The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
January 11, 195^ The enclosed Annual Statement, 1953, has been corrected to reflect the fact that there were no "Commitments to make industrial loans" on December 1953. Please substitute this statement for the copy previously sent to you. Federal Reserve Bank of San Francisco A N N U A L STATEM ENT. 1953 FEDERAL RESERVE BANK OF SAN FRANCISCO JA N U A R Y 1, 1 9 5 4 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, 1953, and December 31, 1952, together with a comparison of earnings and expenses for 1953 and 1952. Yours very truly, President. COMPARATIVE STATEMENT OF CONDITION ASSETS Dec. 31,1953 Gold c e r t i f i c a t e s ............................................................................................................ $2,413,597,258.01 Redemption fund for Federal Reserve n o t e s ................................................................ 84,574,809.57 Total gold certificate r e s e r v e s .........................................................................$2,498,172,067.58 Other c a sh ............................................................................................................................... Dec. 31, 1952 $2,926,109,717.27 58,948,109.92 $2,985,057,827.19 37,312,080.95 36,043,114.39 Discounts and advances: Secured by United States Government o b lig a tio n s.............................................. 500,000.00 Other discounts and advances - - - - .............................................. 1,515,000.00 Total discounts and a d v a n c e s .........................................................................$ 2,015,000.00 $ 5,000,000.00 2,743,500.00 7,743,500.00 United States Government securities: B i l l s ............................................................................................................................... 283,065,000.00 80,549,000.00 C ertifica tes...................................................................................................................... 634,154,000.00 456,298,000.00 N o t e s ............................................................................................................................... 1,446,085,000.00 1,258,060,000.00 B o n d s ............................................................................................................................... 396,981,000.00 413,028,000.00 Total United States Government s e c u r i t i e s ..............................................$2,760,285,000.00 $2,207,935,000.00 Total loans and s e c u r itie s .................................................................................. $2,762,300,000.00 $2,215,678,500.00 Due from foreign b a n k s .................................................................................................... 2,291.45 Federal Reserve notes of other b a n k s ......................................................................... 20,939,250.00 Uncollected cash i t e m s ................................................................................................... 354,867,230.23 Bank premises .................................................................................. 7,262,962.04 Other a s s e t s ...................................................................................................................... 16,567,461.81 Total a s s e t s .............................................................................................................$5,697,423,344.06 LIABILITIES Federal Reserve n o t e s ....................................................................................................$2,639,876,970.00 2,109.95 22,903,625.00 358,107,875.23 6,791,344.15 14,893,534.23 $5,639,477,930.14 $2,615,672,580.00 Deposits: Member bank—reserve accounts.................................................................................. 2,550,756,376.76 United States Treasurer—general account................................................................ 39,022,647.32 F oreign............................................................................................................................... 41,347,865.98 Other d e p o s i t s ............................................................................................................. 42,369,162.70 Total deposits - - - - - .......................................................$2,673,496,052.76 2,513,580,890.54 47,945,628.22 48,702,718.59 41,910,977.14 $2,652,140,214.49 Deferred availability cash i t e m s .................................................................................. 279,224,875.69 Other liabilities...................................................................................................................... 1,396,106.21 Total l i a b i l i t i e s ....................................................................................................$5,593,994,004.66 273,953,987.84 922,794.89 $5,542,689,577.22 CAPITAL ACCOUNTS Capital paid i n ...................................................................................................................... 29,210,550.00 Surplus (Section 7 ) ............................................................................................................. 62,182,484.88 Surplus (Section 13b) - - - - - ................................................................ 2,139,706.03 Other capital a c c o u n t s .................................................................................................... 9,896,598.49 Total liabilities and capital accounts................................................................$5,697,423,344.06 27,485,300.00 57,325,399.98 2,139,706.03 9,837,946.91 $5,639,477,930.14 Commitments to make industrial loans $ - —0— 359,861.20 FEDERAL RESERVE BANK OF SAN FRANCISCO EARNINGS AND EXPENSES CURRENT EARNINGS 1953 1952 Discounts and a d v a n c es...............................................................................................% 1,481,481.65 United States Government s e c u r it ie s ..................................................................... 50,389,485.23 Industrial loan s................................................................................................................ —0— Commitments to make industrial lo a n s ..................................................................... 194.86 All o t h e r ......................................................................................................................... 11,520.15 $ 2,243,357.95 40,563,314.62 —0— 2,017.88 9,501.51 Total current e a r n in g s ..............................................................................$ 51,882,681.89 $ 42,818,191.96 CURRENT EXPENSES Total operating expenses (including normal depreciation on bank premises) Less Reimbursements for certain fiscal agency and other expenses - $ 11,718,312.23 2,306,504.74 $ 10,721,186.24 Net operating e x p e n s e s ............................................................................. $ 9,411,807.49 Assessment for expenses of Board of G o v e r n o r s................................................... 413,700.00 Federal Reserve currency: Original co st................................................................................................................ 1,364,847.48 Cost of r e d e m p tio n ............................................................................................... 130,211.74 $ 8,623,300.56 384,600.00 Total current e x p e n s e s ............................................................................. $ 11,320,566.71 PROFIT AND LOSS Current e a r n i n g s ............................................Current e x p e n s e s .............................................................- $ 51,882,681.89 11,320,566.71 Current net earnings......................................................................................$ 40,562,115.18 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: Retirement System (Adjustment for revised benefits) - - - - All o t h e r ................................................................................................................ Total deductions from current net e a r n in g s ...........................................$ 1,077,476.93 98,115.16 $ 10,183,492.65 $ 42,818,191.96 10,183,492.65 $ 32,634,699.31 184,658.28 625.41 $ 185,283.69 273,223.10 3,103.64 276,326.74 Net additions to or deductions from current net e a r n in g s ...................................$ —91,043.05 Transferred to reserves for contingencies..................................................................... 58,376.66 Paid to United States Treasury (Interest on outstanding Federal Reserve notes) 33,849,576.96 Net earnings after reserves and payments to United States Treasury $ 6,563,118.51 Dividends p a id ................................................................................................................ 1,706,033.61 Transferred to Surplus (Section 7 ) .............................................................................$ 4,857,084.90 2,097,885.68 186,345.79 321.54 $ 186,667.33 —0— 2,237.29 $2,237.29 $ +184,430.04 58,064.49 21,191,857.57 $ 11,569,207.29 1,585,355.58 $ 9,983,851.71 DIRECTORS AND OFFICERS December 31,1953 DIRECTORS B ra y to n W ilbur, San Francisco, California, Chairman and Federal Reserve Agent W illiam R. W a lla c e , Jr., San Francisco, California, Deputy Chairman John A. S choonover, Boise, Idaho C a r r o ll F. Byrd, W illows, California Chas. H. S tew a rt, Portland, Oregon W a lte r S. Johnson, San Francisco, California R eese H . T ay lo r, Los Angeles, California A ld en G. R oach, San Francisco, California H arry R. W ellm an, Berkeley, California MEMBER OF FEDERAL ADVISORY COUNCIL John M. W a lla ce, Salt Lake City, Utah OFFICERS C. E. E arh art, President H. N . M angels, First Vice President J. M. L eisner, Vice President, and Manager of Seattle Branch E. R. M illa rd , Vice President W. L. P artn er, Vice President, and Manager of Salt Lake C ity Branch J. A. R an d a ll, Vice President, and M anager of Portland Branch H. F. S lad e, Vice President R onald T. Symms, Vice President and Cashier W. F. V olb erg, Vice President, and Manager of Los Angeles Branch O. P. W h eeler, Vice President R. H. M o r r ill, Assistant Vice President H. E. Hemmings, Assistant Cashier E lio t J. Swan, Assistant Vice President R. C. M illik e n , Assistant Cashier J. L. B a r b o n c h ie lli, Assistant Cashier A. H. P rice, Assistant Cashier T. W. B a r r e tt, Assistant Cashier H. A rm strong, General Auditor John A. O’K ane, General Counsel E. H. G alvin , Chief Examiner INDUSTRIAL ADVISORY COMMITTEE W a lte r A. S ta rr , Chairman E. S. D u lin W a k efield B ak er, Vice Chairman Edmund H a yes J. A. F o lg e r LOS ANGELES BRANCH SALT LAKE CITY BRANCH P a u l H . H elm s, Chairman B ryant E ssick W. R . B imson James E. S helton A nderson B orthwick Joseph R o sen b la tt, Chairman James W. C o llin s G eo rg e S. E c c le s H arry E aton G eo. W. W atkins DIRECTORS OFFICERS W. F. V o lb erg , Vice President, and Manager C. H . W atkins, Assistant Manager M. J. D a v ies, Assistant Manager G. D . P ark er, Assistant Manager J. R. R obinson, Assistant Manager W. J. Thomas, Assistant Manager PORTLAND BRANCH DIRECTORS A aron M. F rank, Chairman John B . R og ers E. C. Sammons W illiam H. S teiw er, Sr. F rank Wortman OFFICERS J. A. R a n d a ll, Vice President, and Manager D. E. B en t, Assistant Manager C. H . M ercer, Assistant Manager A. B . M e r r itt, Assistant Manager DIRECTORS OFFICERS W. L. P a rtn er, Vice President, and Manager E. R. B argleb au gh , Assistant Manager A. L. P rice, Assistant Manager T. M. Simmons, Assistant Manager SEATTLE BRANCH DIRECTORS K. M acD onald, Chairman W. M. Jen k in s D. C h a rles F. F ran klan d Geo. H. Jackson R a lp h Su nd q u ist OFFICERS J. M. L eisn er, Vice President, and Manager R. E. E verson, Assistant Manager W. R. Sandstrom , Assistant Manager D. E. Simms, Assistant Manager
@FedFRASER