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FEDERAL RESERVE BANK
OF NEW YORK
/-Circular No. 1 5 0 3 * 1
L January 23, 1935 J
Twentieth 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 1934, and of the profit and loss account for that year.
For convenient comparison, the corresponding statements for the previous
year, 1933, are also shown.
GEORGE L. HARRISON,
Governor.
Statement of Condition
ASSETS
GOLD CERTIFICATES
on hand and due from U. S. Treasury
Dec. 31, 1934
$1,836,675,210.83
Dec. 31, 1933
266,839,000.00
660,856,377.59
GOLD
REDEMPTION FUND—Federal
Reserve Notes
OTHER CASH
10,706,936.10
50,103,377.09
$1,894,938,848.95 $ 988,505,690.78
TOTAL RESERVES.
REDEMPTION FUND—Federal
1,499,448.30
56,764,189.82
Reserve Bank Notes.
$
1,427,250.00 $
2,870,550.00
BILLS DISCOUNTED:
SECURED BY U.
S. GOVERNMENT OBLIGATIONS, direct and/or
fully guaranteed
OTHER BILLS DISCOUNTED
TOTAL BILLS DISCOUNTED .
BILLS
bought in open market
INDUSTRIAL ADVANCES
$
1,538,400.00
14,511,406.58
2,689,936.86
26,179,152.29
4,228,336.86 $
40,690,558.87
1,982,388.31 $
22,257,269.41
812,958.11
f
U. S. GOVERNMENT SECURITIES:
BONDS
141,017,850.00
170,046,450.00
TREASURY NOTES
475,234,100.00
361,239,500.00
CERTIFICATES AND BILLS
161,566,000.00
305,469,500.00
TOTAL U. S. GOVERNMENT SECURITIES .
$ 777,817,950.00 $ 336,755,450.00
903,150.00
OTHER SECURITIES .
TOTAL BILLS AND SECURITIES .
$ 784,841,633.28 $ 900,606,428.28
299,486.84
1,228,386.94
6,949,800.00
3,726,200.00
126,518,561.18
126,521,195.83
BANK PREMISES
11,437,469.61
11,066,289.25
ALL OTHER ASSETS
30,001,455.67
25,103,167.10
DUE FROM FOREIGN BANKS
FEDERAL RESERVE NOTES OF OTHER BANKS ,
UNCOLLECTED ITEMS
TOTAL ASSETS.
$2,856,414,505.53 $2,059,627,908.18
f
Federal Reserve Bank of New York
LIABILITIES
FEDERAL RESERVE NOTES
FEDERAL RESERVE
in actual circulation.
bank note circulation—net.
Dec. 31, 1934
Dec. 31, 1933
680,934,670.00 $ 651,086,245.00
25,468,250.00
54,007,550.00
DEPOSITS:
MEMBER BANK—reserve account
U. S. TREASURER—General Account..
FOREIGN BANK
SPECIAL DEPOSITS : Member
,749,711,107.75 $1,036,523,489.48
29,697,150.03
742,071.89
6,847,881.50
1,459,770.32
bank
3,801,703.08
1,314,350.93
Nonmember bank.
123,495,275.92
OTHER DEPOSITS
34,313,038.99
1,909,751,415.20 $1,078,154,424.69
TOTAL DEPOSITS .
120,722,942.88
119,762,308.72
CAPITAL PAID IN
59,606,300.00
58,279,550.00
SURPLUS (Section 7)
* 49,964,201.68
* 87,746,274.81
DEFERRED AVAILABILITY ITEMS
SURPLUS (Section 13b)
772,864.32
RESERVE FOR CONTINGENCIES. .
7,509,990.26
4,737,209.12
ALL OTHER LIABILITIES
1,683,871.19
5,854,345.84
TOTAL LIABILITIES
RATIO OF TOTAL RESERVES
$2,856,414,505.53 $2,059,627,908.18
to deposit and Federal Reserve
note liabilities combined
CONTINGENT LIABILITY
57.2
246,540.97
1,272,394.68
on bills purchased for foreign cor-
respondents ,
COMMITMENTS
73.1
to make industrial advances.
3,891,798.34
•Under Section 12B of the Federal Reserve Act, each Federal Reserve Bank was required to subscribe to Class B stock
in the Federal Deposit Insurance Corporation in an amount equal to one-half of such bank's surplus as of January 1,
1933. The subscriptions were paid during 1934 and the amounts so paid were charged to the surplus accounts of the
Federal Reserve Banks.
3
Profit and Loss Account
For the calendar years 1934 and 1933
1934
$
EARNINGS
16,081,934.73 $
7,335,989.80
CURRENT EXPENSES
CURRENT N E T EARNINGS
1933
17,523,930.26
7,052,351.44
$
8,745,944.93 $
10,471,578.82
$
2,481,437.11 $
426,822.07
239,947.40
319,794.71
$
2,721,384.51 $
746,616.78
$
186,426.99 $
1,751,494.95
ADDITIONS TO CURRENT NET EARNINGS:
PROFIT ON U. S. GOVERNMENT SECURITIES SOLD
ALL OTHER
TOTAL ADDITIONS
DEDUCTIONS FROM CURRENT NET EARNINGS:
BANK PREMISES—Depreciation
FURNITURE AND EQUIPMENT
RESERVE FOR POSSIBLE LOSSES
RESERVE FOR SELF-INSURANCE
ALL OTHER
TOTAL DEDUCTIONS
NET
DEDUCTIONS FROM CURRENT N E T EARNINGS
N E T EARNINGS
WITHDRAWN FROM SURPLUS
TRANSFERRED TO SURPLUS (Section 7)
41,319.38
2,836,227.96
3,011,181.28
57,105.41
66,398.20
4,586.93
150,075.44
$
3,160,196.05 $
5,020,469.25
$
438,811.54 $
4,273,852.47
$
8,307,133.39 $
6,197,726.35
(Section 13b)
DIVIDENDS PAID
75,848.76
7,693.79
$
8,314,827.18 $
6,197,726.35
$
3,567,689.66 $
3,509,872.84
4,747,137.52
2,687,853.51
Federal Reserve Bank of New York
DIRECTORS
J. HERBERT CASE, New York, N. Y.
Chairman
WALTER C. TEAGLE, Port Chester, N. Y.
CECIL R. BERRY, Waverly, N. Y.
President, Standard Oil Company
(New Jersey), New York, N. Y.
President, The Citizens National Bank of Waverly
GEORGE W. DAVISON, Greenwich, Conn.
Chairman, Board of Trustees, Central Hanover
Bank and Trust Company, New York, N. Y.
THOMAS J. WATSON, Short Hills, N. J.
President, International Business Machines
Corporation, New York, N. Y.
CLARENCE M. WOOLLET, Greenwich, Conn.
EDWARD K. MILLS, Morristown, N. J.
Chairman, American Radiator and Standard
Sanitary Corporation, New York, N. Y.
President, Morristown Trust Company
ROBERT T. STEVENS, Plainfield, N. J.
OWEN D. YOUNG, New York, N. Y.
President, J. P. Stevens & Co., Inc.,
New York, N. Y.
Deputy Chairman
Chairman, General Electric Company
OFFICERS
GEORGE L. HARRISON, Governor
W. RANDOLPH BURGESS, Deputy Governor
WALTER S. LOGAN, Deputy Governor and General Counsel
CHARLES H. COE, Deputy Governor
JAY E. CRANE, Deputy Governor
LESLIE R. ROUNDS, Deputy Governor
Louis F. SAILER, Deputy Governor
JOHN H. WILLIAMS, Economist
Ai.i.,AN SPROUL, Assistant to the Governor and Secretary
J. WILSON JONES, Assistant Deputy Governor
L. WERNER KNOKE, Assistant Deputy Governor
H. KIMBALL, 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
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
WILLIAM F. SHEEHAN, Chief Examiner,
{Bank Examinations Department)
CARL SNYDER, General Statistician
TODD G. TIEBOUT, Assistant Counsel
WILLIAM F. TREIBER, Assistant Counsel
RUFUS J. TRIMBLE, Assistant Counsel
CHARLES N. VAN HOUNTEN, JR., Manager, Security
Custody Department
I. WARD WATERS, Manager, Cash Custody Department
VALENTINE WILLIS, Manager, Collection Department
Federal Reserve Bank of New York
OFFICERS OF FEDERAL RESERVE AGENT'S FUNCTION
J. HERBERT CASE, Federal Beserve Agent
BAY M. GIDNEY, Assistant Federal Beserve Agent
HERBERT S. DOWNS, Assistant Federal Beserve Agent
and Manager, Bank Belations Department
WILLIAM H. DILLISTIN, Assistant Federal Beserve Agent
and Manager, Bank Examinations Department
RARQU)
y
EoELSE> Assistant
Federal
Beserve
Agentf
Manager, Beports Department, and
Assistant Secretary
EDWARD L. DODGE, General Auditor
GEORGE W. FERGUSON, Assistant General Auditor
MEMBER OF FEDERAL ADVISORY COUNCIL
JAMES H. PERKINS
Chairman, The National City Bank of New York
New York, N. Y.
INDUSTRIAL ADVISORY COMMITTEE
WILLIAM H. POUCH, Chairman
President, Concrete Steel Company
New York. N. Y.
JOHN A. HARTFORD, Vice Chairman,
ALBERT A. HOPEMAN,
President, Great Atlantic & Pacific Tea Company,
New York, N. Y.
JOHN B. CLARK,
President, A. W. Hopeman & Sons Co.,
Bochester, N. Y.
ARTHUR G. NELSON,
President, Clark Thread Company,
Newark, N. J.
Treasurer, A. G. Nelson Paper Company,
New York, N. Y.
Buffalo Branch of Federal Reserve Bank of New York
DIRECTORS
FREDERICK B. COOLEY,
GEORGE F. BAND,
President, New York Car Wheel Co., Buffalo, N.Y.
LEWIS G. HARRIMAN,
President, Manufacturers and Traders Trust
Company, Buffalo, N. Y.
President, The Marine Trust Company of
Buffalo, Buffalo, N. Y.
EDWARD B. VREELAND,
President, Salamanca Trust Company,
Salamanca, N. Y.
EDWARD G. MINER,
Chairman, The Pfaudler Company,
Bochester, N. Y.
BOBERT M. O 'HARA, Managing Director
OFFICERS
BOBERT M. O 'HARA, Managing Director
HALSEV W. SNOW, Cashier
R. B. WILTSE. Assistant Manager
CLIFFORD L. BLAKESLEE, Assistant Cashier
@FedFRASER