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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
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