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FEDERAL RESERVE BANK OF SAN FRANCISCO ANNUAL REPORT, 1945 JA N U A R Y t. 1 9 4 6 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, 1945 and December 31, 1944, together with a comparison of earnings and expenses for 1945 and 1944. Yours very truly, President. COMPARATIVE STATEMENT OF CONDITION ASSETS Dec. 31,1945 Dec. 31,1944 Gold c e r t if ic a t e s ..........................................................................................................$2,395,549,263.51 $2,388,208,150.44 Redemption fund—Federal Reserve notes - - - - - 111,836,772.29 69,203,531.24 Total gold certificate r e s e r v e s ....................................................................... 2,507,386,035.80 2,457,411,681.68 Other C a s h ................................................................................................................... 27,672,754.25 21,994,197.38 Discounts and advances: Secured by United States Government obligations - - - - - —0— —0— Other discounts and advances ............................................. 3,572,000.00 —0— Total discounts and advances - .............................................................. 3,572,000.00 —0— Industrial l o a n s .......................................................................................................... ................—0— 487,500.00 United States Government securities: B i l l s ............................................................................................................................ 1,778,461,000.00 1,302,796,000.00 Certificates................................................................................................................... 785,987,000.00 475,362,000.00 N o t e s ............................................................................................................................ 199,179,000.00 152,553,000.00 B o n d s ............................................................................................................................ 88,978,000.00 120,958,000.00 Total United States Government s e c u r i t i e s ............................................. 2,852,605,000.00 2,051,669,000.00 Total loans and securities - - - - . . . . 2,856,177,000.00 2,052,156,500.00 Due from foreign banks - - - - ...................................................... 8,397.56 10,579.54 Federal Reserve notes of other b a n k s ....................................................................... 24,172,505.00 20,533,225.00 Uncollected i t e m s .......................................................................................................... 219,221,376.63 232,441,435.72 Bank prem ises................................................................................................................... 1,862,869.20 1,937,701.20 Other a s s e t s ................................................................................................................... 6,305,554.18 6,044,656.33 Total a s s e ts ........................................................................................................... 5,642,806,492.62 4,792,529,976.85 LIABILITIES Federal Reserve notes - ............................................................... 3,219,198,990.00 2,699,477,350.00 Deposits: Member bank—reserve a c c o u n t s ....................................................................... United States Treasurer—general account.............................................................. Foreign - - - - - - - Other deposits - - ......................................................................................... Total deposits - - - - ............................................. Deferred availability items - - - - - - Other liabilities - - - - - - - Total lia b ilit ie s .................................................................................................. 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 1,705,543,110.74 28,481,975.91 90,315,754.88 57,529,564.74 1,881,870,406.27 173,142,772.15 702,442.53 4,755,192,970.95 CAPITAL ACCOUNTS Capital paid i n - - - - - ........................................................................ Surplus (Section 7 ) .............................................- .................................................... Surplus (Section 1 3 b ) ..............................................................Other capital a c c o u n t s ................................................................................................. Total liabilities and capital a c c o u n t s ..................................................... 16,286,500.00 28,923,947.33 2,142,173.68 2,303,753.23 5,642,806,492.62 13,545,550.00 15,899,282.22 2,142,173.68 5,750,000.00 4,792,529,976.85 92,085.58 596,204.53 Commitments to make industrial loans FEDERAL RESERVE BANK OF SAN FRANCISCO EARNINGS AND EXPENSES CURRENT EARNINGS Discounts and advances ..................................................................... United States Government securities..................................................................... Industrial loans - ............................................................................................... Commitments to make industrial l o a n s ............................................................ All o t h e r ................................................................................................................ 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 expenses............................................................................. Assessment for expenses of Board of G o v e r n o r s ........................................... Federal reserve currency: Original cost - - - - - - - - - - - - Cost of redemption ................................... Total current e x p e n s e s ..................................................................... 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 e a r n in g s ........................................... Deductions from current net earnings: Reserve for c o n t in g e n c ie s ............................................................................. All o t h e r ................................................................................................................ Total deductions from current net e a r n in g s .................................. Net additions to or deductions from current net earnings Net earnings - - - - - - ............................................................ Paid to United States Treasury (Section 1 3 b )................................................... Dividends p a i d ....................................................................................................... Transferred to Surplus (Section 7 ) ..................................................................... Transferred to Surplus (Section 1 3 b )..................................................................... 1945 t 77,747.72 14,819,880,76 14,551.12 5,725.86 24,741.48 14,942,646.94 1944 $ 2,775.80 10,078,007.83 112,572.27 12,600.84 5,258.18 10,211,214.92 7,958,460.19 3,915,266.03 4,043,194.16 181,940.37 8,598,700.68 4,673,308.89 3,925,391.79 180,439.23 419,117.54 74,946.88 4,719,198.95 1,025,022.09 60,511.58 5,191,364.69 14,942,646.94 4,719,198.95 10,223,447.99 10,211,214.92 5,191,364.69 5,019,850.23 329,973.37 41,257.47 371,230.84 300,153.09 24,039.09* 324,192.18* 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 —0— —0— 1,050.69 1,050.69 -j-323,141.49* 5,342,991.72* 43,135.90 795,891.02 4,490,807.61 13,157.19* RECONCILEMENT OF SURPLUS ACCOUNT (s e c tio n t> SURPLUS (Section 7) January 1,1945 .................................................................................................................$15,899,282.22 Addition, as above - - - - ........................................................................................................ 9,117,175.15 Transferred from contingent reserves (previously charged to s u r p l u s ) ..................................................... 3,907,489.96 SURPLUS (Section 7) December 31, 1945 ....................................................................................... 28,923,947.33 DIRECTORS AND OFFICERS January 1, 1946 DIRECTORS H enry F. G rady, San Francisco, California, Chairman and Federal Reserve Agent H arry R. W ellman , Berkeley, California, Deputy Chairman St. G eorge H olden , San Francisco, California B rayton W ilbur , San Francisco, California R eese H . T aylor, Los Angeles, California C. K. M c I ntosh , San Francisco, California (Two vacancies) C arroll F. B yrd, Willows, California MEMBER OF FEDERAL ADVISORY COUNCIL R eno Odlin , Tacoma, Washington OFFICERS I ra C lerk , President C. E. E arhart, First Vice President H. N. M angels , Vice President H . F. S lade, Vice President J. M. L eisner , Vice President and Cashier W. F. V olberg , Vice President E. C. M ailliard , Assistant Vice President J. M. O smer , Assistant Vice President R. T. H ardy , Assistant Vice President 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 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 LOS ANGELES BRANCH W. N . A mbrose , Managing Director Fred C. B old, Assistant Manager M. Me R itchie , Assistant Manager L. C. M eyer , Assistant Manager W. D . D urran , Assistant Manager C. H . W atkins , Assistant Manager E. R. B arglebatjgh, Assistant Manager Directors: H erbert D. I vey F. E. S nedecor C. E. M yers Y, F rank F reeman , Chairman PORTLAND BRANCH D. L. D avis , Managing Director S. A. M ac E achron , Assistant Manager D. E. B ent , Assistant Manager J. P. B lanchard , Assistant Manager Directors: W illiam C. C hristensen C has . H. S tewart S hannon C randall, Vice Chairman Walter A. S tarr E dmund H ayes W illiam H. S teen , Chairman (Vacancy) SALT LAKE CITY BRANCH W. L. P artner , Managing Director R. E. E verson , Assistant Manager W. M. S cott, Assistant Manager O. H. B arnard , Assistant Manager Directors: O rval W. A dams D. F. R ichards 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. Stanton L awrence M. A rnold Directors: J ohn M. M cG regor , Chairman (Vacancy)
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