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FEDERAL RESERVE BANK OF NEW YORK Circular No. 2163 January 6, 1941 Twenty-Sixth 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 1940, and of the profit and loss account for that year. For convenient comparison, the corresponding statements for the previous year, 1939, 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, 1940, is in course of preparation and when issued copies thereof will be sent to member banks. ALLAN SPROUL, President. Statement of Condition (In thousands of dollars) ASSETS Dec. 31, 1940 Dec. 31, 1939 9,757,527 $ 7,225,434 972 1,619 51,324 GOLD CERTIFICATES 71,716 $ 9,809,823 $ 7,298,769 245 90 491 2,258 on hand and due from U. S. Treasury REDEMPTION FUND—Federal Reserve Notes OTHER CASH TOTAL RESERVES. BILLS DISCOUNTED: SECURED BY U. S. GOVERNMENT OBLIGATIONS, direct and guaranteed OTHER BILLS DISCOUNTED 736 TOTAL BILLS DISCOUNTED . INDUSTRIAL ADVANCES . $ $ 1,756 2,348 2,035 U. S. GOVERNMENT SECURITIES, direct and guaranteed: BONDS . $ 379,573 $ 419,593 351,944 265,782 NOTES TOTAL U. S. GOVERNMENT SECURITIES, direct and guaranteed TOTAL BILLS AND SECURITIES. D U E FROM FOREIGN BANKS FEDERAL RESERVE NOTES OF OTHER BANKS . UNCOLLECTED ITEMS BANK PREMISES OTHER ASSETS TOTAL ASSETS. 645,355 $ 771,537 647,847 $ $ 775,920 17 18 4,773 4,336 234,525 245,508 9,701 9,895 13,229 17,226 $10,719,915 $ 8,351,672 Federal Reserve Bank of New York (In thousands of dollars) Dec. 31, 1940 Dec. 31, 1939 $ 1,576,404 $ 1,269,922 account.... $ 7,556,979 $ 6,319.837 U. S. TREASURER—General Account. 131,605 139,593 FOREIGN BANK 633,979 136,108 OTHER DEPOSITS 492,197 165,323 $ 8,814,760 $ 6,760,861 LIABILITIES FEDERAL RESERVE NOTES in actual circulation. DEPOSITS: MEMBER BANK—reserve TOTAL DEPOSITS . 201,083 199,137 175 DEFERRED AVAILABILITY ITEMS . $ 873 $10,592,422 $ 8,230,793 OTHER LIABILITIES TOTAL LIABILITIES. CAPITAL ACCOUNTS: $ OTHER CAPITAL ACCOUNTS 53,326 7,109 12,880 SURPLUS (Section 13b) 50,972 7,070 SURPLUS (Section 7) 51,096 56,447 CAPITAL PAID I N 9,472 TOTAL CAPITAL ACCOUNTS $ TOTAL LIABILITIES AND CAPITAL ACCOUNTS. $10,719,915 $ 8,351,672 94.4% 90.9% 700 1,803 RATIO OF TOTAL RESERVES $ 120,879 to deposit and Federal Reserve note liabilities combined COMMITMENTS 127,493 to make industrial advances. Profit and Loss Account For the calendar years 1940 and 1939 (In thousands of dollars) 1939 1940 $ EARNINGS 12,985 $ 7,312 7,341 NET EXPENSES CURRENT N E T EARNINGS 11,211 $ 5,644 $ 3,899 $ 3,408 $ 1,262 A D D I T I O N S TO C U R R E N T N E T E A R N I N G S : PROFITS ON SALES OF U. S. GOVERNMENT SECURITIES . . . . 94 638 A L L OTHER TOTAL ADDITIONS $ 4,046 $ 1,356 $ 103 $ 405 DEDUCTIONS FROM CURRENT NET EARNINGS: LOSSES AND RESERVES FOR LOSSES ON INDUSTRIAL ADVANCES 32 ALL OTHER 19 $ 135 $ 424 N E T EARNINGS $ 9,555 $ 4,831 DIVIDENDS PAID $ 3,065 $ 3,055 TOTAL DEDUCTIONS TRANSFERRED TO SURPLUS (Section 7) 6,529 2,125 TRANSFERRED FROM SURPLUS (Section 13b) —39 —349 SURPLUS (Section 7) BEGINNING OF YEAR $ $ 59,855 $ 56,447 52,463 2,125 $ 3,408 TRANSFERRED TO OTHER CAPITAL ACCOUNTS $ 6,529 ADDITION AS ABOVE SURPLUS (Section 7) END OF YEAR 53,326 54,588 1,262 $ 53,326 Federal Reserve Bank of New York DIRECTORS BEARDSLEY RUML, Treasurer, K. H. Macy & Co., Inc., New York, N. Y. Chairman EDMUND E. DAY, President, Cornell University, Ithaca, N. Y. Deputy Chairman DONALDSON BROWN, ROBERT T. STEVENS, President, J. P. Stevens & Co., Inc., New York, N. Y. Vice Chairman of the Board and Vice President, General Motors Corporation, New York, N. Y. WALTER C. TEAGLE, NEIL H. DORRANCE, 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, LEON FRASER, President, The National Bank and Trust Company of Norwich, Norwich, N. Y. President, The First National Bank of the City of New York, New York, N. Y. OFFICERS ALLAN SPROUL, President LESLIE E. ROUNDS, First Vice President RAY M. GIDNEY, Vice President L. WERNER KNOKE, Vice President WALTER S. LOGAN, Vice President and General Counsel JAMES M. RICE, Vice President ROBERT G. ROUSE, Vice President JOHN H. WILLIAMS, Vice President GEORGE W. FERGUSON, Assistant Vice President J. WILSON JONES, Assistant Vice President HERBERT H. KIMBALL, Assistant Vice President JOHN W. MCKEON, Assistant Vice President SILAS A. MILLER, Assistant Vice President ARTHUR PHELAN, Assistant Vice President HAKOLD V. ROELSE, Assistant Vice President VALENTINE WILLIS, Assistant Vice President DUDLEY H, BARROWS, Manager, Cash Department HORACE L. SANTORD, Manager, Research Department, and Secretary WILLIAM F. SHEEHAN, Manager, Bank Examinations Department, and Chief Examiner INSLEY B. SMITH, Manager, Bank Relations Department FREDERICK STOCKER, Manager, Cash Custody Department ROBERT H. BROME, Assistant Counsel WESLEY W. BURT, Manager, Government Bond Department DONALD J. CAMERON, Manager, Foreign Department FELIX T. DAVIS, Manager, Check Department NORMAN P. DAVIS, Manager, Foreign Property Control Department, and Manager, Security Loans Department EDWARD O. DOUGLAS, Manager, Personnel Department EDWIN C. FRENCH, Manager, Collection Department MARCUS A. HARRIS, Manager, Securities Department MYLES C. MCCAHILL, Manager, Service Department ROBERT F. MCMURRAY, Manager, Safekeeping Department TODD G. TIEBOUT, Assistant Counsel WILLIAM F. TREIBER, Assistant Counsel, and Assistant Secretary RUFUS J. TRIMBLE, Assistant Counsel CHARLES N. VAN HOUTEN, Manager, Security Custody Department JOHN H. WUBTS, Assistant Counsel WILLIAM H. DILLISTIN, General Auditor HAROLD A. BILBY, Assistant General Auditor Federal Reserve Bank of New York ^ MEMBER OF FEDERAL ADVISORY COUNCIL GEORGE L. HARRISON President and Chief Executive Officer, New York Life Insurance Company, New York, N. Y. INDUSTRIAL ADVISORY COMMITTEE WILLIAM H. POUCH, Chairman President, Concrete Steel Company, New York, N. Y. HEBMAN K. BEACH, EDWARD J. NOBLE, President and Treasurer, Bridgeport Metal Goods Manufacturing Company, Bridgeport, Conn. ARTHUR G. NELSON, Vice Chairman Chairman, Life Savers, Inc., Port Chester, N. Y. FRANCIS B. REYNOLDS, President, A. G. Nelson Paper Company, Inc., New York, N. Y. President, The Columbia Mills, Inc., New York, N. Y. Buffalo Branch of Federal Reserve Bank of New York DIRECTORS RAYMOND N. BALL, HOWARD KELLOGG, President, Lincoln-Alliance Bank and Trust Company, Rochester, N. Y. MARION B. FOLSOM, President, Spencer Kellogg and Sons, Inc., Buffalo, N. Y. GILBERT A. PROLE, Treasurer, Eastman Kodak Company, Rochester, N. Y. Genesee Farm Supply Company, Batavia, N. Y. FRANK F. HENRY, GEORGE F. RAND, Director, General Mills, Inc., Buffalo, N. Y. President, The Marine Trust Company of Buffalo, Buffalo, N. Y. ROBERT M. O 'HARA, Managing Director OFFICERS ROBERT M. O 'HARA, Managing Director REGINALD B. WILTSE, Assistant Manager HALSEY W. SNOW, Cashier *