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FEDERAL R E S E R V E BANK OF NEW YORK J-Circular No. 2 5 6 9 * 1 L January 8, 1943 J Twenty-Eighth Annual Statement To the Stockholders of the Federal Reserve Bank of Neto York: We hand you herewith a statement of condition of the Federal Reserve Bank of New York at the close of the year 1942, and of the profit and loss account for that year. For convenient comparison, the corresponding statements for the previous year, 1941, are also shown. The regular annual report of the bank, containing an account of its operations for the year ended December 31, 1942, is in course of preparation. When it is issued a copy will be sent to each stockholder. ALLAN SPROUL, President. Statement of Condition (In thousands of dollars) ASSETS G O L D CERTIFICATES on hand and due from REDEMPTION F U N D — F e d e r a l U. S. Treasury . . . Dec. 31, 1942 Dec. 31, 1941 S 6.855,451 $ 8,164,207 1,364 1,047 73,223 46,842 $ 6,930,038 $ 8,212,096 $ $ Reserve Notes OTHER C A S H TOTAL RESERVES BILLS DISCOUNTED: SECURED BY U . S . GOVERNMENT OBLIGATIONS, direct and guaranteed 235 615 75 1,062 O T H E R B I L L S DISCOUNTED T O T A L B I L L S DISCOUNTED INDUSTRIAL ADVANCES $ 1,297 $ 690 $ 611 $ 1,098 $ 713,273 $ 385,295 U. S. GOVERNMENT SECURITIES, direct and guaranteed: BONDS NOTES 343,553 CERTIFICATES 265,889 BILLS 372,606 T O T A L U . S . GOVERNMENT SECURITIES, T O T A L B I L L S AND SECURITIES D U E FROM FOREIGN B A N K S F E D E R A L R E S E R V E N O T E S OF O T H E R B A N K S UNCOLLECTED ITEMS B A N K PREMISES O T H E R ASSETS ASSETS * A f t e r deducting participation o f other Federal Reserve Banks 2,724 direct and guaranteed TOTAL 204,177 $ 1,695,321 $ 592,196 $ 1,697,229 $ 593,984 $ $ 18* 18* 7,019 4,493 382,789 316,326 9,823 10,507 21,947 11,148 $ 9,048,863 $ 9,148,572 29 29 Federal Reserve Bank of New York (In thousands of dollars) LIABILITIES Dec. 31, 1942 Dec. 31, 1941 § 2,799,735 $ 2,110,650 $ 5,029,391 $ 5,639,629 U . S. TREASURER—General A c c o u n t 144,933 220,654 FOREIGN 367,578* 306,991* OTHER DEPOSITS 303,762 475,283 $ 5,845,664 $ 6,642,557 $ $ FEDERAL RESERVE NOTES in actual circulation DEPOSITS: M E M B E R BANK—reserve account T O T A L DEPOSITS D E F E R R E D A V A I L A B I L I T Y ITEMS CAPITAL 266,815 342 143 $ 8,917,259 $ 9,020,165 $ $ OTHER LIABILITIES TOTAL LIABILITIES 271,518 ACCOUNTS: CAPITAL PAID IN SURPLUS (Section 7) SURPLUS (Section 13b) O T H E R C A P I T A L ACCOUNTS 53,653 51,806 58,001 56,651 7,070 7,070 12,880 12,880 T O T A L C A P I T A L ACCOUNTS $ TOTAL LIABILITIES AND CAPITAL ACCOUNTS. S 9,048,863 S 9.148,572 80.2% 93.8% R A T I O OF T O T A L R E S E R V E S to make industrial advances * After deducting participation of other Federal Reserve Banks $ 128,407 to deposit and Federal Reserve note liabilities combined COMMITMENTS 131,604 $ 261 424,034 $ 460 464,634 Profit and Loss Account For the calendar years 1942 and 1941 (In thousands of dollars) 1941 1942 $ EARNINGS N E T EXPENSES $ ADDITIONS TO CURRENT NET $ 5,198 $ 3,440 $ 967 $ 386 EARNINGS: P R O F I T S ON S A L E S OF U . S . G O V E R N M E N T SECURITIES A L L OTHER 9 7 T O T A L ADDITIONS FROM 11,415 7,975 8,880 CURRENT N E T EARNINGS DEDUCTIONS 14,078 CURRENT NET $ 974 $ 1,122 $ 395 $ 480 EARNINGS: R E T I R E M E N T SYSTEM S P E C I A L R E S E R V E ON B A N K P R E M I S E S 482 L O S S E S A N D R E S E R V E S FOR LOSSES ON INDUSTRIAL 50 ADVANCES ( n e t ) 3 A L L OTHER T O T A L DEDUCTIONS N E T EARNINGS P A I D UNITED STATES T R E A S U R Y (Section 13b) $ 1,604 $ 533 $ 4,568 $ 3,302 $ 34 $ 3,098 DIVIDENDS PAID 3,184 T R A N S F E R R E D TO SURPLUS SURPLUS (Section (Section 7) $ 7 ) B E G I N N I N G OF Y E A R (Section 56,651 $ $ 7 ) E N D OF Y E A R 4 58,001 56,447 204 1,350 ADDITION AS ABOVE SURPLUS 204 1,350 $ 56,651 Federal Reserve Bank of New York DIRECTORS BEARDSLEY R U M L , Treasurer, R. H. Macy & Co., Inc., New York, N. Y. Chairman LEON FRASER, DONALDSON B R O W N , President, The First National Bank of the City of New York, New York, N. Y. Vice Chairman of the Board and Vice President, General Motors Corporation, New York, N. Y. W A R R E N W . CLUTE, J R . , WILLIAM I . President, Glen National Bank of Watkins Glen, Watkins Glen, N. Y. MYERS, Head of Department of Agricultural Economics and Farm Management, Cornell University, Ithaca, N. Y. CARLE C . C O N W A Y , Chairman of the Board, Continental Can Company, Inc., New York, N. Y. FREDERICK E . W I L L I A M S O N , President, The New York Central Railroad Company, New York, N. Y. W I L L I A M J . FIELD, President, Commercial Trust Company of New Jersey, Jersey City, N. J. OFFICERS A L L A N SPROUL, LESLIE R. ROUNDS, First Vice President President WALTER S. LOGAN, Vice President and General Counsel RAY M . GIDNEY, Vice President L . WERNER KNOKE, Vice President 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 HORACE L . SANFORD, Assistant Vice President i, Assistant Vice President "VALENTINE TODD G. TIEBOUT, Assistant RUFUS J . TRIMBLE, Assistant General General Counsel Counsel LOREN B. ALLEN, Manager, Credit Department DUDLEY H . BARROWS, Manager, Cash Department HAROLD A . BILBY, Manager, Check Department NORRIS O. JOHNSON, Manager, Research Department WILLIAM M. KETTNER, Manager, Security Custody HARRY M. BOYD, Manager, Savings Bond Redemption Department DANIEL J . LIDDY, Manager, ROBERT H . BROME, Assistant Counsel, and Department Assistant Secretary WESLEY W. BURT, Manager, Government Bond Department FELIX T . DAVIS, Manager, B. F. C. Custody Department NORMAN P. DAVIS, Manager, Foreign Funds Control Department, and Manager, Security Loans Department EDWIN C. FRENCH, Manager, Collection MARCUS A . HARRIS, Manager, Securities WILLIAM A . HEINL, Manager, Personnel Department Department Department JOHN H . WURTS, Foreign MYLES C. MCCAHILL, Manager, ROBERT F . MCMURRAY, Manager, WILLIAM F . SHEEHAN, Manager, Service Department Department Safekeeping Bank Department, and Chief Examiner INSLEY B. SMITH, Manager, Bank Relations Department FREDERICK STOCKER, Manager, Cash Custody Department WILLIAM F . TREIBER, Assistant Counsel, and CHARLES N. VAN HOUTEN, Manager, Foreign Manag Department Examinations Control Department •, Government Bond Department WILLIAM H . DILLISTIN, General Auditor DONALD J . CAMERON, Assistant General Auditor 5 Secretary Funds Federal Reserve Bank of New York MEMBER OF FEDERAL ADVISORY COUNCIL GEORGE L . HARRISON President, New York Life Insurance Company, New York, N. Y. INDUSTRIAL ADVISORY COMMITTEE W I L L I A M H . POUCH, Chairman President, Concrete Steel Company, New York, N. Y. A R T H U R G . N E L S O N , Vice E D W A R D J . NOBLE, Chairman 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 LEWIS G. HARRIMAN, RAYMOND N . BALL, President, Lincoln-Alliance Bank and Trust Company, Rochester, N. Y . ROBERT R . D E W , President, Manufacturers and Traders Trust Company, Buffalo, N. Y. H O W A R D KELLOGG, President, Dunkirk Trust Company, Dunkirk, N. Y. Chairman, President, Spencer Kellogg and Sons, Inc., Buffalo, N. Y. GILBERT A . MARION B . FOLSOM, PROLE, Genesee Farm Supply Company, Batavia, N. Y. Treasurer, Eastman Kodak Company, Rochester, N. Y. REGINALD B . WILTSE, Managing Director OFFICERS REGINALD B . WILTSE, Managing HALSEY W . SNOW, Director GEORGE J . DOLL, Assistant 6 Cashier Cashier
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