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ANNUAL STATEMENT, 1955 FEDERAL RESERVE BANK OF SAN FRANCISCO JA N U A R Y 1. 1 9 5 6 To the Member Banks of the Twelfth Federal Reserve District. D eab 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, 1955, and December 31, 1954, together with a comparison of earnings and expenses for 1955 and 1954. Yours very truly, C/AJLjT ' President. COMPARATIVE STATEMENT OF CONDITION ASSETS Dec. 31,1955 Gold certificates - ..................................................................................................$2,505,971,292.81 Redemption fund for Federal Reserve notes - - - - - 75,460,324.57 Total gold certificate reserves - - - - - - $2,581,431,617.38 Federal Reserve notes of other Federal Reserve banks - - - - - 33,744,955.00 Other ca sh ............................................................................................................................ 46,446,751.26 Dec. 31,1954 $2,381,860,331.97 80,409,344.57 $2,462,269,676.54 16,308,475.00 33,190,774.83 Discounts and advances: Secured by United States Government obligations - - - - - 10,000,000.00 Other discounts and advances - - - - - 103,000.00 Total discounts and a d v a n c e s ....................................................................... $ 10,103,000.00 —0— 13,600,000.00 $ 13,600,000.00 United States Government securities: B i l l s ............................................................................................................................ 164,618,000.00 C ertificates................................................................................................................... 648,601,000.00 N o t e s ............................................................................................................................ 1,551,847,000.00 B o n d s ............................................................................................................................ 306,926,000.00 Total United States Government securities - - - - - $2,671,992,000.00 Total loans and securities - - - - $2,682,095,000.00 Due from foreign banks - - - - - - 2,293.05 Uncollected cash i t e m s ................................................................................................. 482,140,895.92 Bank premises - - - - - - - - 10,237,797.70 Other a s s e t s ................................................................................................................... 17,740,873.49 Total a s s e t s .......................................................................................................... $5,853,840,183.80 236,936,000.00 1,517,867,000.00 660,103,000.00 306,338,000.00 $ 2,721,244,000.00 $2,734,844,000.00 2,280.19 329,968,757.88 9,095,651.86 14,724,941.41 $5,600,404,557.71 LIABILITIES Federal Reserve notes . ........................................................................................ $2,688,907,235.00 $2,583,779,165.00 Deposits: Member bank—reserve accounts - - - - - - - - 2,530,258,827.51 United States Treasurer—general account - - - - - - 35,029,659.56 Foreign............................................................................................................................ 39,783,000.00 Other deposits - - - - - - - 67,079,928.59 Total deposits — - - - - - ....................................- - $2,672,151,415.66 Deferred availability cash items - - - - - 374,104,810.39 Other liabilities................................................................................................................... 1,117,010.46 Total lia b ilit ie s ................................................................................................. $5,736,280,471.51 2,504,750,423.47 46,086,566.08 49,182,665.98 41,704,413.87 $ 2,641,724;069.40 263,435,033.76 995,202.38 $5,489,933,470.54 CAPITAL ACCOUNTS Capital paid in . .......................................................................34,160,950.00 Surplus (Section 7 ) .......................................................................................................... 71,274,903.17 Surplus (Section 13b).......................................................................................................... 2,139,706.03 Other capital a c c o u n t s .................................................................................................. 9,984,153.09 Total liabilities and capital accounts.............................................................. $5,853,840,183.80 Contingent liability on acceptances purchased for foreign correspondents - - - $ 3,450,500.00 Industrial loan commitments - - - - - - —0— 31,668,000.00 66,723,685.68 2,139,706.03 9,939,695.46 $5,600,404,557.71 $ 1,958,400.00 —0— FEDERAL RESERVE BANK OF SAN FRANCISCO EARNINGS AND EXPENSES CURRENT EARNINGS 1955 Discounts and advances - ...................................................................................... $ Industrial loans ............................................................................................................... Commitments to make industrial lo a n s ..................................................................... United States Government s e c u r it ie s ..................................................................... All o t h e r ......................................................................................................................... 795,144.19 —0— —0— 43,562,885.20 8,647.83 Total current e a r n in g s ..............................................................................$ 44,366,677.22 1954 $ 237,295.11 —0— —0— 47,450,053.37 4,876.84 $ 47,692,225.32 CURRENT EXPENSES Total current e x p e n s e s ...............................................................................................$ 13,120,502.36 Less Reimbursement for certain fiscal agency and other expenses 1,925,118.61 $ 13,035,669.98 2,199,963.03 Net e x p e n s e s .............................................................................................. $ 11,195,383.75 $ 10,835,706.95 PROFIT AND LOSS Current net earnings...................................- ..................................................- $ 33,171,293.47 $ 36,856,518.37 Additions to current net earnings: Profits on sales of United States Government securities (net) All o t h e r ................................................................................................................ 13.59 150.00 46,034.51 339.31 Total additions - - - - - - - ...................................$ Deductions from current net earnings: Reserves for contingencies - ............................................................................. All Other ‘- - - - - - - - - - Total deductions 163.59 $ 44,457.63 8,186,25— 46,373.82 43,096.97 7,144.89 ......................................................................................$ 52,643.88 $ 50,241.86 Net deductions................................................................................................................$ 52,480.29 $ 3,868.04 Net earnings before payments to United States T r e a s u r y ...................................$ 33,118,813.18 Paid United States Treasury (interest on Federal Reserve notes) 26,577,270.24 D ivid end s........................................................................................................................ 1,990,325.45 $ 36,852,650.33 30,487,823.13 1,823,626.40 Transferred to Surplus (Section 7 ) - - - - - - - - ............................................................................. Surplus (Section 7) January 1 $ 4,551,217.49 66,723,685.68 $ 4,541,200.80 62,182,484.88 ............................................................$ 71,274,903.17 $ 66,723,685.68 Surplus (Section 7) December 31 - - DIRECTORS AND OFFICERS December 31,1955 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. Johnson , San Francisco, California P hilip I. W elk , W alla W alla, W ashington MEMBER OF FEDERAL ADVISORY COUNCIL J ohn 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. Wheeler , 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 A. H . P rice , Assistant Cashier T. W. B arrett , 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 Wakefield B aker , Vice Chairman J. A. F olger K eith G. F isken LOS ANGELES BRANCH SALT LAKE CITY BRANCH S hannon C randall , J r ., Chairman Anderson B orthwick H ugh C. G ruwell C harles D etoy James E. S helton OFFICERS W. F. V olberg , Vice President, and Manager C. H . W atkins , A ssistant Manager M . J. D avies , Assistant Manager G. D . P arker , Assistant Manager J. R. R obinson , Assistant Manager J oseph R osenblatt , Chairman H arry E aton R ussell S. H anson G eorge S. E ccles G eo . W. W atkins PORTLAND BRANCH SEATTLE BRANCH DIRECTORS DIRECTORS W illiam H. S teiw er , S r ., Chairman W arren W. B raley John B. R ogers J. H. M cN ally E. C. Sammons OFFICERS J. A. R andall , Vice President, and Manager A. B . M erritt , Assistant Manager W. M. B rown , Assistant Manager C. H. M ercer , 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 D. DIRECTORS K. M acD onald , Chairman S. B. L afromboise J ames B rennan C harles F. F rankland OFFICERS R alph S undquist J. M. L eisner , Vice President, and M anager R. E. E verson , A ssistant Manager W. R. S andstrom , A ssistant M anager D . E. S imms, Assistant Manager
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