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CIRCULAR N O . 140
F E D E R A L RESERVE BANK
OF NEW YORK
NEW YORK, January 27, 1919.
ANNUAL STATEMENT
To the Stockholders of the
Federal Reserve Bank of New York:
DEAR SIRS:
We take pleasure in presenting herewith a comparative statement of condition and of profit
and loss account of the Federal Reserve Bank of New York at the close of business December
31, 1917 and December 31. 1918.
A full account of the activities of the bank for the year will be found in the fourth annual
report of the Chairman of the Board of Directors, which is shortly to be published.
We thank the member banks for their cooperation during the past year, and extend to
them our best wishes for their prosperity in 1919.
Very truly yours,
BENJ. STRONG,
Governor.
COMPARATIVE STATEMENT OF CONDITION
DECEMBER 31, 1917—DECEMBER 31, 1918
RESOURCES
Loans and Discounts
Bills discounted for member banks
Acceptances purchased
Rediscounts for other Federal Reserve Banks
United States bonds
United States one year Treasury notes
United States certificates of indebtedness
United States Securities held to secure Federal Reserve Bank Notes
Municipal warrants
Total Investments
Reserve Cash
Gold with Federal Reserve Agent
Gold redemotion fund for Federal Reserve Notes
Gold settlement fund
Gold bullion
Gold coin and certificates
Legal tender notes
Silver certificates and coin
Total Reserves
Other Resources
Federal Reserve Notes and other cash
Federal Reserve bank notes
Redemotion fund Federal Reserve bank notes
Items in process of collection
Exchanges for Clearing House and sundry cash items
Due from foreign banks
Interest accrued on United States bonds
Deferred charges and prepaid expenses
Advances made for Treas. U. S. account expenses Liberty Loan and War
Savings Committees
Real estate
Dec. 31, 1917
$ 225,117,913.30
148,770,185.44
25,191,033.66
5,168,599.64
4,493,000.00
15,000,000.00
Dec. 31,1918
$ 697,341,455.69
77,576,032.94
1,447,700.00
521,000.00
93,374,500.00
34,955,000.00
510,701.32
$ 424,251,433.36
$ 905,216,288.63
$ 250,598,565.00
10,000,000.00
5,854,000.00
08,113,616.99
275,130,455.00
31,322,275.00
8,925,743.85
$ 274,392,165.00
25,000,000.00
66,790,455.76
79,101,340.83
179,674,646.70
43,038,200.00
4,531,976.85
$ 649,944,655.84
$ 672,528,785.14
$
$
59,752,685.24
•
48,091,790.20
26,429,660.74
73,620.28
20,458.22
97,048,219.95
751,000.00
l,f>89,250.00
145,736,177.53
36,401,491.78
6,770,374.11
172,S7S.27
150,194.29
360,350.01
3,023,724.56
2,317,692.39
Total
$ 134,728,564.69
$ 294,061,002.88
Total Resources
§1,208,924,653.89
$1,871,806,076.65
$
18,695,950.00
649,363.56
$
20,820,100.00
8,322,040.00
$
19,345,313.56
$
29,142,140.00
$
11,870,767.74
3,335,930.00
10,317,630.16
652,791,808.26
35,553,478.43
7,610,609.86
5,156,779.75
4,821,683.09
$
5,705,629.16
95,976,172.85
5,382,207.29
705,062,061.27
72,173,S99.90
78,986,137.26
6,934,425.41
4,998,919.04
LIABILITIES
Capital Fund
Capital paid in
Surplus
Total Capital Fund
Deposits
Due to
Due to
Due to
Due to
United States Government
Foreign Governments and banks
non-member banks, deposit account
member banks—reserve balances
" —uncollected funds
Due to other Federal Reserve Banks—collected funds
""
"
"
"
" —uncollected funds
Cashier's checks outstanding
Gross Deposits
Note Liability
Federal Reserve Bank notes outstanding
Federal Reserve notes outstanding
Total Note Liability
Other Liabilities
Depreciation reserve account
General reserve account
Unearned discount unci interest
Participation certificates Liberty Loan bonds
Reserve for franchise tax
$ 731,458,687.29
$ 456,338,565.00
$
33,785.000.00
819,015,835.00
$ 456,338,565.00
$ 852,800,835.00
$
$
205,880.00
299,375.00
1,308,769.90
34,410.00
12,795,214.57
$
14,643,649.47
205,880.00
1,34S,238.04
227,970.00
Total Other Liabilities
$
Total Liabilities
$1,208,924,653.89
$ 975,219,452.18
1,782,08S.()4
$1,871,803,076.65
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COMPARATIVE PROFIT AND LOSS ACCOUNT
FOR THE YEARS ENDED DECEMBER 31, 1917 AND DECEMBER 31, 1918
Gross earnings
1917
1918
$4,862,856.27
$25,314,735.98
Expenses
Operating Expenses
Cost of Federal Reserve Notes
$2,317,738.10
§789,481.93
343,764.88
1,133,246.81
Cost of plates and shipping Federal Reserve
Bank Notes
335,043.65
27,920.93
Net earnings
$3,729,609.46
Credit balance as per statement of December 30, 1916
2,680,702.68
$22,634,033.30
163,063.98
3,892,673.44
Excess of sundry credits to Profit and Loss over debits
132,058.91
Total
$22,766,092.21
Deduct—
Cost of unissued Federal Reserve notes in hands
of the Comptroller of the Currency and the
Federal Reserve Agent
445,248.14
Depreciation Reserve Account
205,880.00
651,128.14
General Reserve Account
299,375.00
Charge off of appraised Value of Buildings
803,800.00
$3,241,545.30
1,103,175.00
$21,062,917.21
Deduct dividends paid—
Year 1917 for period April 1, 1915 to December
31,1917
1,942,818.17
June 29, 1918 for period January 1, 1918 to
June 30,1918
586,271.98
December 30, 191S for period July 1, 1918 to
December 31, 1918
608,754.22
Balance to Credit of Profit and Loss
1,195,026.20
$1,29S,727.13
$20,467,891.01
Transferred to Surplus Account
649,363.56
7,672,676.44
Paid to Treasury of the United States as franchise tax
649,363.57
Applied as follows—
Reserve for franchise tax
12,795,214.57
$1,298,727.13
$20,467,891.01
tifo - urvC&^vUJLeb.
DIRECTORS
PIERRE JAY, New York City
Chairman
GEORGE FOSTER PEABODY, Saratoga Springs, N. Y
LESLIE R. PALMER, Croton-on-Hudson, N. Y.
HENRY R. TOWNE, New York City
WILLIAM L. SAUNDERS, New York City
ROBERT H. TREMAN, Ithaca, N. Y.
CHARLES SMITH, Oneonta, N . Y.
WILLIAM B. THOMPSON, Yonkers, N. Y.
Deputy
Chairman
WILLIAM WOODWARD, New York City
OFFICERS
B E N J . STRONG, Governor
WILLIAM WOODWARD, Deputy Governor, (Inactive)
ROBERT H. TREMAN, Deputy Governor
J. HERBERT CASE, Deputy Governor
Louis F . SAILER, Deputy Governor
JAMES F. CURTIS, Deputy Governor and Counsel
LAURENCE H. HENDRICKS, Cashier
EDWIN R. KENZEL, Manager of Investments
JOSEPH D. HIGGINS, Assistant Cashier
ARTHUR W. GILBART, Assistant Cashier
GILBERT E. CHAPIN, Assistant Cashier
J. WILSON JONES, Assistant Cashier
ADOLPH J. LINS, Assistant Cashier
WALTER B. MATTESON, Assistant Cashier
LESLIE R. ROUNDS, Assistant Cashier
I. WARD WATERS, Assistant Cashier
CHARLES H. COE, Assistant Cashier
WILLIAM A. HAMILTON, Assistant Cashier
J. E. RAASCH, Assistant Cashier
JAY E. CRANE, Assistant Cashier
D. II. BARROWS, Secretary
HOWARD M. JEFFERSON, Auditor
WILLIAM G. SIMPSON, Assistant Auditor
GEORGE M. HAYWARD, Assistant Auditor
JOHN EMISON, Assistant Auditor
PIERRE JAY, Federal Reserve Agent
RAY M. GIDNEY, Assistant Federal Reserve Agent
MEMBER FEDERAL ADVISORY COUNCIL
A. BARTON HEPBURN, New York City
@FedFRASER