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A N N U A L STATEMENT, 1959

F E D E R A L R ESER VE BAN K
O F SA N FR A N C IS C O




J A N U A R Y 1. 1960

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, 1959, and December 31, 1958, together with
a comparison of earnings and expenses for 1959 and 1958.
Yours very truly,

President.

COMPARATIVE STATEMENT OF CONDITION
ASSETS
Dec. 31,1959
Dec. 31,1958
Gold c e r t if ic a t e s ........................................................................................................... $2,455,365,575.35
$2,459,771,212.61
Redemption fund for Federal Reserve notes - - - - 84,353,554.57
84,915,119.57
Total gold certificate reserves - - - - - - $2,539,719,129.92 $2,544,686,332.18
Federal Reserve notes of other Federal Reserve banks - - - - - 43,296,305.00
43,581,230.00
Other cash.............................................................................................................................
46,245,943.71
38,862,272.51
Discounts and advances:
Secured by United States Government obligations.............................................
Other discounts and advances - - - - - Total discounts and advances - - - - - _ $

30,200,000.00
560,000.00
30,760,000.00

United States Government securities:
B i l l s .............................................................................................................................
297,628,000.00
C ertificates.................................................................................................................... 1,200,098,000.00
N o t e s ............................................................................................................................. 1,257,585,000.00
B o n d s .............................................................................................................................
283,694,000.00
Total United States Government s e c u r i t i e s ............................................. $3,039,005,000.00
Total loans and se c u r itie s................................................................................. $3,069,765,000.00
Due from foreign b a n k s ..................................................................................................
1,612.10
Cash items in process of collection.................................................................................
636,621,322.43
Bank p rem ises....................................................................................................................
12,177,428.75
Other a s s e t s ....................................................................................................................
29,963,062.27
Total a s s e t s ...........................................................................................................$6,377,789,804.18
LIABILITIES
Federal Reserve n o t e s .................................................................................................. $2,774,899,520.00

$

—0—
2,004,800.00
2,004,800.00

254,380,000.00
2,108,072,000.00
324,135,000.00
280,753,000.00
$2,967,340,000.00
$2,969,344,800.00
1,625.71
468,517,648.11
12,528,657.80
16,503,943.93
$6,094,026,510.24

$2,755,237,070.00

Deposits:
Member bank—reserve a c c o u n t s ........................................................................ 2,785,202,901.60 2,657,738,091.72
United States Treasurer—general a c c o u n t ......................................................
62,991,308.30
51,232,893.57
Foreign.............................................................................................................................
38,976,000.00
26,320,000.00
Other d e p o s it s ...........................................................................................................
76,404,034.79
47,001,334.37
Total d e p o s i t s ...................................................................................................$2,963,574,244.69
$2,782,292,319.66
Deferred availability cash items - - - ......................................................
492,117,810.13
405,729,029.30
Other liabilities....................................................................................................................
2,743,857.24
2,672,070:84
Total lia b ilit ie s ..................................................................................................$6,233,335,432.06
$5,945,930,489.80
CAPITAL ACCOUNTS
Capital paid i n ....................................................................................................................$ 47,695,100.00
S u r p lu s .............................................................................................................................
95,390,200.00
Other capital a c c o u n t s ..................................................................................................
1,369,072.12
Total liabilities and capital accounts...............................................................$6,377,789,804.18
Contingent liability on acceptances purchased for foreign correspondents - - - $ 9,217,600.00



$ 42,245,800.00
95,760,622.90
10,089,597.54
$6,094,020,510.21
$ 7,593,600.00

FEDERAL. RESERVE BANK OF SAN FRANCISCO

EARNINGS AND EXPENSES
CURRENT EARNINGS

1J«?

Discounts and ad van ces................................................................................................$ 1,291,724.77
United States Government securities - - - - - 97,480,422.71
All o t h e r ..........................................................................................................................
27,734.36
Total current e a r n in g s .................................................... - -

1958
$

217,860.24
83,026,558.30
25,628.27

-

$98,799,881.84

$83,270,046.81

-

17,694,777.15
2,148,381.43

$ 16,454,909.62
2,142,094.55

15,546,395.72

$ 14,312,815.07

83,253,486.12

$ 68,957,231.74

21,216.30
8,706,532.90
801,783.86
854.54

16,889.55
—0—
—0—
5,296.86

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

-

-

Net expenses
PROFIT AND LOSS
Current net earnings
Additions to current net earnings:
Profits on sales of United States Government securities (net) Transferred from reserves for contingencies (net) - - - - - Sale of former bank premises at Salt Lake City ...................................
All o t h e r .................................................................................................................

Total additions................................................................................................$ 9,530,387.60
Deductions from current net earnings:
Reserves for contingencies.......................................................................................
All o t h e r .................................................................................................................
Total deductions

-

..............................................................................$

Net additions (+) or deductions (—)

-

$

—0—
591.76
591.76

.............................................................$+9,529,795.84

22,186.41

30,497.06
1,310.69
$

31,807.75

$

—9,621.34

Net earnings before payments to United States T r e a su r y ...................................$ 92,783,281.96
Dividends p a id .................................................................................................................
2,747,120.46
Paid United States Treasury (interest on Federal Reserve notes) - - - 90,406,584.40

$ 68,947,610.40
2,467,274.84
59,832,313.71

Transferred to S u r p lu s ............................................................................................... $ —370,422.90
Surplus January 1 ........................................................................................................
95,760,622.90

$ 6,630,932.87*
89,129,690.03

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

$ 95,390,200.00

♦After allowing for withdrawal of $17,088.98 in conjunction with repayment of Section 13b Surplus account.



$ 95,760,622.90

DIRECTORS AND OFFICERS
December 31,1959

DIRECTORS
A. H . B raw ner , San Francisco, C alifornia, C hairm an
Y. F rank F reem a n , H ollyw ood, California, D eputy C hairm an
C arroll F . B yrd , W illows, C alifornia
M . V ilas H u bbard , P asadena, California
W alter S. J ohnson , San Francisco, California

and F ederal R eserve A gent
N . L oyall M cL aren , San F rancisco, C alifornia
J oseph R osenblatt , Salt Lake C ity , U tah
J ohn A. S choonover , Boise, Id ah o
P h il ip I. W e lk , V ancouver, W ashington

MEMBER OF FEDERAL ADVISORY COUNCIL
C h a rle s F. F ra n k la n d , Seattle, Washington

OFFICERS

H.
N. M a n g els, P resident
E lio t J. Sw an, F irs t Vice P resident
J. L. B a rb o n c h ie lli, Vice P resident an d C ashier
E . R . B a rg le b a u g h , Vice President, and M anager of S alt L ake C ity B ranch
H.
E . H emm ings , Vice P resident
J. M. L eisn er , Vice President, and M anager of S eattle B ranch
A. B. M erritt , Vice P resid en t
E. R . M illard , Vice P resid en t
R . H . M orrill , Vice P resid en t
J ohn A. O ’K ane , Vice P resident and G eneral Counsel
J. A. R andall , Vice President, and M anager of P o rtlan d B ranch
W. F. V olberg , Vice P resident, and M anager of Los Angeles B ranch
0 . P . W h eeler , Vice P resid en t
R o b e r t S. E in zig , Assistant Vice President
E . J. M a rte n s , Assistant Cashier
E. H. G a lv in , Assistant Vice President
R ix M a u re r, J r ., Assistant Cashier
T. W. B a r r e t t , Assistant Cashier
R . C. M illik e n , Assistant Cashier
P. W. C av an , Assistant Cashier
A. H. P ric e , Assistant Cashier
G. D . H a r tli n , General Auditor
G a u lt W. L ynn, Senior Economist
C. H . W h itw o rth , Administrative Assistant
H a r r y S. S c h w a rtz , Senior Economist

LOS ANGELES BRANCH
DIRECTORS
R o b e r t J. C an n o n , Chairman

R . S. B e a s le y
R o y A. B r i t t

OFFICERS

Jo h n D . F re d e ric k s
Jo e D . P a x to n

W. F . V o lb e rg , Vice President, and Manager
C. H. W a tk in s, Assistant Manager
W . E. C a r te r , Assistant Manager
M. J. D av ie s, Assistant Manager
G. D . P a r k e r , Assistant Manager
J. R . R ob in son , Assistant Manager
V. E. V igus, Assistant Manager

PORTLAND BRANCH

SALT LAKE CITY BRANCH
DIRECTORS

T hom as B. R o w lan d , Chairman
R u s s e ll S. H an so n
R ee d E. H o l t
O sc a r H i l l e r
H o w a rd W. P ric e

OFFICERS
E. R . B a rg le b a u g h , Vice President, and Manager
A. L. P ric e , Assistant Manager
A. G. H olm an , Assistant Manager
T . M. Simmons, Assistant Manager

SEATTLE BRANCH
DIRECTORS

DIRECTORS
W a rre n W. B ra le y , Chairman

Lym an J. B u n tin g , Chairman
H e n ry N. A n d e rso n
J o s h u a G re e n , J r .
J ames B rennan
S. B . L afrom boise

OFFICERS
J. A. R a n d a ll, Vice President, and Manager
D . M. D a v e n p o rt, Assistant Manager
W . M . B ro w n , Assistant Manager
F. K. Grimm, Assistant Manager

J. M. L e isn e r, Vice President, and Manager
R. E . E v e rso n , Assistant Manager
R. P. G lasco ck , Assistant Manager
W. R. S an dstrom , Assistant Manager
D. E . Simms, Assistant Manager

D . S. B a k e r
J. H. M c N a lly




Raymond R. R e te r
C. B. S teph en so n

OFFICERS

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