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FEDERAL RESERVE BANK
OF NEW YORK

Circular No. 2 0 1 9
January 6, 1940

Twenty-Fifth 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 1939, and of the profit and loss account for that year.
For convenient comparison, the corresponding statements for the previous
year, 1938, 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,
1939, is in course of preparation and when issued copies thereof will be sent to
member banks.




GEORGE L. HARRISON,
President.

Statement of Condition
(In thousands of dollars)

GOLD CERTIFICATES on

hand and due from U. S. Treasury

REDEMPTION FUND—Federal

Dec. 31, 1939

Dec. 31, 1938

$ 7,225,434

$ 5,115,945

1,619

1,226

71,716

ASSETS

103,924

$ 7,298,769

$ 5,221,095

Reserve Notes

OTHER CASH
TOTAL RESERVES.

BILLS DISCOUNTED:
SECURED BY

U. S. GOVERNMENT OBLIGATIONS, direct and

guaranteed

$

TOTAL BILLS DISCOUNTED .

BILLS

$

804

2,258

OTHER BILLS DISCOUNTED

90

241

2,348

1,045

bought in open market.

215
2,035

INDUSTRIAL ADVANCES

3,879

U. S. GOVERNMENT SECURITIES, direct and
guaranteed:
BONDS

419,593

NOTES

$

351,944

267,426
367,938
180,058

BILLS

TOTAL U. S. GOVERNMENT SECURITIES, direct and

guaranteed
TOTAL BILLS AND SECURITIES .

DUE FROM FOREIGN BANKS
FEDERAL RESERVE NOTES OF OTHER BANKS
UNCOLLECTED ITEMS
BANK PREMISES
OTHER ASSETS

TOTAL ASSETS.




$

771,537

$

815,422

$

775,920

$

820,561

18

65

4,336

5,337

245,508

207,064

9,895

9,038

17,226

13,388

$ 8,351,672

6,276,548

Federal Reserve Bank of New York
(In thousands of dollars)
Dec. 31, 1939

LIABILITIES

Dec. 31, 1938

$ 1,269,922

$ 1,029,296

$ 6,319,837

$ 4,460,340

U. S. TREASURER—General Account

139,593

212,295

FOREIGN BANK

136,108

71,368

OTHER DEPOSITS

165,323

188,480

$ 6,760,861

$ 4,932,483

$

$

FEDERAL RESERVE NOTES

in actual circulation

DEPOSITS:
MEMBER BANK—reserve account

TOTAL DEPOSITS. . . .

DEFERRED AVAILABILITY ITEMS

199,137

194,382

873

1,214

$ 8,230,793

$ 6,157,375

$

$

OTHER LIABILITIES .

TOTAL LIABILITIES
CAPITAL ACCOUNTS:
CAPITAL PAID I N

50,972
53,326

OTHER CAPITAL ACCOUNTS

J

7,457

9,472

SURPLUS (Section 13b)

52,463

7,109

SURPLUS (Section 7)

8,210

TOTAL CAPITAL ACCOUNTS

$

TOTAL LIABILITIES AND CAPITAL ACCOUNTS.

$ 8,351,672

RATIO OF TOTAL RESERVES




$

119,173

$ 6,276,548

90.9%

87.6%

on bills purchased for foreign cor-

respondents .,
COMMITMENTS

120,879

to deposit and Federal Reserve

note liabilities combined
CONTINGENT LIABILITY

51,043

to make industrial advances

$

$
1,803

27
2,677

Profit and Loss Account
For the calendar years 1939 and 1938
(In thousands of dollars)

1939

1938

11,211
7,312

2,316

94

CURRENT N E T EARNINGS

3,370

1,262

N E T EXPENSES

10,706

3,899

EARNINGS

83

7,336

ADDITIONS TO CURRENT NET EARNINGS:
PROFITS ON SALES OF U. S. GOVERNMENT SECURITIES. .
ALL OTHER

$

TOTAL ADDITIONS

1,356

$

2,399

DEDUCTIONS FROM CURRENT NET EARNINGS
LOSSES AND RESERVES FOR LOSSES ON INDUSTRIAL
ADVANCES

405

448
737

SPECIAL RESERVES ON BANK PREMISES

1,282

PRIOR SERVICE CONTRIBUTIONS TO RETIREMENT SYSTEM

19

ALL OTHER

11

424

$

2,478

N E T EARNINGS

4,831

$

3,291

DIVIDENDS PAID

3,055

TOTAL DEDUCTIONS

3,057

TRANSFERRED TO SURPLUS (Section 7)

2,125

520

TRANSFERRED FROM SURPLUS (Section 13b)

—349

—286

52,463

51,943

2,125

520

SURPLUS

(Section 7)

BEGINNING OF YEAR

ADDITION AS ABOVE

54,588

52,463

$

52,463

1,262

TRANSFERRED TO OTHER CAPITAL ACCOUNTS

$

SURPLUS (Section 7) END OF YEAR




$

4

53,326

Federal Reserve Bank of New York
DIRECTORS
OWEN D. YOUNG, Van Hornesville, N. Y.

Honorary Chairman of the Board, General Electric Company, New York, N. Y.
Chairman
BEAEDSLEY RUML, New York, N. Y.

Treasurer, R. H. Macy & Co., Inc., New York, N. Y.
Deputy Chairman
EDMUND E. DAY, Ithaca, N. Y.

ROBERT T. STEVENS, Plainfield, N. J.

President, Cornell University,
Ithaca, N. Y.

President, J. P. Stevens & Co., Inc.,
New York, N. Y.
WALTER C. TKAGLE, Port Chester, N. Y.

N E I L H. DORRANCE, Camden, N. Y.

Chairman, Board of Directors,
Standard Oil Company (New Jersey),
New York, N. Y.

President, The First National Bank and Trust
Company of Camden,
Camden, N. Y.

OTIS A. THOMPSON, Norwich, N. Y.

WILLIAM C. POTTER, Old Westbury, N. Y.

President, The National Bank and
Trust Company of Norwich,
Norwich, N. Y.

Chairman, Board of Directors,
Guaranty Trust Company of New York,
New York, N. Y.
THOMAS J . WATSON, New Canaan, Conn.

President, International Business Machines
Corporation, New York, N. Y.

OFFICERS
GEORGE L. HARRISON, President

ALLAN SPROUL, First Vice President
BAY M. GIDNEY, Vice President

WALTER S. LOGAN, Vice President and General Counsel
LESLIE R. ROUNDS, Vice President

L. WERNER KNOKE, Vice President

ROBERT G. ROUSE, Vice President
JOHN H. WILLIAMS, Vice President

WILLIAM H. DILLISTIN, Assistant Vice President
SILAS A. MILLER, Assistant Vice President
J. WILSON JONES, Assistant Vice President
ARTHUR PHELAN, Assistant Vice President
HERBERT H. KIMBALL, Assistant Vice President and Secretary
JAMES M. RICE, Assistant Vice President
JOHN W. MCKEON, Assistant Vice President
HAROLD V. ROELSE, Assistant Vice President
VALENTINE WILLIS, Assistant Vice President
DUDLEY H. BARROWS, Manager, Personnel Department
WESLEY W. BURT, Manager, Accounting Department
DONALD J. CAMERON, Manager, Foreign Department
FELIX T. DAVIS, Manager, Check Department
NORMAN P. DAVIS, Manager, Security Loans Department
EDWARD O. DOUGLAS, Manager, Collection Department
EDWIN C. FRENCH, Manager, Cash Department
MARCUS A. HARRIS, Manager, Securities Department
MYLES C. MCCAHILL, Manager, Service Department
ROBERT F. MCMURRAY, Manager, Safekeeping Department




HORACE L. SANTORD, Manager, 'Research Department, and
Assistant Secretary
WILLIAM A. SCOTT, Manager, Government Bond Department
WILLIAM F. SHEEHAN, Manager, Bank Examinations
Department, and Chief Examiner
INSLEY B. SMITH, Manager, Bank Relations
FREDERICK STOCKER, Manager, Cash Custody
TODD G. TIEBOUT, Assistant Counsel
WILLIAM F. TREIBER, Assistant Counsel
RUFUS J. TRIMBLE, Assistant Counsel

CHARLES N. VAN HOUTEN, JR., Manager, Security Custody Department
GEORGE W. FERGUSON, General Auditor

HAROLD A. BILBT, Assistant General Auditor

Department
Department

Federal Reserve Bank of New York

r

MEMBER OF FEDERAL ADVISORY COUNCIL
LEON FRASER

President, The First National Bank of the City of New York,
New York, N. Y.

INDUSTRIAL ADVISORY COMMITTEE
WILLIAM H. POITOH, Chairman

President, Concrete Steel Company,
New York, N. Y.
HERMAN K. BEACH,

EDWAED J. NOBLE,

President and Treasurer,
Bridgeport Metal Goods Manufacturing Company,
Bridgeport* Conn.
ARTHUR 6. NELSON, Vice Chairman

Chairman, Life Savers, Inc.,
Port Chester, N. Y.
FRANCIS B. EETNOLDS,

President, The Columbia Mills, I no
New York, N. Y.

President, A. G. Nelson Paper Company, Inc.,
New York, N. Y.

Buffalo Branch of Federal Reserve Bank of New York
DIRECTORS
HOWARD KELLOGG,

WILLIAM A. DUSENBURY,

President, Spencer Kellogg and Sons, Inc.,
Buffalo, N. Y.

President, The First National Bank of Olean,
Olean, N. Y.
MARION B. FOLSOM,

GILBERT A. PROLE,

Treasurer, Eastman Kodak Company,
Eochester, N. Y.

Genesee Farm Supply Company,
Batavia, N. Y.
GEORGE F. EAND,

FRANK F. HENRY,

Director, General Mills, Inc.,
Buffalo, N..Y.

President, The Marine Trust Company of Buffalo,
Buffalo, N. Y.

EOBERT M. 0 'HARA, Managing Director

OFFICERS
EOBERT M. O 'HARA, Managing Director




EEGINALD B. WILTSE, Assistant Manager

HALSEY W. SNOW, Cashier

6

r

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