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Thirtieth Annual Report

Federal Reserve Bank
of New York
For the Year Ended December 3 1 ,1 9 4 4

Second Federal Reserve District




Federal R eserve Bank
New York

of

March 12,1945

To the Stockholders of the
Federal Reserve Bank of New York:

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THIRTIETH A N N U AL REPORT

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Treasury Receipts, Expenditures, and Borrowing
(In billions of dollars)
1941
Receipts and expenditures:
Income and profits taxes ...........................
Other ............................................................

1942

1943

1944

4.3
4.5

11.1
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26.6
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10.1

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8.8

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34.6

44.4

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6.6

52.4
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91.2
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Total expenditures .............................

20.5

57.6

89.8

96.4

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11.7

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55.2

52.0

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7.0

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9.9

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13.4

47.8

57.1

61.6

Net absorption of Government securities:
Government agencies and trust funds
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1.9
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2.7
21.6

4.7
28.6

4.7
31.9

Total nonbank investors.....................

9.3

24.3

33.3

36.6

Commercial banks .............................
Federal Reserve Banks .....................

4.0
0.1

19.6
3.9

18.5
5.3

17.7
7.3

Total banks .........................................

4.1

23.5

23.8

25.0

* Exclude net appropriations to Federal old-age and survivors insurance trust fund.
t Includes net expenditures of trust funds and Government agencies except for war and
debt retirement.




11

FED ERAL RESERVE BANK OF NEW YORK

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13

FED ERAL RESERVE BANK OF NEW YORK
Absorption of U. S. Government Securities by Bank and Nonbank Investors
(Cumulated from June 30, 1942)

* Excluding U. S. Government agencies and trust funds.

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14

THIRTIETH A N N U AL REPORT

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15

FED ERAL RESERVE BANK OF NEW YORK

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16

THIRTIETH AN N U AL REPORT

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* The two columns are not of precisely the same height, since some of the collateral for
the additional currency supplied during the war years consists of gold certificates, rather
than Government securities, and since there have been other factors, such as changes in
the volume of bank loans, that have affected the growth in bank deposits. On the whole,
however, such factors have been of minor importance; the major factor, both in the
growth in the public debt, shown in the lefthand column in the chart, and in the growth
in assets or claims held by the public, shown in the righthand column, has been the
financing of the war.




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17

FED ERAL RESERVE BANK OF NEW YORK
Wartime Debt Expansion and the Claims Upon It
(December 31, 1939 to December 31, 1944)

. INCREASE IN UCUJID
> RESOURCES HELD BY
INDIVIDUALS I N O N FINANCIAL B USIN ESSES"

* Includes relatively small holdings o f demand and time deposits and U. S. Government
securities by State and local governments.

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18

THIRTIETH A N N U AL REPORT

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22

THIRTIETH AN N U AL REPORT

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23

Factors Affecting the Reserve Position of Member Banks
and the Need for Federal Reserve Credit
(In millions of dollars)
1941

— 2,428

- 4,250

- 5,039

— 4,858

— 341
+1,101
—
15

Factors affecting member bank reserves:
Increase in currency circulation................
Net Government expenditures ( + ) or
receipts ( — ) .......................................
Gold and foreign account operations, net
All other ......................................................

1942

+ 1,211
30
573

164
- 1,355
- f 761

4- 104
— 1,163
— 159

1943

1944

Total ......................................................

-1 ,6 8 3

- 3,642

- 5,797

— 6,076

Increase in required reserves...........................

+ 1,927

+ 1,771

4-

499

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Net increase in need for reserves.....................

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+ 5,413

4- 6,296

4- 7,188

Change in excess reserves.................................
Federal Reserve credit in u s e ...........................

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FED ERAL RESERVE BANK OF NEW YORK
Changes in Government Security Holdings
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1942

Total

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+ 3,935

....................................................

1944

+ 1,000
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+ 547
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+
32

Treasury b i l l s ......................................................
Certificates of indebtedness .............................
Treasury notes ....................................................
Treasury bonds ..................................................
Government guaranteed issues.........................

1943

s
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26

THIRTIETH AN N U AL REPORT

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* Circular No. 2865.




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f
1
9
4
2
e
n
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o
f
F
e
d
e
r a
b
a
n
k
r
d
e
p
o
s i t
r e
s e
r v
e
t h
a
n
1
w
o
u
l d
e
n
t e
r e
d
f o
r
e
i g
n
c r e
a
s e
d

o

m
f
f

a

j
B

d
o

o

S
o

d

t
a

h

e

d

n

d

d
e

r

a

R
s

e
d
b

e
i

h

v
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u

e
v

n
l

h
c

d

s

p

a
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h

c
o
l i o
e
i s
n
t
r
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u

y

s
l

h

e

d
o

a
u

s
t

f

o

e
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t

s
v

o

d

f

s

t
n

a
a

a

i

p
t

w
r
r

e

o

s

m

s
a
r

1

n

p
f

l

9

r
i

a

e

s

l l a
p
o

o

l t
e

s

f

3

e

s

o

e

e

a

m

t

a
9

1

f

a
s

n
p

9
g
e

e

o

r

v

k

h

p
e

t

c

o
s

r

,

u
o

h
n

s
h

d

r
e

d

m

e

e

i

a

e
t

r

,

l

r

r

t

e

t
t
c
o

n

e
f

w

. 2
b
o
u
h
t h
.
T
h
i r
d
r
v
e
B
a
n
e
r
e
q
u
i
e
t h
i s
c
o
s i t s
i n
t
n
d
o
l l a
b
e
e
n
m
p
e
r
i o
d
r a
l
b
a
n
n
g
t h
e

a

2
g

* The reserve ratio of this bank or any other individual Federal Reserve Bank is of less
significance than the average ratio for all twelve Reserve Banks, as it is affected not only
by those factors which affect the position of the Reserve Banks as a whole, but also by
interdistrict movements of funds and the reallocation, from time to time, of Government
security holdings of the Reserve Banks.




i
l

n
p

u

g

a

n

s

i

s

n

e

w

e
i

i

o

h

e

i n
b
o

t
i

e

r

n

l o
w
r e
s
a
t
t

d

i

i
b
a

f

e

r

r

o
o
n

k
y

i

t
u

c

e

h

s
“

h

h

k

e

w

T
,

t
n
a

e
h

e
n

n
a

g
t

h

F ederal R eserve B a n k s

op

d

e

r

s

a

t

I
b

e

n

t
a

o

.
n

a

c

o

L

e
i

u

n

r

g

e
s

R eserve R atio

T
h
c
r e
d
i n
t
a
p
e
h
e
a
r a
t i
d
e
c
l

i

W

27

i

l
e
k

r

e
u

h
r

e
s
u
w
k

s
t

h

28

THIRTIETH A N N U AL REPORT

p
a
r t
i n
c
r e
i n
c
l u
T

h

B
a
i f
m
r
e
b
y
t o
M
r
e
r a
f a
m
s h
b
e
o
f
o
f
a
a
g
s
t
a
f
o

s

m
i e
w
s o
o
s t
l i e
t i o
r
- r
e
n
o
u
c
a
t h
d

,

r
f

d
s
e

e

a

p
c

t

e
q

e

u
u

i
n

u

s

i

o

v

f

t

a
f

h

n

v

e

t

h
u

s

e
r

u

l

s

e
,
p

e
e

n

a

s
t

t
e
v

e

o

d

s

o

u

o

a
t
e
d

r
i

t

a
o

e

h
s

n
q

u

w
e
u

s

u
n

e

t

e

q

u

r

t

i

q

e
h

y

,

e

t

l t
o
i f
i r
d
u

w
s

i d
l u

v

s

o

s
o

n
x
u

s

s
s

r

a
i

e
t
r

n

e

m
r
n

o

t

p
e

h

y
n

s

n

t

e

i

e
i d

c
s

c

t
e

v

l
r

i

r

d

e

l

e
t

r

b
i

e

r

,

b

t
h

f
e

e

s
r

h

o

c

t

v
f
i

c

* See “ Wartime Changes in Foreign Central Bank Reserve Requirements” in the Sep­
tember 1944 issue of the Monthly Review of Credit and Business Conditions of this bank.




o

t

e

r
c

g

r

e
a
m

i

s

t
t

i

e

e
i

r
a

n

i
a

a

s
l

e

w

i

p
g

n

l

b

o

m
l

h

e
r

e

l e

h

b

r

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t

a
d

v

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o
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t

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o
m

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h

w

i

b
i

,

i

y

a
s

u

t
u
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e

e
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e
r

e

t

t

s

c

e
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s e

e
t

i
r

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g

b

,

r
y

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l

c

u

g

t

d

o
u
v

r
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e
n

e

u

r

t

t
l

n

o

m

t

r

o

s

a
m
e
i n
u
e
c
h
i n
a
d
j u
s t m
t h
a
t
i t
w
o
u
l d
f a
i l
t o
g
i v
e
t h
e
o
f
a
t e
c
h
n
i c
a
S
y
s t e
m
i n
1
9
1
4
l i n
g
w
i t h
t h
e
s i

a

l

t

h
t

s

h

h
d

n

d

a

u

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d
n

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r
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e

d

a
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a

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f

h
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,

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t

f

r t e
d
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f
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m
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r
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e

t

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f

i
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l l

T
r

r
i

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e

d

f

c

o

a

r
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i
e

d

a

q
o

e
s

l

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d
c

u

h

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t
u

a

w
m

s
t

d

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n

p

r
r

v

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g
a

e

h

i
n

r

h

h

t

e
i

u

o
e

r

s
d

k
t

A
t
t
r
c
a
m
p

a

f

e
n

T
r
r
o
t

o

o
u

f

i
n
r

29

FED ERAL RESERVE BANK OF NEW YORK

a
s
w
t
F
m
e
a
w
a
o

t

t

u

p

h

e

p

a

l

r

h

d
c

n

s

d
a

e
n

i

a

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f

t

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t

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e
i

r

t
t

i

n
R

s

m

r

a

i

s

r

n

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o
“n
d

s

o

r

v
r
m
at
p

u

v

n

e
g

m

e or
t
e
l y
i n
g
o
l
o
s i t s
a
l i k
e
r
o
d
u
c
e
d
i
n
o
t e
s
a
n
d
e
a
d
y
c
o
n
v
g

t

e

p
i

e

e
r

m

e

i

h
g

n

t
a

p

s

h

”
v

i

d
s

g

l

y

u

m
w
c

n

s

a

e
l

a

e

r

n

n

r

e

o

a

d

i

p

x

e

f

e
e

s
i

ol
e

d
.
n

c

a
ew
o
e

(

r
O

C
d

e

e

o
o

p

r

t

i

b

i

n
i
a

Business and Financial Developments in the
Second Federal Reserve District
a
o
D
r
b

T
c

h
t

r
i
a

h
t

s
t

e

e
v

i

r
a

e

y
p

a
h
x

e
n

v

e
t

n

t
f

e

a
i

d
c

i
o

w

h

t

r

e
t

e
i

t

s
a
p

h

s
d
a

e

b
h
e

i

e
i

l

a

s
D

o
s

i
t
g

g
i

i

n

D

d

n

e

s

1941

1942

i
i

1944

Income payments to individuals
United States* ...........................
Second F. R. District e .............

+
+

7.4
5.6

+ 21.6
+ 14.2

+ 24.4
+ 14.7

+ 20.3
+ 15.6

+
+

Department store sales
United States .............................
Second F. R. D istrict................

4- 6.8
4- 4.7

+ 17.0
+ 12.7

+ 12.6
+ 7.0

+ 12.3
+ 5.8

+ 10.9
+ 10.4

Factory employment
United States .............................
New York S ta te .........................

+ 7.5
4- 7.8

+ 22.9
+ 19.8

+ 16.6
+ 10.8

+ 14.1
+ 9.1

-

5.2
6.5

Factory payrolls
United States .............................
New York S ta te .........................

4-14.5
4-13.0

+ 46.3
+ 40.3

+ 46.4
+ 34.0

+ 34.7
+ 26.8

+
-

1.2
0.2

8.5 e
7.6

* Excluding offshore payments to military and civilian personnel,
e Estimated by Federal Reserve Bank of New York.
Sources: Income payments — United States Department of Commerce; department
store sales — Board of Governors and Federal Reserve Bank of New York; factory
employment and payrolls — United States and New York State Labor Departments.




d

,
r

1943

r
w

e

n
t

t

s

Percentage changes from the preceding year
1940

s

c

n
t

a

30

THIRTIETH A N N U AL REPORT

A

s
u

t

t i n
y
e
a
r
l a
r
g
p
e
r
i
a
n
i
a
b
o
u
S
t
t
h
w
w
a

i

h
h

e

b

i

a

l a
a

v

e

r

e

,

c
f

y

i

o

o

w

e

u
a

A

l

a

c

t

t

i
i

o
y

e

u
,

g

r

l o
n

y
e
f
o

t

Y
e

h
a

r
h

t

c

y

S

t
s

c

h
T

.
o

m

s

l y
,
r e
a
e
a
t e
s
m
e
n
d
u
r
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r
t h
s t
o
f
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r
k
e
n
t
i t y
b
a
n
i n

l t
w
e
x
d
u
i n
g
e
c
t h
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t a
r
e
t w
o
t

h

t

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e

o
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c

t

p
r

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y
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p
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r

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h
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a
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o

c
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p
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r

c

,

t

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e

e
a

a

a
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d
n

h

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g
4

a
x

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r
4

f

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n

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f
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-

u

n

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t

s

9
y

l

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r

n

w
p

n
i

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3

e

e

o

x

m

a

1

r

4

f
h

b

e

e

9

t

e

r
a

o

b
l

f

o

r

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y
f

b
1

h

n
h
f

t
r

t

t

a

c

1
s
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p

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n

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m

t

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n

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n

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p
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s

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n

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e
c
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d

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c

d

n
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h

r
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u
u

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a
s

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f

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a

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p

w

h
r

l

a

r
p

0

r
h
t

o

2

r

c

t

n

F
s

1

5

T
h
t h
a
n
W
i t
w
h
e
t h
e
C
o
n
m
e
n
p
r
e
v
J
e
r
s
t h
e
e
m
p
d
e
c
l
t h
a
n
i n
m
N
e
w
i n
d
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p
l e
s s

i

e
1

n

t

s

r

e
l

i

a

n

.
c

l

d

o

a
d

e
e

e

I

t

o
d

t

n

r

s

.

e
o

w
h
i

e

d
s

m
n

a
o

e

h

r

n

t

n

r

N

e

r

e

r

e

B a n k in g D evelopm ents

B
t
d
d

a

n

o

k
b

e
u

m
i




i

e
a

r

s
n

n

d
g

s
s
t

n
u

t
b
a

h

h
j

i s
c
t

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d
p

a

D

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t
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s t

s

s

t

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c
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y

r
s

e

o
a

r

,

31

F ED ERAL RESERVE BANK OF NEW YORK

w
a
m
o
S
e
c
s

e

r

c

x
o
u

n

o

e
n
i

e

c
m
l
h
n
b

e

r
l

s
u

s
n

t

s

i

t

a

g

n

t

d
d
t

i

a

y

l

t

g

t

k

o

m

a

s

l y
e
x
e
a
t o
l y

e

e
e

r

n

h

h

a
n

i

b

u
a

s
y

n

t

i

e

a

e
a
t
s

c

p
b

y
c

n

e

m

b
i

r
g

i

n

t

l e
s s
e
s s
l y
r i s e
r e
a

c

a

l e
t

e
h

r
i

n

h

a

e

s

n

t

,

t

t

e

h

r

Gains and Losses of Member Bank Reserve Funds
in Second Federal Reserve District
In millions of dollars
1941

Total

T
a
u

h
n

e
k

g
s

s t a
n
l o
s s
n
d
a
a
y
m
e
n
n
d
f o
r e
a
t e
r
i s b
u
r s
a
l f
a
s
o
n
t i n
u
o
l l e
c
t i
n
a
p
p
i s
t r
i c
n
t h
e
a
n
k
s

r
i

b




e

n
t
i

— 4,428
+ 1,080
- 1,002

— 1,942
— 935
— 986

761

+

650

-

212

—

516

1

+

153

+

50

—

41

- 1,978

— 4,065

- 4,512

— 4,420

+

+ 3,455

+ 3,746

+ 4,711

i

t

e
r

t

a

e

r

t
t
m

e
r

g
e
r

t

x
(
i

o

o

i
t

a
s
m

t

i
o

m
r

a
l e
i c
t h

c

t
a
t
i s

e
s
)

l

a
e

e

n

t
r
e

h

r

e
n
m

y
h

t

h

r

a

n

r

g

T
w

T
s

a

t

n
t

o

.

e

c

o

s

p
t

g
i

a

r

s

a
f

o

t
D
r

n

i

e

n

e

s

h

n
r

t
f
s

l o
i

a
t

c
o

e

t

n

u

t

a

d

o

d

r

h

h

h
s

i

d

e
o

t

r

c
D

e

a

g

s

t

i s

l

s

e

s

h

a

n
t

60

a
t

l

f

— 2,260
— 1,929
— 679

+

Federal Reserve c r e d it.......................................

b
s
a
a
p
a
g
d
h
c
c
a
D
i
b

1944

+

.............................................

1943

490
-1 ,7 4 5
505

Gain or loss through:
Net Treasury transactions.........................
Net commercial and financial transactions
Increase in currency in circulation..........
Gold movements and other foreign trans­
actions ...................................................
Change in nonmember and other deposits
in Federal Reserve Bank .................

1942

h

a

e

a

s
e

y

n

e

t

i

.

t
T

s

q

n
o

h
u

r

h
e
c

32

THIRTIETH AN N U AL REPORT

s m
s o
s e
G
o
a
c
L
o
b
y
f u
b
y
n
e
i n
o
t

a
m
c

h
R
t
a
r
a
b
e
t
c
o
o
s
1

o

l

u

r

c

T

t
n

r

o

u

u
i

h

n

e
m

e
l

n

o

w
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33

FED ERAL RESERVE BANK OF NEW YORK

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B IL L IO N S
OF DOLLARS




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Net Demand Deposits of Member Banks*
(Monthly averages of daily figures)

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34

g
Y
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D
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p
a

THIRTIETH A N N U AL REPORT

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t

1940
1941
1942
1943
1944

101
+
110
+ 1,636
485
456




Certifi­
cates of
indebted­
ness

__
—
+ 2,413
+ 1,563
+ 430

Treasury
notes

Bonds

+ 465
+ 408
+ 586
71
+ 2,314

+ 603
- f 905
+ 2,362
+ 2,327
+ 2,475

Guaran­
teed
obliga­
tions
+
-f
—
—
-

332
127
726
137
830

a
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t
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e

Total

1,^99
1,550
6,271
3,197
3,933

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Net change in holdings during year, in millions of dollars
Treasury
bills

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Holdings of Government Securities by All Member Banks
in the Second Federal Reserve District

Year

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35

FED ERAL RESERVE BANK OF NEW YORK

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36

THIRTIETH AN N U AL REPORT

International Monetary and Financial Reconstruction
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FED ERAL RESERVE BANK OF NEW YORK

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41

FED ERAL RESERVE BANK OF NEW YORK

The United States Wartime Balance of International Payments
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B IL L IO N S
OF DO LLA R S

* Areas above the zero line represent two o f the principal sources o f demand for dollars or
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t Cumulative gold movements based on changes in U. S. gold stock, exclusive o f domestic
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THIRTIETH A N N U AL REPORT

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THIRTIETH AN N U AL REPORT

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to include not merely merchandise imports and exports but all international transactions
except capital and gold movements.




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51

Foreign Exchanges
Owing to the foreign exchange controls throughout the world,
together with the use of various credit arrangements such as lend-lease,
foreign exchange trading, on the whole, was uneventful during 1944
and rjates in the various exchange markets continued generally to move
within narrow limits.
Except for new rates established for the currencies of liberated
countries, official rates for the principal foreign exchanges, as maintained
by the controls abroad, were unchanged during the year.

The pound

sterling continued to be quoted officially at $4.03% for British purchases
of dollars and $4.02% for sales of dollars, and no alterations were made
in official dollar rates for other sterling area currencies. The Canadian
dollar-United States dollar rate was maintained at $0.9091-$0.9009 by
the Canadian Foreign Exchange Control Board. The rates set for most
of the controlled Latin American exchanges likewise continued at previ­
ously quoted levels.
Accompanying the Allied liberation of a large portion of Europe and
of areas in the Pacific, a number of currency arrangements and rates of
exchange to be used by the Allied forces were announced during 1944.
In Metropolitan France, the United States Army is using a rate equiva­
lent to $0.020175 per franc, while in French Africa the rate of $0.02
continued. The Italian lira has been fixed at $0.01 for some time. Prior
to the suspension of New York trading in these exchanges, the French
franc had been quoted at $0.0218 and the lira at $0.0526. Although,
according to the joint statements of the Treasury and W ar Departments,
no general rate of exchange between the Allied military mark or the
reichsmark and the dollar has been established, a provisional rate of 10
marks to the dollar is being used for the purposes of computing troop
pay. This rate compares with the pre-freezing rates of about 40 cents for
the “ free” mark, of about 12 cents for the registered mark, and of about
4 cents to 17 cents for other special types of German exchange.
In the Netherlands and Belgium the liberating forces are being
supplied with the local currency of these countries at established rates of
exchange. The Netherlands Government selected rates of 2.64957 guilders
to the dollar— equivalent to $0.3774— and of 10.691 to the pound sterling.
The Belgian franc-dollar rate was set at 43.773 francs to the dollar, or
equivalent to $0.0228 per Belgian franc. The exchange rates established




THIRTIETH ANNUAL REPORT

52

for the Belgian franc were also made applicable in Luxembourg, at the
instance of the Luxembourg Government. The rates for both the guilder
and the Belgian franc represent a depreciation of about 30 per cent from
the pre-invasion levels.
In August 1944, a monetary agreement was signed between the Bel­
gian and British Governments. In addition to fixing an official rate of
exchange of 176^8 Belgian francs to the pound, the agreement provided
that the Belgian Congo would leave the sterling area and be brought into
a Belgian monetary area composed of Belgium, Luxembourg, Belgian
Congo, and Euanda Urundi. The accord, which is to remain in force for
three years unless terminated earlier by three months’ notice given to
either party, will be reviewed for possible amendment if the contracting
governments adhere to any general international monetary agreement.
It was also announced at the time that an agreement had been reached
in principle between the British and Eoyal Netherlands Government for
a similar monetary accord.
Following the invasion of the Philippines, it was announced that the
United States Army and Navy forces there were using a new “ Victory
Series” of Philippine currency and a new 1944 series of Philippine coins
which had been prepared in anticipation of the liberation. The prewar
exchange rate of 2 pesos to the dollar has been resumed by the liberating
forces.
In the New York market, quotations generally reflected closely the
official rates established abroad. The unofficial New York quotation for
the Canadian dollar rose in the early months of the year, when this ex­
change was traded at rates as high as $0.90873/2; this was only slightly
below the rate at which the Canadian control makes Canadian dollars
available against United States dollars.

Subsequently, however, the

unofficial rate declined irregularly, reaching a low of $0.8875 in Sep­
tember and closing the year at $0.8987%, to show only a slight net rise
for the year as a whole. New York quotations for most other Western
Hemisphere currencies held steady.
The only sizable movement in New York quotations occurred in the
so-called free rate for the Swiss franc. It will be recalled that this rate,
as distinguished from the so-called official rate of $0.2331 at which Swiss
banks supply Swiss exchange against dollars for certain transactions, rose
abruptly in the latter part of 1943. By February 1944, this rate had




FEDERAL RESERVE BANK OF NEW YORK

53

reached a high of slightly over $0.4400. Largely as a result of official sales
m this market, the “ free” rate subsequently declined sharply and by
May had receded to about $0.2350. Except for some temporary apprecia­
tion in the latter part of May and in June, the “ free” rate held at about
this level during the remainder of the year. At the end of December,
the rate was quoted at $0.2340, or only slightly above the “ official” rate.

Foreign Relations
Continuing the steady, rapid rise of previous years, the total volume
of funds (dollar balances, earmarked gold, and United States Government
securities and other investments) held by the Federal Reserve Banks
for account of foreign central banks and governments rose above 6
billion dollars in February 1944. During the remainder of the year,
however, there was little further increase and at the end of December
1944 the total was 6,122 million dollars. This compared with 5,693 million
dollars a year earlier, and with only 1,515 million immediately prior to
the outbreak of the war. The cessation of the previous rapid rise in

Earmarked Gold, Deposits, and United States Government Securities Held for Foreign
Account by Federal Reserve Banks
B I L L I ON S




54

THIRTIETH ANNUAL REPORT

foreign funds held by the Federal Reserve Banks has been due to a
number of developments, including unusually heavy dollar payments by
official foreign accounts during the year and a stepping up in the shipment
of gold abroad. As a result of the export of gold, although foreign central
banks and governments continued to purchase gold to be earmarked here,
the total amount of gold held under earmark at the end of 1944, amount­
ing to 3,937 million dollars, showed a net increase for the year of only
460 million dollars.

During 1943 earmarked gold rose by 804 million

dollars.
Foreign monetary authorities continued during 1944 to keep part
of their holdings of dollars in United States Government securities,
although the net rise for the year was considerably below the 352 million
increase shown in 1943. A t the end of the year under review, seven foreign
accounts had a total of 960 million dollars invested in United States
Government issues, as against 833 million dollars in ten accounts a year
earlier. Foreign deposits held by the Federal Reserve Banks reached a
high of 1,650 million dollars in May 1944, but by the end of the year had
declined to 1,201 million, to show a net reduction of 159 million dollars
for the year as a whole.
During 1944 two new foreign accounts were opened on the books of
the Federal Reserve Bank of New York, in its capacity as fiscal agent of
the United States. In addition, two old accounts held by this bank on its
own behalf and that of other Reserve Banks, which had been dormant
for some time, became active following the liberation of the countries
involved.
This bank, acting as fiscal agent of the United States, established one
new foreign currency account with a central bank abroad.

No new

accounts were opened abroad on behalf of this bank and the other
Reserve Banks, and balances in existing accounts remained virtually
unchanged during the year.




FEDERAL RESERVE BANK OF NEW YORK

55

Operations of the Bank in 1944
Despite further growth in the volume of work handled by the bank
during the past year, especially in fiscal agency work related to war
expenditures and war financing, the size of the staff appeared to have
reached its wartime peak. The total number of employees at the end of
1944 was 4,572, or slightly less than at the close of 1943.

The greatest

number of employees was reached in July, when the total was close to
4,900. Several factors made it possible to handle an increased volume
of work without a net increase in the staff. Among these factors were a
reduction of about one third in the rate of turnover in the staff and a
consequent gain in experience and efficiency, reduced absenteeism, and
finally a change in procedure in the redemption of United States Savings
bonds, which had the effect of checking the expansion in the work of the
Savings Bond Redemption Department.
Effective October 2,1944, the Treasury Department authorized incor­
porated banks and trust companies to qualify to redeem United States
Savings bonds of all Series from A through E held by individuals. Over
98 per cent of the banks in this District qualified, and during the last
three months of the year by far the greater number of Savings bonds
were redeemed by qualified banks. The bonds redeemed in this District
continued to be “ processed” by this bank for the Treasury, but the bonds
were handled more largely in bulk, and transactions with the individual
owners were largely shifted to banks throughout the District.
The total number of Government securities issued, redeemed, and
exchanged by this bank increased further to more than 53 million pieces
representing a total value of nearly 141 billion dollars, compared with 42
million pieces valued at 112 billion dollars in 1943. Included in the
securities handled were nearly 38 million Savings bonds with a face
value of 2.2 billion dollars issued to issuing agents in the District, com­
pared with 32 million bonds with a face value of 2.0 billion in 1943. Other
securities issued during the year totaled 1,200 thousand pieces with a
face value of 75 billion dollars, compared with 900 thousand pieces with
a face value of 58 billion dollars in 1943.
The securities safekeeping function of the bank had a corresponding
expansion in its operations during the past year. Receipts and deliveries
of securities for the Treasury, for member banks, and for others totaled
more than 86 million pieces with a par value of 488 billion dollars in




56

THIRTIETH ANNUAL REPORT

1944, compared with about 75 million pieces with a par value of 435
billion in 1943.
Among other fiscal agency operations handled by this bank, the
greatest increase during the past year was in the handling of United
States Government checks. The total number of such checks handled in
1944 was close to 94 million compared with 61% million in the previous
year. The number of United States Government coupons paid also showed
a further increase, though of much smaller proportions than the increase
in Government checks.
A large volume of operations was also performed by this bank as
fiscal agent of the Reconstruction Finance Corporation and its sub­
sidiaries and the Commodity Credit Corporation, although there was a
moderate reduction from 1943 which is best measured by the dollar
volume of transactions shown in the lower part of the table.

(The re­

duction in the number of disbursements shown in the upper part of the
table— 178,000 in 1944 compared with 455,000 in 1943— is misleading,
as the figure for 1943 included a large number of checks issued in payment
for spare automobile tires which the owners were required to turn in dur­
ing the latter part of 1942, payments for which extended well into 1943).
The number of applications for Regulation V loans (War Pro­
duction Loans) received during 1944 was substantially less than in 1943.
Furthermore, relatively few concerns have availed themselves, thus far,
of the facilities afforded under the Contract Settlement Act of 1944 for
adequate interim financing (through “ T ” loans) of war contractors who
may have termination claims. While the partial payment plan may serve
fairly well the needs of prime contractors and first-tier subcontractors, it
is doubtful whether it will meet the needs of subcontractors in the lower
tiers.

It would be unfortunate, after the lending machinery has been

provided, if, because of inadequate information or lack of foresight, such
war contractors failed to avail themselves of the opportunity to obtain
commitments for “ T ” loans.
The work of the Foreign Funds Control Department diminished
further in the early part of the year, but the decline in applications for
licenses was checked after the resumption of communications with liber­
ated areas was permitted, resulting in an increase of the number of
applications for transactions involving the nationals of those areas.




FEDERAL RESERVE BANK OF NEW YORK

57

Some Measures of the Volume of Operations of the
Federal Reserve Bank of New York
1944

1943

Number of pieces handled*
Discounts and advances ..............................................
Currency received and cou n ted ...................................
Coin received and cou n ted...........................................
Checks handled:
United States Government checks .....................
All o th e r ..................................................................
Collection items handled:
United States Government coupons paid* * . . . .
All o th e r ..................................................................
Disbursements as fiscal agent for
Reconstruction Finance Corporation, its subsidi­
aries, and Commodity Credit Corporation
Issues, redemptions, and exchanges by fiscal agency
departments:
United States Government direct obligations. . .
All o th e r ..................................................................
Safekeeping of securities:
Pieces received and delivered .............................
Coupons detached ................................................
Wire transfers of fu n d s ................................................
Incoming and outgoing mail:
Registered ..............................................................
Ordinary ................................................................

2,000
803,124,000
1,474,796,000

940
759,332,000
1,441,589,000

93,956,000
231,733,000

61,568,000
224,249,000

5.716.000
1.111.000

5.466.000
1.310.000

178,000

455,000

53,343,000
330,000

42,090,000
182,000

86,438,000
1,069,000
167,000

74,906,000
2,255,000
158,000

2,194,000
15,767,000

2,391,000
17,187,000

$11,036,595,000
5,012,560,000
144,082,000

$642,816,000
4,439,525,000
138,784,000

34,534,949,000
144,130,545,000

32,483,158,000
139,355,654,000

1.162.032.000
2.476.282.000

932,461,000
2,407,785,000

1,797,796,000

1,953,292,000

140,914,520,000
2,099,760,000

112,431,087,000
1,753,839,000

488,272,594,000
62,873,298,000

434,560,313,000
62,527,138,000

Amounts handled
Discounts and advances ...............................................
Currency received and cou n ted ...................................
Coin received and counted ...........................................
Checks handled:
United States Government checks .....................
All o th e r ..................................................................
Collection items handled:
United States Government coupons paid** . . . .
All o th e r ..................................................................
Disbursements as fiscal agent for
Reconstruction Finance Corporation, its subsidi­
aries, and Commodity Credit Corporation
Issues, redemptions, and exchanges by fiscal agency
departments:
United States Government direct obligations . . .
All o th e r ..................................................................
Safekeeping of securities:
Pieces received and delivered (par value) . . . .
Wire transfers of fu n d s ................................................

* Two or more checks, coupons, etc., handled as a single item are counted as one
“ piece.”
** Includes coupons from obligations guaranteed by the United States.




58

THIRTIETH ANNUAL REPORT

The ordinary operations of the bank, such as supplying currency
to meet public demands in the District, the handling of non-Government
checks, etc., also showed further expansion during 1944. The number
of pieces of paper currency issued, for example, was 8 per cent greater
than in 1943, and the number of pieces received was 10 per cent
greater.

The greater increase in receipts than in payments appar­

ently reflected a tendency to use bills of larger denominations; the
number of bills of $50 and greater denomination issued was 23 per cent
greater than in 1943, the largest increase being in the $100 denomination.
The general increase in volume of currency in use was also reflected in
an increase in the number and amount of coins issued and received.

Financial Statements
S t a t e m e n t O f C o n d it io n

W ar financing and money market events during 1944 are reflected
in the changes shown in the items of the statement of condition of the
Federal Reserve Bank of New York. Continuing the trend of the past
(In thousands of dollars)
Assets

Dec. 31,1944

Dec. 31,1943

Gold certificates on hand and due from U. S.
Treasury ......................................................
Redemption Fund— Federal Reserve notes . . .
Other cash ..........................................................

$ 5,149,403
106,731
57,125

$ 5,904,288
22,844
74,244

$ 5,313,259

$ 6,001,376

Discounts and advances ...................................

Total reserves .....................................

$

77,775

$

2,185

Industrial loans ..................................................

$

12

$

126

U. S. Government securities:
Bills ..............................................................
Certificates ...................................................
Notes ............................................................
Bonds ............................................................

$ 2,259,370
1,622,723
520,764
412,908

$ 2,474,891
271,407
74,569
179,243

Total U. S. Government securities,
(including guaranteed securities)

$ 4,815,765

$ 3,000,110

Total loans and securities.................
Due from foreign banks ...................................
Federal Reserve notes of other b a n k s ...........
Uncollected items ...............................................
Bank premises ....................................................
Other assets ........................................................
Total assets .........................................
* After deducting participation of other Federal
Reserve Banks .............................................




$ 4,893,552

$ 3,002,421

$

$

49*
17,759
569,682
8,894
16,460

56*
12,394
502,634
9,121
9,936

$10,819,655

$ 9,537,938

$

$

86

80

FEDERAL RESERVE BANK OF NEW YORK

59

few years, the reserves of this bank declined nearly 700 million dollars
during 1944, making a total reduction of about 4.5 billion dollars since
the end of 1940. The loss of reserves was occasioned by sales of gold to
foreign countries, and large outward transfers of funds for the Treasury
and for commercial and financial purposes, which were only partly offset
by payments from the other Federal Reserve Banks for their participation
in the System Open Market Account purchases of United States Govern­
ment securities in the New York market.
The sizable increase during 1944 in discounts and advances, repre­
senting member bank borrowings, was only partly reflected in the yearend figure of $77,775,000.

During the last three months of the year

demands for currency, together with a shift of deposits from reserveexempt W ar Loan accounts to private accounts, and transfers of funds
to other districts, caused member banks to borrow substantial amounts,
particularly in New York City, in order to meet their reserve require-

(In thousands of dollars)
Liabilities

Dec. 31, 1944

Dec. 31,1943

Federal Reserve notes .......................................

$ 4,851,017

$ 3,766,861

Deposits:
Member bank—reserve account .............
U. S. Treasurer— General A c co u n t..........
Foreign ........................................................
Other ............................................................

$ 4,554,844
175,050
466,212*
287,547

$ 4,263,922
210,279
600,236*
246,308

$ 5,483,653

$ 5,320,745

$

$

Total deposits .....................................
Deferred availability items ...............................
Other liabilities including accrued dividends. .

319,639
1,139

301,754
1,154

$10,655,448

$ 9,390,514

$

59,282
84,903
7,142
12,880

$

57,440
70,012
7,092
12,880

Total capital accounts .....................

$

164,207

$

147,424

Total liabilities and capital accounts

$10,819,655

Total liabilities ...................................
Capital accounts:
Capital paid in .........................................
Surplus (Section 7) ...................................
Surplus (Section 13b) .............................
Other capital accounts .............................

Ratio of total reserves to deposit and Federal
Reserve note liabilities combined ..........
Commitments to make industrial lo a n s ..........

$

* After deducting participation of other Federal
Reserve Banks .............................................

$




$ 9,537,938

51.4%
-

735,225

6 6 .0 %
$

9

$

759,843

60

THIRTIETH ANNUAL REPORT

inents; on one occasion, November 29, just prior to the issue date for the
Government securities offered in the Sixth War Loan, borrowings for
all member banks in this District reached $464,000,000, the largest amount
since March 1933.
Holdings of United States Government securities increased by 1.8
billion dollars, compared with 1.3 billion during 1943, reflecting this
bank’s participation in the large volume of securities purchased for
System Open Market Account during the year.

These purchases by the

Federal Reserve Bank of New York were made to supply member banks
with reserves needed to meet the continued demand for currency, in­
creased reserve requirements, and losses of funds through foreign trans­
actions and transfers to other districts.
The persistent, heavy demand for currency is reflected in the further
increase of more than 1 billion dollars in the Federal Reserve notes of
this bank in circulation. The deposit liabilities of the Federal Reserve
Bank of New York did not change materially between December 31, 1943
and December 31, 1944, although the member bank reserve account
increased moderately, reflecting higher reserve requirements caused by
the continued growth in member bank deposits.
The drop in the reserve ratio of this bank to 51.4 per cent on Decem­
ber 31, 1944, from 66.0 per cent on December 31, 1943, 80.2 per cent at
the end of 1942, and 93.8 per cent at the end of 1941, reflects mainly the
shrinkage in the bank’s reserves and the large increase in notes in circu­
lation, although growth in deposit liabilities has also been a factor.

I ncom e A

nd

D

is b u r s e m e n t s

The continued expansion of the portfolio of Government securities
held by this bank (as well as other Federal Reserve Banks) brought about
a substantial increase in gross earnings of the bank— from $17,998,000
in 1943 to $28,993,000 in 1944. While earnings on loans increased con­
siderably, they made up only a small part of gross earnings.
Net expenses increased $1,411,000 to a total of $11,445,000, leaving
current net earnings of $17,548,000, an amount $9,584,000 greater than in
1943. The rise in net expenses mainly reflected increases in aggregate
compensation of employees and in the cost of supplying Federal Reserve
notes, coincident with the heavy demands for currency.




FEDERAL RESERVE BANK OF NEW YORK

61

Since this bank’s open market operations during 1944 were centered
chiefly in short term Government obligations, and involved more purchases
than sales, gross profits on securities sold were only $829,000, compared
with $10,217,000 for 1943 when substantial sales of longer term securities
were made for market stabilization purposes. Other additions of $133,000
to earnings represented recoveries on industrial advances previously
charged off and reductions in reserves which had been set up against
such items. There were no sizable deductions from current net earnings,
such as were made in 1943.
Net earnings amounted to $18,505,000, or $3,174,000 more than in
1943.

The usual 6 per cent dividend to stockholders, amounting to

$3,483,000, was paid to member banks, and the greater part of the remain
ing net earnings was transferred to the bank’s surplus.

Profit and Loss Account
For the Calendar Years 1944 and 1943
(In thousands of dollars)
1944

1943

Earnings ..............................................................
Net expenses ......................................................

$

28,993
11,445

$

17,998
10,034

Current net earnings .........................

$

17,548

$

7,964

Additions to current net earnings:
Profits on sales of U.S. Government securities
All other ......................................................

$

829
133

$

10,217
28

Total additions ...................................

$

962

$

10,245

Deductions from current net earnings:
Retirement system .....................................
Special reserve on bank premises.............
All other ......................................................

$

—

$

2,389
482
7

5

Total deductions .................................

$

5

$

2,878

Net earnings........................................................

$

18,505

$

15,331

Paid United States Treasury (Section 13b) . . .
Dividends paid ..................................................
Transferred to surplus (Section 1 3 b ).............
Transferred to surplus (Section 7 ) ...............

$

80
3,483
51
14,891

$

18
3,280
22
12,011

Surplus (Section 7) beginning of y e a r .........
Addition as a b o v e ..............................................

$

70,012
14,891

$

58,001
12,011

Surplus (Section 7) end of y e a r .....................

$

84,903

$

70,012




THIRTIETH ANNUAL REPORT

62

Membership Changes in 1944
As in 1943, wartime developments during the past year continued to
bring

nonmember

banks

into

closer

contact with

this bank

and

strengthened a desire on the part of a number of them to obtain the
advantages of membership in the Federal Reserve System. The continued
growth in membership is reflected in the accompanying table, which
shows that 21 State banks and trust companies in the Second Federal
Reserve District were admitted to membership during 1944. This was the
largest number admitted since 1941, and at the year end total membership
of these banks represented 65 per cent of all State banks and trust
companies in the District. Including national banks, 85 per cent of com­
mercial banks in this District are members and, measured by total assets,
member banks represent about 95 per cent of the assets of all commercial
banks in the District. Mergers of 10 member banks with other member
or nonmember banks occurred during the year, so that the total member­
ship at the end of the year was 817 out of a total of 956 commercial banks
and trust companies in the District.

Number

o f M em ber and Nonm em ber Banks in
Second Federal R eserve D istrict at End o f Year*
(Exclusive of Savings banks and Industrial banks)
December 31, 1944
Type of bank

December 31,1943

Non­
Non­
Per cent
Per cent
Members members members Members members members

National b a n k s ................

558

0

100

565

0

100

State banks and
trust com panies........

259

139

65

241

161

60

Total .........................

817

139

85

806

161

83

Changes

in Federal R eserve M em bership in Second D istrict D uring 1944

Total membership beginning of y e a r ..................................................................

806

Increases :f
State banks and trust companies adm itted................................................

21

Decreases:
Member banks combined with other members .......................................
Member banks combined with nonmembers ...........................................

7
3

Total decreases .......................................................................................

10

Total membership end of year ............................................................................

817

* This represents only banks in actual operation.
f In addition to figures shown in this table, one nonmember was absorbed by member
during the year.




FEDERAL RESERVE BANK OF NEW YORK

63

Geographically, 16 of the new members are located in New York
State, 3 in New Jersey, and 2 in Connecticut. A list of State banks and
trust companies admitted to membership during 1944 follows.

State Banks and Trust Companies in the Second Federal Reserve District
Admitted to Membership in the Federal Reserve System during 1944
Effective
Date

State banks
Asbury Park, N. J.

Asbury Park and Ocean Grove Bank

October 2

Ebenezer, N. Y.

The Ebenezer State Bank

December 29

Freeport, N. Y.

The Freeport Bank, of Freeport, New York March 8

Great Kills, N. Y.

The South Shore Bank of Staten Island

September 14

Lake Luzerne, N. Y.

The Luzerne-Hadley Bank

August 14

Lyndonville, N. Y.

Citizens State Bank

January 15

Madrid, N. Y.

Madrid Bank

August 26

Malverne, N. Y.

The Bank of Malverne

February 15

Manlius, N. Y.

Bank of Manlius

May 5

Monroe, N. Y.

Citizens Bank of Monroe

April 25

Newfane, N. Y.

State Bank of Newfane

January 15

Phoenix, N. Y.

The Phoenix Bank

March 15

Bridgeport, Conn.

The Black Rock Bank and Trust Company

March 16

Bridgeport, Conn.

The Bridgeport-City Trust Company

September 14

Clifton, N. J.

Clifton Trust Company

February 18

Elizabeth, N. J.

Union County Trust Company

September 13

Great Neck Plaza, N. Y.
(P.O. Great Neck, N. Y.)

Great Neck Trust Company

March 6

Jamestown, N. Y.

Union Trust Company of Jamestown, N. Y. November 2

Johnstown, N. Y.

The Johnstown Bank

February 25

Johnstown, N. Y.

The Peoples Bank of Johnstown, N. Y.

May 10

Oyster Bay, N. Y.

North Shore Bank Trust Company

April 26

7
rust companies




64

THIRTIETH ANNUAL REPORT

Changes in Directors and Officers
In August 1944, Frederick E. Williamson, President, The New York
Central Railroad Company, New York, N. Y., resigned as a director of
this bank because of ill health.

Mr. Williamson’s subsequent death was

a real loss to the bank and to the community.
In the autumn of 1944, at a regular election held by the member
banks in Group 2, Harry H. Pond, President, The Plainfield Trust Com­
pany, Plainfield, N. J., was elected a Class A director for a term of three
years, beginning January 1, 1945, to succeed William J. Field, President,
Commercial Trust Company of New Jersey, Jersey City, N. J., whose
term expired December 31, 1944. At the same time, Charles E. Adams,
Chairman, Air Reduction Company, Inc., New York, N. Y., was elected
a Class B director of this bank, for a term of three years, beginning
January 1, 1945, to succeed Mr. Williamson.
In December 1944, the Board of Governors of the Federal Reserve
System reappointed Beardsley Ruml, Treasurer, R. H. Macy & Co., Inc.,
New York, N. Y., a Class C director of this bank for a term of three years,
beginning January 1, 1945, and redesignated him Chairman and Federal
Reserve Agent for the year 1945; the Board of Governors also redesig­
nated William I. Myers as Deputy Chairman of this bank for the year
1945.
In December 1944, the Board of Governors of the Federal Reserve
System reappointed Marion B. Folsom, Treasurer, Eastman Kodak Com­
pany, Rochester, N. Y., a director of the Buffalo Branch for a term of
three years, beginning January 1, 1945.
The directors of this bank appointed George H. Bangert, President,
The First National Bank of Kenmore, Kenmore, N. Y., a director of the
Buffalo Branch for a term of three years, beginning January 1, 1945,
to succeed Robert R. Dew, whose term expired December 31, 1944. The
directors of this bank also appointed Gilbert A. Prole as Chairman of the
Buffalo Branch for the year 1945, to succeed Marion B. Folsom, and
appointed Insley B. Smith, formerly Manager of the Government Check
Department at the head office, as Managing Director of the Buffalo Branch
for the year 1945, to succeed Reginald B. Wiltse, who was appointed a
Vice President at the New York office.
C h a n g e s I n O f f ic e r s

Edwin C. French, Manager of the Collection Department, and
William M. Kettner, Manager of the Security Custody Department, each




FEDERAL RESERVE BANK OF NEW YORK

65

of whom had been with the bank for more than 25 years, retired from
active service with this bank on March 31, 1944. Effective April 1, 1944,
the Board of Directors appointed William F. Abrahams, formerly Chief
of the Security Custody Division, Security Custody Department, and
Roy E. Wendell, formerly Chief of the Transit Division, Check Depart­
ment, as Managers, and they were assigned to the Security Custody De­
partment and the Collection Department, respectively.
George W . Ferguson, Assistant Vice President, and a member of
the staff since 1917, died on October 14,1944.
On October 31, 1944, Ray M. Gidney, an officer of this bank since
1917, resigned as Vice President to assume his duties as President of the
Federal Reserve Bank of Cleveland, Cleveland, Ohio.
In December 1944, it was announced that effective January 1, 1945,
Reginald B. Wiltse, formerly Managing Director of the Buffalo Branch,
had been appointed a Vice President of this bank at the head office, and
assigned to direct member bank supervision and member bank relations.
Insley B. Smith, formerly Manager of the Government Check Depart­
ment, was appointed Managing Director of the Buffalo Branch to succeed
Mr. Wiltse.
In December 1944, Norris 0 . Johnson, Manager, Research Depart­
ment, was granted a leave of absence from the bank to join the American
Financial Mission in Iran.
Effective January 5, 1945, Harold V. Roelse, formerly Assistant
Vice President, was appointed a Vice President of this bank; Harold A.
Bilby, formerly Manager, Check Department, Felix T. Davis, formerly
Manager, R. F. C. Custody Department, and John H. Wurts, formerly
Manager, Government Bond Department, were appointed Assistant Vice
Presidents.
Effective at the same time, Curtis R. Bowman, formerly Chief,
Credit Division, Credit Department, was appointed Manager of the
Credit Department; James J. Carroll, formerly Chief, Planning Division,
Accounting Department, was appointed Manager of the newly created
Planning Department; and Ralph W . Scheffer, formerly in the Research
Department, was appointed Manager of the Check Department.
M em ber

Op F e d e r a l A

d v is o r y

C o u n c il

In January 1945, the Board of Directors of this bank reappointed
John C. Traphagen, President of the Bank of New York, New York, N. Y.,
to serve during the year 1945 as the member of the Federal Advisory
Council for the Second Federal Reserve District.




66

THIRTIETH ANNUAL REPORT

Directors and Officers
DIRECTORS
Class
A

Group
I S .

Sl o a n C o lt

.............................................................................................................

Term
Expires
Dec. 31
1946

President, Bankers Trust Company, New York, N. Y.
A

2

Harry H. P ond .....................................................................................
President, The Plainfield Trust Company, Plainfield, N. J.

1947

A

3

W

1945

W . C l u t e , J r ................................................................................................

arren

President, Glen National Bank of Watkins Glen, Watkins
Glen, N. Y.
B

1

D o n ald so n B r o w n

...................................................................................................

1946

Vice Chairman of the Board, General Motors Corporation,
New York, N. Y.
B

2

C harles

E. A d a m s ................................................................................
Chairman, Air Reduction Company, Inc., New York, N. Y.

B

3

C arle C . C o n w a y

.....................................................................................................

1947
1945

Chairman of the Board and President, Continental Can Com­
pany, Inc., New York, N. Y.
Chairman ................................................................................
Treasurer, R. H. Macy & Co., Inc., New York, N. Y.

1947

I. Myers, Deputy Chairman ............................................................
Dean, New York State College of Agriculture, Cornell
University, Ithaca, N. Y.

1945

Robert D . C a l k i n s ...................................................................................................
Dean, School of Business, Columbia University, New York,
N. Y.

1946

C

B eard sley R u m l ,

C

W

C

il l ia m

DIRECTORS—BUFFALO BRANCH
Chairman
Farmer, Batavia, N. Y.

G il b e r t A . P r o l e ,

T

homas

Term
Expires
Dec. 31

.............................................................................................................

1945

R o b in s , J r ....................................................................................................................................

1946

President, Hewitt Rubber Corporation, Buffalo, N. Y.
M a r io n B . F o

lsom

..................................................................................................................................

1947

Treasurer, Eastman Kodak Company, Rochester, N. Y.
L e w is G . H a r r im a n

................................................................................................................................

1945

President, Manufacturers and Traders Trust Company, Buffalo, N. Y.
E lm e r B . M il l im a n

................................................................................................................................

1946

President, Central Trust Company Rochester, N. Y., Rochester, N. Y.
G eo rg e H . B a n g e r t

................................................................................................................................

1947

President, The First National Bank of Kenmore, Kenmore, N. Y.
Insley B. Smith, Managing Director ......................................................................




MEMBER OF FEDERAL ADVISORY COUNCIL
J o h n C. T r a p h a g e n ,
President, Bank of New York,
New York, N. Y.

1945

FEDERAL RESERVE BANK OF NEW YORK

67

OFFICERS
A llan Spro u l,

First Vice President
J. W il s o n J o n e s , Vice President
L . W e r n e r K n o k e , Vice President
W a l t e r S. L o g a n , Vice President, and
General Counsel
A r t h u r P h e l a n , Vice President

J a m e s M . R ic e ,

H arold V . R o else,

A. B il b y ,
Assistant Vicet President

H orace L . S an f o r d ,

H arold
F e lix

T.

Assistant Vice President
W

D a v is ,
0.

F.

il l ia m

Sh eeh an ,

Chief Examiner
T odd G. T ie b o u t ,
Assistant General Counsel

Assistant Vice President
E dw ard

President

Vice President
Vice President
R o b e r t G . R o u s e , Vice President
J o h n H . W i l l i a m s , Vice President
V a l e n t in e W i l l i s , Vice President
R e g in a l d B . W il t s e , Vice President

L e s l ie R . R o u n d s ,

D o u g las,

Assistant Vice President
H erbert H . K im b a l l ,

R u f u s J. T r i m b l e ,

Assistant Vice President
S il a s A. M il l e r ,
Assistant Vice President

John

Assistant General Counsel

F. A b r a h a m s ,
Manager, Security Custody Department

W

il l i a m

L oren B. A

H. W

u r ts,

Assistant Vice President

llen ,

M a r c u s A . H a r r is ,

Manager, Securities Department
W

Manager, Accounting Department

A . H e in l ,

il l ia m

Manager, Personnel Department

D udley H . B a r r o w s,

D a n ie l J. L id d y ,

Manager, Cash Department

Manager, Foreign Department

C u r t is R . B o w m a n ,
M ic h a e l J. M c L a u g h l i n ,

Manager, Credit Department

Manager, Service Department

H arry M . B oyd,

R

Manager, Savings Bond Redemption
Department
o b e r t H. B r o m e ,
Assistant Counsel, and Assistant
Secretary

W

esley

W . B urt,

Manager, Government Bond Department
J a m e s J. C a r r o l l ,

Manager, Planning Department
N o r m a n P . D a v is ,

Manager, Foreign Funds Control
Department, and Manager, Security
Loans Department

W

il l ia m

E. P e t e r s o n ,
Manager, Bank Relations Department

F r a n k l in

R a lph W . Scheffer,

Manager, Check Department
F r e d e r ic k S t o c k e r ,

Manager, Cash Custody Department
W

il l i a m

F . T r e ib e r ,

Assistant Counsel, and Secretary
C h a r l e s N. V a n H o u t e n ,
Manager, Safekeeping Department
R o y E. W e n d e l l ,
Manager, Government Check Department

General Auditor
Assistant General Auditor

H . D il l i s t i n ,

D o n a l d J. C a m e r o n ,

OFFICERS— BUFFALO BRANCH
B. S m i t h ,
Managing Director

I nsley




H alsey W . Sn o w ,

Cashier
G eo r g e J. D o l l ,

Assistant Cashier

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