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ANNUAL STATEMENT, 1968

F E D E R A L RESER VE BAN K
O F SAN FR A N C IS C O




J A N U A R Y 3, 1969

To the Member Banks of the
Twelfth Federal Reserve District.

D ear 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, 1968, and December 31, 1967, together with
a comparison of earnings and expenses for 1968 and 1967.
Yours very truly,

President.

COMPARATIVE STATEMENT OF CONDITION
ASSETS
Dec. 31,1968
Gold certificate a c c o u n t .............................................................................$ 1,286,391,400.65
Federal Reserve notes of other Federal Reserve banks - 106,948,226.00
Other c a s h ......................................................................................................
22,756,189.05
Discounts and advances:
Secured by United States Government obligations Other discounts and a d v a n c e s ............................................................
Total discounts and advances - ...................................-

Dec. 31,1967
$1,318,498,364.10
81,882,948.00
37,040,224.75

7,000,000.00
-0 7,000,000.00

63,000,000.00
-0 $ 63,000.000.00

United States Government securities:
B i l l s ..............................................................................................................
2,726,271,000.00
C e r t if ic a t e s .............................................................................................
-0 N o te s..............................................................................................................
4,172,521,000.00
B onds..............................................................................................................
795,735,000.00
Total United States Government securities.................................. $ 7,694,527,000.00
Total loans and s e c u r it ie s ............................................................$ 7,701,527,000.00

2,280,687,000.00
-0 3,842,949,000.00
868,927,000.00
$6,992,563,000.00
$7,055,563,000.00

$

Cash items in process of collection - - - - 908,061,156.50
Bank premises - - - - - - 8,740,910.64
Other assets:
272,052,000.00
Denominated in foreign currencies - - ..................................
All o t h e r ......................................................................................................
68,439,589.12
Total a s s e t s .....................................................................................$10,374,916,471.96
LIABILITIES
Federal Reserve n o te s ...................................-

......................................... $ 5,656,691,142.00

Deposits:
Member bank—reserve accounts - - ...................................
3,656,371,208.90
United States Treasurer— general a c c o u n t ..................................
1,706,062.26
F o r e i g n ......................................................................................................
29,040,000.00
Other deposits.............................................................................................
78,455,034.47
Total d e p o s its .....................................................................................$ 3,765,572,305.63
Deferred availability cash item s....................................................................
727,076,456.32
Other lia b ilit ie s .............................................................................................
56,081,268.01
Total liabilities.....................................................................................$10,205,421,171.96

997,971,991.04
8,960,046.61
208,520,000.00
43,856,585.09
$9,752,293,159.59

$5,155,149,659.00
3,441,491,427.80
119,034,471.80
18,200,000.00
57,567,655.50
$3,636,293,555.10
762,384,966.55
40,095,978.94
$9,593,924,159.59

CAPITAL ACCOUNTS
Capital paid i n ............................................................................................. $ 84,747,650.00
$ 79,184,500.00
S u r p lu s ..............................................................................................................
84,747,650.00
79,184,500.00
Total liabilities and capital a cco u n ts...........................................$10,374,916,471.96
$9,752,293,159.59

Contingent liability on acceptances purchased for foreign correspondents $




14,414,000.00

$ 20,345,000.00

FEDERAL RESERVE BANK OF SAN FRANCISCO

EARNINGS AND EXPENSES
CURRENT EARNINGS

1968

Discounts and a d v a n c e s .................................................................. - $ 3,397,540.67
United States Government s e c u r it ie s ..................................................377,118,256.87
Foreign currencies...................................................................................................
10,098,894.21
All o th e r...................................................................................................................
54,345.81
Total current ea rn in g s.......................................................................... $390,669,037.56

1967

$

949,317.55
297,707,134.78
3,283,664.28
62,281.46

$302,002,398.07

CURRENT EXPENSES
Total current expenses
Less Reimbursement for certain fiscal agency and other expenses •

$ 26,838,415.71
2,244,577.02

$ 24,884,017.78
2,206,558.87

Net e x p e n s e s ...........................................................................................$ 24,593,838.69

$ 22,677,458.91

PROFIT AND LOSS
Current net earnings -

$366,075,198.87

Additions to current net earnings:
Profits on sales of United States Government securities (net)
- $ 111,548.74
Profits on foreign exchange transactions - - - - - - 1,062,524.54
AH o th e r ...........................................................................................................
16,712.89
Total additions -

-

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

Deductions from current net earnings

-

-

-

-

Net additions...................................................................

-

.

-

-

.

.

.

106,755.04
186,043.92
58,353.72

$

351,152.68

$

59,401.36

$

9,690.25

$ 1,131,384.81

-

$

$ 1,190,786.17

-

-

$279,324,939.16

$

341,462.43

Net earnings before payments to United States Treasury - - - - $367,206,583.68
Dividends paid - - - - - .................................
4,889,671.86
Payments to United States Treasury (interest on Federal Reserve notes) 356,753,761.82

$279,666,401.59
4,513,525.11
270,022,976.48

Transferred to Surplus.......................................................................................... $ 5,563,150.00
Surplus January 1 - ..........................................................................................
79,184,500.00

$ 5,129,900.00
74,054,600.00

Surplus December 3 1 ..........................................................

$ 79,184,500.00




- $ 84,747,650.00

DIRECTORS AND OFFICERS
December 31,1968

DIRECTORS

O . M e re d ith W ilso n, Stanford, California, Chairman and Federal Reserve Agent
S. A lf r e d H a lg re n , L os Angeles, California, Deputy Chairman
C h a rle s F . F ra n k la n d , Seattle, Washington
H e r b e r t D. A rm s tro n g , San Francisco, California
M a rro n K en d rick, San Francisco, California
R a lp h V . A rn o ld , Ontario, California
B e rn a rd T. R occa, J r., San Francisco, California
C a r r o l l F. B yrd, Willows, California
Josep h R o s e n b la tt, Salt Lake City, Utah

MEMBER OF FEDERAL ADVISORY COUNCIL
F re d e ric k G. L ark in , J r., Los Angeles, California

OFFICERS

E lio t J. Sw an, President
A. B. M e r r itt, First Vice President
W . M . B ro w n, Vice President, and Manager of Portland Branch
P. W . C avan, Vice President, and Manager of Los Angeles Branch
J. H ow ard C rav en , Vice President
D . M. D a v e n p o rt, Vice President
W . G. D eV ries, Vice President
Irw in L. Jen n in g s, Vice President
G.
R. K e lly , Vice President
E . J. M a rte n s, Vice President and Cashier
Rk M a u re r, J r., Vice President
A. L. P rice, Vice President, and Manager of Salt Lake City Branch
W . R. S an dstrom , Vice President, and Manager of Seattle Branch
W a lte r F. S c o tt, Vice President and General Counsel
J. B. W illiam s, Vice President
E. E. B e rn s te in , Assistant Vice President
E. E. L iv in g sto n , Assistant Vice President
W illia m M . B u rk e , Assistant Vice President
D. V. M a ste n , Assistant Vice President
H. B. Jam ison , Assistant Vice President
R. G. R e ta llic k , Assistant Vice President
E.
A. W e lls , Assistant Vice President
A. S. C a r e lla , Assistant Cashier
R ich ard G. L am b ert, Assistant Cashier
W . E. O’D o n n e ll, A ssistant C ashier
R. E . M cK en d ry , General Auditor
G a u lt W . L yn n , Director o f Research
A. G . C o n te , Assistant General Auditor
W illia m L . C oo p er, A ssistant General Counsel
R. A. K a rls s o n , C hief Exam iner
L ouis E . R e illy , A ssistant General C ounsel
D. L. A le x a n d er, Administrative Assistant

LOS ANGELES BRANCH
DIRECTORS
J. L. A tw o o d , Chairman

S h erm an H a z e ltin e
N o rm an B. H o u s to n
L eland D . P ratt

C a r l E. S ch ro ed er

T. H . S hearin

H arry J. V olk

OFFICERS
P. W. C avan, Vice President, and Manager
W. G. D eV ries, Vice President
J. J. C a rso n , Assistant Manager
J. M. D avis, Assistant Manager
H . A . E rn e , Assistant Manager
M. A . Jo n es, Assistant Manager
G. D . P a rk e r, Assistant Manager
J. N . A am odt, Examining Officer

PORTLAND BRANCH

DIRECTORS
R o b e rt F . D w y er, Chairman
C h a rle s F . A dam s
E. W. F irs te n b u rg
F ra n k A n d e rso n
R alp h J. Voss
OFFICERS
W. M. B ro w n , Vice President, and Manager
E. A. T hom as, Assistant Vice President
F . K . G rim m , Assistant Manager
F . R . S k in n e r, Assistant Manager



SALT LAKE CITY BRANCH
DIRECTORS

P e te r E. M a rb le , Chairman
A la n B. B lo o d
R oyden G. D e rric k
N e w e ll B. D a y to n
W m. E. Ir v in

OFFICERS
A. L. P ric e, Vice President, and Manager
A. G. H o lm an , Assistant Vice President
R. C. D u n n , Assistant Manager
D o n W . S h e ets, Assistant Manager

SEATTLE BRANCH
DIRECTORS

R o b e rt D. O’B rien , Chairman
M axwell C arlson
A . E. S a u n d e rs
P h ilip H . S ta n to n
W illiam M c G regor

OFFICERS
W. R. S an d stro m , Vice President, and Manager
R. P. G lasco ck , Assistant Vice President
E. R. L ig g e tt, Assistant Manager
P. R. S m ith , Assistant Manager

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