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ANNUAL REPORT, 1946 FEDERAL RESERVE BANK OF SAN FRANCISCO J A N U A R Y 1. 1947 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, 1946 and December 31, 1945, together with a comparison of earnings and expenses for 1946 and 1945. Yours very truly, President. COMPARATIVE STATEMENT OF CONDITION ASSETS Dec. 31,1946 Gold c e r t if ic a t e s .......................................................................................................... $2,314,659,640.21 Redemption fund—Federal Reserve n o t e s ............................................................... 106,275,482.29 Total gold certificate r e s e r v e s ....................................................................... $2,420,935,122.50 Other C a s h ................................................................................................................... 32,272,703.49 Discounts and advances: Secured by United States Government obligations............................................. 100,000.00 Other discounts and a d v a n c e s................................................................................ 11,466,000.00 Total discounts and a d v a n c e s .......................................................................$ 11,566,000.00 Industrial l o a n s .......................................................................................................... ...............—0— United States Government securities: B i l l s ............................................................................................................................ 1,803,907,000.00 Certificates................................................................................................................... 710,457,000.00 N o t e s ............................................................................................................................ 33,675,000.00 B o n d s............................................................................................................................ 71,405,000.00 Total United States Government s e c u r it ie s .............................................$2,619,444,000.00 Total loans and securities ...............................................................$2,631,010,000.00 Due from foreign b a n k s ...............................................................................................................8,587.16 Federal Reserve notes of other b a n k s ....................................................................... 17,561,750.00 Uncollected i t e m s .......................................................................................................... 213,584,725.08 Bank prem ises................................................................................................................... 1,788,015.03 Other a s s e t s ................................................................................................................... 4,972,774.30 Total a s s e ts .......................................................................................................... $5,322,133,677.56 LIABILITIES Federal Reserve n o t e s ................................................................................................. $2,871,018,460.00 Dec. 31,1945 $2,395,549,263.51 111,836,772.29 $2,507,386,035.80 27,672,754.25 $ —0— 3,572,000.00 3,572,000.00 —0— 1,778,461,000.00 785,987,000.00 199,179,000.00 88,978,000.00 $2,852,605,000.00 $2,856,177,000.00 8,397.56 24,172,505.00 219,221,376.63 1,862,869.20 6,305,554.18 $5,642,806,492.62 $3,219,198,990.00 Deposits: Member bank—reserve a c c o u n t s ....................................................................... 2,093,668,007.78 United States Treasurer—general account.............................................................. 18,834,546.63 F o r e i g n ................................................................................................................... 40,038,198.75 Other d e p o s it s .......................................................................................................... 48,541,845.26 Total d e p o s i t s ................................................................................................. $2,201,082,598.42 Deferred availability i t e m s ........................................................................................ 189,332,891.03 Other l i a b i l i t i e s .......................................................................................................... 922,533.51 Total lia b ilitie s ................................................................................................. $5,262,356,482.96 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 CAPITAL ACCOUNTS Capital paid i n - - * - - - - - ....................................17,183,350.00 Surplus (Section 7 ) .......................................................................................................... 38,105,691.71 Surplus (Section 1 3 b ) ................................................................................................. 2,139,706.03 Other capital accounts ................................................................................ 2,348,446.86 Total liabilities and capital a c c o u n t s ............................................ -$5,322,133,677.56 16,296,500.00 28,923,947.33 2,142,173.68 2,303,753.23 $5,642,806,492.62 Commitments to make industrial loans $ 183,333.30 $ 92,085.58 FEDERAL RESERVE BANK OF SAN FRANCISCO EARNINGS AND EXPENSES CURRENT EARNINGS 1946 Discounts and a d v a n c e s ...............................................................................................$ 108,083.62 United States Government securities............................................................................. 15,472,767.11 Industrial l o a n s ................................................................................................................ —0— Commitments to make industrial l o a n s ..................................................................... 1,086.50 All o t h e r ......................................................................................................................... 44,372.72 Total current earnings...................................................................................... $15,626,309.95 1945 $ 77,747.72 14,819,880.76 14,551.12 5,725.86 24,741.48 $ 14,942,646.94 CURRENT EXPENSES Total operating expenses (including normal depreciation on bank premises) $ 7,712,665.68 3,052,303.94 Net operating expenses......................................................................................$ 4,660,361.74 Assessment for expenses of Board of G o v e r n o r s .................................................... 190,454.84 Federal reserve currency: Original cost ............................................................................................... 456,580.63 Cost of redemption ............................................................ 74,642.58 Total current e x p e n s e s ............................................................................. $ 5,382,039.79 Less Reimbursements for certain fiscal agency and other expenses - $ 7,958,460.19 3,915,266.03 $ 4,043,194.16 181,940.37 419,117.54 74,946.88 $ 4,719,198.95 PROFIT AND LOSS Current earnings - - - - - ....................................................$ 15,626,309.95 $ 14,942,646.94 Current expenses................................................................................................................ 5,382,039.79 4,719,198.95 Current net ea r n in g s............................................................ - - - $ 10,244,270.16 $ 10,223,447.99 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: ........................................... Reserve for contingencies All o t h e r ............................................................................................... Total deductions from current net earnings Net deductions from current net earnings - - - - - Net earnings............................................................................................... Paid to United States Treasury (Section 13b) Dividends paid - - - - ........................................... Transferred to Surplus (Section 7 ) .................................................... Transferred to Surplus (Section 1 3 b ).................................................... - - - - 181,521.45 101.15 - $ 181,622.60 45,477.76 190,182.11 - $ 235,659.87 54,037.27 1,010,956.16 9,181,744.38 —2,467.65 $ 329,973.37 41,257.47 371,230.84 461,425.69 70,208.62 $ 531,634.31 160,403.47 $ 10,063,044.52 14,914.70 930,954.67 9,117,175.15 DIRECTORS AND OFFICERS January 1,1947 DIRECTORS H enry F. G rady, San Francisco, California, Chairman and Federal Reserve Agent H arry R. W ellman , Berkeley, California, Deputy Chairman Walter S. Johnson , San Francisco, California C arroll F. B yrd , W illows, California C has . H. S tewart , Portland, Oregon W illiam W. C rocker , San Francisco, California R eese H . T aylor, L os Angeles, California S t . G eorge H olden , San Francisco, California B rayton Wilbur , San Francisco, California MEMBER OF FEDERAL ADVISORY COUNCIL R eno O dlin, Tacoma, Washington OFFICERS C. E. E arhart, President H. N . M angels, F irst Vice President W. N . A mbrose, Vice President, and Manager of Los Angeles Branch D. L. D avis, Vice President, and Manager of Portland Branch J. M. L eisner , Vice President and Cashier W. L. P artner , Vice President, and Manager of Salt Lake C ity Branch C. R. S haw , Vice President, and Manager of Seattle Branch H . F. S lade, Vice President W. F. V olberg , Vice President 0 . P. Wheeler , Vice President R. T . H ardy , Assistant Vice President H . A rmstrong, Assistant Cashier E. C. M ailliard , Assistant Vice President T. W. B arrett , Assistant Cashier J. M. O smer , Assistant Vice President R. C. M illiken , Assistant Cashier R onald T . S ymms, Assistant Vice President J. A. R andall, Assistant Cashier F. H . H olman, General Auditor 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 E dmund H ayes LOS ANGELES BRANCH DIRECTORS Y. F rank F reeman , Chairman M . V ilas H ubbard F red G. S herrill F rank L. K ing F. E. S nedecor OFFICERS W. N . A mbrose, Vice President, and Manager Fred C. B old, Assistant Manager E. R . B arglebaugh , Assistant Manager M . M cR itchie , Assistant Manager L. C. M eyer , Assistant Manager C. H . W atkins , Assistant Manager PORTLAND BRANCH DIRECTORS A aron M. F rank , Chairman W illiam C. C hristensen W. W. F lint OFFICERS E. B. M acN aughton R. B. T aylor D . L. D avis , Vice President, and Manager S. A. M acE achron , Assistant Manager D . E. B ent , Assistant Manager J. P. B lanchard , Assistant Manager S hannon C randall , Vice Chairman Walter A. S tarr SALT LAKE CITY BRANCH DIRECTORS H enry A ldous D ixon , Chairman M erle G. H yer J ohn A. S choonover D . F. R ichards C has . L. S mith OFFICERS W. L. P artner , Vice President, and Manager R. E. E verson , Assistant Manager O. H . B arnard , Assistant Manager W. M. S cott, Assistant Manager SEATTLE BRANCH DIRECTORS J ohn T. T enneson , Chairman L awrence M. A rnold J ohn M . M c G regor F red C. F orrest B enj . N . P hillips OFFICERS C. R. S haw , Vice President, and Manager B. A. R ussell , Assistant Manager R. H. M orrill, Assistant Manager D . E. S imms, Assistant Manager
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