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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

*

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