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FEDERAL RESERVE BANK
OF NEW YORK
Circular No. 1338*1
CJanuary
19, 1934J
Nineteenth 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 1933, and of the profit and loss account for that year.
For convenient comparison, the corresponding statements for the previous
year, 1932, are also shown.
GEORGE L. HARRISON,
Governor.
Statement of Condition
ASSETS
Dec. 31, 1933
Dec. 31, 1932
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
$573,706,093.74
$616,630,213.92
GOLD REDEMPTION FUND for Federal Reserve notes, in the
hands of the Treasurer of the United States
10,706,936.10
6,155,156.59
164,758,658.66
103,792,488.24
189,230,625.19
289,509,470.99
50,103,377.09
73,543,617.18
C A S H R E S E R V E S held by this bank against its
deposits and Federal Reserve note circulation:
GOLD HELD BY THE FEDERAL RESERVE AGENT
as part of
GOLD I N T H E GOLD SETTLEMENT F U N D lodged with
the
Treasurer of the United States for the purpose of settling current
transactions between Federal Reserve districts
G O L D AND GOLD CERTIFICATES in vault
OTHER CASH* (available as reserve only against deposits)
$988,505,690.78 $1,089,630,946.92
TOTAL CASH RESERVES
REDEMPTION F U N D for Federal Reserve Bank Notes, deposited
with the Treasurer of the United States
$2,870,550.00
LOANS AND INVESTMENTS
LOANS TO M E M B E R B A N K S :
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
OTHER LOANS
BILLS bought in the open market
$14,511,406.58
$25,332,250.00
14,160,575.19
24,973,979.93
11,676,809.45
341,767.65
22,257,269.41
2,829,347.12
465,930.62
9,780,168.81
836,755,450.00
903,150.00
733,353,950.00
2,906,775.49
$900,606,428.28
$799,642,401.97
$126,521,195.83
11,066,289.25
30,057,754,04
$72,637,893.28
118,169,814.77
fl4,393,300.69
25,545,469.28
$167,645,239.12
$230,746,478.02
U N I T E D STATES GOVERNMENT bonds, notes, bills, and certifi-
cates of indebtedness
O T H E R SECURITIES
TOTAL LOANS AND INVESTMENTS
MISCELLANEOUS ASSETS
GOLD HELD ABROAD
CHECKS AND OTHER ITEMS IN PROCESS OF COLLECTION . . .
BANK PREMISES
ALL OTHER MISCELLANEOUS ASSETS
TOTAL MISCELLANEOUS ASSETS
TOTAL ASSETS
$2,059,627,908.18 $2,120,019,826.91
*Does not include Federal Reserve notes or bank's own Federal Reserve Bank notes.
•("Includes Annex Building, which is carried in ''All Other Miscellaneous Assets" in 1933.
2
Federal Reserve Bank of New York
LIABILITIES
Dec. 31, 1933
Dec. 31, 1932
$651,086,245.00
$587,565,860.90
CURRENCY IN CIRCULATION
FEDERAL RESERVE NOTES in actual circulation. As required by
law, these notes are secured by gold; or notes, drafts, bills of exchange, or acceptances; or direct obligations of the United States
F E D E R A L R E S E R V E B A N K N O T E S in actual circulation. As re-
quired by law these notes are secured by direct obligations of the
United States or by notes, drafts, bills of exchange, or bankers'
acceptances
TOTAL CURRENCY IN CIRCULATION
54,007,550.00
$705,093,795.00
$587,565,860.90
1,036,523,489.48
1,256,950,857.76
742,071.89
1,950,307.04
DEPOSITS
RESERVE DEPOSITS maintained by member banks as legal
reserves against the deposits of their customers
UNITED
STATES
GOVERNMENT D E P O S I T S carried
at
the
Federal Reserve Bank for current requirements of the Treasury. .
SPECIAL DEPOSITS of member and nonmember banks operating
under restrictions
OTHER DEPOSITS including deposits of foreign correspondents,
non-members, etc.
TOTAL DEPOSITS
5,116,054.01
35,772,809.31
12,965,444.15
$1,078,154,424.69 $1,271,866,608.95
MISCELLANEOUS LIABILITIES
D E F E R R E D I T E M S , 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
$119,762,308.72
10,591,554.96
$114,499,314.57
A L L O T H E R MISCELLANEOUS LIABILITIES
TOTAL MISCELLANEOUS LIABILITIES
$130,353,863.68
$116,909,835.76
$58,279,550.00
$58,619,100.00
87,746,274.81
85,058,421.30
$146,025,824.81
$143,677,521.30
2,410,521.19
CAPITAL AND SURPLUS
CAPITAL P A I D
I N , equal to 3 per cent, of the capital and
surplus of member banks
SURPLUS ACCUMULATED FROM EARNINGS. Under Sec. 12B of
the Federal Reserve Act, each Federal reserve bank is required to
subscribe to Class B stock in the Federal Deposit Insurance
Corporation to the extent of one half of its surplus as of January
1, 1933. The surplus account shown herewith is subject to
that call
TOTAL CAPITAL AND SURPLUS
TOTAL LIABILITIES
$2,059,627,908.18 $2,120,019,826.91
Profit and Loss Account
For the calendar years 1933 and 1932
1933
1932
EARNINGS
$2,572,465.16
$3,276,594.84
288,117.42
932,504.88
14,255,732.12
11,157,506.72
407,615.56
582,336.21
$17,523,930.26
$15,948,942.65
$746,616.78
$1,362,375.51
(These figures include
most of the expenses incurred asfiscalagent of the United States)
$6,515,226.40
$6,190,061.12
mainly the cost of printing
new notes to replace worn notes in circulation, to maintain supplies
unissued and on hand, the cost of redemption, and tax on Federal
Reserve bank notes
537,125.04
186,667.16
FOR DEPRECIATION ON BANK PREMISES, RESERVE FOR
LOSSES, ETC
5,020,469.25
530,039.45
$12,072,820.69
$6,906,767.73
$6,197,726.35
$10,404,550.43
paid to member banks limited by law to the rate of
6 per cent per annum on paid-in capital
$3,509,872.84
$3,562,030.29
Under Sec. 7 of the Federal Reserve
Act, as amended in 1933, all net income after dividends of 6
per cent, accumulates as a surplus fund
2,687,853.51
6,842,520.14
$6,197,726.35
$10,404,550.43
$2,687,853.51
$6,842,520.14
FROM LOANS
FROM BILLS BOUGHT IN OPEN MARKET
FROM UNITED STATES GOVERNMENT OBLIGATIONS
OTHER EARNINGS
TOTAL EARNINGS
ADDITIONS TO EARNINGS
FOR SUNDRY ADDITIONS TO EARNINGS
DEDUCTIONS FROM EARNINGS
FOR CURRENT BANK OPERATION.
FOR FEDERAL RESERVE CURRENCY,
TOTAL DEDUCTIONS FROM EARNINGS
NET INCOME available for dividends, and additions to surplus
DISTRIBUTION OF NET INCOME
DIVIDENDS
ADDITIONS TO SURPLUS.
TOTAL N E T INCOME DISTRIBUTED
ADDITIONS TO SURPLUS ACCOUNT
N E T INCOME
RESTORATION OF DEPRECIATION RESERVE
STATES GOVERNMENT SECURITIES
TOTAL ADDITIONS TO SURPLUS ACCOUNT
ON UNITED
3,138,746.82
$2,687,853.51
$9,981,266.96
Federal Reserve Bank of New York
DIRECTORS
J. HERBERT CASE, New York, N. Y.
Chairman
WALTER C. TEAGLE, Port Chester, N. Y.
CECIL R. BEERY, Waverly, N. Y.
President, Standard Oil Company
(New Jersey), New York, N. Y.
President, The Citizens National Bank of Waverly
GEOEGE W. DAVISON, Greenwich, Conn.
THOMAS J. WATSON, Short Hills, N. J.
Chairman, Board of Trustees, Central Hanover
Bank and Trust Company, New York, N. Y.
President, International Business Machines
Corporation, New York, N. Y.
CLARENCE M. WOOLLEY, Greenwich, Conn.
EDWARD K. MILLS, Morristown, N. J.
Chairman, American Radiator and Standard
Sanitary Corporation, New York, N. Y.
President, Morristown Trust Company
OWEN D. YOUNG, New York, N. Y.
ROBERT T. STEVENS, Plainfield, N. J.
Deputy Chairman
Chairman, General Electric Company
President, J. P. Stevens & Co., Inc.,
New York, N. Y.
OFFICERS
GEORGE L. HARRISON, Governor
W. RANDOLPH BURGESS, Deputy Governor
WALTER S. LOGAN, Deputy Governor and General Counsel
JAY E. CRANE, Deputy Governor
RAY M. GIDNEY, Deputy Governor
Louis F. SAILER, Deputy Governor
LESLIE R. ROUNDS, Deputy Governor
ALLAN SPROUL, Assistant to the Governor and Secretary
CHARLES H. COE, Assistant Deputy Governor
L. WERNER KNOKE, Assistant Deputy Governor
J. WILSON JONES, Assistant Deputy Governor
WALTER B. MATTESON, Assistant Deputy Governor
JAMES M. RICE, Assistant Deputy Governor
DUDLEY H. BARROWS, Manager, Administration Department
WESLEY W. BURT, Manager, Accounting Department
DONALD J. CAMERON, Manager, Foreign Department
FELIX T. DAVIS, Assistant Counsel
EDWARD O. DOUGLAS, Manager, Bill Department
EDWIN C. FRENCH, Manager, Cash Department
HERBERT H. KIMBALL, Assistant Counsel
MYLES C. MCCAHILL, Manager, Administration Department
ROBERT F. MCMURRAY, Manager, Government Bond and
Safekeeping Department
JACQUES A. MITCHELL, Manager, Credit Department
ARTHUR PHELAN, Manager, Discount Department
WILLIAM A. SCOTT, Manager, Government Bond and
Safekeeping Department
TODD G. TIEBOUT, Assistant Counsel
I. WARD WATERS, Manager, Check Department
VALENTINE WILLIS, Manager, Collection Department
Federal Reserve Bank of New York
OFFICERS OF FEDERAL RESERVE AGENT'S FUNCTION
J. HERBERT CASE, Federal Reserve Agent
HAROLD V. EOELSE, Assistant Federal Beserve Agent,
Manager, Beports Department, and
:
Assistant Secretary
WILLIAM H. DILLISTIN, Assistant Federal Beserve Agent
and Manager, Bank Examinations Department
HERBERT S. DOWNS, Assistant Federal Beserve Agent
and Manager, Bank Belations Department
CARL SNYDER, General Statistician
EDWARD L. DODGE, General Auditor
GEORGE W. FERGUSON, Assistant General Auditor
MEMBER OF FEDERAL ADVISORY COUNCIL
WALTER E. FREW
Chairman, Corn Exchange Bank Trust Company
New York, N. T.
Buffalo Branch of Federal Reserve Bank of New York
DIRECTORS
EAYMOND N. BALL,
GEORGE G. KLEINDINST,
Chairman,
President, Liberty Bank of Buffalo, Buffalo, N. Y.
President, Lincoln-Alliance Bank and Trust
Company, Eochester, N. Y.
EDWARD G. MINER,
FREDERICK B. COOLET,
President, New York Car Wheel Co., Buffalo, N. Y.
LEWIS G. HARRIMAN,
Chairman, The Pfaudler Company,
Eochester, N. Y.
GEORGE F. EAND,
President, Manufacturers and Traders Trust
Company, Buffalo, N. Y.
President, The Marine Trust Company of
Buffalo, Buffalo, N. Y.
EOBERT M. O 'HARA, Managing Director
OFFICERS
EOBERT M. O 'HARA, Managing Director
HALSEY W. SNOW, JR., Cashier
E. B. WILTSE, Assistant Manager
CLIFFORD L. BLAKESLEE, Assistant Cashier
@FedFRASER