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FED ERAL RE SE R V E BANK
OF NEW YORK
r Circular N o. 4 1 8 2 1
L
January 7, 19S5 J
FORTIETH ANNUAL STATEMENT
To the Stockholders o f the
Federal Reserve Bank o f New Y ork:
Herewith is a statement o f condition of the Federal Reserve Bank
o f New Y ork at the close o f the year 1954, and o f earnings and expenses
fo r that year. F or convenient comparison, the corresponding figures
for the previous year, 1953, are also shown.
The regular annual report o f the Bank, containing an account o f its
operations for the year ended December 31, 1954, is now being pre
pared. W hen it is issued, a copy will be sent to each o f our stockholders.
A
llan
S prou l,
President.
Statement o f Condition
ASSETS
Dec. 31,1954
Dec. 31,1953
Gold certificates.......................................................
$ 5,322,810,688
$ 5,197,850,659
Redemption fund fo r Federal Reserve n o te s ...
184,192,307
183,705,717
Federal Reserve notes o f other banks..............
47,323,465
26,487,415
Other c a s h .................................................................
80,496,467
75,303,300
Total c a s h .........................................................
$ 5,634,822,927
$ 5,483,347,091
$
$
Discounts and ad va n ces........................................
39,116,667
7,050,000
U. S. Government securities................................
6,401,284,000
7,115,378,000
Total loans and securities............................
$ 6,440,400,667
$ 7,122,428,000
$
$
Other assets:
Due from foreign banks*..................................
6,390
6,360
Uncollected items ...............................................
771,895,972
790,661,228
Bank p re m is e s .....................................................
7,149,453
7,390,351
A ll o t h e r ...............................................................
33,262,078
38,513,944
Total other a s s e t s ..........................................
$
T O T A L A S S E T S ..........................................
$12,887,537,487
*
A fter deducting participation o f other Federal Reserve
Banks amounting to ...........................................................................
2
812,313,893
$15,872
$
836,571,883
$13,442,346,974
$15,995
Statement o f Condition
L IA B IL IT IE S
Dec. 31,1954
Dec. 31,1953
Federal Reserve n o t e s ..........................................
$ 5,950,858,180
$ 5,924,481,385
Member bank— reserve a cco u n ts....................
$ 5,482,319,097
$ 6,049,923,125
U. S. Treasurer— general account..................
95,808,212
70,675,384
Foreign* ...............................................................
147,721,220
134,793,203
Other .....................................................................
322,037,469
361,473,663
Total deposits ................................................
$ 6,047,885,998
$ 6,616,865,375
$
$
D eposits:
Other liabilities:
Deferred availability cash item s......................
A ll o t h e r ..............................................................
575,374,917
6,786,821
5,456,093
580,831,010
605,850,780
$
612,637,601
Total other lia b ilities....................................
$
T O TA L L IA B IL IT IE S ..............................
$12,579,575,188
$13,153,984,361
$
$
C A P IT A L ACCOUNTS
Capital paid i n .........................................................
89,948,800
81,852,000
Surplus (Section 7) ...............................................
188,070,589
176,633,418
Surplus (Section 13b) ..........................................
7,318,631
7,318,631
Other capital a ccou n ts..........................................
22,624,279
22,558,564
288,362,613
$
T O T A L L IA B IL IT IE S AN D C A P IT A L
ACCOUNTS ...............................................
$12,887,537,487
$13,442,346,974
$
$
Contingent liability on acceptances purchased
fo r foreign correspondents'!-............................
307,962,299
$
TO TA L C A P IT A L A C C O U N T S ..............
5,419,728
7,067,524
Ratio o f gold certificate reserves to deposit and
Federal Reserve note liabilities com bined...
45.9%
42.9%
* A fter deducting participation o f other Federal Reserve
Banks amounting to ...........................................................................
$342,220,000
$288,486,000
t After deducting participation o f other Federal Reserve
Banks amounting to ...........................................................................
$ 13,632,000
$ 16,872,134
3
Statement o f Earnings and Expenses
1953
1954
Total current ea rn in g s ..................................................
$112,467,039
$119,734,382
Net exp en ses.....................................................................
22,462,852
23,235,163
Current net earnings ............................................
$ 90,004,187
$ 96,499,219
$
$
Additions to current net earnings:
Profit on sales o f U. S. Government securities (net)
111,317
A ll other ......................................................................
Total a d d ition s........................................................
447,980
4,618
117
$
111,434
$
452,598
$
-0 -
$
659,362
Deductions from current net earnings:
Retirement System (adjustment for revised
benefits) ....................................................................
Reserves for con tin gen cies......................................
65,715
93,730
A ll other ......................................................................
7,080
9,370
762,462
Total deductions ....................................................
$
72,795
$
Net additions or deductions (— ) ................................
$
38,639
$ — 309,864
Net earnings before payments to U. S. Treasury
$ 90,042,826
$ 96,189,355
Paid U. S. Treasury (interest on Federal Reserve
notes) ............................................................................
$ 73,549,613
$ 82,180,358
Dividends p a i d ................................................................
$
5,056,042
$
4,878,435
Transferred to surplus (Section 7 ) ............................
$ 11,437,171
$
9,130,562
SU RPLU S ACCOUNT (Section 7)
Surplus— beginning o f y e a r ........................................
$176,633,418
$167,502,856
Transferred from net earnings for y ea r....................
11,437,171
9,130,562
Surplus— end of y e a r ....................................................
$188,070,589
$176,633,418
4
Federal Reserve Bank of New York
DIRECTORS
J a y E . C r a n e ( C -1 9 5 6 * ),
Vice President, Standard Oil Company (New Jersey),
New York, N. Y.
Chairman, and Federal Reserve Agent
F o r r e s t F. I I i l l (C-1957),
Provost, Cornell University, Ithaca, N. Y.
Deputy Chairman
(B-1957),
President, National Distillers Products Corporation,
New York N Y
’
(Elected by Group 3 banks)
(B -1 955 ),
Director, and member o f Executive Committee,
General Foods Corporation,
New York, N. Y.
(Elected by Group 1 banks)
J o h n E . B i e r a y ir t h
C l a r e n c e F r a n c is
F e ed. I . C o l l in s
n - B axter
(A -1 9 5 7 ),
tj
•I_* __A rp___*
President and I rust Officer,
’
Bound Brook Trust Company,
Bound Brook, N. J.
(Elected b y Group 3 b a n k s )
John R. E
vans
J ackson
(A -1 9 5 5 ),
Chairman o f the Board,
-n • ’
-n i
Chemical Corn Exchange Bank,
New York, n . Y.
(Elected by Group 1 banks)
F ranz
S c h n e id e r
(C -1 9 5 5 ),
New York, N. Y.
(A-1956),
-d
o
.
President, The First National Bank o f Poughkeepsie, LANS^ resident" The('G m n f Union Company,
Poughkeepsie, N. Y.
East Paterson, N. J.
(Elected by Group 2 banks)
(Elected by Group 2 banks)
* The letter indicates the class o f d irector; term expires Decem ber 31 ol the year indicated.
OFFICERS
A
W
il l ia m
llan
F.
S proul,
T r e ib e r ,
H a r o l d A . B i l b y , Vice President
J o h n E x t e r , Vice President
H e r b e r t H. K i m b a l l , Vice President
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
T o d d G . T i e b o u t , Vice President and
V a l e n t i n e W i l l i s , Vice President
R e g i n a l d B . W i l t s e , Vice President
J o h n H . W u r t s , Vice President
J ohn J . Clarke,
A r t h u r I . B l o o m f i e l d , Senior Economist
C h a r l e s A . C o o m b s , Manager, Research Department
H a r d in g C o w a n , Assistant Counsel
G e o r g e G a r v y , Senior Economist
C l i f t o n R . G o r d o n , Assistant Counsel
G e r a l d H . G r e e n e , Acting Manager, Service Department
E d w a r d G . G u y , Assistant Counsel
W i l l i a m A . H e i n l , Manager, Savings Bond Department
J o h n P . J e n s e n , Manager, Security Custody Department
P e t e r P . L a n g , Manager, Foreign Department
J o h n J . L a r k i n , Manager, Securities Department
A n g u s A . M a c I n n e s , J r . , Manager, Check Department
W i l l i a m E . M a r p l e , Manager, Credit Department, and
Manager, Discount 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, Cash Custody
Department
erbert
A. M
uether,
Department
Manager, Building Operating
General Counsel
Assistant General Counsel
H o w a r d D . C r 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
H orace L . S an ford,
H
President
First Vice President
T a u l R . F i t c h e n , Assistant Vice President
M a r c u s A . H a r r i s , Assistant Vice President
R o b e r t V . R o o s a , Assistant Vice President
Assistant Vice President
D o n a l d C. N i l e s , Manager, Planning Department
A r t h u r H . N o a , Manager, Service Department
G r e g o r y O ’ K e e f e , J r ., Assistant Counsel, and
Assistant Secretary
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
W a l t e r S . R u s h m o r e , Manager, Personnel Department
K e n n e t h E. S m a l l , Manager, Government Bond Department,
and Manager, Safekeeping Department
F r e d e r i c k L . S m e d l e y , Manager, Personnel Department
G e o r g e C. S m i t h , Manager, Collection Department, and
Manager, Government Check 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
A r t h u r H . W i l l i s , Secretary
W
D onald J . Cam er o n ,
5
il l ia m
General Auditor
Federal Reserve Bank of New York
MEMBER OF FEDERAL ADVISORY COUNCIL
H e n b y C. A l e x a n d e r ,
President, J. P. Morgan & Co. Incorporated,
New York, N. Y.
INDUSTRIAL ADVISORY COMMITTEE
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.
A
G. N e l s o n , Vice Chairman
Chairman o f the Board,
A . G. Nelson Paper Company, Inc.,
New York, N. Y.
E dw ard J . N
rthur
oble.
Chairman o f the Finance Committee,
American Broadcasting-Paramount Theatres, Inc.,
New York, N. Y.
Buffalo Branch of Federal Reserve Bank of New York
DIRECTORS
F. W e n d t , Chairman
President, Buffalo Forge Company,
Buffalo, N. Y.
E dgar
R o ber t C . T a it ,
R obert L . D a v is ,
President, Stromberg-Carlson Company,
Rochester, N. Y.
President, The First National Bank o f Olean,
Olean, N. Y.
H. D i e f e n d o r f ,
President, The Marine Trust Company
o f Western New York,
Buffalo, N. Y.
C h arles
B ernard E . F
P. V r e e l a n d ,
President, Salamanca Trust Company,
Salamanca, N. Y.
E dw ard
G. W h i t e ,
Dairy farmer,
Stow, N. Y.
in u c a n e ,
Cla y to n
President, Security Trust Company o f Rochester,
Rochester, N. Y.
OFFICERS*
I n sley B . Sm
H
G eorge J . D
oll,
arold
M. W
essel,
it h
,
Vice President
Assistant Vice President
Cashier
M. M
onroe
M
yers,
Assistant Cashier
*
Gerald H . Greene, an Assistant Cashier at the Buffalo Branch, has been temporarily assigned to the H ead O ffice as an A ctin g
Manager.
6
@FedFRASER