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FEDERAL RESERVE BANK OF NEW YORK rCircular No. 2 3 5 3 1 L January 9, 1942 J Twenty-Seventh 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 1941, and of the profit and loss account for that year. For convenient comparison, the corresponding statements for the previous year, 1940, 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, 1941, 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) GOLD CERTIFICATES Dec. 31, 1941 Dec. 31, 1940 8,164,207 $ 9,757,527 1,047 972 46,842 ASSETS 51,324 $ 8,212,096 9,809,823 615 245 75 491 690 736 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 TOTAL BILLS DISCOUNTED. 1,098 $ 1,756 BONDS 385,295 $ 379,573 NOTES 204,177 INDUSTRIAL ADVANCES . U. S. GOVERNMENT SECURITIES, direct and guaranteed: 265,782 2,724 BILLS TOTAL U. S. GOVERNMENT SECURITIES, direct and guaranteed TOTAL BILLS AND SECURITIES . DUE PROM FOREIGN BANKS FEDERAL RESERVE NOTES OP OTHER BANKS . $ 592,196 $ 645,355 593,984 647,847 18 18 4,493 4,773 316,326 234,525 BANK PREMISES 10,507 9,701 OTHER ASSETS 11,148 13,228 $ 9,148,572 $10,719,915 UNCOLLECTED ITEMS TOTAL ASSETS. Federal Reserve Bank of New York (In thousands of dollars) LIABILITIES Dec. 31, 1941 Dec. 31, 1940 $ 2,110,650 $ 1,576,404 $ 5,639,629 $ 7,556,979 U. S. TREASURER—General Account 220,654 131,605 FOREIGN 306,991 633,979 OTHER DEPOSITS 475,283 492,197 $ 6,642,557 $ 8,814,760 $ $ FEDERAL RESERVE NOTES in actual circulation DEPOSITS: MEMBER BANK—reserve account TOTAL DEPOSITS . DEFERRED AVAILABILITY ITEMS 266,815 201,083 143 175 $ 9,020,165 $10,592,422 $ $ OTHER LIABILITIES TOTAL LIABILITIES CAPITAL ACCOUNTS: CAPITAL PAID I N 51,806 56,651 OTHER CAPITAL ACCOUNTS 7,070 12,880 SURPLUS (Section 13b) 56,447 7,070 SURPLUS (Section 7) 12,880 TOTAL CAPITAL ACCOUNTS $ TOTAL LIABILITIES AND CAPITAL ACCOUNTS. $ 9,148,572 RATIO OF TOTAL RESERVES 128,407 $ 127,493 $10,719,915 to deposit and Federal Reserve note liabilities combined COMMITMENTS 51,096 to make industrial advances 94.4% 93.8% $ 460 $ 700 Profit and Loss Account For the calendar years 1941 and 1940 (In thousands of dollars) 1940 1941 $ EARNINGS 11,415 $ 7,975 N E T EXPENSES 12,985 7,341 $ CURRENT N E T EARNINGS 3,440 $ 5,644 $ 386 $ 3,408 ADDITIONS TO CURRENT NET EARNINGS: PROFITS ON SALES OF U. S. GOVERNMENT SECURITIES 9 ALL OTHER 638 $ 395 $ 4,046 $ 50 $ 480 103 • 3 TOTAL ADDITIONS 32 DEDUCTIONS FROM CURRENT NET EARNINGS: LOSSES AND RESERVES FOR LOSSES ON INDUSTRIAL ADVANCES (net) SPECIAL RESERVE ON BANK PREMISES ALL OTHER $ 533 $ 135 N E T EARNINGS $ 3,302 $ 9,555 DIVIDENDS PAID $ 3,098 $ 3,065 TOTAL DEDUCTIONS 204 TRANSFERRED TO SURPLUS (Section 7) 6,529 —39 TRANSFERRED FROM SURPLUS (Section 13b) SURPLUS (Section 7) BEGINNING OF YEAR $ 56,447 $ 204 ADDITION AS ABOVE $ 56,651 6,529 $ 59,855 3,408 TRANSFERRED TO OTHER CAPITAL ACCOUNTS SURPLUS (Section 7) END OF YEAR 53,326 $ 56,651 $ 56,447 Federal Reserve Bank of New York DIRECTORS BEARDSLEY RUML, Treasurer, E. H. Maey & Co., Inc., New York, N. Y. Chairman EDMUND E. DAY, President, Cornell University, Ithaca, N. Y. Deputy Chairman LEON FRASER, DONALDSON BROWN, President, The First National Bank of the City of New York, New York, N. T. Vice Chairman of the Board and Vice President, General Motors Corporation, New York, N. Y. NEIL H. DORRANCE, RANDOLPH E. PAUL, President, The First National Bank and Trust Company of Camden, Camden, N. Y. Lord, Day & Lord, New York, N. Y. WILLIAM J. FIELD, FREDERICK E. WILLIAMSON, President, New York Central System, New York, N. Y. President, Commercial Trust Company of New Jersey, Jersey City, N. J. OFFICERS ALLAN SPROUL, President LESLIE R. ROUNDS, First Vice President RAY M. GIDNBY, 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 EDWARD O. DOUGLAS, Assistant Vice President GEORGE W. FERGUSON, Assistant Vice President J. WILSON JONES, Assistant Vice President HERBERT H. KIMBALL, Assistant Vice President SILAS A. MILLER, Assistant Vice President ARTHUR PHELAN, Assistant Vice President HAROLD V. ROELSE, Assistant Vice President VALENTINE WILLIS, Assistant Vice President TODD G. TIEBOUT, Assistant General Counsel Rurus J. TRIMBLE, Assistant General Counsel MYLES C. MCCAHILL, Manager, Service Department ROBERT F. MCMURRAY, Manager, Safekeeping Department HORACE L. SANFORD, Manager, Besearoh Department, and ROBERT H. BROME, Assistant Counsel Secretary WESLEY W. BURT, Manager, Government Bond Department WILLIAM F. SHEEHAN, Manager, Bank Examinations DONALD J. CAMERON, Manager, Foreign Department Department, and Chief Examiner FELIX T. DAVIS, Manager, Check Department INSLEY B. SMITH, Manager, Bank Relations Department NORMAN P. DAVIS, Manager, Foreign Property Control FREDERICK STOCKER, Manager, Cash Custody Department Department, and Manager, Security Loans Department WILLIAM F. TREIBER, Assistant Counsel, and Assistant EDWIN C. FRENCH, Manager, Collection Department Secretary MARCUS A. HARRIS, Manager, Securities Department CHARLES N. VAN HOUTEN, Manager, Security Custody WILLIAM A. HEINL, Manager, Personnel Department Department JOHN H. WURTS, Assistant Counsel LOREN B. ALLEN, Manager, Credit Department DUDLEY H. BARROWS, Manager, Cash Department WILLIAM H. DILLISTIN, General Auditor HAROLD A. BILBY, Assistant General Auditor Federal Reserve Bank of New York MEMBER OF FEDERAL ADVISORY COUNCIL GEORGE L. HARBISON President, New York Life Insurance Company, New York, N. Y. INDUSTRIAL ADVISORY COMMITTEE WILLIAM H. POUCH, Chairman President, Concrete Steel Company, New York, N. Y. ARTHUR G. NELSON, Vice Chairman EDWARD J. NOBLE, President, A. G. Nelson Paper Company, Inc., New York, N. Y. Chairman, Life Savers, Inc., Port Chester, N. Y. FRANCIS B. REYNOLDS, 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. ROBERT R. DEW, President, Spencer Kellogg and Sons, Inc., Buffalo, N. Y. GILBERT A. PROLE, Chairman President, Dunkirk Trust Company, Dunkirk, N. Y. Genesee Farm Supply Company, Batavia, N. Y. MARION B. FOLSOM, GEORGE F. RAND, Treasurer, Eastman Kodak Company, Rochester, N. Y. President, The Marine Trust Company of Buffalo, Buffalo, N. Y. REGINALD B. WILTSE, Managing Director OFFICERS REGINALD B. WILTSE, Managing Director GEORGE J. DOLL, Assistant Cashier HALSBY W. SNOW, Cashier