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FE D E R A L R E S ER VE BAN K
O F S AN F R A N C IS C O




A N N U A L S TATEM ENT, 1967

J A N U A R Y 4. 1 9 6 8

To the Member Banks of the
Twelfth Federal Reserve District.

D e a r Sirs:

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 31,1967, and December 31,1966, together with
a comparison of earnings and expenses for 1967 and 1966.
Yours very truly,

President.

COMPARATIVE STATEMENT OF CONDITION
ASSETS
Gold certificates - - - - - - - - Redemption fund for Federal Reserve notes
Total gold certificate reserves Federal Reserve notes of other Federal Reserve banks
Other cash - - - - - - - - - -

Dec. 31,1967
$1,075,712,288.53
242,786,075.57
$1,318,498,364.10
81,882,948.00
37,040,224.75

Dec. 31,1966
$1,353,160,459.95
219,387,960.57
$1,572,548,420.52
87,147,454.00
32,175,448.80

Discounts and advances:
Secured by United States Government obligations
Other discounts and advances Total discounts and advances - - - -

63,000,000.00
0—
$ 63,000,000.00

15,482,000.00
42,518,000.00
$ 58,000,000.00

United States Government securities:
B i l l s ...............................................................................
Certificates - - - - - - - - Notes - - - - - - - - - - Bonds
- - - - - Total United States Government securities
Total loans and securities - - - - -

2,280,687,000.00
—0—
3,842,949,000.00
868,927,000.00
$6,992,563,000.00
$7,055,563,000.00

1,617,739,000.00
596,324,000.00
2,919,518,000.00
849,565,000.00
$5,983,146,000.00
$6,041,146,000.00

Cash items in process of collection - - - - Bank premises - - - - - Other assets - - - - - Total assets - - - - -

997,971,991.04
8,960,046.61
252,376,585.09
$9,752,293,159.59

1,006,392,038.14
9,390,287.14
160,400,141.64
$8,909,199,790.24

$5,155,149,659.00

$4,681,767,159.00

3,441,491,427.80
119,034,471.80
18,200,000.00
57,567,655.50
$3,636,293,555.10
762,384,966.55
40,095,978.94
9,593,924,159.59

3,248,511,244.13
2,495,341.49
20,960,000.00
84,839,362.39
$3,356,805,948.01
691,928,763.73
30,588,719.50
8,761,090,590.24

$ 79,184,500.00
$ 79,184,500.00
$9,752,293,159.59

$ 74,054,600.00
$ 74,054,600.00
$8,909,199,790.24

LIABILITIES
Federal Reserve notes

- - - - - - -

Deposits:
Member bank — reserve accounts - - - United States Treasurer — general account
Foreign - - - - - Other deposits - - - - Total deposits - - - - - - Deferred availability cash items - - - - Other liabilities - - - - - - - - -

CAPITAL ACCOUNTS
Capital paid in - - - - Surplus - - - - - - - - Total liabilities and capital accounts

—

Contingent liability on acceptances purchased for foreign correspondents - - $ 20,345,000.00 $ 25,125,800.00




FEDERAL RESERVE BANK OF SAN FRANCISCO

EARNINGS AND EXPENSES
CURRENT EARNINGS

1967

Total current earnings

949,317.55
297,707,134.78
3,283,664.28
62,281.46

$ 1,620,206.36
255,421,562.74
2,881,908.25
61,452.17

$302,002,398.07

Discounts and a d v a n c e s...............................................
- - - - United States Government securities
- - - - - Foreign currencies
All other............................................................................................................- -

1966

$259,985,129.52

$ 24,884,017.78
2,206,558.87

$ 23,731,971.25
2,031,515.59

$

* •

CURRENT EXPENSES
Total current expenses
- - - - - - - Less Reimbursement for certain fiscal agency and other expenses -

-

Net expenses....................................................................................................$ 22,677,458.91

$ 21,700,455.66

PROFIT AND LOSS
Current net earnings....................................................................................................$279,324,939.16

$238,284,673.86

Additions to current net earnings:
Profits on sales of United States Government securities (net) - - A llo th e r ...................................................................................................................
Total additions

-

- -

- -

- -

- -

- -

Deductions from current net earnings:
Loss on sales of United States Government se c u r itie s ...............................$
All other - - - - - - - - - - - - - Total deductions - - - - - - - - - - - -

-

106,755.04
244,397.64

$

- -

$

351,152.68

$ —0—
183,361.12
183,361.12

$

—0—

$

344,379.08
7,189.01

$

351,568.09

9,690.25
$

9,690.25

Net additions (+ ) or deductions (—) ..................................................................

$ +341,462.43

$ —168,206.97

Net earnings before payments to United States Treasury - - - - Dividends paid - - - - - - - - - - - - - Payments to United States Treasury (interest on Federal Reserve notes) -

$279,666,401.59
4,513,525.11
270,022,976.48

$238,116,466.89
4,391,237.90
231,975,428.99

Transferred to S u r p lu s ................................- .............................................Surplus January 1 - - - - - - - - - - - - - -

$ 5,129,900.00
74,054,600.00

$ 1,749,800.00
72,304,800.00

Surplus December 31

$ 79,184,500.00

$ 74,054,600.00




DIRECTORS AND OFFICERS
December 31,1967

DIRECTORS

Frederic S. H irsch ler, San Francisco, California, Chairman and Federal Reserve Agent
S. A lfred H algren , Los Angeles, California, Deputy Chairman
C harles F. F ran kland, Seattle, Washington
H. D. A rm strong, San Francisco, California
M arron K endrick, San Francisco, California
R alph V. A rn old , Ontario, California
Bernard T. R occa, Jr., San Francisco, California
C a r r o ll F. Byrd, Willows, California
Joseph R osen b latt, Salt Lake City, Utah

MEMBER OF FEDERAL ADVISORY COUNCIL
Frederick G. Larkin, Jr., Los Angeles, California

OFFICERS

E lio t J. Swan, President
A. B. M erritt, First Vice President
J. L. B arb onchielli, Vice President
W. M. Brown, Vice President, and Manager of Portland Branch
P. W. Cavan, Vice President, and Manager of Los Angeles Branch
J. Howard Craven, Vice President
D. M. D avenport, Vice President
I rwin L. J ennings , Vice President
G. R. K elly, Vice President
E.
J. M artens, Vice President and Cashier
A. L. Price, Vice President, and Manager of Salt Lake City Branch
W. R. Sandstrom, Vice President, and Manager of Seattle Branch
W alter F. S cott, Vice President and General Counsel
J. B. W illiam s, Vice President
H. B. Jamison, Assistant Vice President
E. E. B ern stein , Assistant Vice President
Rix M aurer, Jr., Assistant Vice President
W illiam M. B urke, Assistant Vice President
E. A. W ells, Assistant Vice President
W. E. O’D o n n ell, Assistant Cashier
T. W. B a rrett, Assistant Cashier
R. G. R e ta llic k , Assistant Cashier
E. E. L ivingston, Assistant Cashier
E. A. Thom as, Assistant Cashier
D. V. M asten, Assistant Cashier
R. E. M cKendry, General Auditor
G au lt W. Lynn, Director of Research
A. G. C on te, Assistant General Auditor
R. A. K arlsson , Chief Examiner
W illiam L. Cooper, Assistant General Counsel

LOS ANGELES BRANCH
DIRECTORS
A rth u r G. C oons, Chairman

J. L. A tw ood
S herman H azeltine

OFFICERS

C arl E. Schroeder
H arry J. Volk

P. W. Cavan, Vice President, and Manager
G. R. K e lly , Vice President
J. R. R obinson, Assistant Vice President
J. M. D avis, Assistant Manager
H. A. Erne, Assistant Manager
M. A. Jones, Assistant Manager
G. D. P ark er, Assistant Manager

PORTLAND BRANCH

DIRECTORS
G raham J. Barbey, Chairman
C h a rles F. Adams
E. W. Firstenburg
R obert F. D w yer
E. J. K olar
OFFICERS
W. M. Brow n, Vice President, and Manager
W. G. DeV ries, Assistant Vice President
F. K. Grimm, Assistant Manager
F. R. Skinner, Assistant Manager



SALT LAKE CITY BRANCH
Royden

A lan B. B lood
N ewell B. D ayton

DIRECTORS
G. D errick, Chairman

Wm. E. Irvin
P eter E. M arble

OFFICERS
A. L. Price, Vice President, and Manager
A. G. H olm an, Assistant Vice President
R. C. Dunn, Assistant Manager
Don W. S h eets, Assistant Manager

SEATTLE BRANCH
DIRECTORS

W illiam M cGregor, Chairman
M axw ell C arlson
A. E. Saunders
R obert D. O’Brien
P h ilip H . S ta n to n

OFFICERS

W. R. Sandstrom , Vice President, and Manager
R. P. G lascock , Assistant Vice President
E. R. L iggett, Assistant Manager
P. R. Sm ith, Assistant Manager