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FEDERAL RESERVE BANK O F NEW YORK r Circular No. 3 O 4 9 ~1 U January 9, 1946 J Thirty-first Annual Statement To the Stockholders o f the Federal Reserve Bank o f New Y ork: We hand yon herewith a statement of condition of the Federal Reserve Bank of New York at the close of the year 1945, and of the profit and loss acconnt for that year. For convenient comparison, the corresponding figures for the previous year, 1944, are also shown. The regular annual report of the bank, containing an account of its operations for the year ended December 31, 1945, is in course of preparation. When it is issued a copy will be sent to each stockholder. A l l a n S prou l , President. Statement of Condition (In thousands of dollars) A S S E T S Dec. 31, 1945 Dec. 31,1944 G old c e r t ific a t e s ............................................................................. $ 4,908,821 $ 5,149,403 R edemption fund fo r Federal Reserve n otes............................. 124,283 106,731 T otal gold certificate reserves ............................................ $ 5,033,104 $ 5,256,134 O ther c a s h ................................................................................. $ 36,867 $ 57,125 D iscounts and advances ............................................................ $ 214,344 $ 77,775 $ 12 I ndustrial loans ........................................................................... U. S. G ov ern m en t s e c u r itie s : B i l l s ................................................................................................. $ 3,052,191 $ 2,259,370 C ertificates ................................................................................. 2,098,442 1,622,723 N o t e s ............................................................................................... 531,769 520,764 B onds .............................................................................................. 237,552 412,908 $ 5,919,954 $ 4,815,765 $ 6,134,298 $ 4,893,552 $ $ T ota l T Due otal from U. S. G ov ern m en t s e c u r it ie s ................................. an d loans f o r e ig n s e c u r i t i e s .............................................................. b a n k s ................................................................................... 40* 49* 17,675 17,759 420,234 569,682 8,674 8,894 ................................................................................................................ 15,382 16,460 TO TAL A S S E T S ................................................................ $11,666,274 $10,819,655 F ederal U ncollected R eserve notes it e m s of other b a n k s .......................................... ................................................................................... B a n k p r e m is e s .................................................................................. O — ther assets * After deducting participation of other Federal Reserve Banks amounting t o .................................................................................... $70 $86 Federal Reserve Bank of New York (In thousands of dollars) LIAB IL ITIES Dee. 31, 1945 Dec. 31, 1944 $ 5,407,924 $ 4,851,017 account........................................... $ 4,855,437 $ 4,554,844 U. S. T reasurer— general account..................................... 293.764 175,050 F oreign ..................................................................................... 337,584* 466,212* Other ....................................................................................... 343.765 287,547 d epo sits .................................................................... $ 5,830,550 $ 5,483,653 $ $ F ederal R eserve notes ............................................................ D eposits : M ember T otal D eferred Other bank — reserve availability item s .................................................... liabilities CAPITAL Capital 319,639 1,413 1,139 $11,476,076 $10,655,448 $ $ including accrued dividends.................. TO TA L L IA B IL IT IE S ...................................................... 236,189 A C C O U N T S paid i n ............................................................................. 63,630 59,282 S u rp lus (Section 7 ) .................................................................. 116,860 84,903 S urplus (Section 13b).............................................................. 7,205 7,142 Other 2,503 12,880 capital accounts .......................................................... TO TAL C A P IT A L AC CO U N TS................................... $ TO TAL L IA B IL IT IE S AND C A P IT A L ACCOUNTS ................................................................ $11,666,274 $10,819,655 R atio of gold certificate reserves to deposit and Federal Reserve note liabilities combined............................................ 44.8% 50.9% $523,414 $735,225 * After deducting participation of other Federal Reserve Banks amounting to .................................................................................... 190,198 $ 164,207 Profit and Loss Account For the calendar years 1945 and 1944 (In thousands of dollars) 1945 E a r n in g s N et urrent d d it io n s net to A ll T D N et otal D 17,548 $ 802 $ 829 : G o v e rn m e n t s e c u r itie s ....... 135 ......................... $ 3 ..................................................... $ ................................................................... (Section 1 3 b ) ................... n et S ta te s T rea su ry p a id 11,445 ' $ 937 current 28,993 24,403 $ d e d u c t io n s e a r n in g s iv id e n d s e a r n in g s S. $ $ ......................................................... a d d it io n s P a id U n it e d .............................................. 36,026 11,623 ................................................................................................................ e d u c t io n s f r o m T net s a le s o f U . other otal e a r n in g s current P r o fits on $ .................................................................. e x p e n s e s C A .......................................................................... 1944 e a r n in g s 133 $ 962 $ 5 3 $ 5 $ 25,337 $ 18,505 $ 66 $ 80 * ............................................................................................................. 3,627 3,483 T ra n s fe r r e d to s u r p lu s (Section 1 3 b )................................. 63 51 T r a n s fe r r e d to s u r p lu s (Section 7 ) ..................................... 21,581 14,891 S u r p lu s A d d it io n (Section 7) as a b o v e T r a n s fe r r e d fro m b e g i n n i n g o f y e a r ............................................... c o n tin g e n t re se rv e s r e v io u s l y charged to current P r e v io u s l y charged to su rplu s (Section 7) 84,903 70,012 14,891 : ..................... 5,706 ............................................................ 4,670 net $ 21,581 ..................................................................................................... P S u r p lu s $ e a r n in g s e n d o f y e a r .............................................................. 4 $ 116,860 $ $ - 84,903 Federal Reserve Bank of New York DIRECTORS B eardsley R u m l , Chairman, R. H. Macy «Ss Co., Inc., New York, N. Y. Chairman W i l l i a m I. M y e r s , Dean, New York State College of Agriculture, Cornell University, Ithaca, N. Y. Deputy Chairman Charles E . A dam s, S. S loan Colt, Chairman, Air Reduction Company, Inc., New York, N. Y. President, Bankers Trust Company, New York, N. Y. D on ald so n B r o w n , C a r l e C. C o n w a y , Vice Chairman o f the Board, General Motors Corporation, New York, N. Y. Chairman of the Board and President, Continental Can Company, Inc., New York, N. Y. R obert D . C a l k in s , Dean, School o f Business, Columbia University, New York, N. Y. IIarr y H . P ond, President, The Plainfield Trust Company, Plainfield, N. J. H o w ar d A . W il s o n , President, Citizens National Bank and Trust Company of Fulton, Fulton, N. Y. OFFICERS A llan S proul, L e s l i e R . R o u n d s , First Vice President E d w a r d O . D o u g l a s , Vice President J . W i l s o n J o n e s , Vice President H e r b e r t H . K i m b a l l , 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 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 R e g i n a l d B. W i l t s e , Vice President Counsel L o r e n B . A l l e n , Assistant Vice President H a r o l d A . B i l b y , Assistant Vice President F e l i x T. D a v i s , Assistant Vice President N o r m a n P . D a v i s , Assistant Vice President S i l a s A . M i l l e r , Assistant Vice President H o r a c e L . S a n f o r d , Assistant Vice President W il l ia m F . A b r a h a m s , W i l l i a m F . S h e e h a n , Chief Examiner O t t o W . T e n E y c k , Assistant Vice President T o d d G. T i e b o u t , Assistant General Counsel W i l l i a m F. T r e i b e r , Assistant Vice President, R u f u s J . T r i m b l e , Assistant General Counsel J o h n H . W u r t s , Assistant Vice President Manager, Security Custody Department D u d l e y H . B a r r o w s , Manager, Cash C u r t i s R . B o w m a n , Manager, Credit Department Department, and Manager, Discount Department M. B o y d , Manager, Savings Bond Redemption Department R o b e r t H . B r o m e , Assistant Counsel, and Assistant Secretary W e s l e y W . B u r t , Manager, Government Bond Department J a m e s J . C a r r o l l , Manager, Planning Department P a u l R . F i t c h e n , Manager, Cash Custody Department H arry President A r t h u r P h e l a n , Vice President H a r o l d Y . R o e l s e , Vice President W il l ia m D onald J. H. M a r c u s A . H a r r i s , Manager, Securities Department W i l l i a m A . H e i n l , Manager, Personnel Department N o r r i s O . J o h n s o n , Manager, Research Department D a n i e l J . L i d d y , Manager, Foreign Department S p e n c e r S . M a r s h , J r . , Manager, Accounting Department M i c h a e l J . M c L a u g h l i n , Manager, Collection Department F r a n k l i n E. P e t e r s o n , Manager, Bank Relations Department R a l p h W . S c h e f f e r , Manager, Check Department C h a r l e s N . V a n H o u t e n , Manager, Safekeeping Department R o y E. W e n d e l l , Manager, Government Check Department H a r o l d M . W e s s e l , Manager, Foreign Funds Control Department General Auditor Assistant General Auditor D il u s t in , Cam eron, and Secretary 5 Federal Reserve Bank of New York / MEMBER OF FEDERAL ADVISORY COUNCIL J o h n C. T r aph ä g e n , President, Bank of New York, New York, N. Y. INDUSTRIAL A DVISORY COMMITTEE W i l l i a m H . P o u c h , Chairman President, Concrete Steel Company, New York, N. Y. G. N e l s o n , Vice Chairman President, A. G. Nelson Paper Company, Inc., New York, N. Y. J. N o b l e , Chairman, Life Savers Corporation, Port Chester, N. Y. A rth ub E dw ard Buffalo Branch of Federal Reserve Bank of New York DIRECTORS H. D i e f e n d o r f , President, The Marine Trust Company of Buffalo, Buffalo, N. Y. C h a rle s H . N orton, B. F o l s o m , Treasurer, Eastman Kodak Company, Rochester, N. Y. T h o m a s R o b in s , B. M i l l i m a n , President, Central Trust Company Rochester, N. Y., Rochester, N. Y. Ca r l G . W oo ster, Charles President, Erie County Trust Company, East Aurora, N. Y. Jr., Chairman, President, Hewitt Rubber Corporation, Buffalo, N. Y. M a r io n E lm er I n slet B. S m it h , Farmer, Union Hill, N. Y. Managing Director OFFICERS In sley B. S m it h , Managing Director G eorge H alsey W . Snow , J. D oll, Assistant Cashier M . M onroe M y e r s, 6 Assistant Cashier Cashier 3 * y ? FEDERAL RESERVE BANK OF NEW YORK January 9, 1946. REMOVAL OF FOREIGN FUNDS CONTROL DEPARTMENT TO 33 LIBERTY STREET, NEW YORK, N. Y. To all Banking Institutions, and Others Concerned, in the Second Federal Reserve District: On and after January 14, 1946, our Foreign Funds Control De partment will be located on the 9th floor of our main bank building at 33 Liberty Street, New York, N. Y. The telephone number will be REctor 2-5700. Mail for the attention of the Foreign Funds Control Department should be addressed as follows: Federal Reserve Bank of New York, Foreign Funds Control Department, Federal Reserve P. 0. Station, New York 7, N. Y. A llan S proul, President.
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