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FEDERAL RESERVE BANK OF SAN FRANCISCO To the Member Banks of the Twelfth Federal Reserve District Gentlemen: There is presented herewith a condensed comparative statement of condition of the Federal Reserve Bank of San Francisco at the close of business December 31, 1971, and December 31, 1970, together with a compari son of earnings and expenses for 1971 and 1970. Y ours very truly, President January 6, 1972 COMPARATIVE STATEMENT OF CONDITION ASSETS December 31,1971 December 31, 1970 Gold certificate account ................................... $ 1,832,851,166.83 $ 1,046,031,514.60 Special Drawing Rights certificate a c c o u n t............. 49,000,000.00 49,000,000.00 129,215,458.00 Federal Reserve notes of other Federal Reserve banks . 112,833,303.00 29,570,900.37 Other cash .................................................... ? 31,810,954.02 Discounts and advances: Secured by United States Government and Agency ob ligations.............................................. 10,000,000.00 j -0 - Federal Agency obligations................................. 66,984,000.00 — 0— United States Government securities: Bills ......................................................... 1 4,164,707,000.00 Notes ...................................................... 4,910,276,000.00 Bonds ...................................................... ft 453,868,000.00 Total United States Government securities . . . $ 9,528,851,000.00 $ 9,605,835,000.00 3,664,030,000.00 4,690,148,000.00 414,924,000.00 $ 8,769,102,000.00 $ 8,769,102,000.00 1,354,451,490.24 7,950,152.24 1,333,179,178.61 8,298,575.78 Cash items in process of collection . Bank premises .......................... Other assets: Denominated in foreign currencies All o t h e r.............................. 2,142,000.00 33,410,000.00 113,775,492.28 76,144,171.27 $13,124,791,659.96 $11,459,809,697.28 LIA BILIT IES Federal Reserve notes $ 6,461,422,574.00 Deposits: Member bank — reserve acco un ts........... 5,085,674,878.73 United States Treasurer — general account 213,031,155.28 Foreign ......................................... 35,280,000.00 Other deposits ................................ 81,007,246.67 Total d e p o sits......................................... $ 5,414,993,280.68 Deferred availability cash items 948,652,641.75 Other liabilities................. 108,800,063.53 Total Liabilities....................................... $12,933,868,559.96 $ 6,237,354,370.00 3,814,259,339.35 130,107,948.66 16,250,000.00 70,833,060.29 $ 4,031,450,348.30 929,586,886.89 84,651,992.09 $11,283,043,597.28 CAPITAL ACCOUNTS Capital paid i n ................................................$ 95,461,550.00 $ 88,383,050.00 S u r p l u s ........................................................ 95,461,550.00 88,383,050.00 Total Liabilities and Capital A c c o u n ts........... $13,124,791,659.96 $11,459,809,697.28 Contingent liability on acceptances purchased for foreign correspondents.................................$ 32,117,400.00 $ 32,513,000.00 EARNINGS AND EXPENSES 1971 1970 $ 1,334,044.40 509,924,388.49 $ 4,637,155.03 524,481,827.80 6,354,205.71 CURRENT EARNINGS Discounts and advance s.................................... United States Government securities...................... Foreign currencies........................................... 335,348.18 65,883.24 $511,659,664.31 80,747.18 $535,553,935.72 $ 37,821,690.37 $ 33,651,456.36 2,764,343.28 $ 35,057,347.09 2,946,023.36 $ 30,705,433.00 Current net e a rn in gs......................................... $476,602,317.22 $504,848,502.72 Additions to current net earnings: Profits on sales of United States Government Securities (net) ...................................... Profits on foreign exchange transactions ........... All o t h e r ................................................... Total additions ...................................... $ 14,197,717.08 -0 16,530.63 $ 14,214,247.71 $ $ $ $ All other ...................................................... Total current e a rn in g s .............................. CURREN T EXPENSES Total current expenses .................................... Less Reimbursement for certain fiscal agency and other expenses...................................... Net expenses ........................................ PROFIT AND LOSS 1,155,019.69 451,725.80 17,522.11 1,624,267.60 Deductions from current net earnings: Loss on foreign exchange transactions (net) .... A llo t h e r ................................................... Total d e d u c tio n s.................................... Net a d d itio n s................................................. Net earnings before payments to United States Treasury ................................................... Dividends p a i d ............................................... Payments to United States Treasury (interest on Federal Reserve notes) ................. Transferred to Surplus Surplus January 1 . . Surplus December 31 1,030,870.52 22,394.96 $ 1,053,265.48 $ 13,160,982.23 $ $ $489,763,299.45 5,519,831.29 $506,349,481.09 5,240,985.22 477,164,968.16 499,682,645.87 $ 7,078,500.00 88,383,050.00 $ 95,461,550.00 $ —0— 123,289.23 123,289.23 1,500,978.37 1,425,850.00 86,957,200.00 $ 88,383,050.00 DIR EC TO RS AND O FFICERS FED ER AL R ESERVE BANK OF SAN FRANCISCO January 1, 1972 D IRECTO RS O. M E R E D IT H W ILSO N , Chairman and Federal Reserve Agent, Stanford, California S. A L F R E D H A L G R E N , Deputy Chairman, Los Angeles, California C A R R O L L F. B Y R D , Willows, California C H A R L E S R A Y M O N D D A H L , San Francisco, California M A R R O N K E N D R IC K , San Francisco, California M A S OJI, Yuba City, California JO SEPH R O S E N B L A T T , Salt Lake City, Utah C A R L E. S C H R O E D E R , Orange, California R A L P H J. VO SS, Portland, Oregon MEMBER OF F ED ER A L A D V ISO R Y COUNCIL A. W. C L A U S E N , San Francisco, California HEAD OFFICE O FFICERS E L IO T J. SW AN, President A. B. M E R R IT T , First Vice President J. H O W A R D C R A V E N , Senior Vice President G. R. K E L L Y , Senior Vice President JO H N B. W IL L IA M S , Senior Vice President D. M. D A V E N P O R T , Vice President W. H. H U T C H IN S, Vice President H. B. J A M ISO N , Vice President D. V. M A ST E N , Vice President R IX M A U R E R , JR., Vice President L O U IS E. R E IL L Y , Vice President, and General Counsel R. G. R E T A L L IC K , Vice President D. L. A L E X A N D E R , Assistant Vice President E. E. B E R N S T E IN , Assistant Vice President J A M E S M. B R U N D Y , Assistant Vice President W IL L IA M M. B U R K E , Assistant Vice President A. S. C A R E L L A , Assistant Vice President W IL L IA M L. CO O PER, Associate General Counsel J A M E S J. C U R R A N , Assistant Vice President M A R T IN S. D EPPER, Examining Officer G E O R G E P. G A L L O W A Y , Assistant Vice President R. C. JO H NSEN , Assistant Vice President V E R L E B. JO H NSTO N, Senior Economist R. A. K A R L S S O N , Chief Examiner R IC H A R D G. L A M B E R T , Assistant Vice President E R N E S T E. LIV IN G ST O N , Assistant Vice President G A U L T W. LYN N , Director of Research W. E. O 'D O N N E L L , Assistant Vice President E R N E S T C. O LSO N , Senior Economist C H A R L E S R. P E T E R SE N , Senior Economist R. A. R E M E D IO S, Assistant Vice President H E R B E R T R. R U N Y O N , Senior Economist K E N T 0. SIM S, Assistant Vice President E. A. W ELLS, Assistant Vice President C. W O ESSN ER, Assistant Vice President R. E. M c K E N D R Y , General Auditor A M E D E O G. C ON TE, Assistant General Auditor LOS AN G ELES BRANCH D IRECTO RS O FFICERS L E L A N D D. PRAT T, Chairman, San Diego, California R A Y B U R N S. D E Z E M B E R , Bakersfield, California W. G O R D O N F E R G U SO N , Whittier, California R U T H H A N D L E R , Hawthorne, California C A R L E. H A R T N A C K , Los Angeles, California E D W A R D A. SL O A N , Los Angeles, California L IN U S E. SO U T H W IC K, Glendale, California P. W. C A V A N , Senior Vice President, and Manager W. G. D e V R IE S, Vice President J. N. A A M O D T , Examining Officer J. J. C A R SO N , Assistant Vice President H. A. E R N E , Assistant Vice President JO HN F. L U C EY , JR., Assistant Vice President G. D. P A R K E R , Assistant Vice President E. A. T H O M A S, Assistant Vice President PORTLAND BRANCH D IRECTO RS O FFICERS JO HN R. H O W A RD , Chairman, Portland, Oregon F R A N K A N D E R S O N , Heppner, Oregon F R A N K L. S E R V O S S , Medford, Oregon J A M E S H. S T A N A R D , McMinnville, Oregon L e R O Y B. S T A V E R , Portland, Oregon W. M. BROW N, Vice President, and Manager R. C. D U N N , Assistant Vice President, and Assistant Manager W. K. G IN T E R , Assistant Vice President F. K. G R IM M , Assistant Vice President SALT LAKE CITY BRANCH D IRECTO RS JO HN H. B R E C K E N R ID G E , Chairman, Twin Falls, Idaho JO SEPH B IA N C O , Boise, Idaho R O D E R IC K H. BRO W N ING , Ogden, Utah T H E O D O R E C. JA C O B SEN , Salt Lake City, Utah R O Y W. SIM M O N S, Salt Lake City, Utah SEATTLE BRANCH DIRECTO RS C. H E N R Y BAC O N , JR., Chairman, Seattle, Washington JO SEPH C E B E R T B A IL L A R G E O N , Seattle, Washington T H O M A S H IR A I, Quincy, Washington A. E. S A U N D E R S , Tacoma, Washington P H ILIP H. ST A N T O N , Spokane, Washington OFFICERS A. L. PRICE, Vice President, and Manager A. G. H O L M A N , Assistant Vice President, and Assistant Manager H. P. F R A N Z E L , Assistant Vice President DO N W. SH E E T S, Assistant Vice President OFFICERS W. R. S A N D S T R O M , Vice President, and Manager J. M. D A V IS , Assistant Vice President, and Assistant Manager E. R. LIG G ETT, Assistant Vice President P. R. SM ITH , Assistant Vice President
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