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A N N U A L STATEM ENT, 1965 FE D E R A L RESER VE BANK O F SA N FR A N C ISC O J A N U A R Y 6, 1966 To the Member Banks of the Twelfth Federal Reserve District. D e ar S i r 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 31,1965, and December 31,1964, together with a comparison of earnings and expenses for 1965 and 1964. Yours very truly, President. COMPARATIVE STATEMENT OF CONDITION ASSETS Gold certificates - - - - - - - - Redemption fund for Federal Reserve notes Total gold certificate reserves Federal Reserve notes of other Federal Reserve banks Other cash - - - - - - Dec. 31,1965 $1,255,297,609.81 203,931,449.57 $1,459,229,059.38 89,906,415.00 17,129,138.57 Dec. 31,1964 $1,946,389,254,89 181,517,879.57 $2,127,907,134.46 65,054,330.00 21,158,583.39 Discounts and advances: Secured by United States Government obligations Other discounts and advances Total discounts and advances - - - - —0— 5,494,000.00 5,494,000.00 —0— 12,520,000.00 $ 12,520,000.00 $ United States Government securities: B i l l s ............................................................................... Certificates - - - - - Notes - - - - - - - - - - Bonds - - - - - - Total United States Government securities Total loans and securities - 1,243,942,000.00 791,799,000.00 3,393,577,000.00 895,259,000.00 $5,532,778,000.00 $5,538,272,000.00 3,299,616,000.00 690,970,000.00 $4,782,385,000.00 $4,794,905,000.00 Cash items in process of collection - Bank premises - - - - - - Other assets - - - - Total assets - - - - - - 847,195,173.88 9,812,996.17 128,566,830.54 $8,090,111,613.54 887,037,176.87 9,753,076.00 72,964,757.47 $7,978,780,058.19 $4,313,003,926.00 $3,962,978,508.00 2,864,347,674.57 56,166,101.97 20,100,000.00 71,361,613.11 $3,011,975,389.65 595,999,690.22 24,523,007.67 7,945,502,013.54 3,021,446,480.05 59,932,462.23 29,480,000.00 67,840,063.49 $3,178,699,005.77 612,464,684.49 84,346,359.93 $7,838,488,558.19 $ 72,304,800.00 $ 72,304,800.00 $8,090,111,613.54 $ 70,145,750.00 $ 70,145,750.00 $7,978,780,058.19 LIABILITIES Federal Reserve notes - - - - - - - - - - - - - Deposits: Member bank — reserve accounts - - - United States Treasurer — general account Foreign - - - - - - - - - Other deposits - - - - Total deposits - - - - - - Deferred availability cash items Other liabilities - - - - - - - CAPITAL ACCOUNTS Capital paid in - - - - Surplus - - - - - Total liabilities and capital accounts - - - - - - - - - - - - - - - - Contingent liability on acceptances purchased for foreign correspondents - - $ 19,242,400.00 $ 16,455,200.00 FEDERAL RESERVE BANK OF SAN FRANCISCO EARNINGS AND EXPENSES CURRENT EARNINGS W65 Discounts and advances - - - - - - - - - - United States Government securities - - - - - - - - Foreign c u r r e n c ie s ....................................... All other.......................................................................................................................... 1964 $ 1,820,577.55 209,743,657.01 1,872,472.68 43,188.29 $ $213,479,895.53 $178,846,017.98 Total current expenses - - - - - - - - - - - Less Reimbursement for certain fiscal agency and other expenses - - - $ 23,637,407.67 2,017,533.50 $ 23,454,497.64 2,056,488.68 Net expenses - - - - - - - - - - - - - - $ 21,619,874.17 $ 21,398,008.96 PROFIT AND LOSS Current net earnings - - - - - - - - - - - - - - $191,860,021.36 $157,448,009.02 Additions to current net earnings: Profits on sales of United States Government securities (net) - - A llo th e r ................................................................................................................... —0— 144,304.68 83,021.71 33,375.22 Total current earnings 949,974.85 177,004,595.15 853,092.47 38,355.51 CURRENT EXPENSES Total additions - - - - - - - - - - - - - $ Deductions from current net earnings: Loss on sales of United States Government s e c u r itie s ...............................$ All other - - - - - - - - - - - Total deductions - - - - - - - - - - - - - $ 144,304.68 $ 116,396.93 1,846.43 5,604.16 $ —0— 8,066.19 7,450.59 $ 8,066.19 108,330.74 Net additions...................................................................................................................$ 136,854.09 $ Net earnings before payments to United States Treasury - - - - Dividends paid - - - - - - - - - - - Payments to United States Treasury (interest on Federal Reserve notes) - $191,996,875.45 4,285,861.63 185,551,963.82 $157,556,339.76 4,110,355.78 215,619,333.98 Transferred to Surplus - - - - - - - - Surplus January 1 ...............................................- - - - - - $ 2,159,050.00 70,145,750.00 $-62,173,350.00 132,319,100.00 $ 72,304,800.00 $ 70,145,750.00 Surplus December 3 1 - - - - - - - - - - - - - - - DIRECTORS AND OFFICERS December 31, 1965 DIRECTORS F. B . W h it m a n , S an F rancisco , C alifo rn ia , C h a irm an an d F e d e ra l R eserve A g e n t J o h n D . F red er ic k s , L os A ngeles, C alifo rn ia, D ep u ty C h a irm an M . V il a s H ubbard , P a sa d e n a , C a lifo rn ia C arroll F . B yrd , W illow s, C alifo rn ia M arron K en d r ic k , S an F ran cisco , C a lifo rn ia C h a r l e s F . F r a n k l a n d , S e a ttle , W ash in g to n F red H . M err ill , S an F ra n c isc o , C a lifo rn ia F rederic S. H ir s c h l e r , S a n F rancisco , C alifo rn ia J o s e p h R osen bla tt , S a lt L ak e C ity, U ta h MEMBER OF FEDERAL ADVISORY COUNCIL R an so m M. C ook, San Francisco, California OFFICERS E lio t J. S w a n , President H. E . H em m ing s, First Vice President J. L. B a r b o n c h ie lli, Vice President E . R. B a rg le b a u g h , Vice President, and Manager of Seattle Branch W . M. B ro w n , Vice President, and Manager of Portland Branch P. W . C a v a n , Vice President J . H o w ard C ra v e n , Vice President D. M. D a v e n p o rt, Vice President E. H . G a lv in , Vice President A. B. M e r r i tt, Vice President A. L. P ric e , Vice President, and Manager of Salt Lake City Branch C. H . W a tk in s , Vice President, and Manager of Los Angeles Branch E . J. M a r te n s , Cashier R ix M a u re r, J r ., Assistant Vice President E . A. W e lls , Assistant Vice President J . B. W illia m s , Assistant Vice President T. W. B a r r e t t , Assistant Cashier E. E. L iv in g s to n , Assistant Cashier E. E. B e r n s te in , Assistant Cashier D. V. M a s te n , Assistant Cashier R. G. R e t a ll ic k , Assistant Cashier G. D. H a r t l i n , General Auditor G a u lt W . L y n n , Director of Research R. E. M c K e n d ry , Assistant General Auditor W illia m M. B u rk e , Senior Economist W a l t e r F. S c o tt, General Counsel W illia m L. C ooper, Assistant General Counsel H . B. J a m iso n , Chief Examiner LOS ANGELES BRANCH DIRECTORS A r t h u r G. C oo n s, Chairman R a lp h V . A r n o ld S. A lf r e d H a lg r e n OFFICERS D o u g la s S h iv e ly H a r r y J. V o lk C. H . W a tk i n s , Vice President, and Manager P. W . C a v a n , Vice President W . E . C a r te r , Assistant Manager M. A. J o n e s , Assistant Manager G. R . K e l ly , Assistant Manager G. D. P a r k e r , Assistant Manager J . R . R o b in so n , Assistant Manager PORTLAND BRANCH DIRECTORS H o w a rd W . P ric e , Chairman A la n B. B lo o d P e t e r E . M a rb le N e w e ll B. D a y to n (Vacancy) OFFICERS A. L. P ric e , Vice President, and Manager T. M. S im m o ns, Assistant Vice President R. C. D u n n , Assistant Manager A. G. H o lm a n , Assistant Manager SEATTLE BRANCH DIRECTORS DIRECTORS W illia m M cG reg or, C h airm an M a x w e ll C a r ls o n R o b e rt D. O ’B r ie n M. F . H a stin g s Ch a s. H . P arks OFFICERS OFFICERS E. R. B a rg le b a u g h , Vice President, and Manager W . R. S a n d s tro m , Assistant Vice President R. P. G la sc o c k , Assistant Manager A. C. L a iti, Assistant Manager G r a h a m J . B arbey , C hairm an R o b e rt F . D w y e r E. M. F l o h r E. W . F ir s te n b u r g E. J . K o la r W . M. B ro w n , Vice President, and Manager W . G. D e V rie s, Assistant Vice President F. K . G rim m , Assistant Manager F. R. S k in n e r , Assistant Manager SALT LAKE CITY BRANCH
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