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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