The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FE D E R A L R E S E R V E BANK O F NEW YORK r Circular No. 3 4 1 0 T January 10, 1949 J L Thirty-fourth Annual Statement To all Member Banks in the Second Federal Reserve District: Herewith is a statement of condition of the Federal Reserve Bank of New York at the close of the year 1948, and of the profit and loss account for that year. For convenient comparison, the corresponding figures for the previous year, 1947, are also shown. The regular annual report of the bank, containing an account of its operations for the year ended December 31, 1948, is in course of preparation. When it is issued a copy will be sent to each member bank in the District. A llan S proul, President. Statement of Condition (In thousands of dollars) Dec. 31, 1948 Dec. 31, 1947 ........................................................................................... $ 7,390,440 $ 6,259,354 for Federal Reserve notes.......................... 55,182 120,919 T o t a l g o l d c e r t if ic a t e r e s e r v e s ..................................................... $ 7,445,622 $ 6,380,273 O ttter OASTT . ........................................................................................................ $ 42,544 $ 39,413 D i s c o u n t s a n d a d v a n c e s .............................................................................. $ 78,700 $ 41,860 A S S E T S G o l d c e r t if ic a t e s R e d e m p t io n f u n d U. S . G o v e r n m e n t s e c u r it ie s : $ 1,317,805 $ 3,270,067 ................................................................................................... 1,457,291 1,482,995 N otes .................................................................................................................... 189,560 322,183 B onds ................................................................................................................... 2,632,140 622,496 TOTAT, TT, S . (InVRRWMFNT REf!TTRTTTES . , . , .............................. $ 5,596,796 $ 5,697,741 T o ta t . r-OAisrp anti seottrtttes . $ 5,675,496 $ 5,739,601 $ $ B il l s ................................................................................................................... C e r t if ic a t e s .............................. D u e f r o m f o r e ig n b a n k s .............................................................................. F f.o erat , RESERVE n o t e s o f o t h e r r a n k s . 16* 30* 20,331 17,676 TTNf!OT,T.F.rTFr> TTF.M S......................................................, ................................ 507,096 670,430 R a n k p r e m is e s , ................................................................................................. 8 ,0 2 2 8,239 OTTTER ASSETS , ................................................................................................... 35,252 25,057 TOTAL A S S E T S .................................................................. $13,734,379 $12,880,719 $33 $65 * After deducting participation o f other Federal Reserve Banks amounting t o .................................................................................... Federal Reserve Bank of New York (In thousands of dollars) Dec. 31, 1948 Dec. 31, 1947 $ 5,582,297 $ 5,765,916 reserve account.............................................. $ 6,701,274 $ 5,573,276 S. T r e a s u r e r — general account.......................................... 184,745 229,639 209,368* 168,000* O t h e r ................................................................................................................... 430,977 472,411 T o t a l d e p o s i t s ........................................................................................ $ 7,526,364 $ 6,443,326 $ $ L I A B I L I T I E S F e d e r a l R e s e r v e n o t e s .................................................................. D e p o s it s : M em ber b a n k — U. F o r e ig n .............................................................................................................. D e f e r r e d a v a i l a b i l i t y i t e m s ....................................................... O t h e r l i a b i l i t i e s ............................................................................. TOTAL LTARTTJTTTCS C A P I T A L ................. 390,868 449,937 2,670 4,109 $13,502,199 $12,663,288 $ $ A C C O U N T S C a p i t a l p a id i n ................................................................................................... 69,333 68,888 S urplus (Section 7 ) ......................................................................... 143,019 138,596 S urplus (Section 1 3 b ).................................................................... 7,319 7,319 O t h e r c a p i t a l a c c o u n t s .............................................................................. 12,509 2,628 T O T A L C A P I T A L A C C O U N T S ................................... TOTAL L IA B IL IT IE S ACCOUNTS AND $ 232,180 $ 217,431 C A P IT A L ......................................................................................... on bills purchased for foreign corre spondents ......................................................................................... $13,734,379 $12,880,719 $ $ C o n t in g e n t L ia b il it y R a t i o o p g o l d c e r t i f i c a t e r e s e r v e s to Rpservf* nntfi liabilities (*nnibine<1, - - - deposit and Federal , ............. .. ........... * After deducting participation o f other Federal Reserve Banks amounting t o .................................................................................... f After deducting participation o f other Federal Beserve Banks amounting t o .................................................................................... 3 1,0651 7871 56.8% 52.3% $432,276 $223,720 2,264 1,673 Profit and Loss Account For the calendar years 1948 and 1947 (In thousands of dollars) E a r n in g s ............................................................................. 1948 1947 $ 73,223 $ 38,907 16,467 15,014 $ 56,756 $ 23,893 $ $ 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 ................................................... 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 fit on U. S . G o v e r n m e n t s e c u r i t i e s s o l d (n e t) ........... A ll other 1,502 4 .............................................................................................................. T o t a l a d d it io n s ........................................................... 637 98 $ 1,506 $ 735 $ 9,884 $ 64 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 i n g s : R e s e r v e s f o r c o n t i n g e n c i e s , e t c ...................................... A ll o th er ........................................................................ T o t a l d e d u c t i o n s .......................................................... N e t e a r n i n g s ........................................................................ P a id U n i t e d S t a t e s T r e a s u r y (Section 1 3 b )............................... D i v id e n d s p a i d ........................................................................................................... (Interest on Federal Reserve notes) ................................................................................................. 4 $ 9,888 6 $ 70 $ 48,374 $ 24,558 $ $ - 25 4,142 4,053 39,809 18,368 P a id U n i t e d S t a t e s T r e a s u r y T r ansferred to su r p lu s 65 (Section 1 3 b )........................................ (Section 7 ) .............................................. 4,423 2,047 ................................................. $138,596 $136,549 A d d i t i o n a s a b o v e ................................................................. 4,423 2,047 (Section 7) e n d o f y e a r .......................................... $143,019 $138,596 T r a n sfe r r e d to su r p l u s S urplus S u r p lu s (Section 7) b e g in n in g o f y e a r 4 Federal Reserve Bank of New York DIRECTORS R o b e r t T. S t e v e n s , Chairman of the Board, J. P. Stevens & Co., Inc., New York, N. Y. Chairman W il l ia m I. M yees, Dean, New York State College of Agriculture, Cornell University, Ithaca, N. Y. Deputy Chairman Ch a r l e s E . A d a m s , R obert D . Ca l k in s , Chairman of the Board, Air Reduction Company, Incorporated, New York, N. Y. W in t h r o p Director and Vice President, General Education Board, New York, N. Y. W . A l d r ic h , , Chairman of the Board, The Chase National Bank of the City o f New York, Now Vxoru, nrfc N V a. i . E JAY „ ViirJptnr Q, ' , n .. _ /lvr Standard Oil N Company (New Jersey), New York> >Y L e w is H . B r o w n , Chairman o f the Board, Johns-Manville Corporation, New York, N. Y. R oger B. P r e s c o t t , President, The Keeseville National Bank, Keeseville, N. Y. F r e d e r ic E . W orden, Chairman o f the Board, and President, The National Bank of Auburn, Auburn, N. Y. OFFICERS President First Vice President A l l a n S pro u l, L e s l ie R . R o u n d s , J ohn H . W Vice President 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 E d w ar d O. D ou g las, H erbert T o dd G. H. K im b a l l , T ie b o u t , il l ia m s , Economic Adviser 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 Assistant General Counsel R u f u s J . T r im b l e , Assistant General Counsel H a r o l d A. B i l b y , Assistant Vice President D o n a l d J. C a m e r o n , 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 t c k , Assistant Vice President W i l l i a m F. T r e ib e r , Assistant Vice President, J o h n H . W u r t s , Assistant Vice President F. A b r a h a m s , Manager, Security Custody Department C u r t i s R . B o w m a n , Manager, Government Bond Department, and Manager, R.F.C. Custody Department H a r r y M . B o y d , Manager, Safekeeping Department R o b e r t H. B r o m e , Assistant Counsel W e s l e y W . B u r t , Manager, Savings Bond 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 H o w a r d D . C r o s s e , Manager, Bank Relations Department P a u l R . F i t c h e n , Manager, Cash Custody Department 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 , J r ., Manager, Securities Department M i c h a e l J . M c L a u g h l i n , Manager, Government Check W il l ia m W il l ia m M arcus A. Department O . E r n e s t M oore , Manager, Research Department F r a n k l i n E . P e t e r s o n , Manager, Collection Department W a l t e r H . R o z e l l , J r ., 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, Cash Department W a l t e r C. W a r n e r , Acting Manager, Credit Department, Acting Manager, Discount Department R o y E . W e n d e l l , Manager, Check Department H a r o l d M . W e s s e l , Manager, Accounting Department General Auditor Assistant General Auditor H . D il l is t in , H a r r is , and Secretary 5 and Federal Reserve Bank of New York MEMBER OF FEDERAL ADVISORY COUNCIL W . R a n d o l p h B u rgess, Chairman o f the Executive Committee, The National City Bank of New York, New York, N. Y. INDUSTRIAL AD VISORY 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. J. N o b l e , Chairman of the Board, American Broadcasting Company, Inc., New York, N. Y. A rth u r Q. N elson, E dw ard Buffalo Branch of Federal Reserve Bank of New York DIRECTORS T h o m a s R o b in s , Jr., Chairman President, Hewitt-Robins, Incorporated, Buffalo, N. Y. C l y d e C. B r o w n , C. G eo rg e N i e b a n k , President, The Cuba National Bank, Cuba, N. Y. G eo r g e G . K President, Bank o f Jamestown, Jamestown, N. Y. l e in d in s t , L e w is President, Liberty Bank o f Buffalo, Buffalo, N. Y. B. S w i f t , President, Taylor Instrument Companies, Rochester, N. Y. R a y m o n d F . L e in e n , Executive Vice President, Lincoln Rochester Trust Company, Rochester, N. Y. Carl G. W ooster, Farmer, Union Hill, N. Y. OFFICERS Insley B. S m it h , General Manager H alsey G eo r g e J. D oll, M . M onroe M Assistant Cashier yers, 6 Assistant Cashier W. Snow, Cashier F e d e ra l R eserve Bank or N e w Yo rk N e w Y o r k 4 5 , N.Y. January 12, 1949. To Member Banks and Nonmember Clearing Banks in the Second Federal Reserve D is tr ic t: T7e have received from the Federal Reserve Bank o f Hinneapolis advice t o the e f f e c t that, as a resu lt o f severe storms and heavy snows, cash le t t e r s forwarded by that Bank since December 31, 1948, to banks in the Ninth Federal Reserve D is tr ic t have not, in many instances, been received by the drawee banks, the situ a tion being p a rticu la rly acute in South Dakota. As a re su lt, cash le t t e r s addressed to banks located in the a ffe cte d area are subject t o undetermined delay at present. ViTe w i l l continue t o give cre d it in accordance with our time schedules f o r cash items payable in the a ffe cte d area, but advice o f nonpayment and return o f unpaid items may be delayed. We, o f course, reserve the rig h t to charge back any unpaid item at any tim e. ALLAN SPROUL, President.
@FedFRASER