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FED ERAL RE SE R V E BANK
OF NEW YORK

J"Circular N o. 3 5 2 6 * 1
L. January 5, 1950 J

Thirty-fifth Annual Statement

To all M em ber Banks in the
Second Federal R eserve D istrict:

Herewith is a statement o f condition of the Federal Reserve Bank
o f New York at the close o f the year 1949, and of the profit and loss
account fo r that year. F o r convenient comparison, the corresponding
figures fo r the previous year, 1948, are also shown.
The regular annual report of the bank, containing an account of its
operations fo r the year ended December 31, 1949, 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 o f dollars)
Dec. 31, 1949

Dee. 31, 1948

..............................................................

$ 7,250,198

$ 7,390,440

fo r Federal Reserve notes ......................

49,736

55,182

.....................................

$ 7,299,934

$ 7,445,622

.........................................................................

$

41,720

$

42,544

.................................

$

23,377

$

78,700

A S S E T S

G o ld

c e r tific a te s

R e d e m p tio n

fu n d

T o t a l g o ld

O th er c a s h

c e r tific a te

D is c o u n ts a n d a d v a n c e s

U.

S. G

reserves

o v e r n m e n t s e c u r it ie s

:

$ 1,144,483

$ 1,317,805

....................................................................

1,487,219

1,457,291

N o te s

...............................................................................

133,236

189,560

B onds

...............................................................................

1,710,523

2,632,140

............................

$ 4,475,461

$ 5,596,796

........................................

$ 4,498,838

$ 5,675,496

$

$

C e r t ific a t e s

T o ta l

U.

S. G o v e rn m e n t s e c u r itie s

T o t a l lo a n s a n d s e c u r itie s

F

ederal

R

U

ncollected

B

a n k

O

th er

assets

24,251

20,331

.....................................................................................................

546,227

507,096

.................................................................................................................

7,872

8,022

23,584

35,252

$12,442,438

$13,734,379

$26

$33

n o tes of

it e m s

o th er

b a n k s

..............................................................................................................

TO TAL ASSETS

................................................................

* A fte r deducting participation o f other Federal Reserve Banks
amounting t o ....................................................................................................




16*

..............................................

eserve

p r e m is e s

12*

2

Federal Reserve Bank of New York
(In thousands o f dollars)
Dec. 31, 1949

Dec. 31, 1948

$ 5,430,281

$ 5,582,297

reserve accoun t. . .

$ 5,347,438

6,701,274

U. S. T reasurer — general account.

255,479

184,745

246,250*

209,368*

464,380

430,977

$ 6,313,547

$ 7,526,364

L IA B IL IT IE S

F ederal R eserve

n o tes.

D eposits :
M em ber

F oreign

bank—

......................................................

O t h e r ...........................................................

T otal

deposits

446,139

390,868

2,303

2,670

$12,192,270

$13,502,199

................................................................

72,425

69,333

S u r p lu s (Section 7 ) ...............................................

148,149

143,019

S u r p l u s (Section 1 3 b ) .................................................

7,319

7,319

22,275

12,509

D eferred
O t h er

$

ava il a b ility item s

l i a b i l i t i e s ......................

T O T A L L I A B IL IT IE S

C A P IT A L
C ap it a l

Ot h er

paid i n

ACCOUNTS

c a p ita l a c c o u n t s ............................................

T O T A L C A P I T A L A C C O U N T S ...................................................

$

250,168

$

232,180

T O T A L L IA B IL IT IE S A N D C A P IT A L
ACCOUNTS

.............................................................................................

C o n t in g e n t L ia b il it y o n b ills p u rc h a se d f o r fo r e ig n co rre­
s p o n d e n t s ................................................................................................................

$12,442,438

$

3,3191

$13,734,379

$

1,0651

R a t i o o f g o l d c e r t i f i c a t e r e s e r v e s to d e p o s it a n d F e d e r a l

62.2%

56.8%

* A fte r deducting participation o f other Federal Reserve Banks
amounting t o ....................................................................................................

$520,250

$432,276

• A fter deducting participation o f other Federal Reserve Banks
f
amounting t o ....................................................................................................

7,188

2,264

R e s e r v e n o t e lia b i li t i e s c o m b i n e d ...........................................................




3

Profit and Loss Account
F o r th e c a le n d a r years 1949 a n d 1948
(In thousands o f dollars)

1949

............................................................................................................

Current

A dditions
P rofit
A t.t,

n e t e a r n in g s .......................................................................

to current n e t e a r n in g s

on

U. S. G o v e r n m e n t

oth er

T otal

R eserves

$ 73,223
16,467

$ 58,290

$ 56,756

$

$

:

securities sold

( n e t ) .................

....................................................................................

fr o m c u r r en t n e t e a r n in g s

7,660

$

1,506

$

9,765

$

9,884

667
4

3

.....................................................................................................

................................................................

$ 10,435

$

e a r n i n g s .....................................................................................................

$ 55,515

$ 48,374

$

$

T otat,

N et

4

:

for c o n t i n g e n c i e s .............................................................

other

1,502

$

R e t ir e m e n t S y s t e m (A d ju stm en t fo r revised ben efits)..........
A ll

7,653
7

.....................................................................................................

additions

D ed u ctio n s

$ 75,640
17,350

E ar n in g s

1948

D ividends

df.dttcttons

p a id

.............

.........................................................................................

P aid U n it e d S tates T reasu r y (Interest on Federal Reserve
notes) ...........................................................................................
T ransferred

to su r pl u s

S ur plus (Section 7)
A d d itio n

as

b e g in n in g of y e a r ............................................

a b o v e .......................................................................

S u r plu s (Section 7)




(Section 7 ) ...............................................

e n d of y e a r ........................................

4

4,220

9,888

4,142

46,165

39,809

5,130

4,423

$143,019

$138,596

5,130

4,423

$148,149

$143,019

Federal Reserve Bank of New York
DIR E C TO R S
R obert T . S tev en s,

Chairman o f the Board, J. P . Stevens & Co., Inc.,
New York, N . Y .
Chairman, and Federal Reserve A g en t
W

il l ia m

I. M

yers,

Dean, New York State College o f Agriculture, Cornell University, Ithaca, N . Y .
D eputy Chairman
R oger B. P r e sc o tt ,

L e w is H . B r o w n ,

President, The Keeseville National Bank,
Keeseville, N . Y .

Chairman o f the Board,
Johns-Manville Corporation,
New Y ork, N . Y .

J o h n C. T r a p h a g e n ,

J a y E . Cr a n e ,

Chairman o f the Board,
Bank o f New York and F ifth Avenue Bank,
New York, N . Y .

Director,
Standard Oil Company (N ew Jersey),
New York, N . Y .
M

B. F o lso m ,
Treasurer and Director,
Eastman K odak Company,
Rochester, N . Y .

F r e d e r ic E . W

a r io n

orden,

Chairman o f the Board, and President,
The National Bank o f Auburn,
Auburn, N . Y .

OFFICERS
L

e s l ie

_

S p r o u l , President
—
*
.,
,
R . R o u n d s , First Vice President

A

llan

TT _

J ohn H . W

H a r o l d A . B i l b y , 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
R e g in a l d B . W

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
i l t s e , Vice President

T o d d G. T i e b o u t , Assistant General Counsel

R u f u s J. T r i m b l e , Assistant General Counsel

D o n a l d J . C a m e r o n , Assistant V ice 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
M a r c u s A . H a r r i s , Assistant V ice 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 i b e r , Assistant Vice President
J o h n H . W u r t s , Assistant Vice President

W

il l ia m

F. A

brah am s,

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 B ond Department
J a m e s J . C a r r o l l , Manager, Planning Department, and

Assistant Secretary
J o h n J . C l a r k e , Secretary, and Assistant Counsel
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 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




W

il l ia m

J . M c L a u g h l i n , Manager, Cash Custody Department,
and Manager, Government Check Department
O . E r n e s t M o o r e , 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, Government Bond
Department, and Manager, R .F .C . Custody Department
W a l t e r C . W a r n e r , Manager, Credit Departm ent, and
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
M

Manager, Security Custody

Department

ic h a e l

H . D i l l i s t i n , General Auditor

C u r t i s R . B o w m a n , Assistant General Auditor

5

Federal Reserve Bank of New York
M E M B E R OF F E D E R A L A D V IS O R Y COUNCIL
N. B axter J ackson,
Chairman o f the Board o f Directors, Chemical Bank & Trust Company,
New York, N . Y .

IN D U STR IA L A D V IS O R Y C O M M ITTEE
W

H. P

il l ia m

ouch,

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.,

E dw ard J . N

rthur

o ble,

Chairman o f the Board,

New York, N . Y .

American Broadcasting Company, Inc.,
New York, N . Y .

Buffalo Branch o f Federal Reserve Bank o f New Y ork
DIRECTORS
L

e w is

B . S w i f t , Chairman

President, Taylor Instrument Companies,
Rochester, N . Y .
G eorge F . B

G eorge G . K

a tes,

President, Power City Trust Company,

l e in d in s t ,

President, Liberty Bank o f Buffalo,
Buffalo, N . Y .

N ia ga ra Falls, N . Y .
Cl y d e C. B r o w n ,

E

President, The Cuba National Bank,
Cuba, N . Y .

F. W

dgar

en dt,

President, Buffalo Forge Company,
Buffalo, N . Y .

B er n ar d E . F in u c a n e ,

Ca r l G. W

President, Security Trust Company o f Rochester,

ooster,

Farmer,
Union H ill, N . Y .

Rochester, N . Y .

OFFICERS
I n s l e y B . S m i t h , General M anager




H
G eorge J . D
M. M

onroe

M

oll,

alsey

Assistant Cashier

yers,

6

Assistant Cashier

W . S n o w , Cashier

F e d e ra l R eserve Bank
of

N

e w

Yo

r k

N e w Yo r k 45.N.Y.
January 6, 1950•

To the President of the Bank Addressed:
In each of the past four years the Federal Reserve System has had made a
sample survey of consumer finances throughout the country. These surveys have pro­
vided information regarding personal savings, changes in and amount of holdings of
liquid assets in various forms, including bank deposits, consumer spending and in­
tentions to spend, and other matters. This information has been of great value not
only to the Federal Reserve System but also to the business community and to others
using economic data. It has enabled its users to have a clearer understanding of
the monetary and financial situation than has heretofore been possible. Some of the
major results of these surveys have been published each year in a series of articles
in the Federal Reserve Bulletin, and they have been widely quoted in the press.
The fifth annual Survey of Consumer Finances is about to begin0 This 1950
survey, as in the past, will be conducted for the Federal Reserve System by the
Survey Research Center of the University of Michigan. Interviews will be sought in
66 localities throughout the nation, including the 12 largest metropolitan centers.
These centers have been carefully selected to give a representative picture of the
country as a whole. A list of these localities in the Second Federal Reserve District
and the name of the supervisor in charge of each area is attached. As you will note,
one of these localities is within the area served by your bank.
As was done in previous surveys, a special effort will be made to obtain
interviews with those families in upper income brackets, since the income and liquid
asset holdings of these groups are such an important segment of the financial struc­
ture of the economy. It is possible that those interviewed, or those who learn of
the survey, may communicate with their banks concerning the purposes and usefulness
of the survey. In this event, it would be helpful if the purposes and importance of
the survey could be made clear, so that cooperation in the inquiry may be more likely.
This is especially desirable because, in the interest of sampling accuracy, it is
proposed not to allow substitute interviews. Thus it will be necessary to obtain the
cooperation of the largest possible number of respondents from the original interview­
ing lists.
Any help you can give, which will promote the success of the survey will
be appreciated by the Federal Reserve System and by the Survey Research Center at
the University of Michigan. We believe these surveys contribute to a better under­
standing of our economic life.




President*

List of Sampling Areas and Field Supervisors
in the Second Federal Reserve District
Area

Field Supervisor

New York Area (includes Westchester County,
Nassau County, and Northern
New Jersey)

Miss Elizabeth Cain,
320 E. 57th Street,
New York City,

Erie County, New York

Mrs. Lucy Beaumarchais,
^5 Hillside Avenue,
Buffalo, No Y.

Onondaga County, New York

Mr. Erving B, Weeks,
904 Lancaster Avenue,
Syracuse 10, N. Y.

Fairfield County, Connecticut

Not yet assigned; will
probably be under super­
vision of Miss Cain of
the New York area.





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102