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ANNUAL REPORT. 1950

FEDERAL RESERVE BANK
OF SAN FRANCISCO




J A N U A R Y 1. 1951

To the Member Banks of the
Twelfth Federal Reserve District.
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, 1950 and December 31, 1949, together with
a comparison of earnings and expenses for 1950 and 1949.
Yours very truly,

C l< L JL r~
President.

COMPARATIVE STATEMENT OF CONDITION
ASSETS
Dec. 31,1950
Gold c e r t i f i c a t e s ..........................................................................................................$2,534,870,369.21
Redemption fund—Federal Reserve n o t e s .............................................................. 38,190,601.66
Total gold certificate reserves . . . . . . . . .
$2,573,060,970.87
Other ca sh ............................................................................................................................

Dec. 31,1949
$2,676,695,723.37
42,567,979.99
$2,719,263,703.36

30,892,517.64

Discounts and advances:
Secured by United States Government obligations . . . . . .
—o—
Other discounts and advances - - - - - - ______ —0—
Total discounts and advances - - - - - —0—

30,744,823.28

$

—0—
6,185,500.00
6,185,500.00

United States Government securities:
B i l l s ............................................................................................................................ 118,839,000.00
427,910,000.00
C ertificates................................................................................................................... 212,539,000.00
556,055,000.00
N o t e s ............................................................................................................................ 1,140,576,000.00
49,815,000.00
B o n d s ............................................................................................................................ 420,681,000.00
639,546,000.00
Total United States Government securities
- - - - - $1,892,635,000.00 $1,673,326,000.00
Total loans and securities - - - ............................................. $1,892,635,000.00
$1,679,511,500.00
Due from foreign banks - - - - - - 2,098.70
3,483.73
Federal Reserve notes of other banks - .............................................................. 17,217,975.00
19,537,020.00
Uncollected i t e m s .......................................................................................................... 343,374,271.79
248,622,321.19
Bank premises - - - - - - - - 5,936,827.01
3,195,413.16
Other a s s e t s ................................................................................................................... 11,150,418.83
8,711,339.27
Total a s s e t s .......................................................................................................... $4,874,270,079.84
$4,709,589,603.99
LIABILITIES
Federal Reserve n o t e s ................................................................................................. $2,322,306,100.00

$2,339,369,000.00

Deposits:
Member bank—reserve accounts................................................................................ 2,025,146,798.59
United States Treasurer—general account...............................................................
41,388,047.64
Foreign............................................................................................................................
79,017,666.40
Other d e p o s i t s ..........................................................................................................
88,294,885.65
Total d e p o s i t s ..................................................................................................$2,233,847,398.28
Deferred availability i t e m s .........................................................................................
237,460,866.27
Other liabilities...................................................................................................................
321,205.00
Total lia b ilit ie s ..................................................................................................$4,793,935,569.55

1,923,559,493.31
42,702,849.96
67,712,444.53
73,605,168.40
$2,107,579,956.20
187,351,736.91
716,373.03
$4,635,017,066.14

CAPITAL ACCOUNTS
Capital paid i n ...................................................................................................................
23,936,000.00
Surplus (Section 7 ) ..........................................................................................................
44,519,441.38
Surplus (Section 13b)..........................................................................................................
2,139,706.03
Other capital a c c o u n t s ..................................................................................................
9,739,362.88
Total liabilities and capital accounts.............................................................. $4,874,270,079.84

20,162,450.00
42,552,053.79
2,139,706.03
9,718,328.03
$4,709,589,603.99

Commitments to make industrial loans

$




$

1,407,387.93

103,750.00

FEDERAL RESERVE BANK OF SAN FRANCISCO

EARNINGS AND EXPENSES
CURRENT EARNINGS
Discounts and advances .....................................................................United States Government s e c u r it ie s .....................................................................
Commitments to make industrial lo a n s ............................................................ All o t h e r .........................................................................................................................

1950
$

75,664.80
24,837,543.72
3,701.75
9,817.23

Total current e a r n in g s ..............................................................................$ 24,926,727.50

1949
$

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

$ 27,946,735.91

CURRENT EXPENSES
Total operating expenses (including normal depreciation on bank premises)
Less Reimbursements for certain fiscal agency and other expenses -

$ 8,016,082.67
1,730,202.74

$ 7,796,440.19
1,730,785.69

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 - ............................................- - - - -

$ 6,285,879.93
311,400.00

$ 6,065,654.50
288.400.00

638,590.93
88,515.44

478.468.00
77,644.66

7,324,386.30

$ 6,910,167.16

Current e a r n i n g s .......................................................................................................$ 24,926,727.50
Current e x p e n s e s .......................................................................................................
7,324,386.30

$ 27,946,735.91
6,910,167.16

Current net earnings......................................................................................$ 17,602,341.20

$ 21,036,568.75

Total current expenses
PROFIT AND LOSS

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

3,441,010.45
—0—

2,993,389.05
327.75

Total additions to current net earnings....................................................$ 3,441,010.45
Deductions from current net earnings:
Retirement System (Adjustment for revised b e n e f i t s ) ...................................
—0—
All o t h e r ........................................................................................................2,604.02
Total deductions from current net e a r n in g s ...........................................$
2,604.02

$ 2,993,716.80

Net additions to current net e a r n in g s .....................................................................$ 3,438,406.43
Transferred to reserves for contingencies - ............................................................
43,121.69
Paid to United States Treasury (Interest on outstanding Federal Reserve notes) 17,706,279.59
Net earnings after reserves and payments to United States Treasury 3,291,346.35
Dividends p a id ................................................................................................................
1,323,958.76
Transferred to Surplus (Section 7 ) ..............................................................................$ 1,967,387.59

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




$

255,793.64
3,602.76
259,396.40

DIRECTORS AND OFFICERS
December 31,1950

DIRECTORS
B rayton W ilbur , San Francisco, California, Chairman and Federal Reserve Agent
H arry R. W ellman , Berkeley, California, Deputy Chairman
Walter S. J ohnson , 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, Los 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
J ames K. Lochead , San Francisco, California

OFFICERS

C.
E. E arhart , President
H. N. M angels, First Vice President
J. M. L eisner , Vice President, and Manager of Seattle Branch
S. A. M acE achron, Vice President, and Manager of Portland Branch
E. R. M illard , Vice President
W. L. P artner , Vice President, and Manager of Salt Lake City Branch
H. F. S lade, Vice President
R onald T. S ymms, Vice President and Cashier
W. F. Volberg , Vice President, and Manager of Los Angeles Branch
0 . P. W heeler , Vice President
R. E. E verson , Assistant Vice President
T. W. B arrett , Assistant Cashier
R. H. M orrill , Assistant Vice President
H. E. H emmings, Assistant Cashier
E liot J. S w an , Assistant Vice President
R. C. M illiken , Assistant Cashier
J. L. B arbonchielli, Assistant Cashier
G. D. P arker , Assistant Cashier
II. A rmstrong, General Auditor
John

W alter A. S tarr , Chairman
W akefield B aker

A. O ’ K

ane

,

General Counsel

INDUSTRIAL ADVISORY COMMITTEE
J. A. F olger

S hannon C randall , Vice Chairman
E dmund H ayes

LOS ANGELES BRANCH

SALT LAKE CITY BRANCH

F red G. S herrill , Chairman
M. V ilas H ubbard
W. R. B imson
F rank L. K ing
P aul H . H elms

M erle G. H yer , Chairman
F rank M. B rowning
John A. S choonover
D. F. R ichards
C has . L. S mith

DIRECTORS
OFFICERS

W. F. V olberg , Vice President, and Manager
F red C. B old , Assistant Manager
L. C. M eyer , Assistant Manager
J. R. R obinson , Assistant Manager
W. J. T homas, Assistant Manager
C. H. W atkins , Assistant Manager

PORTLAND BRANCH
DIRECTORS
R. B. T aylor , Chairman

W. W. F lint
A aron M. F rank

E. B. M acN aughton
F rank Wortman

OFFICERS
S. A. M acE achron, Vice President, and Manager
J. A. R a n d a ll, Assistant Manager
D. E. B ent , Assistant Manager
J. P. B lanchard , Assistant Manager




DIRECTORS

OFFICERS
W. L. P artner , Vice President, and Manager
PI R. B arglebaugh , Assistant Manager
0 . H. B arnard , Assistant Manager
A. L. P rice, Assistant Manager

SEATTLE BRANCH
DIRECTORS

J ohn M. M cG regor , Chairman
L awrence M. A rnold
B enj . N. P hillips
F red C. F orrest
H oward H. P reston

OFFICERS
J. M. L eisner , 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