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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