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ANNUAL REPORT, 1949

FEDERAL RESERVE BANK
OF SAN FRANCISCO




JA N U A R Y 1. 1 9 5 0

To the Stockholders of the
Federal Reserve Bank of San Francisco.
D e a r Sirs :

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, 1949 and December 31, 1948, together with
a comparison of earnings and expenses for 1949 and 1948.
Yours very truly,

C£LJLr~
President.

COMPARATIVE STATEMENT OF CONDITION
ASSETS
Dec. 31,1949
Gold c e r t if ic a t e s .......................................................................................................... $2,676,695,723.37
Redemption fund—Federal Reserve notes . .....................................................
42,567,979.99
Total gold certificate r e s e r v e s ........................................................................$2,719,263,703.36

Dec. 31,1948
$2,790,348,376.06
46,363,377.62
$2,836,711,753.68

Other c a s h ...................................................................................................................

30,744,823.28

36,790,954.27

Discounts and advances:
Secured by United States Government obligations.............................................
Other discounts and advances - - ..............................................................
Total discounts and a d v a n c e s .......................................................................$

—0—
6,185,500.00
6,185,500.00

100,000.00
16,731,000.00
$ 16,831,000.00

United States Government securities:
B i l l s ............................................................................................................................ 427,910,000.00
Certificates................................................................................................................... 556,055,000.00
N o t e s ............................................................................................................................
49,815,000.00
B o n d s ............................................................................................................................ 639,546,000.00
Total United States Government s e c u r it ie s .............................................$1,673,326,000.00
Total loans and securities - - - - . . . . $1,679,511,500.00
Due from foreign banks ....................................................................................3,483.73
Federal Reserve notes of other banks . ..............................................................
19,537,020.00
Uncollected i t e m s .......................................................................................................... 248,622,321.19
Bank prem ises...................................................................................................................
3,195,413.16
Other a s s e t s ...................................................................................................................
8,711,339.27
Total a s s e ts ..........................................................................................................$4,709,589,603.99
LIABILITIES
Federal Reserve n o t e s ................................................................................................. $2,339,369,000.00
Deposits:
Member bank—reserve accounts
- - .....................................................
1,923,559,493.31
42,702,849.96
United States Treasurer—general account - .....................................................
F o r e i g n ...................................................................................................................
67,712,444.53
Other d e p o s it s .............................................................. ........
73,605,168.40
Total d e p o s i t s .................................................................................................. $2,107,579,956.20
Deferred availability i t e m s .........................................................................................
187,351,736.91
Other l i a b i l i t i e s ..........................................................................................................
716,373.03
Total lia b ilitie s ................................................................................................. $4,635,017,066.14

507,259,000.00
551,703,000.00
71,764,000.00
996,479,000.00
$2,127,205,000.00
$2,144,036,000.00
4,297.11
25,397,515.00
245,758,568.29
1,638,306.69
13,933,566.74
$5,304,270,961.78
$2,425,852,305.00
2,419,868,679.03
73,675,081.31
55,989,667.82
51,797,546.35
$2,601,330,974.51
208,438,427.27
890,674.04
$5,236,512,380.82

CAPITAL ACCOUNTS
Capital paid i n ...................................................................................................................
20,162,450.00
18,843,750.00
Surplus (Section 7 ) ..........................................................................................................
42,552,053.79
40,652,921.86
Surplus (Section 1 3 b ) .................................................................................................
2,139,706.03
2,139,706.03
Other capital a c c o u n t s ..................................................................................................
9,718,328.03
6,122,203.07
Total liabilities and capital a c c o u n t s ..................................................... $4,709,589,603.99
$5,304,270,961.78

Commitments to make industrial loans




$

103,750.00

$

103,333.14

FEDERAL RESERVE BANK OF SAN FRANCISCO

EARNINGS AND EXPENSES
CURRENT EARNINGS

1949

Discounts and advances United States Government securities Commitments to make industrial loans
All o t h e r ............................................

$

193,546.26
27,732,714.28
954.00
19,521.37

1948
$

275,428.18
27,238,514.05
1,362.41
59,420.31

$ 27,946,735.91

$27,574,724.95

Total operating expenses (including normal depreciation on bank premises) -

$ 7,796,440.19
1,730,785.69

$ 7,676,401.96
1,948,281.62

...........................................
Net operating expenses 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 redemption
............................................................

$ 6,065,654.50
288,400.00

$ 5,728,120.34
286,653.61

478,468.00
77,644.66

217,304.84
96,128.39

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

$ 6,910,167.16

$ 6,328,207.18

Current earnings .....................................................................
Current expenses.......................................................................................................

$ 27,946,735.91
6,910,167.16

$ 27,574,724.95
6,328,207.18

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

$ 21,036,568.75

$ 21,246,517.77

Additions to current net earnings:
Profits on sales of United States Government securities . . . .
All other - - - - - - - - - ..................................

2,993,389.05
327.75
$ 2,993,716.80

604,706.82
o
$ 604,706.82

255,793.64
3,602.76
259,396.40

—0—
1,769.19
1,769.19

CURRENT EXPENSES
Less Reimbursements for certain fiscal agency and other expenses -

Total current expenses

-

PROFIT AND LOSS

Current net earnings -

Total additions to current net e a r n in g s ...........................................
Deductions from current net earnings:
Retirement System (Adjustment for revised benefits)..................................
All other - - - - .....................................................................
Total deductions from current net e a r n i n g s ..................................
Net additions to current net earnings
..................................
Transferred to reserves for contingencies - - - - Paid to United States Treasury (Interest on outstanding Federal Reserve notes)
Net earnings after reserves and payments to United States Treasury
Dividends p a i d .......................................................................................................




$

$ 2,734,320.40
3,602,099.91
17,091,926.29
3,076,862.95
1,177,731.02
$ 1,899,131.93

$

$ 602,937.63
3,725,627.99
15,306,511.67
2,817,315.74
1,116,584.06
$ 1,700,731.68

DIRECTORS AND OFFICERS
December 31,1949

DIRECTORS
B rayton W ilbur , 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
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 . M angels, 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
WT. 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
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
R. H . M orrill, Assistant Cashier
J. A. R andall, Assistant Cashier
F. H . H olman, General Auditor
John A. O’K ane , Assistant General Counsel

INDUSTRIAL ADVISORY COMMITTEE
W alter A. S tarr , Chairman
W akefield B aker

J. A. F olger

LOS ANGELES BRANCH
DIRECTORS
Y. F rank F reeman , Chairman

W. R . B imson
M . V ilas H ubbard

OFFICERS

F rank L. K ing
F red G. S herrill

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
A aron M. F rank , Chairman

W. W. F lint
E. B. M acN aughton

R. B. T aylor
F rank W ortman

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
E dmund H ayes

SALT LAKE CITY BRANCH
DIRECTORS

H enry A ldous7D 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
0 . H . B arnard , Assistant Manager
H . E. H emmings, Assistant Manager

SEATTLE BRANCH
DIRECTORS

H enry C. I saacson , Chairman
L awrence M. A rnold
J ohn M. M cG 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
W. R. S andstrom , Assistant Manager
D . E. S imms, Assistant Manager

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