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F E D E R A L R E S E R V E BANK OF NEW YORK r Circular No. 2 7 5 2 1 L January 10, 1944 J Twenty-Ninth Annual Statement To the Stockholders of the Federal Reserve Bank of New York: We hand you herewith a statement of condition of the Federal Reserve Bank of New York at the close of the year 1943, and of the profit and loss account for that year. For convenient comparison, the corresponding figures for the previous year, 1942, are also shown. The regular annual report of the bank, containing an account of its operations for the year ended December 31, 1943, 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 U . REDEMPTION F U N D — F e d e r a l S. Treasury . . . Dec. 31, 1943 Dec. 31, 1942 $ 5,904,288 $ 6,855,451 22,844 1,364 74,244 73,223 $ 6,001,376 $ 6,930,038 $ $ Reserve Notes OTHER C A S H TOTAL RESERVES BILLS DISCOUNTED: SECURED BY U. S . GOVERNMENT OBLIGATIONS, direct and guaranteed 2,185 235 1,062 OTHER B I L L S DISCOUNTED T O T A L B I L L S DISCOUNTED INDUSTRIAL ADVANCES $ 2,185 $ 1,297 $ 126 $ 611 $ 179,243 $ 713,273 U. S. GOVERNMENT SECURITIES, direct and guaranteed: BONDS NOTES 343,553 271,407 265,889 2,474,891 372,606 $ 3,000,110 $ 1,695,321 $ 3,002,421 $ 1,697,229 $ $ CERTIFICATES BILLS T O T A L U . S . GOVERNMENT SECURITIES, 74,569 direct and guaranteed 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 56* 18* 12,394 7,019 502,634 382,789 B A N K PREMISES 9,121 9,823 OTHER ASSETS 9,936 21,947 $ 9,537,938 $ 9,048,863 80 29 UNCOLLECTED ITEMS TOTAL ASSETS * A f t e r deducting participation o f other Federal Reserve Banks Federal Reserve Bank of New York (In thousands of dollars) Dec. 31, 1943 Dec. 31, 1942 in actual circulation $ 3,766,861 $ 2,799,735 account $ 4,263,922 $ 5,029,391 U. S. TREASURER—General Account 210,279 144,933 FOREIGN 600,236* 367,578* OTHER DEPOSITS 246,308 303,762 $ 5,320,745 $ 5,845,664 $ $ L I A B I L I T I E S FEDERAL RESERVE NOTES DEPOSITS: MEMBER BANK—reserve 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 LIABILITIES 271,518 1,154 342 $ 9,390,514 $ 8,917,259 $ $ OTHER LIABILITIES TOTAL 301,754 ACCOUNTS: CAPITAL PAID IN SURPLUS (Section 7) SURPLUS (Section 13b) O T H E R C A P I T A L ACCOUNTS $ T O T A L C A P I T A L ACCOUNTS TOTAL LIABILITIES A N D R A T I O OF T O T A L R E S E R V E S CAPITAL ACCOUNTS. 58,001 7,092 7,070 12,880 12,880 147,424 $ 131,604 $ 9,048,863 to deposit and Federal Reserve to make industrial advances * A f t e r deducting participation o f other Federal Reserve Banks 53,653 70,012 $ 9,537,938 note liabilities combined COMMITMENTS 57,440 66.0% $ 9 759,843 80.2% $ 261 424,034 Profit and Loss Account For the calendar years 1943 and 1942 (In thousands of dollars) 1942 1943 $ EARNINGS CURRENT N E T EARNINGS ADDITIONS TO CURRENT NET 7,964 $ 5,198 $ 10,217 $ 967 CURRENT NET $ 10,245 $ 974 $ 2,389 $ 1,122 EARNINGS: R E T I R E M E N T SYSTEM 482 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 T O T A L DEDUCTIONS N E T EARNINGS P A I D UNITED STATES TREASURY (Section 13b) $ 2,878 $ 1,604 $ 15,331 $ 4,568 $ 18 $ 34 3,280 DIVIDENDS PAID T R A N S F E R R E D TO S U R P L U S T R A N S F E R R E D TO SURPLUS (Section (Section 13b) (Section 3,184 22 12,011 7) $ 7 ) B E G I N N I N G OF Y E A R 58,001 1,350 $ 12,011 A D D I T I O N AS A B O V E 482 7 A L L OTHER (Section 7 28 T O T A L ADDITIONS SURPLUS 8,880 $ A L L OTHER FROM 14,078 EARNINGS: P R O F I T S ON SALES OF U . S . G O V E R N M E N T SECURITIES SURPLUS $ 10,034 N E T EXPENSES DEDUCTIONS 17,998 7 ) E N D OF Y E A R $ 4 70,012 56,651 1,350 $ 58,001 Federal Reserve Bank of New York DIRECTORS BEARDSLEY EUML, Treasurer, R. H. Macy & Co., Inc., New York, N. Y. Chairman DONALDSON CARLE C . BROWN, ROBERT D . CALKINS, W. CLUTE, FIELD, WILLIAM I . MYERS, Dean, New York State College of Agriculture, Cornell University, Ithaca, N. Y. JR., President, Glen National Bank of Watkins Glen, Watkins Glen, N. Y. S . SLOAN WILLIAM J. President, Commercial Trust Company of New Jersey, Jersey City, N. J. Dean, School of Business, Columbia University, New York, N. Y. WARREN CONWAY, Chairman of the Board and President, Continental Can Company, Inc., New York, N. Y. Vice Chairman of the Board, General Motors Corporation, New York, N. Y. FREDERICK E . WILLIAMSON, President, The New York Central Railroad Company, New York, N. Y. COLT, President, Bankers Trust Company, New York, N. Y. OFFICERS ALLAN L E S L I E R . R O U N D S , First Vice President R A Y M . G I D N E Y , Vice President J . W I L 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 SPROUL, President A R T H U R P H E L A N , Vice President J A M E S M . R I C E , 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 I N E W I L L I S , Vice President Counsel Assistant Vice President Assistant Vice President K I M B A L L , Assistant Vice President Assistant Vice President Assistant Vice President S A N F O R D , Assistant Vice President EDWARD O . DOUGLAS, SILAS A . MILLER, GEORGE W . PIAROLD V . R O E L S E , HERBERT H . FERGUSON, TODD G . HORACE L . TIEBOUT, RUFUS J . TRIMBLE, Assistant General Counsel Assistant General Counsel N O R R I S O . J O H N S O N , Manager, Research Department Manager, Credit Department W I L L I A M M . K E T T N E R , Manager, Security Custody Manager, Cash Department Department H A R O L D A . B I L B Y , Manager, Check Department D A N I E L J . L I D D Y , Manager, Foreign Department H A R R Y M . B O Y D , Manager, Savings Bond Redemption M I C H A E L J . M C L A U G H L I N , Manager, Accounting Department Department R O B E R T F . M C M U R R A Y , Manager, Safekeeping Department R O B E R T H . B R O M E , Assistant Counsel, and Assistant Secretary F R A N K L I N E . P E T E R S O N , Manager, Bank Relations Department W E S L E Y W . B U R T , Manager, Government Bond Department W I L L I A M F . S H E E H A N , Manager, Bank Examinations F E L I X T . D A V I S , Manager, R. F. C. Custody Department Department, and Chief Examiner N O R M A N P . D A V I S , Manager, Foreign Funds Control I N S L E Y B . S M I T H , Manager, Government Check Department F R E D E R I C K S T O C K E R , Manager, Cash Custody Department Department, and Manager, Security Loans Department W I L L I A M F . T R E I B E R , Assistant Counsel, and Secretary E D W I N C . F R E N C H , Manager, Collection Department C H A R L E S N . V A N H O U T E N , Manager, Foreign Funds M A R C U S A . H A R R I S , Manager, Securities Department Control Department W I L L I A M A . H E I N L , Manager, Personnel Department J O H N H . W U R T S , Manager, Government Bond Department LOREN B . ALLEN, DUDLEY H. BARROWS, WILLIAM H. General Auditor Assistant General Auditor DILLISTIN, DONALD J . CAMERON, 5 Federal Reserve Bank of New York INDUSTRIAL ADVISORY COMMITTEE W I L L I A M H . P O U C H , Chairman President, Concrete Steel Company, New York, N. Y. Vice Chairman President, A. G. Nelson Paper Company, Inc., New York, N. Y. ARTHUR G . NELSON, EDWARD J . NOBLE, 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 ROBERT R . ELMER B . DEW, President, Dunkirk Trust Company, Dunkirk, N. Y. B. F O L S O M , Chairman, Treasurer, Eastman Kodak Company, Rochester, N. Y. MARION LEWIS G. MILLIMAN, President, Central Trust Company Rochester, N. Y., Rochester, N. Y. GILBERT A . PROLE, Genesee Farm Supply Company, Batavia, N. Y. HARRIMAN, President, Manufacturers and Traders Trust Company, Buffalo, N. Y. T H O M A S ROBINS, JR., President, Hewitt Rubber Corporation, Buffalo, N. Y. REGINALD B . W I L T S E , Managing Director OFFICERS REGINALD B . W I L T S E , Managing Director GEORGE J . D O L L , HALSEY Assistant Cashier 6 W. SNOW, Cashier F E D E R A L R E S E R V E BANK O F NEW Y O R K Fiscal Agent of the United States January 10, 1944 FOURTH WAR LOAN Subscriptions By Dealers and Brokers To All Dealers and Brokers in the Second Federal Reserve District: In our letter of January 1, 1944, a copy of which you have already received, you were informed regarding the 2% percent Treasury Bonds of 1965-70, the 2^4 percent Treasury Bonds of 1956-59 and the % percent Treasury Certificates of Indebtedness of Series A-1945 to be offered in the Fourth War Loan Drive which starts January 18, 1944. As stated in that letter, the objective of the drive is to sell as many securities as possible to investors other than commercial banks and to obtain the maximum investment of funds which are currently available or shortly to become available to such investors. To help in achieving this objective all banking institutions have been requested by the Treasury Department to decline to make loans to finance speculative subscriptions or any other loans on Government securities which cannot be paid out of anticipated income within a short period. To reinforce the action of the banks in this respect, dealers and brokers in securities are requested by the Treasury to limit the amount of their subscriptions, in the drive, to the amount of securities which they will be able to retail to customers, other than commercial banks, for investment after the drive has closed, plus the amount required for the investment of their own funds to the extent these are, and are expected to continue to be, idle. Generally speaking, the volume of purchases for subsequent resale to customers should be small regardless of the size of the investment firm, as most customers will have ample opportunity to subscribe during the drive. If a dealer or broker anticipates placing a large subscription, it is suggested that the matter be discussed with this bank before the subscription is entered. In order that there can be no misunderstanding as to the amount subscribed by a dealer or broker for his own account, subscriptions for account of customers must not be entered in the name of the dealer or broker. In further support of the Treasury's program for the Fourth War Loan Drive, and in order to avoid an unnecessary redistribution of securities in the Government security market following the drive, the public has been requested to refrain from entering subscriptions if subsequent prompt sale of the securities is intended. Dealers and brokers are requested to cooperate with the Treasury in discouraging the placement of subscriptions for Government securities by their customers for this purpose. AXLAN SPROUL, President.
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