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FEDERAL RESERVE BANK OF N E W YORK Accounting ("Circular No. 3 3 9 ] [January 28, 1921.J Department Sixth 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 its fiscal year, December 31, 1920, and of the Profit and Loss account for t h a t year, showing the disposition of net profits. For convenient comparison, the relative items for the previous year, 1919, are also shown. We trust t h a t you I will find these of interest, pending receipt of the more complete report of the year's operations contained in the report of the Chairman to the Federal Reserve Board, now in preparation, a copy of which we will send you as soon as it is published. Very truly yours, B E N J . STRONG, Governor COMPARATIVE STATEMENT OF CONDITION Year ended Total earning assets Bank p r e m i s e s . . . . . . . . : 5 % Redemption Fund against Federal Reserve Bank notes, Uncollected items and other deductions from gross deposits All other resources TOTAL RESOURCES. 1,468,305.55 50,000.00 59,666,000.00 1,256,800.00 50,000.00 67,721,500.00 $1,062,734,197.78 4,092,497.30 2,766,360.00 141,346,433.94 1,431,316.02 3,200,626.83 2,900,000.00 250,055,887.88 1,618,195.11 ,814,170,174.35 . $993,705,897.78 $1,046,362,877.42 United States Government bonds United States Victory notes United States certificates of indebtedness 562,089,842.45 228,713,445.79 202,902,609.54 $985,178,571.87 Total bills on hand $595,355,279.21 454,751,722.52 416,686,474.82 113,740,374.53 Bills discounted for members: Secured by Government war obligations All other Bills bought in open market 46,193,650.50 $618,170,689.67 Total reserves $549,161,628.71 144,759,115.20 Legal tender notes, silver, etc 306,756,215.00 25,000,000.00 $473,411,574.47 Total gold reserves $217,405,413.71 254,575,330.89 39,000,000.00 Gold with Federal Reserve Agent Gold Redemption Fund $154,233,758.73 14,976,859.68 48,194,795.30 $179,836,243.58 Total Dec. 31, 1919 $132,723,247.12 45,901,896.46 1,211,100.00 Gold and gold certificates. Gold Settlement F u n d . . . . Gold with foreign agencies Year ended Dec. 31, 1920 Resources $1,915,864,186.81 Liabilities Capital paid in Surplus Government deposits D u e to members—reserve account Deferred availability items Other deposits, including foreign government credits Total gross deposits Federal Reserve notes in actual circulation Federal Reserve B a n k notes in circulation—net liability AH other liabilities TOTAL LIABILITIES. $26,372,650.00 56,414,456.04* 11,297,895.88 702,431,237.92 93,318,901.11 12,133,377.48 $819,181,412.39 867,480,630.00 38,833,200.00 5,887,825.92 $22,390,750.00 45,081,932.63 5,848,393.50 755,951,452.59 168,870,359.39 45,395,971.09 $976,066,176.57 807,615,970.00 54,673,000.00 10,036,357.61 $1,814,170,174.35 $1,915,864,186.81 After setting over from Surplus $ 1,000,000 in General Reserve Account, which is merged in All Other Liabilities. COMPARATIVE PROFIT AND LOSS ACCOUNT Year ended Dec. 31, 1920 Year ended Dec. 31, 1919 Earnings:— Discount earned on bills discounted Discount earned on acceptances. .. . Interest earned on U. S. securities. . All other earnings Gross earnings $49,839,182.52 8,323,050.37 1,975,648.96 387,439.92 $29,935,910.97 3,334,604.82 1,888,497.28 118,992.97 $60,525,321.77 $35,278,006.04 6,999,255.04 5,564,830.50 $53,526,066.73 $29,713,175.54 31,419.14 10,413.16 $53,557,485.87 $29,723,588.70 Expenses:— Operating Expenses including cost of Federal Reserve notes and Federal Reserve Bank notes Net earnings Excess of sundry credits to Profit and Loss over debits Total Deduct:— Reserve for tax on Federal Reserve Bank note circulation Depreciation reserve account General reserve account Appraised value of old buildings, etc., charged off $169,514.40 325,741.35 368,681.70 $231,464.29 50,000.00 Balance to credit of Profit and Loss. Applied as follows:— Transferred to Surplus Account Paid to U. S. Government as franchise tax. 429,355.23 900,031.72 1,763,969.17 $53,128,130.64 1,477,096.58 $27,959,619.53 1,291,047.84 $51,651,034.06 $26,668,571.69 12,332,523.41 39,318,510.65 23,964,678.06 2,703,893.63 $51,651,034.06 Deduct dividends paid 147,890.94 $26,668,571.69 •The tax on Federal Reserve Bank note circulation for 1920 amounting to $207,401.48 has been included in Expenses. DIRECTORS AND OFFICERS JANUARY, 1921 DIRECTORS PIERRE JAY, New York City Chairman GEORGE FOSTER PEABODT, Saratoga Springs, N . Y. JAMES S. ALEXANDER, New York City CHARLES SMITH, Oneonta, N. Y. LESLIE R. PALMER, Croton-on-Hudson, N. Y. WILLIAM L. SAUNDERS, Plainfield, N . J. CHARLES A. STONE, New York City Deputy Chairman ROBERT H . TREMAN, Ithaca, N . Y. RICHARD H. WILLIAMS, Madison, N. J. MEMBER OF FEDERAL ADVISORY COUNCIL PAUL M. WARBURG, New York City OFFICERS GENERAL OFFICERS B E N J . STRONG, Governor Louis F . SAILER, Deputy Governor J. HERBERT CASE, Deputy Governor GEORGE L. HARRISON, Deputy Governor EDWIN R. KENZEL, Deputy Governor DUDLEY H. BARROWS, Secretary JAY E. CRANE, Assistant Secretary EDWARD H. HART, General Counsel SENIOR OFFICER8 Controller of Foreign Relations, Pro tern., Controller of Loans, Pro tern. Controller of Administration ARTHUR W. GILBART, LAURENCE H. HENDRICKS, Controller at Large, Controller of Collections, Pro tern. J. HERBERT CASE, JOSEPH D. HIGGINS, J. WILSON JONES, EDWIN R. KENZEL, LESLIE R. ROUNDS, Controller of Cash and Custodies Controller of Fiscal Agency Functions Controller of Investments, Pro tern. Controller of Accounts JUNIOR OFFICERS GILBERT E. CHAPIN, CHARLES H. C O E , JAY E. CRANE, E D W I N C. FRENCH, BETHUNE M. GRANT, WILLIAM A. HAMILTON, HOWARD M. JEFFERSON, ADOLPH J. LINS, Manager, Loan Department Manager, Check Department Manager, Foreign Department Manager, Custody Department Manager, Government Securities Sales Department Manager, Cash Department Manager, Personnel Department Manager at Large WALTER B. MATTESON, HENRY R. MURRAY, ROBERT M. O'HARA, JOHN E . RAASCH, JAMES M. R I C E , LESLIE R. ROUNDS, Manager, Certificates of Indebtedness Department and Manager, Securities Department Manager, Collection Department Manager, Investment Department Manager, Methods and Supplies Department Manager, Government Bond Department Manager, Accounting Department, Pro tern. I. WARD WATERS, Manager, Service Department AUDITOR FRANCIS OAKEY, Acting General Auditor EDWARD L. DODGE, Manager, Auditing Department HARRY ARTHUR H O P F , Organization Counsel FEDERAL RESERVE AGENT PIERRE JAY, Federal Reserve Agent SHEPARD MORGAN, Assistant Federal Reserve Agent RALPH T . CRANE, Manager, Member Bank Relations WILLIAM H . DILLISTIN, Manager, Bank Department Department CARL SNYDER, Manager, Statistics Department BUFFALO BRANCH DIRECTORS E. J. BARCALO, Buffalo, N. Y. CLIFFORD HUBBELL, Buffalo, N . Y. THOMAS E . LANNIN, Rochester, N. Y. RAY M . GIDNEY, Buffalo, N. Y. ELLIOTT C. MCDOUGAL, Buffalo, N . Y. HARRY T. RAMSDELL, Buffalo, N . Y FRANK L. BARTLETT, Olean, N . Y. OFFICERS RAY M . GIDNEY, Manager WALTER W. SCHNECKENBURGER, Cashier HALSEY W. SNOW, J R . , Assistant Cashier Examinations