n ....................................................................................................................
90,315,754.88
Other d e p o s it s .............................................- - - - - 57,529,564.74
Total d e p o s it s ................................................................................................... 1,881,870,406.27

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

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

173,142,772.15
702,442.53
4,755,192,970.95

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

13,545,550.00
15,899,282.22
5,750,000.00
4,792,529,976.85

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

596,204.53

2,523,619.09

CAPITAL ACCOUNTS
Capital paid in ....................................................................................................................
Surplus (Section 7 ) ............................................................................................................
Surplus (Section 1 3 b ) ........................................................................2,142,173.68
Other capital a c c o u n ts ..................................................................................................
Total liabilities and capital a c c o u n t s ......................................................

Commitments to make industrial advances




FEDERAL RESERVE BANK OF SAN FRANCISCO

EARNINGS AND EXPENSES
CURRENT EARNINGS
Discounted b i l l s ...............................................................................................
United States Government securities............................................................
Industrial advances ............................................................
Commitments to make industrial a d v a n c e s ...........................................
All other - - ......................................................................................
Total current earnings
............................................................
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 cost - - - - ...........................................
Cost of r e d e m p t io n .............................................................................
Total current expenses
. ...................................................
PROFIT AND LOSS
Current earnings - - - ............................................................
Current expenses - - - - - ..................................
Current net earnings - ............................................................
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:
Reserves for losses ......................................................................................
Retirement System (interest base and increased benefits adjustments)
Special reserves on bank premises ...................................
All other - - - - - - - ...........................................
Total deductions from current net earnings *
Net additions to or deductions from current net earnings
. . .
Net earnings .......................................................................................................
Paid to United States Treasury (Section 1 3 b )...........................................
Dividends paid - - - - - ...................................
Transferred to Surplus (Section 7 ) ............................................................
Transferred to Surplus (Section 1 3 b )............................................................

1944
$ 2,775.80
10,078,007.83
112,572.27
12,600.84
5,258.18
10,211,214.92

$

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

8,598,700.68
4,673,308.89
3,925,391.79
180,439.23

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

1,025,022.09
60,511.58
5,191,364.69

793,341.83
42,078.06
4,575,004.73

10,211,214.92
5,191,364.69
5,019,850.23

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

300,153.09
24,134.52
324,287.61

3,094,713.04
65,206.95
3,159,919.99

—0—
—0—
0
1,050.69
1,050.69
+323,236.92
5,343,087.15
43,135.90
795,891.02
4,490,807.61
13,252.62

5,122.92
876,282.24
593,965.46
1,696.84
1,477,067.46
+1,682,852.53
3,896,071.91
43,135.90
730,662.84
3,114,148.63
8,124.54

—

RECONCILEMENT OF SURPLUS ACCOUNT (s e c tio n

—

7)

SURPLUS ACCOUNT (Section 7)
Balance December 31, 1943
- ................................................................................................................ $14,158,474.61
Net earnings, after dividends, transferred in 1944 .......................................................................................
4,490,807.61
18,649,282.22
Withdrawn in 1944, to increase reserves for con tin g en cies.................................................... - 2,750,000.00
Balance December 31, 1944
........................................................................................................
15,899,282.22




DIRECTORS AND OFFICERS
December 31,1944

DIRECTORS

H enry F. G rady, San Francisco, California, Chairman and Federal Reserve Agent
H arry R. W ellman , Berkeley, California, Deputy Chairman
C. K. M cI ntosh , San Francisco, California
B rayton W ilbur , San Francisco, California
"St . G eorge H olden , San Francisco, California
R eno O dlin , Tacoma, Washington
R eese H . T aylor, L os Angeles, California
C arroll F. B yrd , Willows, California
E lmer H . Cox, San Francisco, California

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

OFFICERS

Wm. A. D ay , President
I ra C lerk , First Vice President
C. E. E arhart, Vice President
H. N. M angels, Vice President
H. F. S lade, Vice President
Jos. M. L eisner , Cashier

E. C. M ailliard , Assistant Cashier
J. M. O smer , Assistant Cashier
R. T. H ardy , Assistant Cashier
M erritt S herman , Assistant Cashier
F. H . H olman, General Auditor

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

Albert C. A gnew , General Counsel
John A. O’K ane , Assistant General Counsel

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

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
H erbert D . I vey
F . E. S nedecor

Directors:

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

PORTLAND BRANCH

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

Directors:

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




S hannon C randall, Vice Chairman
W alter A. S tarr

E dmund H ayes

SALT LAKE CITY BRANCH

W. L. P artner , Managing Director
R. E. E yerson , Assistant Manager
W. M. S cott, Assistant Manager
O. H. B arnard , Assistant Manager
Orval W. Adams
F rederick P. C hamp

Directors:

R. C. R ich , Chairman
H enry A ldous D ixon

SEATTLE BRANCH

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

Directors:

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

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