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FED ERAL RESER VE BANK OF NEW YORK rCircular No. 3 1 7 3 ' L January 14, 1947 , Thirty-second Annual Statement To all Member Batiks in the Second Federal Reserve D istrict: Herewith is a statement of condition of the Federal Reserve Bank of New York at the close of the year 1946, and of the profit and loss account for that year. For convenient comparison, the corresponding figures for the previous year, 1945, are also shown. The regular annual report of the bank, containing an account of its operations for the year ended December 31, 1946, is in course of preparation. When it is issued a copy will be sent to each member bank in the District. A llan S pr oul, President. Statement of Condition (In thousands of dollars) D ec. 31, 1946 D ee. 31, 1945 G o l d c e r t i f i c a t e s ........................................................................................... $ 5 ,0 6 1 ,3 7 5 $ 4 ,9 0 8 ,8 2 1 R e d e m p t i o n f u n d f o r F e d e r a l R e s e r v e n o t e s ................................ 1 2 4 ,0 0 8 1 2 4 ,2 8 3 T o t a l g o l d c e r t i f i c a t e r e s e r v e s ...................................................... $ 5 ,1 8 5 ,3 8 3 $ 5 ,0 3 3 ,1 0 4 O t h e r c a s h ........................................................................................................... $ 4 4 ,5 3 7 $ 3 6 ,8 6 7 ................................................... $ 5 8 ,9 3 5 $ 2 1 4 ,3 4 4 A S S E T S D i w r o n v T S a*rn s n v A v r F R • U . S. G o v e rn m e n t s e c u r it ie s : 'RTT.TiS ............................................................................. $ 3 ,6 3 0 ,2 2 4 $ 3 ,0 5 2 ,1 9 1 C e r t i f i c a t e s .................................................................................................... 1 ,8 9 0 ,0 2 7 2 ,0 9 8 ,4 4 2 .................................................................................................................... 8 9 ,5 8 5 5 3 1 ,7 6 9 B o n d s .................................................................................................................... 1 8 9 ,9 5 8 2 3 7 ,5 5 2 T o t a t , TT. S . G o v e r n m e n t s e c u r i t i e s ......................................... $ 5 ,7 9 9 ,7 9 4 $ 5 ,9 1 9 ,9 5 4 T o t a l l o a n s a n d s e c u r i t i e s ............................................................ $ 5 ,8 5 8 ,7 2 9 $ 6 ,1 3 4 ,2 9 8 $ $ N otes D u e f r o m f o r e i g n b a n k s ............................................................................... 34* 40* F e d e r a l R e s e r v e k o t e s o f o t h e r r a t c k s . . . . ................................. 1 9 ,8 8 2 1 7 ,6 7 5 TTTCnOTJ.ECTED T T E M S ........................................... ............................................. 5 7 6 ,2 8 0 4 2 0 ,2 3 4 B a n k p r e m i s e s .................................................................................................... 8 ,4 5 9 8 ,6 7 4 O t h e r a s s e t s ......................................................................................................... 1 1 ,1 8 2 T O T A L A S S E T S .................................................................................... $ 1 1 ,7 0 4 ,4 8 6 $ 1 1 ,6 6 6 ,2 7 4 $68 $70 * A fter deducting participation o f other Federal Reserve Banks amounting t o ........................................................................................... • 1 5 ,3 8 2 Federal Reserve Bank of New York (In thousands of dollars) Dec. » 31,7 1946 Dec. 31, 1945 $ 5,714,364 $ 5,407,924 M ember bank — reserve account.............................................. $ 4,903,039 $ 4,855,437 U. S. T reasurer— general account.......................................... 94,716 293.764 F oreign .......................................................................................... 189,873* 337,584* Otttf.r . ......................................................................... 224,947 343.765 $ 5,412,575 $ 5,830,550 $ $ LIABILITIES F ederal R eserve notes .................................................................. D eposits : T otal d epo sits ......................................................................... D f w ,rrf.tì avatlatvtltty item s ....................................................... 362,569 236,189 O ther lia b ilitie s ............................................................................. 2,811 1,413 TOTAL L IA B IL IT IE S ......................................................... $11,492,319 $11,476,076 $ $ CAPIT AL ACCO UNTS C apital path tv ................................................................ ............. 65,801 63,630 Surplus (Section 7 ) .................................................................... 136,549 116,860 (Section 1 3 b )................................................................ 7,253 7,205 O t h e r c a p i t a l a c c o u n t s ............................................................................... 2,564 2,503 S u r p lu s TOTAL C A P IT A L A C C O U N T S ........................................ $ TOTAL L IA B IL IT IE S AN D C A PIT AL ACCOUNTS .................................................................... $11,704,486 on bills purchased for foreign corre spondents ......................................................................................... 212,167 $ 190,198 $11,666,274 C o n tin g e n t L ia b ility to deposit and Federal Reserve note liabilities combined............................................ $ 2,181 f R a tio o f g o ld c e r t ific a t e r e s e r v e s * A fter deducting participation o f other Federal Reserve Banks amounting t o ........................................................................................... t A fter deducting participation o f other Federal Reserve Banks amounting t o ........................................................................................... 3 46.6% 44.8% $317,868 $523,414 4,366 Profit and Loss Account For the calendar years 1946 and 1945 (In thousands of dollars) --------------------------------------------------------------■------------------------------------------------------ 1946 E a r n i n g s ................................................................................................................. $ 37,443 $ 13,740 N e t e x p e n s e s ...................................................................................................... C u r r e n t n e t e a r n i n g s ......................................................................... 1945 36,026 11,623 $ 23,703 $ 24,403 $ 433 $ 802 A d d it io n s t o c u r r e n t n e t e a r n i n g s : P r o f it s o n s a le s o f U . S. G o v e r n m e n t s e c u r i t i e s .............. 132 A l l o t h e r ......................................................................................................... T o t a l a d d i t i o n s ...................................................................................... 135 $ 565 $ $ 531 $ 937 D e d u c t io n s f r o m c u r r e n t n e t e a r n in g s : R e t ir e m e n t s y s t e m s a l a r y c o m p u t a t io n a d j u s t m e n t . . 72 A l l o t h e r ......................................................................................................... - 3 T o t a l d e d u c t i o n s .................................................................................... $ 603 $ 3 N e t e a r n i n g s ....................................................................................................... $ 23,665 $ 25,337 (Section 1 3 b )........................... $ 63 $ 66 P a id U n it e d S t a t e s T r e a s u r y .................................................................................................... 3,865 T r a n s fe r r e d t o s u r p lu s (Section 1 3 b )...................................... 48 63 T r a n s fe r r e d t o s u r p lu s (Section 7 ) ....................................... 19,689 21,581 D iv id e n d s p a id S u r p lu s (Section 7) b e g i n n i n g o f y e a r ......................................... $ 116,860 $ 19,689 A d d i t i o n a s a b o v e ............................................................................................... 3,627 84,903 21,581 T r a n s f e r r e d f r o m c o n t in g e n t r e s e r v e s : P r e v i o u s l y c h a r g e d t o c u r r e n t n e t e a r n i n g s ...................... 5,706 P r e v i o u s l y c h a r g e d t o s u r p l u s ......................................................... 4,670 S u r p lu s (Section 7) e n d o f y e a r ............................................................ 4 $ 136,549 $ 116,860 Federal Reserve Bank of New York DIRECTORS (V acancy) Chairman W il l ia m I. M yers, Dean, New Y ork State College o f Agriculture, Cornell University, Ithaca, N. Y. D eputy Chairman R o b e r t D. C a l k i n s , Ch a r l e s E . A d a m s , Associate Director, General Education Board, New York, N. Y. Chairman, A ir Reduction Company, Inc., New York, N. Y . W in t h r o p W. A l d r ic h , Chairman o f the Board, The Chase National Bank o f the City o f New York, New York, N. Y. C a r l e C. C o n w a y , Chairman o f the Board, Continental Can Company, Inc., New York, N. Y. L e w is H . B r o w n , H arry H . P Chairman o f the Board, Johns-Manville Corporation, New York, N. Y . ond, Chairman o f the Board, The Plainfield Trust Company, Plainfield, N. J. H ow ard A. W il s o n , President, Citizens National Bank and Trust Company o f Pulton, Pulton, N. Y. OFFICERS A llan S p r o u l , President J ohn H . W L e s l i e R . R o u n d s , F irst Vice President il l ia m s , Economic Adviser E d w a r d O . D o u g l a s , Vice President J . W il 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 Counsel A r t h u r P h e l a n , Vice President H a r o l d V . R o e l s e , Vice President R o b e r t G. R o u s e , Vice President V a l e n t i n e W i l l i s , Vice President R e g in a l d B . W i l t s e , Vice President T odd G. T ie b o u t , Assistant General Counsel R u f u s J . T r i m b l e , Assistant General 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 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 W i l l i a m F. T r e ib e r , Assistant Vice President, and Secretary J o h n H . W u r t s , Assistant Vice President W il l ia m F . A b r a h a m s , Manager, Security Custody Department D u d l e y H . B a r r o w s , Manager C u r t i s R . B o w m a n , Manager, Credit Department, and Manager, Discount Department H a r r y M . B o y d , Manager, Safekeeping Department W e s l e y W . B u r t , Manager, Savings Bond Redemption Department J a m e s J . C a r r o l l , Manager, Planning Department J o h n J . C l a r k e , Assistant Counsel, and Assistant Secretary P a u l R . F i t c h e n , Manager, Cash Custody Department M a r c u s A . H a r r i s , Manager, Government Bond Department W il l ia m W i l l i a m A . H e i n l , Manager, Personnel Department P e t e r P . L a n g , Manager, Foreign Department S p e n c e r S . M a r s h , Jr., Manager, Accounting Department M i c h a e l J. M c L a u g h l i n , Manager, Collection Department O . E r n e s t M oor e , Manager, Research Department F r a n k l i n E . P e t e r s o n , Manager, Bank Relations Department W a l t e r H . R o z e l l , Jr., Manager, Foreign 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, R.F.C. Custody Department R o y E . W e n d e l l , Manager, Cash Department, and H Manager, Government Check Department M . W e s s e l , Manager, Planning Department arold H . D i l l i s t i n , General Auditor D o n a l d J . C a m e r o n , Assistant General Auditor 5 Federal Reserve Bank of New York am ! MEMBER OF FEDERAL ADVISORY COUNCIL W . R a n do lph B urgess, Vice Chairman, The National City Bank o f New York, New York, N. Y. 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. A G. N e l s o n , Vice Chairman President, A. G. Nelson Paper Company, Inc., New York, N. Y. rthur E d w a r d J. N o b l e , Chairman o f the Board, American Broadcasting Company, Inc., New York, N. Y. Buffalo Branch of Federal Reserve Bank of New York DIRECTORS M a r io n B . F o l s o m , Chairman Treasurer, Eastman Kodak Company, Rochester, N. Y. C h a r l e s H. N o r t o n , C h a r l e s H . D ie f e n d o r f , President, The Marine Trust Company o f Buffalo, Buffalo, N. Y. R a y m o n d F. L e i n e n , President, Erie County Trust Company, East Aurora, N. Y. T h o m a s R o b in s , Jr., Executive V ice President, Lincoln Rochester Trust Company, Rochester, N. Y. President, Hewitt-Robins, Incorporated, Buffalo, N. Y. C. G e o rg e N i e b a n k , President, Bank o f Jamestown, Jamestown, N. Y. Ca r l G . W o oster, Farmer, Union Hill, N. Y. OFFICERS H a l s e y W . S n o w , Cashier I n s l e y B . S m i t h , General Manager G eo r g e J. D o l l , Assistant Cashier M . M o n r o e M y e r s , Assistant Cashier
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