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FE D E RA L R E SE R V E BANK
OF NEW YORK

T Circular No. 3 9 3 1 1
L January 9, 1953 J

THIRTY-EIGHTH ANNUAL STATEMENT

To the Stockholders o f the
Federal Reserve Bank o f New Y ork:

H erew ith is a statement o f condition o f the F ederal R eserve Bank
o f N ew Y ork at the close o f the year 1952, and o f earnings and expenses
fo r that year. F o r convenient com parison, the corresponding figures
fo r the previous year, 1951, are also shown.
The regular annual rep ort o f the Bank, containing an account o f its
operations fo r the year ended Decem ber 31, 1952, is now being pre­
pared. W hen it is issued, a cop y w ill be sent to each o f our stockholders.




A

llan

S

prou l,

P resident.

Statement of Condition

ASSETS

Dec. 31,1952

G old ce r tifica te s ..............................................................$ 5,977,522,745

Dec. 31,1951
$ 6,788,865,870

Redem ption fund fo r F ederal R eserve n o t e s .. .

135,378,177

78,065,013

Other cash ..................................................................

64,367,297

69,697,077

T otal c a s h ................................................................$ 6,177,268,219

Discounts and advances .............................................$

114,924,000

Industrial l o a n s ..........................................................

$

6,213,352,000

2,595,000

-0 -

U. S. Governm ent secu rities..................................

$ 6,936,627,960

T otal loans and secu rities.............................. ....$ 6,328,276,000

22,840
5,508,485,000
$ 5,511,102,840

Other assets:
Due from foreig n banks*.................................... ....$

6,852

$

8,656

F ederal R eserve notes o f other banks...........

32,307,500

22,622,500

U ncollected item s .................................................

874,505,391

769,586,763

Bank p r e m is e s ........................................................

7,291,568

A ll o t h e r ..................................................................

36,636,877

T otal other a s s e t s ............................................. ....$

950,748,188

T O T A L A S S E T S ............................................. ....$13,456,292,407

*
A fter deducting participation o f other Federal Reserve
Banks amounting to ...........................................................................




*
>

$15,836

7,464,291
28,929,112
$

828,611,322

$13,276,342,122

$19,539

Statement of Condition
L IA B IL IT IE S

D ec. 31,1952

Dec. 31,1951

Federal R eserve n o t e s .............................................

$ 5,796,489,095

$ 5,588,433,975

M em ber bank— reserve a c c o u n t s .....................

$ 6,184,727,423

$ 6,368,671,926

U. S. T reasurer— general accou n t...................

44,921,564

202,462,222

F oreign * ..................................................................

184,537,325

165,651,065

Other .........................................................................

334,152,848

220,194,251

T otal deposits ...................................................

$ 6,748,339,160

$ 6,956,979,464

$

$

D e p o sits:

Other liabilities:
D eferred availability cash item s.......................
A ll o t h e r ..................................................................

628,041,984

4,641,576

5,995,997
634,037,981

461,362,867

$

466,004,443

T otal other lia b ilitie s .......................................

$

T O T A L L IA B IL IT IE S ................................

$13,178,866,236

$13,011,417,882

$

$

C A P IT A L A C C O U N T S
Capital paid in ..........................................................

80,139,200

75,471,650

Surplus (S ection 7) .................................................

167,502,856

159,743,584

Surplus (Section 13b) .............................................

7,318,631

7,318,631

Other capital a c c o u n t s .............................................

22,465,484

22,390,375
264,924,240

$

T O T A L L IA B I L I T I E S A N D C A P IT A L
A C C O U N T S .................................................

$13,456,292,407

$13,276,342,122

$

$

Contingent liability on acceptances purchased
fo r foreign c o r r e s p o n d e n t s !..............................

277,426,171

$

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

5,977,223

6,095,535

Ratio o f gold certificate reserves to deposit and
Federal R eserve note liabilities co m b in e d .. .

48.7%

54.7%

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

$365,403,000

$360,706,500

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

$ 13,814,906

$ 14,817,662




3

*

Statement of Earnings and Expenses
1952

1951

E arnings ...............................................................................

$104,207,342

$ 90,019,324

E x p e n s e s ...............................................................................

22,367,360

20,599,535

$ 81,839,982

$ 69,419,789

Net earnings b efore additions and d e d u c tio n s..

A dditions to net earnings:
Profit on sales o f U. S. Government securities (net)

458,802

$

A ll other ...........................................................................

$

883

T otal a d d it io n s ............................................................

$

T otal net earnings and a d d ition s..........................

$ 82,299,667

459,685

- 0-

21,526
$

21,526

$ 69,441,315

Deductions fro m net ea rn in gs:
L oss on sales o f U. S. Governm ent securities (net)

- 0-

$

$

371,595

Reserves fo r c o n tin g e n c ie s ........................................

75,609

64,603

A ll other ...........................................................................

5,087

1,946

T otal deductions ........................................................
Net e a r n in g s ........................................................................

$

80,696

$ 82,218,971

$

438,144

$ 69,003,171

D istribution o f net earnings:
Dividends p a i d ................................................................

$

4,627,265

$

4,465,288

P aid U. S. T reasury (interest 011 Federal Reserve
notes) .............................................................................

69,832,434

58,083,910

T ran sferred to surplus (Section 7 ) ..........................

7,759,272

6,453,973

T o t a l ...............................................................................

$ 82,218,971

$ 69,003,171

S U R P L U S A C C O U N T (S ection 7)
Surplus— beginning o f y e a r ...........................................

$159,743,584

$153,289,611

T ransferred from net earnings fo r y e a r .....................

7,759,272

6,453,973

Surplus— end o f y e a r ........................................................

$167,502,856

$159,743,584




4

Federal Reserve Bank of New York
D IR E C TO R S
R ob er t T . S t e v e n s , i

Director, J. P. Stevens & Co., Inc.,
New York, N. Y.
Chairvian, and Federal Reserve Agent
W i l l i a m I. M y e r s ,
Dean, New York State College o f Agriculture, Cornell University, Ithaca, N. Y.
Deputy Chairman

F.

,2

B. F o l s o m
Rochester, N. Y.

P alm e r A rm strong,

M a rio n

President,
The Keyport Banking Company,
Keyport, N. J.

C l a r e n c e F r a n c is ,

Chairman o f the Board,
General Foods Corporation,
New York, N. Y.

B urr P . C l e v e l a n d ,

President, First National Bank o f Cortland,
Cortland, N. Y.

P h il ip Y o u n g ,

J a y E . Cr a n e ,

Dean, Graduate School o f Business,
Columbia University,
New York, N. Y.

Vice President,
Standard Oil Company (New Jersey),
New York, N. Y.

1 Mr. Stevens has resigned as class C director, and as Chairman and Federal Reserve Agent, effective January 19, 1953, to accept
appointment as Secretary of the Army.
2 Mr. Folsom has resigned as class B director, effective January 19, 1953, to accept appointment as Under Secretary of the Treasury.

O FFICERS
A
W
H a r o ld A . B i l b y , Vice President
H e r b er 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
A r t h u r P h e l a n , Vice President

T odd G . T ie b o u t ,

il l ia m

llan

General Counsel

Assistant General Counsel

il l ia m

F. A

braham s,

Manager, Security Custody

Department
H a r r y M . B o y d , Manager, Cash Custody Department
J o h n J. C l a r k e , Secretary, and Assistant Counsel
H a r d in g C o w a n , Assistant Counsel
C l if t o n R. G o r d o n , Assistant Counsel
E d w a r d G . G u y , Assistant Counsel
W i l l i a m A . H e in l , Manager, Savings Bond Department
P e ter P . L a n g , Manager, Collection Department
A n g u s A . M a c I n n e s , Jr., Manager, Check Department
S p e n c e r S . M a r s h , Jr., Manager, Securities Department
M i c h a e l J. M c L a u g h l i n , Manager, Government Check

Department
O . E r n e s t M oore , Manager, Research Department
H e r b e r t A . M u e t h e r , Manager, Building Operating

Department
D o nald C. N

il e s ,




President

First Vice President
H a rold V . R o e l s e , Vice President
R o b er 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 il t s e , Vice President
J o h n H . W u r t s , Vice President

R u f u s J . T r im b l e ,

D o n a l d J . C a m e r o n , Assistant Vice President
H o w a r d D . Cr o s s e , 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

W

S proul,

F . T r e ib e r ,

P a u l R . F i t c h e n , A s s i s t a n t Vice President
M a r c u s A. H a r r 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

A r t h u r H. N o a , Manager, Service Department
W i l l i a m F . P a l m e r , Manager, Accounting Department
F r a n k l i n E. P e t e r s o n , Manager, Cash Department
L a w r e n c e E. Q u a c k e n b u s h , Manager, Bank Examinations

Department
R o b e r t V . R o o s a , Manager, Research 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, Government Bond Department
K e n n e t h E. S m a l l , Manager, Personnel Department
F r e d e r ic k L . S m e d l e y , Manager, Personnel Department
T h o m a s O . W a a g e , Manager, Public Information Department
A . C h e s t e r W a l t o n , Manager, Bank Relations Department
W a l t e r C . W a r n e r , Manager, Credit Department, and

Manager, Discount Department
E. W e n d e l l , Manager, Safekeeping Department
A r t h u r H. W i l l i s , Assistant Secretary
Roy

Manager, Planning Department

Assistant General Counsel

C u r t is R . B o w m a n ,

General Auditor

Federal Reserve Bank of New York
M E M B E R O F F E D E R A L A D V IS O R Y COUNCIL
I I e n k y C. A l e x a n d e r ,
President, J. P. Morgan & Co. Incorporated,
New York, N. Y.

IN D U STR IA L A D V IS O R Y C O M M ITTEE
W i l l i a m H . P o u c h , Chairman
Chairman o f the Board, Concrete Steel Company,
New York, N. Y.

G. N e l s o n , Vice Chairman
Chairman o f the Board,
A. G. Nelson Paper Company, Inc.,
New York, N. Y.

J. N o b l e ,
Chairman o f the Board,
American Broadcasting Company, Inc.,
New York, N. Y.

A rthur

E dw ard

Buffalo Branch of Federal Reserve Bank of New York
DIRECTORS
R o b e r t C. T a i t , Chairman
President, Stromberg-Carlson Company,
Rochester, N. Y.
B

ernard

P . V reeland,
President, Salamanca Trust Company,
Salamanca, N. Y.

E dw ard

E . F in u c a n e ,

President, Security Trust Company o f Rochester,
Rochester, N. Y.
L e w is

C.

G. H a r r im a n ,
President, Manufacturers and Traders Trust Company,
Buffalo, N. Y.

E lm er O lso n,

E dgar

F. W e n d t ,
President, Buffalo Forge Company,
Buffalo, N. Y.

Cla yto n G. W

President, The First National Bank o f Falconer,
Falconer, N. Y.

h it e ,

Dairy farmer,
Stow, N. Y.

OFFICERS
I n s l e y B . S m it h ,
H a r o ld M . W
G eorge J . D o l l ,




essel,

Vice President

Assistant Vice President

Cashier

G erald H . G re e n e ,
M . M onroe M y e r s,

G

Assistant Cashier

Assistant Cashier

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