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ANNUAL REPORT, 1951

FEDERAL RESERVE BANK
OF SAN FRANCISCO




JA N U A R Y 1. 1 9 5 2

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, 1951, and December 31, 1950, together with
a comparison of earnings and expenses for 1951 and 1950.
Yours very truly,

c& LLr~
President.

COMPARATIVE STATEMENT OF CONDITION
ASSETS
Dec. 31,1951
Gold c e r t i f i c a t e s ..........................................................................................................$2,400,423,188.04
Redemption fund—Federal Reserve n o t e s .............................................................. 63,315,402.84
Total gold certificate r e s e r v e s .......................................................................$2,463,738,590.88
Other ca sh ............................................................................................................................
Discounts and advances:
Secured by United States Government obligations.............................................
Other discounts and a d v a n c e s ................................................................................
Total discounts and a d v a n c e s .......................................................................

33,486,373.03

Dec. 31, 1950
$2,534,870,369.21
38,190,601.66
$ 2,573,060,970.87
30,892,517.64

—0—
—0—
—0—

—0—
—0—
—0—

United States Government securities:
B i l l s ...........................................................................................................................
45,977,000.00
118,839,000.00
C ertificates................................................................................................................... 1,250,446,000.00
212,539,000.00
N o t e s ............................................................................................................................
498,040,000.00
1,140,576,000.00
B o n d s .......................................................................- ............................................420,681,000.00
Total United States Government s e c u r i t i e s .............................................$2,319j630,000:00
$1,892,635,000.00
Total loans and se c u r itie s................................................................................ $2,319,630,000.00
$1,892,635,000.00
Due from foreign b a n k s ..................................................................................................
2,622.13
2,098.70
Federal Reserve notes of other b a n k s .......................................................................
20,440,045.00
17,217,975.00
Uncollected i t e m s ..........................................................................................................
291,197,871.13
343,374,271.79
Bank p r em ises...................................................................................................................
6,712,665.54
5,936,827.01
Other assets - ..........................................................................................................
12,878,984^95
11,150,418.83
Total a s s e t s ..........................................................................................................$5,148,087,152.66
$ 4,874,270,079.84
LIABILITIES
Federal Reserve n o t e s ................................................................................................. $2,487,650,970.00

$ 2,322,306,100.00

Deposits:
Member bank—reserve accounts................................................................................ 2,269,414,265.49
United States Treasurer—general account..............................................................
5,438,613.14
Foreign............................................................................................................................
48,421,347.70
Other d e p o s i t s ..........................................................................................................
45,355,539.01
Total deposits
.......................................................................$2,368,629,765.34
Deferred availability i t e m s .........................................................................................
206,451,145.38
Other liabilities...................................................................................................................
996,931.05
Total lia b ilit ie s ................................................................................................. $5,063,728,811.77

2,025,146,798.59
41,388,047.64
79,017,666.40
88,294,885.65
$2,233,847,398.28
237,460,866.27
321,205.00
$4,793,935,569.55

CAPITAL ACCOUNTS
Capital paid in ................................................................................
25,096,450.00
Surplus (Section 7 ) ..........................................................................................................
47,341,548.27
Surplus (Section 13b)..........................................................................................................
2,139,706.03
Other capital a c c o u n t s ...............................................................................................................9,780,636.59
Total liabilities and capital accounts.............................................................. $5,148,087,152.66

23,936,000.00
44,519,441.38
2,139,706.03
9,739,362.88
$4,874,270,079.84

Commitments to make industrial l o a n s ....................................................................$

$




443,194.60

1,407,387.93

FEDERAL RESERVE BANK OF SAN FRANCISCO

EARNINGS AND EXPENSES
CURRENT EARNINGS

1951

Discounts and a d v a n c es...............................................................................................$ 1,049,427.13
United States Government s e c u r it ie s .....................................................................
38,167,280.50
Industrial loans - .......................................................................................................
24,720.44
Commitments to make industrial lo a n s .....................................................................
3,058.56
All o t h e r .........................................................................................................................
11,869.59
Total current e a r n in g s ............................................................................. $ 39,256,356.22

1950
$75,664.80
24,837,543.72
—0—
3,701.75
9,817.23
$ 24,926,727.50

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

9,921,552.10
1,882,057.60

$ 8,016,082.67
1,730,202.74

Net operating e x p e n s e s ............................................................................. $ 8,039,494.50
Assessment for expenses of Board of G o v e r n o r s...................................................
378,900.00
Federal Reserve currency:
Original co st................................................................................................................
868,550.97
Cost of r e d e m p tio n ...............................................................................................
82,639.72

$ 6,285,879.93
311,400.00

Total current e x p e n s e s ............................................................

-

-

638,590.93
88,515.44

$ 9,369,585.19

$ 7,324,386.30

PROFIT AND LOSS
Current e a r n i n g s .......................................................................................................$ 39,256,356.22
Current e x p e n s e s .......................................................................................................
9,369,585.19

$ 24,926,727.50
7,324,386.30

Current net earnings......................................................................................$ 29,886,771.03
Additions to current net earnings:
Profit on sales of United States Government secu rities..................................
All o t h e r ................................................................................................................
Total additions to current net earn in gs....................................................$
Deductions from current net earnings:
Loss on sales of United States Government s e c u r it ie s ...................................
All o t h e r ...................................................................................... ........
Total deductions from current net e a r n in g s ...........................................$

—0—
4,946.56

3,441,010.45
—0—

4,946.56

$ 3,441,010.45

144,958.55
3,543.58
148,502.13

Net additions to or deductions from current net e a r n in g s ...................................$ —143,555.57
Transferred to reserves for contingencies.....................................................................
51,258.71
Paid to United States Treasury (Interest on outstanding Federal Reserve notes) 25,397,879.48
Net earnings after reserves and payments to United States Treasury - - 4,294,077.27
Dividends p a id ................................................................................................................
1,471,970.38
Transferred to Surplus (Section 7 ) ............................................................................. $ 2,822,106.89




$ 17,602,341.20

—0—
2,604.02
$2,604.02
$+3,438,406.43
43,121.69
17,706,279.59
3,291,346.35
1,323,958.76
$ 1,967,387.59

DIRECTORS AND OFFICERS
December 31,1951

DIRECTORS

B rayton W ilbur , San Francisco, California, Chairman and Fedieral Reserve Agent
H arry R. W ellman , Berkeley, California, Deputy Chairman
A lden G. R oach , San Francisco, California
C arroll F. B yrd , Willows, California
C has . H . S tewart, Portland, Oregon
W illiam W. C rocker , San Francisco, California
R eese H. T aylor, Los Angeles, California
W alter S. J ohnson , San Francisco, California
W illiam R. W allace, J r ., San Francisco, California

MEMBER OF FEDERAL ADVISORY COUNCIL
J ames K. L ochead, San Francisco, California

OFFICERS

C.
E. E arhart, President
H. N . M angels , F irst 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 C ity Branch
H. F. S lade , Vice President
R onald T. S ymms, Vice President and Cashier
W. F. V olberg , Vice President, and Manager of Los Angeles Branch
0 . P. Wheeler , 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 A. O’K ane , General Counsel

INDUSTRIAL ADVISORY COMMITTEE
W alter A. S tarr , Chairman
E. S. D ulin

J. A. F olgeu

Wakefield B aker , Vice Chairman
E dmund H ayes

LOS ANGELES BRANCH

SALT LAKE CITY BRANCH

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

F rank M. B rowning , Chairman
M erle G. H yer
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
A aron M. F rank , Chairman

W. W. F lint
E. B. M ac N aughton

OFFICERS

R. B. T aylor
F rank Wortman

S. A. M ac E achron , Vice President, and Manager
J. A. R andall , Assistant Manager
D. E. B ent , Assistant Manager
J. P. B lanchard , Assistant Manager




DIRECTORS

OFFICERS
W. L. P artner , Vice President, and Manager
E. R. B arglebaugh , Assistant Manager
A. L. P rice , Assistant Manager
T. M. S immons, Assistant Manager

SEATTLE BRANCH
DIRECTORS

H oward H. P reston , Chairman
L awrence M. A rnold
B en j . N . P hillips
F red C. F orrest
R alph S undquist

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