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FEDERAL RESERVE BANK OF NEW YORK f Circular No. 1153"! Ljanuary 12, 1933J Eighteenth Annual Statement To the Stockholders of the Federal Reserve Bank of New York: We hand you herewith a condensed statement of the condition of this bank at the close of the year 1932, and of the profit and loss account for that year. For convenient comparison, the corresponding statements for the previous year, 1931, are also shown. GEORGE L. HARRISON, Governor. Statement of Condition RESOURCES C A S H R E S E R V E S held by this bank against its deposits and note circulation: GOLD HELD BY THE FEDERAL RESERVE AGENT as part of the collateral deposited by the bank when it obtains Federal Reserve notes. This gold is lodged partly in the vaults of the bank and partly with the Treasurer of the United States GOLD REDEMPTION FUND in the hands of the Treasurer of the United States to be used to redeem such Federal Reserve notes as are presented to the Treasury for redemption G O L D I N T H E G O L D SETTLEMENT F U N D lodged with Dec. 31, 1932 Dec. 31, 1931 $616,630,213.92 $450,336,457.22 6,155,156.59 11,542,824.20 103,792,488.24 289,509,470.99 81,379,878.67 300,478,183.81 52,385,395.00 37,739,315.00 $1,068,472,724.74 $881,476,658.90 $21,158,222.18 $19,234,621.23 $25,332,250.00 $112,203,754.31 24,973,979.93 37,474,318.93 2,829,347.12 465,930.62 9,780,168.81 272,565.69 163,392,844.14 the Treasurer of the United States for the purpose of settling current transactions between Federal Reserve districts GOLD AND GOLD CERTIFICATES in vault LEGAL T E N D E R N O T E S , SILVER, AND SILVER CERTIFICATES in the vaults of the bank (available as reserve only against deposits) TOTAL C A S H R E S E R V E S N O N - R E S E R V E CASH consisting largely of National Bank Notes, and minor coin LOANS AND INVESTMENTS LOANS TO MEMBER BANKS : On the security of obligations of the United States On the security of, or by the discount of, commercial or agricultural paper or acceptances On the security of other collateral under Section 10 (b) of the Federal Reserve Act, as amended O T H E R LOANS BILLS bought in the open market U N I T E D STATES GOVERNMENT bonds, notes, bills, and certifi- cates of indebtedness OTHER SECURITIES T O T A L LOANS AND INVESTMENTS 733,353,950.00 2,906,775.49 309,355,850.00 14,315,212.50 $799,642,401.97 $637,014,545.57 MISCELLANEOUS RESOURCES GOLD HELD ABROAD $72,637,893.28 118,169,814.77 ALL OTHER MISCELLANEOUS RESOURCES 14,393,300.69 25,545,469.28 $164,866,941.19 14,816,793.01 20,499,027.40 TOTAL MISCELLANEOUS RESOURCES $230,746,478.02 $200,182,761.60 CHECKS AND OTHER ITEMS IN PROCESS OF COLLECTION . . . BANK PREMISES TOTAL RESOURCES $2,120,019,826.91 $1,737,908,587.30 Federal Reserve Bank of New York LIABILITIES Dec. 31, 1932 Dec. 31, 1931 $587,565,860.90 $574,185,857.40 $587,565,860.90 $574,185,857.40 $1,256,950,857.76 $795,014,893.86 1,950,307.04 25,740,077.78 12,965,444.15 41,313,401.35 $1,271,866,608.95 $862,068,372.99 $114,499,314.57 $158,125,864.59 A L L O T H E R MISCELLANEOUS LIABILITIES 2,410,521.19 6,812,787.98 TOTAL MISCELLANEOUS LIABILITIES $116,909,835.76 $161,938,652.57 $58,619,100.00 $61,638,550.00 85,058,421.30 75,077,154.34 $143,677,521.30 $136,715,704.34 CURRENCY IN CIRCULATION FEDERAL RESERVE NOTES in actual circulation, payable on demand. As required by law, these notes are secured by gold; or notes, drafts, bills of exchange or acceptances; or obligations of the United States TOTAL CURRENCY IN CIRCULATION DEPOSITS RESERVE DEPOSITS maintained by member banks as legal reserves against the deposits of their customers UNITED STATES GOVERNMENT DEPOSITS carried at the Reserve Bank for current requirements of the Treasury OTHER DEPOSITS including deposits of foreign correspondents, non-member banks, etc TOTAL DEPOSITS MISCELLANEOUS LIABILITIES D E F E R R E D ITEMS, composed mostly of uncollected checks on banks in all parts of the country. Such items are credited as deposits after the periods specified in this bank's time schedules, which periods range from 1 to 7 days after receipt by this bank, and are based on the average time required for collection CAPITAL AND SURPLUS CAPITAL P A I D I N , equal to 3 per cent, of the capital and surplus of member banks SURPLUS—That portion of accumulated net earnings which the bank is legally required to retain TOTAL CAPITAL AND SURPLUS TOTAL LIABILITIES $2,120,019,826.91 $1,737,908,587.30 Profit and Loss Account For the calendar years 1932 and 1931 1932 1931 EARNINGS $3,276,594.84 932,504.88 11,157,506.72 582,336.21 $1,661,804.55 1,638,210.41 3,613,854.20 641,344.16 $15,948,942.65 $7,555,213.32 $1,362,375.51 $1,107,406.45 $6,190,061.12 $6,298,732.43 new notes to replace worn notes in circulation, and to maintain supplies unissued and on hand, and the cost of redemption 186,667.16 348,371.41 F O R DEPRECIATION, SELF-INSURANCE, OTHER R E S E R V E S , LOSSES, ETC 530,039.45 483,435.21 $6,906,767.73 $7,130,539.05 N E T I N C O M E available for dividends, additions to surplus, and franchise tax to the United States Government $10,404,550.43 $1,532,080.72 DIVIDENDS paid to member banks, at the rate of 6 per cent per annum on paid-in capital $3,562,030.29 $3,891,598.91 2,359,518.19 FROM LOANS FROM BILLS BOUGHT IN THE OPEN MARKET FROM UNITED STATES GOVERNMENT OBLIGATIONS OTHER EARNINGS TOTAL EARNINGS ADDITIONS TO EARNINGS FOR SUNDRY ADDITIONS to earnings, including income from Annex Building DEDUCTIONS FROM EARNINGS FOR CURRENT BANK OPERATION. (These figures include most of the expenses incurred as fiscal agent of the United States) F O R FEDERAL R E S E R V E CURRENCY, mainly the cost of printing TOTAL DEDUCTIONS FROM EARNINGS EXCESS OF DIVIDENDS OVER N E T INCOME ADDITIONS TO SURPLUS—The bank is required by law to accumulate out of net earnings, after payment of dividends, a surplus amounting to 100 per cent, of the subscribed capital; and after such surplus has been accumulated to pay into surplus each year 10 per cent, of the net income remaining after paying dividends. FRANCHISE TAX—Any balance of net income remaining after paying dividends and making additions to surplus (as above) is required to be paid to the United States Government as a franchise tax. No balance remained for such payments in 1932 or 1931. 6,842,520.14 ADDITIONS TO SURPLUS ACCOUNT N E T EARNINGS RESTORATION OF DEPRECIATION RESERVE STATES GOVERNMENT SECURITIES 6,842,520.14 ON UNITED TOTAL ADDITIONS TO SURPLUS ACCOUNT 3,138,746.82 $9,981,266.96 CHARGES TO SURPLUS ACCOUNT EXCESS OF DIVIDENDS OVER N E T INCOME DEPRECIATION RESERVE ON UNITED STATES GOVERNMENT SECURITIES TOTAL CHARGES TO SURPLUS ACCOUNT $2,359,518.19 3,138,746.82 $5,498,265.01 Federal Reserve Bank of New York DIRECTORS J. HERBERT CASE, New York City Chairman EDWARD K. MILLS, Morristown, N. J. ALBERT H. WIGGIN, New York City President, Morristown Trust Company Director, The Chase National Bank of the City of New York SAMUEL W. REYBURN, New York City WILLIAM H. WOODIN, New York City President, Associated Dry Goods Corporation of New York President, American Car & Foundry Company CLARENCE M. WOOLLEY, Greenwich, Conn. WALTER C. TEAGLE, New York City President, Standard Oil Company (New Jersey) Chairman, American Eadiator and Standard Sanitary Corporation OWEN D. YOUNG, New York City DAVID C. WARNER, Endicott, N. Y. President, Endicott Trust Company Deputy Chairman Chairman, General Electric Company OFFICERS GEORGE L. HARRISON, Governor W. RANDOLPH BURGESS, Deputy Governor EDWIN R. KENZEL, Deputy Governor JAY E. CRANE, Deputy Governor WALTER S. LOGAN, Deputy Governor and General Counsel ARTHUR W. GILBART, Deputy Governor LESLIE R. ROUNDS, Deputy Governor Louis F. SAILER, Deputy Governor CHARLES H. COE, Assistant Deputy Governor L. WERNER KNOKE, Assistant Deputy Governor RAY M. GIDNEY, Assistant Deputy Governor WALTER B. MATTESON, Assistant Deputy Governor J. WILSOX JONES, Assistant Deputy Governor JAMES M. RICE, Assistant Deputy Governor ALLAN SPROUL, Assistant Deputy Governor and Secretary DUDLEY H. BARROWS, Manager, Administration Department WESLEY W. BURT, Manager, Accounting Department ROBERT F. MCMURRAY, Manager, Government Bond and Safekeeping Department JACQUES A. MITCHELL, Manager, Credit Department DONALD J. CAMERON, Manager, Foreign Department _ , _, _._ ROBERT M. MORGAN, Manager, Bill Department EDWARD O. DOUGLAS, Mananer, Collection Department « . . . • « ARTHUR PHELAN, Manager, Discount Department EDWIN C. FRENCH, Manager, Cash Department WILLIAM A. SCOTT, Manager, Government Bond and HERBERT H. KIMBALL, Assistant Counsel Safekeeping Department I. WARD WATERS, Manager, Check Department MEMBER OF FEDERAL ADVISORY COUNCIL GEORGE W. DAVISON President, Central Hanover Bank and Trust Company New York, N. Y. Federal Reserve Bank of New York OFFICERS OF FEDERAL RESERVE AGENT'S FUNCTION J. HERBERT CASE, Federal Reserve Agent WILLIAM H. DILLISTIN, Assistant Federal Reserve Agent HERBERT 8. DOWNS, Assistant Federal Reserve Agent and Manager, Bank Relations Department HAROLD V. ROELSE, Manager, Reports Department and Assistant Secretary CARL SNYDER, General Statistician EDWARD L. DODGE, General Auditor GEORGE W. FERGUSON, Assistant General Auditor Buffalo Branch of Federal Reserve Bank of New York DIRECTORS RAYMOND N. BALL, GEORGE G. KLEINDINST, President, Lincoln-Alliance Bank and Trust Company, Rochester, N. Y. President, Liberty Bank of Buffalo EDWARD G. MINER, Chairman, FREDERICK B. COOLEY, President, New York Car Wheel Co., Buffalo LEWIS G. HARRIMAN, President, Pfaudler Company, Rochester, N. Y. GEORGE F. RAND, President, M & T Trust Company, Buffalo President, Marine Trust Company, Buffalo ROBERT M. O'HARA, Managing Director OFFICERS ROBERT M. O'HARA, Managing Director HALSEY W. SNOW, JR., Cashier R. B. WILTSE, Assistant Manager CLIFFORD L. BLAKESLEE, Assistant Cashier -
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