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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