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FED ERAL RESER VE BANK O F NEW YORK f Circular No. 4 0 5 9 ~[ L January 8, 1954 j THIRTY-NINTH ANNUAL STATEMENT To the Stockholders o f the Federal R eserve Bank o f N ew Y o r k : Herewith is a statement of condition of the Federal Reserve Bank of New York at the close of the year 1953, and of earnings and expenses for that year. For convenient comparison, the corresponding figures for the previous year, 1952, are also shown. The regular annual report of the Bank, containing an account of its operations for the year ended December 31, 1953, is now being pre pared. When it is issued, a copy will be sent to each of our stockholders. A llan S proul, President. Statement o f Condition ASSETS Gold certificates.................................................... Dec. 31,1953 Dec. 31,1952 $ 5,197,850,659 $ 5,977,522,745 Redemption fund for Federal Reserve n otes... 183,705,717 135,378,177 Other ca sh ............................................................. 75,303,300 64,367,297 Total c a s h ...................................................... Discounts and advances...................................... $ 5,456,859,676 $ 7,050,000 U. S. Government securities............................... 7,115,378,000 Total loans and securities........................... $ 6,177,268,219 $ 114,924,000 6,213,352,000 $ 7,122,428,000 $ 6,328,276,000 $ $ Other assets: Due from foreign banks*................................. 6,360 6,852 Federal Reserve notes of other banks..........26,487,415 32,307,500 Uncollected items ............................................ 790,661,228 874,505,391 Bank prem ises.................................................. 7,390,351 7,291,568 All o t h e r ........................................................... 38,513,944 36,636,877 Total other assets........................................ $ TOTAL A S S E T S ........................................ $13,442,346,974 * A fte r deducting participation o f other Federal Reserve Banks am ounting to ................................................................................. $15,995 2 863,059,298 $ 950,748,188 $13,456,292,407 $15,836 Statement o f Condition LIABILITIES Dec. 31,1953 Dec. 31,1952 Federal Reserve n o te s ........................................ $ 5,924,481,385 $ 5,796,489,095 Member bank— reserve accounts................... $ 6,049,923,125 $ 6,184,727,423 U. S. Treasurer—general account................. 70,675,384 44,921,564 Foreign* ........................................................... 134,793,203 184,537,325 Other ................................................................. 361,473,663 334,152,848 Total deposits .............................................. $ 6,616,865,375 $ 6,748,339,160 $ $ Deposits: Other liabilities: Deferred availability cash items..................... All o t h e r ........................................................... 605,850,780 6,786,821 628,041,984 5,995,997 Total other liabilities.................................. $ TOTAL LIAB ILITIES ............................. $13,153,984,361 $13,178,866,236 $ $ 612,637,601 $ 634,037,981 CAPITAL ACCOUNTS Capital paid i n ..................................................... 81,852,000 80,139,200 Surplus (Section 7) ............................................ 176,633,418 167,502,856 Surplus (Section 13b) ........................................ 7,318,631 7,318,631 Other capital accounts........................................ 22,558,564 22,465,484 TOTAL CAPITAL A C C O U N T S............. $ TOTAL LIAB ILITIES AND CAPITAL ACCOUNTS ............................................ $13,442,346,974 Contingent liability on acceptances purchased for foreign correspondents!........................... $ 288,362,613 7,067,524 $ 277,426,171 $13,456,292,407 $ 5,977,223 Ratio of gold certificate reserves to deposit and Federal Reserve note liabilities combined... 42.9% 48.7% * A fte r deducting participation o f other Federal Eeserve Banks am ounting to ................................................................................. $288,486,000 $365,403,000 t A fte r deducting participation o f other Federal Reserve Banks am ounting to ................................................................................. $ 16,872,134 $ 13,814,906 3 Statement o f Earnings and Expenses 1953 1952 Earnings ....................................................................... $119,734,382 $104,207,342 Expenses ....................................................................... 23,235,163 22,367,360 Net earnings before additions and deductions.. $ 96,499,219 $ 81,839,982 $ $ Additions to net earnings: Profit on sales of U. S. Government securities (net) 447,980 All other ................................................................... 4,618 452,598 458,802 883 Total additions...................................................... $ Total net earnings and additions......................... $ 96,951,817 $ 82,299,667 $ $ $ 459,685 Deductions from net earnings: Retirement System (adjustment for revised benefits) ................................................................. 659,362 -0 - Reserves for contingencies.................................... 93,730 75,609 All other ................................................................... 9,370 5,087 Total deductions .................................................. Net earnings................................................................. $ 762,462 $ 80,696 $ 96,189,355 $ 82,218,971 $ 4,878,435 $ Distribution of net earnings : Dividends p a id ......................................................... 4,627,265 Paid U. S. Treasury (interest on Federal Reserve notes) ..................................................................... 82,180,358 69,832,434 Transferred to surplus (Section 7 ) ....................... 9,130,562 7,759,272 T o t a l....................................................................... $ 96,189,355 $ 82,218,971 SURPLUS ACCOUNT (Section 7) Surplus—beginning of y e a r ...................................... $167,502,856 $159,743,584 Transferred from net earnings for year................... 9,130,562 7,759,272 Surplus— end of y e a r .................................................. $176,633,418 $167,502,856 4 Federal Reserve Bank of New York DIRECTORS Jay E. Cran e, V ice President, Standard Oil Company (N ew J ersey ), N ew York, N . Y . Chairman, and Federal R eserve A gen t W il l ia m I. M yers, Dean, New Y ork State College o f A griculture, Cornell University, Ithaca, N . Y . D epu ty Chairman F. C l a r e n c e F r a n c is , P a lm e r A rm stro n g, Chairman o f the Board, General Foods Corporation, N ew York, N . Y . President, The K eyp ort B anking Company, K eyport, N . J. N. B axter J ackson , Chairman o f the Board, Chemical Bank & Trust Company, New Y ork, N . Y . J o h n E . B ie r w ir t h , President, N ational D istillers P roducts Corporation, New Y ork, N . Y . F r a n z S c iin e id e r , New York, N . Y . J ohn R. E vans, P. S h i e l d , President, The Grand U nion Company, East Paterson, N . J. L a n s in g President, The F irst N ational Bank o f Poughkeepsie, Poughkeepsie, N. Y . OFFICERS A llan F. W il l ia m S proul, F irst V ice President T r e ib e r , R o b e r t G. R o u s e , V ice President T o d d G. T i e b o u t , V ice Presid en t and V a l e n t i n e W i l l i s , V ice Presid en t R e g i n a l d B . W i l t s e , V ice President J o h n H . W u r t s , V ice Presid en t V ice President H e r b e r t H . K i m b a l l , V ice President L. W e r n e r K n o k e , V ice Presid en t A r t h u r P h e l a n , V ice President H a r o l d Y . R o e l s e , V ice President H aro ld A . B il b y , J ohn J. Clarke, D o n a l d J . C a m e r o n , A ssistan t V ice P resid en t H o w a r d D . C r o s s e , A ssistant V ice Presid en t F e l i x T. D a v i s , A ssistan t V ice Presid en t N o r m a n P . D a v i s , A ssistant V ice President H orace L . Sanford, A r t h u r I . B l o o m f i e l d , Senior Econom ist H a r r y M . B o y d , M anager, Cash Custody D epartm ent C h a r l e s A . C o o m b s , M anager, Research Departm ent H a r d i n g C o w a n , A ssistant Counsel G e o r g e G a r v y , Senior Econom ist C l i f t o n R . G o r d o n , A ssistant Counsel E d w a r d G . G u y , A ssistant Counsel C u r t is R. P a u l K. F i t c h e n , A ssistant V ice President M a r c u s A . H a r r i s , A ssistant V ice President S i l a s A. M i l l e r , A ssistan t V ice Presid en t R o b e r t V . R o o s a , A ssistant V ice President A ssistant V ice President M anager, Service D epartm ent A ssistant Counsel, and A ssistant Secretary W i l l i a m F . P a l m e r , M anager, A ccou n tin g Departm ent F r a n k l i n E. P e t e r s o n , M anager, Cash D epartm ent L a w r e n c e E. Q u a c k e n b u s h , M anager, Bank Exam inations D epartm ent W a l t e r S . R u s h m o r e , M anager, S ecurity Custody D epartm ent R a l p h W . S c h e f f e r , M anager, Governm ent Bond Departm ent K e n n e t h E. S m a l l , M anager, Personnel D epartm ent F r e d e r i c k L . S m e d l e y , M anager, Personnel D epartm ent G e o r g e C . S m i t h , M anager, Collection D epartm ent T h o m a s O . W a a g e , M anager, P u blic In form ation D epartm ent A . C h e s t e r W a l t o n , M anager, Bank R elations Departm ent R o y E. W e n d e l l , M anager, S a fekeepin g Departm ent A r t h u r H. W i l l i s , Secretary A r th u r II. N oa, E . M a r p l e , M anager, Credit D epartm ent, and M anager, D iscount D epartm ent S p e n c e r S . M a r s h , J r . , M anager, Securities D epartm ent M i c h a e l J . M c L a u g h l i n , M anager, Governm ent Check D epartm ent H e r b e r t A . M u e t h e r , M anager, Building O perating D epartm ent D o n a l d C . N i l e s , M anager, Planning D epartm ent W il l ia m General Counsel A ssistant General Counsel G r e g o r y O ’ K e e f e , J r ., W i l l i a m A . I I e i n l , M anager, Savings Bond D epartm ent P e t e r P . L a n g , M anager, F oreign Departm ent A n g u s A . M a c I n n e s , J r . , M anager, ChecTc D epartm ent President B ow m an, 5 General A uditor Federal Reserve Bank of New York MEMBER OF FEDERAL ADVISORY COUNCIL H e n r y C. A l e x a n d e r , President, J. P . M organ & Co. Incorporated, New Y ork, N . Y . INDUSTRIAL ADVISORY COMMITTEE W i l l i a m H . P o u c h , Chairman Chairman o f the B oard, Concrete Steel Company, New Y ork, N. Y . V ice Chairman Chairman o f the Board, A. G. Nelson P aper Company, Inc., N ew Y ork, N . Y . E dw ard J . N oble, A b th u r G. N elson , Chairman o f the Finance Committee, Am erican Broadcasting-Param ount Theatres, Inc., New York, N . Y . Buffalo Branch o f Federal Reserve Bank o f New Y ork DIRECTORS Clay to n G. W h i t e , Chairman D airy farm er, Stow, N . Y . C. T a i t , President, Strom berg-Carlson Company, Rochester, N . Y . R obert R o b e r t L . D a v is , President, The F irst N ational Bank o f Olean, Olean, N . Y . E. F i n u c a n e , President, Security Trust Company o f Rochester, Rochester, N . Y . E dw ard G. H a r r i m a n , President, M anufacturers and Traders Trust Company, B uffalo, N . Y . E dgar P. V r e e l a n d , President, Salamanca Trust Company, Salamanca, N . Y . B ernard L e w is F. W e n d t, President, B u ffa lo F orge Company, B u ffalo, N . Y . OFFICERS I n s l e y B . S m it h , I I arold M . W e sse l , G eorge J . D o ll, V ice President A ssistant V ice President Cashier G erald H . G reen e, M . M onroe M yers, 6 A ssistan t Cashier A ssistan t Cashier FEDERAL RESERVE BANK OF NEW Y O R K January 11, 1954. To A ll Banking Institutions in the Second Federal Reserve D istrict: The National Bank of Great Neck, a newly organized bank in Great Neck, New York, was granted a charter by the Comptroller of the Currency on January 7,1954, and on that same day became a member of the Federal Reserve System. This new bank is open ing for business on January 14,1954. The A.B.A. transit number and check routing symbol of The 50-1217 National Bank of Great Neck is — 2 J3 — • A llan S proul, President. a / s / o s ~ ? FED ERAL RESER VE BANK O F NEW YORK January 13, 1954. T o all M em ber and N onm em ber Clearing Banlcs in the Second Federal R eserve D istrict, and Others C oncerned: On the reverse side of this letter there are set forth lists showing (1) the currently effective operating circulars of this Bank, and the supplements thereto, and (2) the currently effective Regulations of the Board of Governors of the Federal Reserve System, and the amend ments and supplements thereto. The lists will enable you to determine whether your sets of those documents are complete. We shall be pleased to furnish upon request copies of any which you do not have. A llan S proul, President. ( over) / ? CURRENTLY E F F E C T IV E OPERATIN G CIRCULARS OF FE D E R A L RESERV E BAN K OF N EW YORK and REGULATIONS OF THE BOARD OF GOVERNORS OF THE F E D E R A L RE SE R V E SYSTEM January 13, 1954 Operating Circulars Regulations Operating Circular No. 1 . . January 12,1954 Operating Circular No. 2 . . October 18,1949 Operating Circular No. 3 . . . . . . . July 1,1951 . October 29,1952 . . June 1,1953 Operating Circular No. 5 . . . July 1,1951 Operating Circular No. 6 . . . July 1,1951 Operating Circular No. 7 . . . July 1,1953 Operating Circular No. 8 . November 1,1949 December . January 8, 1947 8,1951 Operating Circular No. 4 First Supplement . . Second Supplement . . . May 27,1952 . . . . . . . . . . . . . . . Regulation B . . . . .....................May 15,1930 Regulation C . . . . . Operating Circular No. 11 . . September 28,1953 Operating Circular No. 12 First Supplement . . . . . . . . . . . June 17,1949 . A pril 10,1951 . January 16,1953 . . . . . . . March 20,1942 February 17,1949 . March 21,1951 . . . Regulation D . . Supplement . . . . . Regulation E . . . . . . . March 1,1940 . . . February 5,1951 . . September 1,1952 . . 1,1949 Regulation F Operating Circular No. 10 First Supplement . . Operating Circular No. 13 Regulation A . Amendment Amendment Amendment . . . . . Regulation G . . . . Regulation H . . . . Regulation I . . . . Regulation J . . . . . . . . . . . . . . . . . .................... May 29,1930 . . . September 1, 1937 . . . November 1,1943 . . . February 2,1945 Regulation h . . . Amendment . . . . . . . February 1,1940 .................... July 1,1948 Regulation K . Amendment Amendment Amendment . January Regulation M . . . . . . . . Regulation N . . . . . . . . January Regulation O . . . . .................... July Regulation P . August 14, 1937 1,1944 1, 1939 Operating Circular No. 14 . . November 13,1950 Operating Circular No. 15 . . . October 30,1953 Operating Circular No. 16 . . . Operating Circular No. 17 . First Supplement . . . A p p e n d ix ......................... . . . January 9,1951 . . June 18,1953 Operating Circular No. 18 . . . . July 28,1953 Regulation T . . . . Supplement . . . Amendment No. 11 .................... July 20,1949 . . February 20, 1953 . September 3 and 17,1951 Operating Circular No. 19 . . . March 24,1950 Operating Circular No. 20 First Supplement . . . . . . . . A pril 10,1953 November 2,1953 Regulation U . . . . Supplement . . . Amendment No. 12 .................... July 20, 1949 . . February 20,1953 . . . . August 1,1953 . June 25,1951 . . . Regulation Q . . Supplement . Amendment . . . . . . . Regulation R . . . . Regulation S . . . . Regulation V . . . . . . . February 11,1937 . . . . January 1,1936 .................... July 1,1952 .................... A pril 30,1942
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