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FEDERAL RESERVE BANK OF NEW YORK 'Circular No. 173CM . January 29, 1937 J Twenty-Second Annual Statement To the Stockholders of the Federal Reserve Bank of New York: We hand you herewith a statement of the condition of this bank at the close of the year 1936, and of the profit and loss account for that year. For convenient comparison, the corresponding statements for the previous year, 1935, are also shown. The regular annual report of the Federal Reserve Bank of New York, containing an account of the operations of the bank for the year ended December 31, 1936, is in course of preparation and when issued copies thereof will be sent to member banks. GEOKGE L. HARRISON, President. Statement of Condition (In thousands of dollars) ASSETS Dec. 31, 1936 Dec. 31, 1935 3,438,991 $ 3,320,993 1,435 1,792 64,811 54,360 $ 3,505,237 $ 3,377,145 655 832 491 2,198 TOTAL BILLS DISCOUNTED . 1,146 3,030 bought in open market, 1,100 1,738 5,958 7,741 GOLD CERTIFICATES on hand and due from U. S. Treasury REDEMPTION FUND—Federal Reserve Notes OTHER CASH TOTAL RESERVES. BILLS DISCOUNTED: U. S. GOVERNMENT OBLIGATIONS, direct or fully guaranteed SECURED BY OTHER BILLS DISCOUNTED BILLS INDUSTRIAL ADVANCES U. S. GOVERNMENT SECURITIES: BONDS $ 130,269 $ 55,908 TREASURY NOTES 356,035 498,307 TREASURY BILLS 158,939 187,668 TOTAL U. S. GOVERNMENT SECURITIES . $ 645,243 $ 741,883 TOTAL BILLS AND SECURITIES . $ 653,447 $ 754,392 84 265 8,799 5,483 241,482 166,010 BANK PREMISES 10,134 10,781 ALL OTHER ASSETS 30,576 27,956 $ 4,449,759 4,342,062 D U E FROM FOREIGN BANKS FEDERAL RESERVE NOTES OF OTHER BANKS . UNCOLLECTED ITEMS TOTAL ASSETS, Federal Reserve Bank of New York (In thousands of dollars) LIABILITIES FEDERAL RESERVE NOTES in actual circulation. Dec. 31, 1936 $ 921,697 Dec. 31, 1935 $ 807,718 DEPOSITS: 2,942,652 2,747,431 108,703 330,925 FOREIGN BANK. . 35,745 10,542 OTHER DEPOSITS . 96,584 165,156 3,183,684 $ 3,254,054 223,480 160,139 CAPITAL PAID I N 50,591 51,006 SURPLUS (Section 7) 51,474 50,825 SURPLUS (Section 13b) 7,744 7,744 RESERVE FOR LOSSES AND CONTINGENCIES . 9,260 8,849 ALL OTHER LIABILITIES 1,829 1,727 $ 4,449,759 $ 4,342,062 85.4% 83.1% MEMBER BANK—reserve account. U. S. TREASURER—General Account. TOTAL DEPOSITS , DEFERRED AVAILABILITY ITEMS TOTAL LIABILITIES. RATIO OF TOTAL RESERVES to deposit and Federal Reserve note liabilities combined COMMITMENTS to make industrial advances. $ 8,424 9,948 Profit and Loss Account For the calendar years 1936 and 1935 (In thousands of dollars) 1935 1936 $ N E T EXPENSES 10,537 13,131 7,441 EARNINGS 7,936 3,096 CURRENT N E T EARNINGS. $ 5,195 ADDITIONS TO CURRENT NET EARNINGS: 2,889 ALL OTHER $ TOTAL ADDITIONS . 2,678 2 PROFIT ON SALES OF GOVERNMENT SECURITIES . . 82 2,891 $ 2,760 DEDUCTIONS FROM CURRENT NET EARNINGS: RESERVE FOR CONTINGENCIES 413 1,349 SPECIAL RESERVES AND CHARGE-OFFS ON BANK PREMISES 505 1,079 PRIOR SERVICE CONTRIBUTIONS TO RETIREMENT SYSTEM . . 638 632 ASSESSMENT FOR BUILDING FOR BOARD OF GOVERNORS . . . 729 369 Q 190 ALL OTHER 2,288 TOTAL DEDUCTIONS . 3,619 3,699 PAID UNITED STATES TREASURER (Section 13b). DIVIDENDS PAID TRANSFERRED TO SURPLUS (Section 7) 4,336 14 64 3,037 N E T EARNINGS . $ 3,411 648 861 1935 figures have been revised to conform with 1936 report. Federal Reserve Bank of New York DIRECTORS (VACANCY) Chairman OWEN D. YOUNG, Van Hornesville, N. Y. Chairman, General Electric Company, New York, N. Y. Deputy Chairman GEORGE W. DAVISON, Greenwich, Conn. BEARDSLEY BUML, New York, N. Y. Chairman, Board of Trustees, Central Hanover Bank and Trust Company, New York, N. Y. Treasurer, E. H. Ma«y & Company, Inc., New York, N. Y. _, _ _. _ EDWARD K. MILLS, Morristown, N. J. BOBERT T. STEVENS, Plainfield, N. J. „ ., . T ' _. '. n , „ _ ., ' ' _ President, Morristown Trust Company WILLIAM F. PLOCH, Long Beach, N. Y. President, The National City Bank of Long Beach President, J. P. Stevens & Co., Inc., „ v t itf v WALTER C. TEAGiiE, Port Chester, N. Y. President, Standard Oil Company (New Jersey), New York, N. Y. THOMAS J. WATSON, Lebanon, N. J. President, International Business Machines Corporation, New York, N. Y. OFFICERS GEORGE L. HARRISON, President ALLAN SPROUL, First Vice President L. WERNER KNOKE, Vice President W. RANDOLPH BURGESS, Vice President WALTER S. LOGAN, Vice President and General Counsel CHARLES H. COE, Vice President EAY M. GIDNEY, Vice President LESLIE E. BOUNDS, Vice President JOHN H. WILLIAMS, Vice President WILLIAM H. DILLJSTIN, Assistant Vice President J. WILSON JONES, Assistant Vice President HERBERT H. KIMBALL, Assistant Vice President and Secretary WALTER B. MATTESON, Assistant Vice President ARTHUR PHELAN, Assistant Vice President JAMES M. EICE, Assistant Vice President HAROLD V. EOELSE, Assistant Vice President VALENTINE WILLIS, Assistant Vice President DUDLEY H. BARROWS, Manager, Personnel Department JACQUES A. MITCHELL, Manager, Credit Department WESLEY W. BURT, Manager, Accounting Department HORACE L. SANFORD, Assistant Secretary DONALD J. CAMERON, Manager, Foreign Department WILLIAM A. SCOTT, Manager, Government Bond Department FELIX T. DAVIS, Assistant Counsel WILLIAM F. SHEEHAN, Manager, Bank Examinations EDWARD O. DOUGLAS, Manager, Bill Department, and Manager, Collection Department HERBERT S. DOWNS, Manager, Bank Belations Department EDWIN C. FRENCH, Manager, Cash Department Department (and Chief Examiner) Assistant Counsel . TEEIBEE , Assistant Counsel WlLLIAM F Counsel R i m j g j TEIMBLEJ Assigtant MYLES C. MCCAHILL, Manager, Service Department CHARLES N. VAN HOUTEN, JR., Manager, Security EOBERT F. Me MURRAY, Manager, Safekeeping Department SILAS A. MILLTO, Manager, Securities Department Custody Department I. WARD WATERS, Manager, Cash Custody Department T o D D G T I E B O UT, GEORGE W. FERGUSON, General Auditor 5 Federal Reserve Bank of New York MEMBER OF FEDERAL ADVISORY COUNCIL WlNTHROP W . ALDRICH Chairman, The Chase National Bank of the City of New York, New York, N. Y. INDUSTRIAL ADVISORY COMMITTEE WILLIAM H. POUCH, Chairman President, Concrete Steel Company, New York, N. Y. HERMAN K. BEACH, EDWARD J. NOBLE, President and Treasurer, Bridgeport Metal Goods Manufacturing Company, Bridgeport, Conn. ARTHUR G. NELSON, Vice Chairman President, Life Savers, Inc., Port Chester, N. Y. FRANCIS B. REYNOLDS, President, A. G. Nelson Paper Company, Inc., New York, N. Y. President, Columbia Mills, Inc., New York, N. Y. Buffalo Branch of Federal Reserve Bank of New York DIRECTORS FRED J. COE, HOWARD KELLOGG, President, Power City Trust Company, Niagara Falls, N. Y. President, Spencer Kellogg and Sons, Inc., Buffalo, N. Y. WILLIAM A. DUSENBURT, President, The First National Bank of Olean, Olean, N. Y. (VACANCY) FRANK F. HENRY, Chairman, Washburn Crosby Company, Inc., Buffalo, N. Y. (VACANCY) ROBERT M. O'HARA, Managing Director OFFICERS ROBERT M. O'HARA, Managing Director REGINALD B. WILTSE, Assistant Manager HALSEY W. SNOW, Cashier CLIFFORD L. BLAKESLEE, Assistant Cashier