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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