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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