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ANNUAL REPORT, 1948 FEDERAL RESERVE BANK OF SAN FRANCISCO J A N U A R Y 1, 1949 To the Stockholders of the Federal Reserve Bank of San Francisco. D e a r 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, 1948 and December 31, 1947, together with a comparison of earnings and expenses for 1948 and 1947. Yours very truly, C /<LJU President. COMPARATIVE STATEMENT OF CONDITION ASSETS Dec. 31,1948 Gold certificates - ..................................................................................................$2,790,348,376.06 46,363,377.62 Redemption fund—Federal Reserve n o t e s .............................................................. Total gold certificate reserves - - - - ....................................$2,836,711,753.68 Other cash - ..................................................... ........ Dec. 31,1947 $2,791,289,174.56 51,240,492.36 $2,842,529,666.92 36,790,954.27 39,479,044.51 Discounts and advances: Secured by United States Government obligations............................................. 100,000.00 Other discounts and a d v a n c e s................................................................................ 16,731,000.00 Total discounts and a d v a n c e s ....................................................................... $ 16,831,000.00 $ 475,000.00 4,452,800.00 4,927,800.00 United States Government securities: B i l l s ............................................................................................................................ 507,259,000.00 Certificates - - - - - - - - ............................................. 551,703,000.00 N o t e s ............................................................................................................................ 71,764,000.00 B o n d s ............................................................................................................................ 996,479,000.00 Total United States Government s e c u r it ie s .............................................$2,127,205,000.00 Total loans and secu rities.................................................................................$2,144,036,000.00 Due from foreign banks ................................................................................ 4,297.11 Federal Reserve notes of other b a n k s ....................................................................... 25,397,515.00 Uncollected items ................................................................................ 245,758,568.29 Bank premises - - - - - ....................................................................... 1,638,306.69 Other assets - - - - .............................................................. 13,933,566.74 Total a s s e ts .......................................................................................................... $5,304,270,961.78 1,063,469,000.00 619.702.000.00 134.632.000.00 260.125.000.00 $2,077,928,000.00 $2,082,855,800.00 8,372.34 18,470,920.00 211,793,515.43 1,713,160.86 10,932,916.52 $5,207,783,396.58 LIABILITIES Federal Reserve n o t e s ................................................................................................. $2,425,852,305.00 $2,639,453,610.00 Deposits: Member bank—reserve a c c o u n t s ....................................................................... 2,419,868,679.03 2,201,520,123.14 United States Treasurer—general account.............................................................. 73,675,081.31 50,382,561.63 F o r e i g n ................................................................................................................... 55,989,667.82 29,012,205.68 Other deposits - - - - - .............................................................. 51,797,546.35 45,130,843.03 Total d e p o s i t s ..................................................................................................$2,601,330,974.51 $2,326,045,733.48 Deferred availability i t e m s ......................................................................................... 208,438,427.27 179,501,306.38 Other l i a b i l i t i e s .......................................................................................................... 890,674.04 1,205,138.00 Total lia b ilitie s ................................................................................................. $5,236,512,380.82 $5,146,205,787.86 CAPITAL ACCOUNTS Capital paid i n ................................................................................................................... 18,843,750.00 18,089,050.00 Surplus (Section 7 ) .......................................................................................................... 40,652,921.86 38,952,190.18 Surplus (Section 1 3 b ) .................................................................................................. 2,139,706.03 2,139,706.03 Other capital a c c o u n t s .................................................................................................. 6,122,203.07 2,396,662.51 Total liabilities and capital a c c o u n t s ......................................................$5,304,270,961.78 $5,207,783,396.58 Commitments to make industrial loans $ 103,333.14 $ 143,333.22 FEDERAL RESERVE BANK OF SAN FRANCISCO EARNINGS AND EXPENSES CURRENT EARNINGS Discounts and a d v a n c e s ............................................................................................... $ 275,428.18 United States Government securities............................................................................. 27,238,514.05 Commitments to make industrial l o a n s ............................................................ 1,362.41 All o t h e r ............................................................. 59,420.31 Total current earnings - 1947 1948 $ 140,799.78 15,124,710.38 1,797.84 49,049.06 .............................................................................. $27,574,724.95 $ 15,316,357.06 Total operating expenses (including normal depreciation on bank premises) - $ 7,676,401.96 1,948,281.62 $ 7,673,295.82 2,320,750.64 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 - ............................................- $ 5,728,120.34 286,653.61 $ 5,352,545.18 232,231.35 217,304.84 96,128.39 323,239.83 86,508.27 Total current e x p e n s e s ................................... .......................................... $ 6,328,207.18 $ 5,994,524.63 CURRENT EXPENSES Less Reimbursements for certain fiscal agency and other expenses - PROFIT AND LOSS $ 27,574,724.95 6,328,207.18 $ 15,316,357.06 5,994,524.63 $ 21,246,517.77 $ 9,321,832.43 604,706.82 265,440.27 287.70 Total additions to current net e a r n in g s .................................................... $ 604,706.82 $ 265,727.97 $ 1,769.19 Current expenses...................................................................................... Current net earnings - - - - - - - - - - - Additions to current net earnings: All o th er........................................................................................................................ Deductions from current net earnings - - - - - - - - - - $ 2,174.49 Net additions to current net earnings - ..................................................................... $ 602,937.63 3,725,627.99 Transferred to reserves for contingencies..................................................................... 15,306,511.67 Paid to United States Treasury (Interest on outstanding Federal Reserve notes) Net earnings after reserves, and payments to United States Treasury (Interest on 2,817,315.74 outstanding Federal Reserve n o t e s ) ..................................................................... Paid to United States Treasury (Section 13b) - - - - - - - 1,116,584.06 Dividends p a i d ............................................- .................................................. $ 263,553.48 48,867.81 7,617,467.99 Transferred to Surplus (Section 7 ) - - - - - - - - - - $ $ 846,498.47 1,700,731.68 1,919,050.11 235.37 1,072,316.27 DIRECTORS AND OFFICERS December 31,1948 DIRECTORS B rayton W ilbur , San Francisco, California, Chairman and Federal Reserve Agent H arry R. W ellman , Berkeley, California, Deputy Chairman W alter 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 W illiam R. W allace , J r ., San Francisco, California MEMBER OF FEDERAL ADVISORY COUNCIL R eno O dlin, Tacoma, Washington OFFICERS C. E. E arhart, President H. N. Mangels, F irst Vice President A lbert C. A gnew , Vice President and General Counsel 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. W heeler , Vice President H. A rmstrong, Assistant Cashier R . T. H ardy , Assistant Vice President T. W. B arrett , Assistant Cashier E . C. M ailliard , Assistant Vice President R. C. M illiken , Assistant Cashier J. M. O smer , Assistant Vice President R. H. M orrill, Assistant Cashier R onald T . S ymms, Assistant Vice President J. A. R andall , Assistant Cashier F. H. H olman, General Auditor John 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 F red G. S herrill , Chairman W. R . B imson Y . F rank F reeman OFFICERS M. V ilas H ubbard F rank L. K ing W. N . A mbrose , Vice President, and Manager F red 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 R. B. T aylor , Chairman W illiam C. C hristensen A aron M. F rank W. W. F lint E. B. M acN aughton OFFICERS 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 M erle G. H yer , Chairman H enry A ldous D ixon 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 H . E. H emmings, Assistant Manager SEATTLE BRANCH DIRECTORS John M . M cG regor, Chairman L awrence M. A rnold H enry C. I saacson 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 W. R. S andstrom , Assistant Manager D . E. S imms, Assistant Manager
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