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CIRCULAR N O . 250

FEDERAL RESERVE BANK
OF NEW YORK

NEW YORK,!January 27, 1920

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, 1919 and December 31, 1918.

A full account of the activities of the bank for the year will be found in the fifth annual
report of the Chairman of the Board of Directors, which is shortly to be published.
We take this opportunity to thank the member banks for their cooperation during the
past year, and to extend to them our best wishes for 1920.




Yours very truly,
J. H. CASE,

Deputy Governor.

i>~0 -

LooU*
COMPARATIVE STATEMENT OF CONDITION
DECEMBER 31, 1919—DECEMBER 31, 1918

RESOURCES
Reserves
Gold with Federal Reserve Agent
Gold redemption fund for Federal Reserve Notes
Gold settlement fund
Gold bullion
Gold coin and certificates
Gold with foreign agencies
Legal tender notes
Silver certificates and coin

Dec. 31, 1919
$306,756,215.00
25,000,000.00
14,976,859.68
91,597,931.24
62,635,827.49
48,194,795.30
43,770,842.00
2,422,808.50
$595,355,279.21

8,445,500.00
59,276,000.00

Total Other Resources
Total Resources

$132,138,895.83
3,527,000.00
2,900,000.00
194,382,544.39
54,532,017.18
1,141,326.31
543,500.33
164,525.49

$ 97,048,219.95
751,000.00
1,689,250.00
145,736,177.53
36,401,491.78
6,770,374.11
172,878.27
150,194.29

977,835.29
3,094,050.00

3,023,724.56
2,317,692.39
$294,061,002.88

$2,051,491,171.81

O t h e r Resources
Federal Reserve Notes and other cash
Federal Reserve Bank notes
Redemption 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 Treasurer U. S. account expenses Liberty Loan
and War Savings Committee
Real Estate

$905,216,288.63

$393,401,694.82

Total Investments

$697,341,455.69
77,576,632.94
1,447,700.00
521,000.00
93,374,500.00
34,955,000.00

$1,062,734,197.78

Loans a n d Discounts
Bills discounted for member banks
Acceptances purchased
United States bonds
United States one year Treasury notes
United States certificates of indebtedness
United States Securities held to secure F. R. Bank Notes

$672,528,785.14

$790,803,288.24
202,902,609.54
1,306,800.00

Total Reserves

Dec. 31 1918
$274,392,165.00
25,000,000.00
66,790,455.76
79,101,340.83
179,674,646.70

$1,871,806,076.65

43,038,200.00
4,531,976.85

LIABILITIES
Capital
Capital paid in
Surplus

$22,390,750.00
45,081,932.63 §
$67,472,682.63

Total Capital Fund
Deposits
Due to
Due to
Due to
"
Due to
Due to

United States Government
Foreign Governments and banks
member banks—reserve balances
—uncollected funds
non-member banks, deposit account......
„.„
other Federal Reserve Banks—collected funds
—uncollected funds
Officers checks outstanding.
Gross Deposits

Notes
Federal Reserve notes outstanding
Federal Reserve Bank notes outstanding
Total
O t h e r Liabilities
Depreciation reserve account
General reserve account
Unearned discount and interest
Fartkipati&o certificates Liberty Loan bonds
Reserve for franchise tax
Due to United States Government as franchise tax.
All other liabilities
Total Other Liabilities
T o t a l Liabilities

$

„
„

$20,820,100.00
8,322,040.00
$29,142,140.00

5,849,025.28
27,569,776.45
755,951,452.59
88,568,032.65
11,655,844.36
72,964,615.44
7,337,079.52
6,170,350.28

$

5,705,629.16
95,976,172.85
705,062,061.27
72,173,899.90
5,382,207.29
78,986,137.26
6,934,425.41
4,998,919.04

$976,066,176.57

$975,219,452.18

$939,715,955.00
58,200,000.00

$819,015,835.00
33,785,000.00

$997,915,955.00

$852,800,835.00

$

526,621.35
822,682.42
2,737,510.26
20,130.00

$

205,880.00
299,375.00
1,308,769.90
34,410.00
12,795,214.57 §

2,703,893.63
3,225,519.95
$10,036,357.61

$14,643,649.47

$2,051,491,171.81

$1,871,806,076.65

$ $12,795,214.57 shown on December 31, 1918 as "Reserve for Franchise Tax," was transferred to Surplus Account
on March 5, 1919, after amendment of the Federal Reserve Act.



•3 S~& - C^ryiMst'Usi^t aC '

C O M P A R A T I V E P R O F I T AND L O S S A C C O U N T
FOR T H E Y E A R S E N D E D D E C E M B E R 31, 1919 AND DECEMBER 31, 1918

1918

1919

$25,314,735.98

$35,278,006.04

Gross earnings
Expenses
Operating Expenses.
Cost of Federal Reserve Notes and Federal
Reserve Bank Notes

$2,317,738.10

$4,923,231.64
641,598.86

5,564,830.50

362,964.58

$22,634,033.30

$29,713,175.54

Net earnings..
Excess of sundry credits to Profit and Loss over
debits

2,680,702.68

10,413.16
$29,723,588.70

Total

132,058.91
$22,766,092.21

Deduct—
Reserve for tax on Federal Reserve Bank
Note circulation

169,514.40

Depreciation Reserve Account.

325,741.35

General Reserve Account

368,681.70

Appraised value of old buildings, etc., on bank
site, charged off

900,031.72

Deduct dividends paid
Balance to Credit of Profit and Loss

299,375.00
1,763,969.17

803,800.00

1,103^75.00

$27,959,619.53
1,291,047.84

$21,662,917.21
1,195,026.20

$26,668,571.69

$20,467,891.01

Appfied as follows—
Transferred to Surplus Account

23,964,678.06

Reserve for franchise tax
Dne tt> V. S. Government as franchise tax
(paid Jan. 3, 1920)




7,672,676.44
12,795,214.57

2,703,893.63
$26,668,571.69

$20,467,891.01

2_ ^ "> ~ C-CrvC^vi^-<-t^
Z
DIRECTORS AND OFFICERS JANUARY 1, 1920
DIRECTORS
PIERRE JAY, New York City
Chairman

GEORGE FOSTER PEABODY, Saratoga Springs, N. Y.

JAMES S. ALEXANDER, New York City

CHARLES SMITH, Oneonta, N. Y.

LESLIE R. PALMER, Croton-on-Hudson, N. Y.
WILLIAM L. SAUNDERS, Plainfield, N. J.

CHARLES A. STONE, New York City

Deputy Chairman

ROBERT H. TREMAN, Ithaca, N. Y.

MEMBER OF FEDERAL ADVISORY COUNCIL
A. BARTON HEPBURN, New York City

OFFICERS
GENERAL OFFICERS
BENJ. STRONG, Governor

Louis F. SAILER, Deputy Gevemor

J. HERBERT CASE, Deputy Governor

FRANCIS OAKEY, Acting General Auditor
HARRY ARTHUR HOPF, Organization Counsel
DUDLEY H. BARROWS, Secretary
SENIOR OFFICERS

J. HERBERT CASE,

Controller of Foreign Relations Pro
tern, Controller of Loans Pro tern

LAURENCE H. HENDRICKS, Controller of Collections

JOSEPH D. HIGGINS,

Controller of Cash and Custodies

ARTHUR

Louis F. SAILER,
EDWIN R. KENZEL,
CHANNING RUDD,

Controller of Administration

W. GILBART,

Controller of Fiscal Agency
Functions Pro tern, Controller
of Accounts Pro tern
Controller of Investments
Controller of Government Loan
Organization

JUNIOR OFFICERS
ADOLPH J. LINS,
Manager, Loan Department
Manager, Check Department
WALTER B. MATTESON,
Manager, Foreign Department
Manager, Member Bank Relations Department
WILLIAM H. DILLISTIN, Manager, Bank Examinations
HENRY R. MURRAY,
Department
ROBERT M. O'HARA,
BETHUNE M. GRANT,
Manager,Government Securities
Sales Department
JOHN E. RAASCH,
WILLIAM A. HAMILTON, Manager, Cash Department
HOWARD M. JEFFERSON, Manager, Personnel DepartLESLIE R. ROUNDS,
ment
J. "WILSON JONES,
Manager, Government Bond
Department
WILLIAM M. S T . JOHN,
I. WARD WATERS, Manager, Service Department
GILBERT E. CHAPIN,
CHARLES H. COE,
JAY E. CRANE,
RALPH T. CRANE,

Manager, Government Deposit
Department
Manager, Certificates of Indebtedness Department and
Manager, Securities Department
Manager, Collection Department
Manager, BUI Department
Manager, Planning Department
Manager, Accounting Department and Manager, Disbursing Department
Manager, Custody Department

FEDERAL RESERVE AGENT
PIERRE JAY, New York City
SHEPARD MORGAN, Assistant Federal Reserve Agent

BUFFALO BRANCH
DIRECTORS
ELLIOTT C. MCDOUGAL, Buffalo, N. Y.

HARRY T. RAMSDELL, Buffalo, N. Y.
CLIFFORD HUBBKLL, Buffalo, N. Y.

FRANK L. BARTLETT, Olean, N. Y.

RAY M. GIDNKY, Buffalo, N. Y.
OFFICERS

RAY M. GIDNEY, Manager




WALTER W. SCHNECKINBURGER, Cashier


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102