The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
A N N U A L STATEMENT, 1954 FEDERAL RESERVE BANK OF SAN FRANCISCO JA N U A R Y 1. 1 9 5 5 To the Member Banks of the Twelfth Federal Reserve District. D ear S ir s : 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, 1954, and December 31, 1953, together with a comparison of earnings and expenses for 1954 and 1953. Yours very truly, President. COMPARATIVE STATEMENT OF CONDITION ASSETS Dec. 31,1954 Gold certificates ......................................................$2,381,860,331.97 Redemption fund for Federal Reserve n o t e s ............................................................... 80,409,344.57 Total gold certificate r e s e r v e s ....................................................................... $2,462,269,676.54 Federal Reserve notes of other Federal Reserve banks............................................. 16,308,475.00 33,190,774.83 Other cash - - - - - - - - - ............................................. Dec. 31,1953 $2,413,597,258.01 84,574,809.57 $2,498,172,067.58 20,939,250.00 37,312,080.95 Discounts and advances: Secured by United States Government obligations............................................. —0— Other discounts and advances - - - - ............................................. 13,600,000.00 Total discounts and a d v a n c e s ....................................................................... $ 13,600,000.00 $ 500,000.00 1,515,000.00 2,015,000.00 United States Government securities: B i l l s ............................................................................................................................ 236,936,000.00 C ertificates................................................................................................................... 1,517,867,000.00 N o t e s ............................................................................................................................ 660,103,000.00 B o n d s ............................................................................................................................ 306,338,000.00 Total United States Government s e c u r i t i e s .............................................$2,721,244,000.00 Total loans and se c u r itie s ................................................................................ $2,734,844,000.00 Due from foreign b a n k s .................................................................................................. 2,280.19 Uncollected cash i t e m s ................................................................................................. 329,968,757.88 Bank premises . . ................................................................................9,095,651.86 Other assets ....................................- ........................................... 14,724,941.41 Total a s s e t s .......................................................................................................... $5,600,404,557.71 283.065.000.00 634.154.000.00 1,446,085,000.00 396.981.000.00 $2,760,285,000.00 $2,762,300,000.00 2,291.45 354,867,230.23 7,262,962.04 16,567,461.81 $5,697,423,344.06 LIABILITIES Federal Reserve n o t e s ..................................................................................................$2,583,779,165.00 $2,639,876,970.00 Deposits: Member bank—reserve accounts................................................................................ 2,504,750,423.47 46,086,566.08 United States Treasurer—general account.............................................................. Foreign............................................................................................................................ 49,182,665.98 Other d e p o s i t s .......................................................................................................... 41,704,413.87 Total d e p o s i t s ..................................................................................................$2,641,724,069.40 Deferred availability cash i t e m s ................................................................................ 263,435,033.76 Other liabilities................................................................................................................... 995,202.38 Total l ia b ilit ie s ................................................................................................. $5,489,933,470.54 2,550,756,376.76 39,022,647.32 41,347,865.98 42,369,162.70 $ 2,673,496,052.76 279,224,875.69 1,396,106.21 $5,593,994,004.66 CAPITAL ACCOUNTS Capital paid i n ................................................................................................................... 31,668,000.00 Surplus (Section 7 ) .......................................................................................................... 66,723,685.68 Surplus (Section 13b).......................................................................................................... 2,139,706.03 Other capital a c c o u n t s .................................................................................................. 9,939,695.46 Total liabilities and capital accounts.............................................................. $5,600,404,557.71 Contingent liability on acceptances purchased for foreign correspondents - - - $ 1,958,400.00 Commitments to make industrial loans - - - - - —0— 29,210,550.00 62,182,484.88 2,139,706.03 9,896,598.49 $5,697,423,344.06 $ 2,417,142.58 —0— FEDERAL RESERVE BANK OF SAN FRANCISCO EARNINGS AND EXPENSES CURRENT EARNINGS 1954 Discounts and a d v a n c es...............................................................................................$ Industrial loans - - - - - - - - - - - - - Commitments to make industrial loans . ............................................................ United States Government s e c u r it ie s ..................................................................... All o t h e r ......................................................................................................................... 1953 237,295.11 —0— —0— 47,450,053.37 4,876.84 $ 1,481,481.65 —0— 194.86 50,389,485.23 11,520.15 $47,692,225.32 $ 51,882,681.89 $ 13,035,669.98 2,199,963.03 $ 13,627,071.45 2,306,504.74 Net e x p e n s e s ...............................................................................................$ 10,835,706.95 $ 11,320,566.71 Total current earnings ........................................... CURRENT EXPENSES Total current expenses (including normal depreciation on bank premises, assess ment for expenses of Board of Governors, and cost of Federal Reserve currency) Less Reimbursement for certain fiscal agency and other expenses - PROFIT AND LOSS Current net earnings.................................................... .......................................... Additions to current net earnings: Profits on sales of United States Government securities (net) Ail other - - - - ............................................................ Total additions - - - - ................................................... $ 36,856,518.37 $ 40,562,115.18 46,034.51 339.31 184,658.28 625.41 - $ Deductions from current net earnings: Retirement System (adjustment for revised benefits) - - - Reserves for contingencies............................................................................. All other - - ...................................................................................... Total d e d u c t io n s .............................................................................. Net deductions - - - - - - - - - - - - - Surplus (Section 7) December 31 $ 185,283.69 273,223.10 58,376.66 3,103.64 43,096.97 7,144.89 - $ 50,241.86 $ 334,703.40 - $ 3,868.04 $ 149,419.71 Net earnings before payments to United States Treasury Paid United States Treasury (interest on Federal Reserve notes) D ivid end s................................................................................................................ Transferred to Surplus (Section 7 ) ..................................................................... Surplus (Section 7) January 1 ............................................................ 46,373.82 $ 36,852,650.33 30,487,823.13 1,823,626.40 - $ 40,412,695.47 33,849,576.96 1,706,033.61 $ 4,541,200.80 62,182,484.88 $ 4,857,084.90 57,325,399.98 $ 66,723,685.68 $ 62,182,484.88 DIRECTORS AND OFFICERS December 31,1954 DIRECTORS A. H. B rawner , San Francisco, California, Chairman and Federal Reserve Agent Y. F rank F reeman , H ollyw ood, California, Deputy Chairman A lden G. R oach, San Francisco, California C arroll F. B yrd, W illows, California J ohn A. S choonover, Boise, Idaho M. V ilas H ubbard , Pasadena, California R eese H. T aylor, L os Angeles, California W alter S. J ohnson , San Francisco, California H arry R. W ellman , Berkeley, California MEMBER OF FEDERAL ADVISORY COUNCIL John M. Wallace , Salt Lake City, Utah 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 E. R. M illard , Vice President W. L. P artner , Vice President, and Manager of Salt Lake C ity Branch J. A. R andall, Vice President, and Manager of Portland Branch H. F. S lade , Vice President E liot J. S wan , Vice President and Cashier W. F. V olberg , Vice President, and Manager of Los Angeles Branch 0 . P. W heeler , Vice President R. H . M orrill , Assistant Vice President H. E. H emmings , Assistant Cashier J. L. B arbonchielli , Assistant Cashier R. C. M illiken , Assistant Cashier T. W. B arrett , Assistant Cashier A. H . P rice , Assistant Cashier D . M . D avenport , Assistant Cashier H. A rmstrong, General Auditor J ohn A. O’K ane , General Counsel E. H. G alvin , Chief Examiner INDUSTRIAL ADVISORY COMMITTEE W alter A. S tarr , Chairman E. S. D ulin W akefield B aker , Vice Chairman J. A. F olger K eith G. F isken LOS ANGELES BRANCH SALT LAKE CITY BRANCH B ryant E ssick , Chairman Anderson B orthwick P aul H . H elms H ugh C. G ruwell James E. S helton J oseph R osenblatt , Chairman H arry E aton R ussell S. H anson G eorge S. E ccles G eo . W . W atkins W. F. V olberg , Vice President, and Manager C. H . W atkins , Assistant Manager M. J. D avies , Assistant Manager G. D . P arker , Assistant Manager J. R . R obinson , Assistant Manager W. J. T homas , Assistant Manager 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 PORTLAND BRANCH SEATTLE BRANCH DIRECTORS OFFICERS DIRECTORS W illiam H. S teiw er , S r ., Chairman J ohn B . R ogers P hilip I. Welk E. C. S ammons F rank W ortman OFFICERS J. A. R andall , Vice President, and Manager D. E. B ent , Assistant Manager C. H. M ercer , Assistant Manager A. B . M erritt , Assistant Manager DIRECTORS OFFICERS D. DIRECTORS K. M acD onald , Chairman James B rennan C harles F. F rankland OFFICERS S. B . L afromboise R alph S undquist J. M. L eisner , Vice President, and Manager R. E. E verson , Assistant Manager W. R. S andstrom , Assistant Manager D. E. S imms, Assistant Manager
