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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 Discounts and a d v a n c e s............................................... - - - - United States Government securities - - - - - Foreign currencies All other............................................................................................................- Total current earnings 1967 1966 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 $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— $ —0— 183,361.12 $ 183,361.12 $ 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
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