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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

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