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A N N U A L STATEMENT, 1956 FEDERAL RESERVE BANK OF SAN FRANCISCO J A N U A R Y t. 1 9 5 7 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, 1956, and December 31, 1955, together with a comparison of earnings and expenses for 1956 and 1955. Yours very truly, President. COMPARATIVE STATEMENT OF CONDITION ASSETS Pec. 31,1956 Gold c e r t if i c a t e s .......................................................................................................... $2,661,539,013.01 Redemption fund for Federal Reserve n o t e s ............................................................... 80,376,519.57 Total gold certificate reserves - - - .............................................$2,741,915,532.58 Federal Reserve notes of other Federal Reserve banks............................................. 32,313,005.00 .................................... 37,507,475.08 Other ca sh .............................................................. Dec. 31,1955 $2,505,971,292.81 75,460,324.57 $2,581,431,617.38 33,744,955.00 46,446,751.26 Discounts and advances: Secured by United States Government obligations............................................. 200,000.00 10,000,000.00 Other discounts and advances - ....................................................................... 2,625,000.00 103,000.00 Total discounts and a d v a n c e s ....................................................................... $ 2,825,000.00 $ 10,103,000.00 United States Government securities: B i l l s ............................................................................................................................ 192,612,000.00 164,618,000.00 C ertificates................................................................................................................... 1,223,380,000.00 648,601,000.00 N o t e s ............................................................................................................................ 1,024,332,000.00 1,551,847,000.00 B o n d s ............................................................................................................................ 313,518,000.00 306,926,000.00 Total United States Government s e c u r i t i e s .............................................$2,753,842,000.00 $ 2,671,992,000.00 Total loans and se c u r itie s................................................................................ $2,756,667,000.00 $ 2,682,095,000.00 Due from foreign banks - - - - - - 2,337.58 2,293.05 Uncollected cash i t e m s ................................................................................................. 482,290,853.42 482,140,895.92 Bank p rem ises................................................................................................................... 10,748,870.18 10,237,797.70 Other a s s e t s ................................................................................................................... 28,283,066.63 17,740,873.49 Total a s s e t s .......................................................................................................... $6,089,728,140.47 $ 5,853,840,183.80 LIABILITIES Federal Reserve n o t e s ................................................................................................. $2,752,278,770.00 Deposits: Member bank—reserve accounts................................................................................ 2,654,102,384.11 United States Treasurer—general account - ..................................................... 38,438,273.58 Foreign............................................................................................................................ 31,105,000.00 Other d e p o s it s .......................................................................................................... 59,564,341.03 Total d e p o s i t s ..................................................................................................$2,783,209,998.72 Deferred availability cash items - - - ..................................................... 419,212,856.78 Other liabilities - - - - ................................................................................ 1,343,428.43 Total lia b ilit ie s ................................................................................................. $5,956,045,053.93 CAPITAL ACCOUNTS Capital paid in - - - - ....................................39,107,300.00 Surplus (Section 7 ) .......................................................................................................... 82,413,355.92 Surplus (Section 13b).......................................................................................................... 2,139,706.03 Other capital accounts - - - - - - 10,022,724.59 Total liabilities and capital accounts.............................................................. $6,089,728,140.47 Contingent liability on acceptances purchased for foreign correspondents - $ 5,229,000.00 —0— Industrial loan commitments - - - - - - - - - $2,688,907,235.00 2,530,258,827.51 35,029,659.56 39,783,000.00 67,079,928.59 $2,672,151,415.66 374,104,810.39 1,117,010.46 $5,736,280,471.51 34,160,950.00 71,274,903.17 2,139,706.03 9,984,153.09 $5,853,840,183.80 $ 3,450,500.00 —0— FEDERAL RESERVE BANK OF SAN FRANCISCO EARNINGS AND EXPENSES 1956 CURRENT EARNINGS $ Discounts and advances Industrial loan s................................... Commitments to make industrial loans United States Government securities All o t h e r ............................................ 765,815.13 — 0— 1955 $ 795,144.19 — 0— 63,479,860.23 16,782.52 $ 64,262,457.88 Total current earnings 43,562,885.20 8,647.83 $ 44,366,677.22 CURRENT EXPENSES Total current e x p e n s e s ...............................................................................................$ 14,954,127.82 $J13,120,502.36 Less Reimbursement for certain fiscal agency and other expenses 1,884,366.49 1,925,118.61 Net e x p e n s e s ...............................................................................................$ 13,069,761.33 PROFIT AND LOSS Current net earnings $ 11,195,383.75 ............................................................ - - $ 51,192,696.55 $ 33,171,293.47 Additions to current net earnings: Profits on sales of United States Government securities (net) All other - - - - - .................................................... - - 27,700.23 10,075.72 13.59 150.00 Total additions - $ ..................................................................... Deductions from current net earnings: Reserves for contingencies..................................................................... All other .............................................................................. - - Total d e d u c t io n s ..................................................................... Net deductions - ...................................................................................... 37,775.95 % 38,571.50 6,710.99 163.59 44,457.63 8,186.25 $ - 45,282.49 $ 52,643.88 - $ 7,506.54 $ 52,480.29 $ 33,118,813.18 Net earnings before payments to United States Treasury Paid United States Treasury (interest on Federal Reserve notes) D ividends....................................................................................................... - - $ 51,185,190.01 37,788,912.37 2,257,824.89 Transferred to Surplus (Section 7 ) ............................................................ Surplus (Section 7) January 1 ............................................................ - - $ 11,138,452.75 71,274,903.17 $ 4,551,217.49 66,723,685.68 $ 82,413,355.92 $ 71,274,903.17 Surplus (Section 7) December 31 26,577,270.24 1,990,325.45 DIRECTORS AND OFFICERS December 31,1956 DIRECTORS A. H . B ra w n e r, San Francisco, C alifornia, C hairm an and F ederal R eserve A gent Y . F r a n k F re e m a n , H ollyw ood, California, D eputy C hairm an Jo h n A. S ch o o n o v er, Boise, Id ah o C a r r o l l F . B y rd , W illows, C alifornia R e e se H . T a y lo r, Los Angeles, C alifornia M. V ila s H u b b a rd , P asadena, California P h ilip I. W e lk , W alla W alla, W ashington W a lte r S. Jo h n so n , San Francisco, California ____________ (V acancy) MEMBER OF FEDERAL ADVISORY COUNCIL F ra n k L. K in g, Los Angeles, California OFFICERS H . N . M angels , P resident E liot J. S w an , F irs t Vice P resident E. R . B a rg le b a u g h , Vice P resident, and M anager of S alt L ake C ity B ranch J. M. L eisn er, Vice President, and M anager of S eattle B ranch E. R. M illa rd , Vice P resident R . H . M o r r i ll, Vice P resid en t J. A. R a n d a ll, Vice President, and M anager of P o rtla n d B ranch H . F. S la d e , Vice P resident W. F. V o lb e rg , Vice President, and M anager of Los Angeles B ranch 0 . P . W h e e le r, Vice P resid en t H . E. H em m ings, C ashier J. L . B a r b o n c h ie lli, Assistant Vice President D . M . D a v e n p o rt, Assistant Cashier R o b e r t S. E in zig , Assistant Vice President R . C. M illik e n , Assistant Cashier T. W. B a r r e t t , Assistant Cashier A. H . P ric e , Assistant Cashier P. W. C av an , Assistant Cashier H . A rm stro n g , General A uditor E. G a u lt W. L ynn, Senior Econom ist Jo h n A. O ’K , G eneral Counsel H . G alv in , Chief Exam iner H a r r y S. S c h w a rtz , Senior E conom ist a n e INDUSTRIAL ADVISORY COMMITTEE W a lte r A. S t a r r , Chairman E . S. D u lin K e ith G. F isk e n W a k e fie ld B a k e r, Vice Chairman J. A. F o lg e r LOS ANGELES BRANCH SALT LAKE CITY BRANCH S hannon C randall , J r ., C hairm an A nderson B orthw ick J oe D . P axton C harles D etoy J ames E . S helton Josep h R o s e n b la tt, Chairman H a r r y E a to n R u s s e ll S. H an so n G eo rg e S. E c c le s G eo. W . W a tk in s DIRECTORS OFFICERS W. F . V o lb e rg , Vice President, and M anager C. H . W a tk in s, A ssistant M anager M . J. D av ie s, A ssistant M anager G. D . P a r k e r , A ssistant M anager J. R . R o b in so n , A ssistant M anager V. E. V igus, A ssistant M anager DIRECTORS OFFICERS E . R . B a rg le b a u g h , Vice President, and Manager A. L. P ric e , Assistant Manager A. G. H olm an , Assistant Manager T. M. Simmons, Assistant Manager PORTLAND BRANCH SEATTLE BRANCH W illia m H. S te iw e r, S r., Chairman W a rre n W . B r a le y Joh n B. R o g e rs J. H. M c N a lly E . C. Sammons R a lp h S u n d q u ist, Chairman Jam es B re n n a n S. B . L afro m b o ise C h a rle s F . F ra n k la n d D . K. M a c D o n a ld J. A. R a n d a ll, Vice President, and Manager A. B . M e r r i t t , Assistant Manager W. M. B ro w n , Assistant Manager C. H. M e rc e r, Assistant Manager J. M. L e isn e r, Vice President, and Manager R. E . E v e rso n , Assistant Manager W. R. S an dstrom , Assistant Manager D . E . Simms, Assistant Manager DIRECTORS OFFICERS DIRECTORS OFFICERS
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