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ANNUAL REPORT, 1942 FEDERAL RESERVE BANK OF SAN FRANCISCO JANUAR Y 1, 1943 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, 1942 and December 31, 1941, together with a comparison of earnings and expenses for 1942 and 1941. Reconcilement of the capital and surplus accounts of the bank for 1942 is also shown. Yours very truly, President. COMPARATIVE STATEMENT OF CONDITION Dec. 31,1941 ASSETS Dec. 31,1942 Gold certificates on hand and due from United States Treasury $1,967,283,436.92 $1,547,778,446.52 Redemption fund—Federal Reserve notes - - - - 7,132,673.87 1,292,855.97 26,532,530.74 Other cash - - - - - - - 35,995,085.30 Total r e s e r v e s ..............................................................................................2,010,411,196.09 1,575,603,833.23 Bills discounted: Secured by United States Government obligations, direct and guaranteed Other bills discounted.............................................................................................. Total bills discounted..................................................................................... Industrial advances...................................................................................................... United States Government securities, direct and guaranteed: B o n d s....................................................................................................................... N o te s ....................................................................................................................... C ertificates............................................................................................................... B i l l s ....................................................................................................................... Total United States Government securities, direct and guaranteed - ............................................................ Total bills and securities Due from foreign banks - ..................................................................................... Federal Reserve notes of other b a n k s ..................................................................... Uncollected items - - - - - ........................................... Bank premises - ...................................................................................................... Other assets - ..................................................................................... - Total assets - .............................................................................................. 10,000.00 190,000.00 200,000.00 4,034,240.54 123,641.01 288,968,000.00 139,185,500.00 107,719,000.00 78,606,000.00 614,478,500.00 618,712,740.54 3,551.34 7,251,310.00 155,453,971.51 2,691,322.13 9,605,789.83 2,804,129,881.44 889,000.00 193.309.000.00 193,432,641.01 3,550.40 3,396,265.00 66,962,705.87 2,766,176.30 4,083,581.15 1,846,248,752.96 1,279,379,550.00 699,739,135.00 1,232,212,180.63 85,287,596.49 53,328,238.14 41,615,238.65 1,412,443,253.91 83,984,654.37 _____ 75,955.23 2,775,883,413.51 930,407,793.80 45,966,863.08 58,080,877.25 30,693,412.98 1,065,148,947.11 53,614,361.57 5,919.35 1,818,508,363.03 CAPITAL ACCOUNTS Capital paid i n - - ........................................... - - - - 12,081,250.00 Surplus (Section 7 ) - .............................................................................................. 11,044,325.98 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 t s ................................................... 2,804,129,881.44 11,827,200.00 10,792,297.98 2,120,891.95 3,000,000.00 1,846,248,752.96 3,892,366.97 3,063,124.04 LIABILITIES Federal Reserve notes in actual circulation...........................................Deposits: Member bank—reserve a c c o u n t s .................................................................... United States Treasurer—general account - .................................................... Foreign - - - - - - - Other d e p o s its ...................................................................................................... Total d e p o s i t s .............................................................................................. Deferred availability i t e m s ..................................................................................... Other liabilities - ............................................................Total lia b ilitie s .............................................................................................. Commitments to make industrial advances 125.770.000.00 66,650,000.00 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 o t h e r ................................................................................................................... Total current earnings ......................................................... 1942 1,327.70 4,747,120.07 39,591.47 45,822.10 13,654.66 4,847,516.00 1941 540.82 3,323,975.97 13,242.25 45,699.42 41,728.38 3,425,186.84 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 expenses - - - r - . . . - . 5,408,546.70 2,445,329.42 2,963,217.28 132,114.83 603,599.35 22,087.00 3,721,018.46 3,160,840.97 721,853.42 2,438,987.55 139,884.76 215,804.85 18,561.73 2,813,238.89 PROFIT AND LOSS Current earn in g s.......................................................................................................... 4,847,516.00 Current expenses.................................................................................. 3,721,018.46 Current net e a r n in g s .................................................................................. 1,126,497.54 Additions to current net earnings: Profits on sales of United States Government s e c u r itie s ................................. 281,766.70 All o th e r ................................................................................................................... 15.25 Total additions to current net e a r n in g s ................................................. 281,781.95 Deductions from current net earnings: Reserves for losses - - - - - - ................................................. 49,981.86 Retirement System (Interest Base Adjustment)................................................. 385,241.00 All other - - - - - - - - ................................................. 4,097.95 Total deductions from current net earnings - - - 439,320.81 Net additions to or deductions from current net e a r n i n g s .................................—157,538.86 Net earnings - - - - .................................................................................. 968,958.68 Dividends p a i d ........................................................................................................... 716,930.68 Transferred to Surplus (Section 7 ) ......................................................................... 252,028.00 Transferred to Surplus (Section 1 3 b )......................................................................... 3,425,186.84 2,813,238.89 611,947.95 111.515.24 4,790.01 116.305.25 13,284.23 3,466.25 16,750.48 +99,554.77 711,502.72 703,763.60 7,739.12 RECONCILEMENT OF CAPITAL AND SURPLUS ACCOUNTS CAPITAL PAID IN (Which is 50% of amount subscribed) Balance December 31,1941 - - - - - - - - - - - - - - Issued during 1942 ................................................................................................................................... Canceled during 1942 .......................................................................................................... ........ Balance December 31, 1942 ........................................................................................................... $11,827,200.00 267,000.00 12,094,200.00 12,950.00 12,081,250.00 SURPLUS ACCOUNT (Section 7) Balance December 31,1941 - - ........................................................................................................... Net earnings, after dividends, transferred in 1942 .................................................................................. Balance December 31, 1942 ................................................................................................... 10,792,297.98 252,028.00 11,044,325.98 DIRECTORS AND OFFICERS December 31,1942 DIRECTORS H enry F. G rady, San Francisco, California, Chairman and Federal Reserve Agent S t . G eorge H olden , San Francisco, California, Deputy Chairman R eno Od u n , Tacoma, Washington H arry R. W ellman , Berkeley, California R eese H. T aylor, L os Angeles, California C arroll F. B yrd , Willows, California E lmer H . C ox , San Francisco, California __________ W illiam G. V olkmann , San Francisco, California C. K. M cI ntosh , 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 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 F. H . H olman, General Auditor O liver P. W heeler , A lbert C. A gnew , General Counsel E dmund H ayes 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. S. R osecrans, Chairman Y. F rank F reeman D. L. D avis , Managing Director S. A. M acE achron , Assistant Manager J. P. B lanchard , Assistant Manager W. L. P artner , Managing Director Jos. M. L eisner , Assistant Manager W. M. S cott, Assistant Manager Directors: Orval W. A dams F rederick P. C hamp R. C. R ich H erbert S. A uerbach , Chairman SEATTLE BRANCH C. R . S haw , Managing Director B. A. R ussell , Assistant Manager G. W. R elf , Assistant Manager R onald T. S ymms, Assistant Manager Directors: Directors: W illiam H. S teen G eorge T. G erlinger , Chairman S hannon C randall , Vice Chairman Walter A. S tarr SALT LAKE CITY BRANCH Directors: PORTLAND BRANCH N . A. D avis P aul S. D ick Director of Research INDUSTRIAL ADVISORY COMMITTEE H enry D. N ichols, Chairman W akefield B aker H erbert D. I vey F . E. S nedecor R. E. E verson , Assistant Cashier M erritt S herman , Assistant Cashier H . A rmstrong, Assistant Cashier F red L. S tanton A ndrew P rice F red N elsen C harles F. L arrabeb , Chairman