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FE D E RA L R E SE R V E BANK O F NEW YORK rC ircu la r N o. 4 3 0 2 T L January 6, 1956 J F O R T Y -F IR S T AN N U AL STATEM EN T To th e Stockholders o f the Federal R eserve Bank o f N ew Y o r k : H erew ith is a statement o f condition o f the F ederal R eserve Bank o f New Y ork at the close o f the year 1955, and o f earnings and expenses fo r that year. F o r convenient com parison, the corresponding figures fo r the previous year, 1954, are also shown. The regular annual report o f the Bank, containing an account o f its operations fo r the year ended Decem ber 31, 1955, is now being pre pared. W hen it is issued, a cop y will be sent to each o f our stockholders. A l l a n S prou l, P r esid en t. Statement of Condition A SSETS Dec. 31,1955 Dec. 31,1954 G old c e r tific a te s .......................................................... $ 5,189,433,322 $ 5,322,810,688 R edem ption fu n d fo r F ederal R eserve n o t e s .. . 180,780,562 184,192,307 F ed eral R eserve notes o f other banks............... 55,855,435 47,323,465 Other c a s h ..................................................................... 65,449,352 80,496,467 $ 5,491,518,671 $ 5,634,822,927 $ $ T otal c a s h ............................................................ D iscounts and a d v a n c e s ........................................... 19,242,000 39,116,667 A cceptances ................................................................ 28,205,324 -0 - U. S. Governm ent securities................................... 6,592,440,000 6,401,284,000 $ 6,639,887,324 $ 6,440,400,667 $ $ T otal loans and securities.............................. Other a ssets: Due fro m foreig n banks*..................................... 6,501 6,390 U ncollected items ................................................. 1,025,229,634 771,895,972 Bank p r e m is e s ........................................................ 7,766,033 7,149,453 A ll o t h e r .................................................................. 39,158,667 33,262,078 T otal other a s s e t s ............................................. $ 1,072,160,835 $ T O T A L A S S E T S ............................................. $13,203,566,830 $12,887,537,487 * A fte r deducting participation o f other Federal Beserve Banks amounting to ................................................................................. 2 $15,762 812,313,893 $15,872 Statement of Condition L IA B IL IT IE S Dec. 31,1955 Dec. 31,1954 Federal R eserve n o t e s ............................................. $ 6,120,411,550 $ 5,950,858,180 M ember bank— reserve a c c o u n t s ..................... $ 5,552,721,426 $ 5,482,319,097 U. S. T reasurer— general a ccou n t................... 68,614,278 95,808,212 F oreign * .................................................................. 128,672,823 147,721,220 Other ......................................................................... 369,764,171 322,037,469 T otal deposits ................................................... $ 6,119,772,698 $ 6,047,885,998 $ $ D ep osits: Other liabilities: D eferred availability cash item s........................ A ll o t h e r .................................................................. 642,671,841 5,414,166 648,086,007 575,374,917 5,456,093 T otal other lia b ilitie s ....................................... $ T O T A L L I A B IL IT IE S ................................ $12,888,270,255 $12,579,575,188 $ $ $ 580,831,010 C A P IT A L ACCOU N TS Capital paid i n ............................................................ 89,472,800 89,948,800 Surplus (S ection 7) ................................................. 195,826,856 188,070,589 Surplus (S ection 13b) ............................................. 7,318,631 7,318,631 Other capital a c c o u n t s ............................................. 22,678,288 22,624,279 T O T A L C A P IT A L A C C O U N T S ............... $ T O T A L L I A 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 ................................................. $13,203,566,830 $12,887,537,487 $ $ Contingent liability on acceptances purchased fo r fo reig n c o r r e s p o n d e n ts !.............................. 315,296,575 9,743,349 $ 307,962,299 5,419,728 R atio o f gold certificate reserves to deposit and F ederal R eserve note liabilities co m b in e d .. . 43.9% 45.9% * A fte r deducting participation o f other Federal Beserve Banks amounting to ................................................................................. $273,288,000 $342,220,000 t A fte r deducting participation o f other Federal Beserve Banka am ounting to ................................................................................. $ 23,718,000 $ 13,632,000 3 Statement of Earnings and Expenses 1954 1955 $105,665,791 $112,467,039 22,713,592 22,462,852 $ 82,952,199 $ 90,004,187 Net expenses A ddition s to current net ea rn in gs: $ -0 - $ 117 59,877 A ll other 111,317 $ 59,877 $ 111,434 $ 34 $ -0 - D eductions fro m current net ea rn in gs: L oss on sales o f U. S. Governm ent sec R eserves fo r co n tin g e n c ie s ............... 54,159 65,715 A ll other ................................................. 33,221 7,080 $ 87,414 $ 72,795 $ — 27,537 $ 38,639 $ 82,924,662 $ 90,042,826 P aid U. S. T reasury (interest on F ederal R eserve n otes) ................................................................................. ....$ 69,806,747 $ 73,549,613 D ividends p a i d .................................................................... ....$ 5,361,648 $ T ran sferred to surplus (S ection 7 ) .............................. ....$ 7,756,267 $ 11,437,171 5,056,042 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 ........................................... $188,070,589 $176,633,418 T ran sferred from net earnings fo r y e a r ...................... 7,756,267 11,437,171 Surplus— end o f y e a r ........................................................ $195,826,856 $188,070,589 4 Federal Reserve Bank of New York DIRECTORS J a y E . Cb a n e (0 -1 9 5 6 * ), V ice President, Standard Oil Company (N ew J ersey ), New Y ork, N . Y . Chairman, and F ederal R eserve A g en t F o rrest F . H il l (C -1 9 5 7 ), V ice President, T he F ord Foundation, New Y ork, N . Y . D epu ty Chairman J o h n E. B ie r w ir t h (B -1 9 5 7 ), (B -1 9 5 8 ), D irector, General F oods Corporation, New Y ork, N . Y . (E lected b y Group 1 banks) C la r e n c e F r a n c is President, N ational D istillers P roducts Corporation, N ew Y ork N Y ’ SS- *• (E lected b y Group 3 banks) F r a n z S c h n e id e r President and Trust Officer, Bound B rook T rust Company, Bound B rook, N . J . (E lected b y Group 3 banks) v J 1 ' Joh n B . E vans (C -1 9 5 8 ), Consultant, Newmont M in ing Corporation, N ew Y ork N . Y . F erd. I . C o l l i n s ( A -1 9 5 7 ), H o w a r d C . S h e p e iL ) (A -1 9 5 8 ), Chairman o f the B oard, The F irst N ational City Bank o f N ew Y ork, and Chairman o f the B oard, C ity Bank Farm ers Trust Company, N ew Y ork, N . Y . (A -1 9 5 6 ), (EleCted b ? ° r° " P 1 b a n is ) President, The F irst N ational Bank o f Poughkeepsie, Poughkeepsie, N. Y . (E lected b y Group 2 banks) Company, E ast p aterson, N . J. (E lected b y Group 2 banks) * T h e letter indicates the class o f d irector; term expires Decem ber 31 o f the year indicated. OFFICERS A lla n W illia m S p r o u l , President F . T r e i b e r , F irst V ice President H a r o l d A . B i l b y , V ice President J o h n E x t e r , V ice Presid en t H e r b e r t H . K i m b a l l , V ice Presid en t A r t h u r P h e l a n , V ice Presid en t H a r o l d V . R o e l s e , V ice Presid en t R o b e r t G. R o u s e , V ice Presid en t T o d d G. T i e b o u t , V ice Presid en t and General Counsel V a l e n t i n e W i l l i s , V ice President 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 J o h n J . C l a r k e , A ssistan t General Counsel H o w a r d D . C r o s s e , A ssistan t V ice President F e l i x T . D a v i s , A ssistan t V ice President N o r m a n P . D a v i s , A ssistan t V ice President P a u l R . F i t c h e n , A ssistan t V ice President M a r c u s A . H a r r i s , A ssistant V ice Presid en t A n g u s A . M a c I n n e s , J r . , A ssistant V ice President R o b e r t V . R o o s a , A ssistan t V ice Presid en t H o r a c e L . S a n f o r d , A ssistant V ice President A r t h u r I . B l o o m f i e l d , Senior Econom ist W i l l i a m H . B r a u n , J r ., A ssistant Counsel C h a r l e s A . C o o m b s , M anager, Research D epartm ent H a r d i n g C o w a n , A ssistan t Counsel G e o r g e G a r v y , Senior E conom ist C l i f t o n R . G o r d o n , A ssistan t Counsel E d w a r d G . G u y , A ssistan t Counsel D o n a l d C . N i l e s , M anager, Planning D epartm ent A r t h u r H. N o a , M anager, Service Departm ent G r e g o r y O ’ K e e f e , Jr., A ssistant Counsel, and W illia m A . H e i n l , M anager, Savings B on d Departm ent J o h n P . J e n s e n , M anager, A ccoun ting Departm ent P e t e r P . L a n g , M anager, F oreign D epartm ent J o h n J . L a r k i n , M anager, Securities D epartm ent W i l l i a m 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, Cash Custody 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 A ssistan t Secretary W i l l i a m F . P a l m e r , M anager, S ecurity Custody D epartm ent F r a n k l i n E . P e t e r s o n , M anager, Cash Departm ent F r e d W . P i d e r i t , J r., M anager, Bank E xam inations 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, C ollection D epartm ent, and M anager, G overnm ent Check D epartm ent T h o m a s J. R o c h e , F oreig n E xch an ge Officer W a l t e r S . R u s h m o r e , M anager, P ersonn el D epartm ent K e n n e t h E. S m a l l , M anager, Governm ent B ond D epartm ent, and M anager, S a fekeepin g 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, Check D epartm ent T h o m a s O . W a a g e , M anager, P u b lic In form a tion D epartm ent, and Secretary A . C h e s t e r W a l t o n , M anager, Bank R elations D epartm ent A r t h u r H. W i l l i s , M anager, S ecurities D epartm ent D o n a l d J . C a m e r o n , G eneral A uditor Federal Reserve Bank of New York MEMBER OF FEDERAL ADVISORY COUNCIL A d r ia n M . M a s s ie , Chairman o f the Board, The New Y ork Trust Company, N ew Y o rk , 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 . E d w a rd J . N o b le , A r t h u r G. N e l s o n , V ice Chairman Chairman o f the Finance Committee, Am erican Broadcasting-Param ount Theatres, Inc., New York, N . Y . Chairman o f the Board, A . G. Nelson P aper Company, Inc., N ew York, N . Y . Buffalo Branch of Federal Reserve Bank of New York D IR E C T O R S R o b e r t C. T a i t , Chairman Rochester, N . Y . President, Stromberg-Carlson Com pany Division, and Senior V ice President, General Dynam ics Corporation L eland B . B ryan Charles H . D , J R o ber t L . D a v is , President, The F irst N ational Bank o f Olean, O lean , N . Y . C l a y t o n G. W ie f e n d o r f , President, The M arine Trust Company o f W estern N ew York, B uffalo, N . Y . President, F irst N ational Bank and Trust Company o f Corning, Corning, N . Y . ohn W . R e m in g t o n , President, L incoln Rochester Trust Company, Rochester, N . Y . h it e , D airy farm er, Stow, N . Y . O F F IC E R S In s le y B. S m i t h , V ice Presid en t H a r o ld M . W e s s e l, A ssistant V ice President G e o r g e J . D o l l , Cashier G e r a l d H . G r e e n e , A ssistan t Cashier M . M o n r o e M y e r s , A ssistant Cashier 6 at FED ERAL RE SE R V E BANK OF NEW YORK January 10, 1956 T o all M em ber and N onm em ber Clearing Banks in the Second F ederal R eserve D istrict, and O thers C on cern ed: On the reverse side o f this letter there are set fo rth lists showing (1 ) the currently effective operating circulars o f this Bank, and the supplements thereto, and (2 ) the currently effective R egulations o f the B oa rd o f G overnors o f the F ederal R eserve System , and the amend ments and supplements thereto. The lists w ill enable you to determine whether your sets o f those documents are com plete. W e shall be pleased to furnish upon request copies o f any which you do not have. W e transm it herewith a revised table o f contents o f the regulations to replace the one now in you r binder. A ll a n S prou l, P re sid e n t. ( over) U 302 CURRENTLY E F F E C T IV E OPERATIN G CIRCULARS OF F E D E R A L RE SERVE BAN K OF N EW YORK and REGULATIONS OF TH E BOARD OF GOVERNORS OF THE F E D E R A L RE SE R V E SYSTEM January 10, 1956 Operating Circulars . Operating Circular No. 1 Regulations . January 6,1956 Operating Circular No. 2 . . October 18,1949 Operating Circular No. 3 . . August 1,1954 . . . . . . . . . A pril . May 1,1954 5,1955 6 . . . A pril 1,1954 Operating Circular No. 7 . Operating Circular No. 8 First Supplement . . . Operating Circular No. 10 First Supplement . . Operating Circular No. 4 July 15,1954 Regulation A . . . . 15 1955 Regulation B . . . . 15 1930 Regulation C . . . . 31 1946 Regulation D . . Supplement . Amendment . . . . . . . 21 1 . . . Regulation F . . Amendment . . . . . 5 1951 13 1955 Regulation G . . Amendments . . . . 1 1940 15 1954 December 27,1955 Regulation H . . . . 1 1952 . . November 1,1949 . . July 15,1954 Regulation I . . . 1 1936 . . . December Operating Circular No. 11 . . . October 31,1955 Operating Circular No. 12 . Operating Circular No. 13 . . November 18,1955 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 Operating Circular No. 18 First Supplement . . . . . . . . July 28,1953 . October 7,1954 Operating Circular No. 19 First Supplement . . . . . . March 31,1954 December 8,1955 Operating Circular No. 20 First Supplement . . . . . . . . Operating Circular No. 5 First Supplement . . Operating Circular No. 8,1947 February 15,1955 . June 25,1951 9,1951 February 21,1955 March 3,1955 . June 20,1955 Regulation E . 16 1948 1954 16 1955 . Regulation J . . . . Amendments . . Regulation K . . . . Amendment . . . Amendment . . . Amendment . . . Amendment . . . Regulation L . . . . Amendment . . Regulation M . . . . Regulation N . . . . Regulation O . . . . Regulation P . . . . Regulation Q . . . . Supplement . . . Amendment . . . Amendment . . . Regulation R . . . . Regulation S . . . . Regulation T . . . . Supplement . . . Amendment No. 11 Regulation U . . . . Supplement . . . Amendment No. 12 Regulation V . . . . 1940 1 1949 15 1954 29 1930 1 1937 1 1943 2 1945 29 1954 1 1940 1 1948 14 1937 1 1944 1 1939 1 1936 1 1 1937 1 1936 1 1952 16 1955 4 1936 30 1942 2 0 1949 23 1955 . September 3 and 17 1951 .....................July 20 1949 1955 . . . . August 1 1953 1950 c F R ederal of N eserve ew Y B ank ork BOARD OF THE OF GOVERNORS FED ERAL RESERVE SYSTEM RULES R u les o f O rg a n iza tio n a n d R u les o f P r o ce d u re R E G U L A TIO N S A d v a n ce s a n d D iscou n ts b y F e d e ra l R eserve B a n k s ....................................... A O p e n M a rk e t P u rch a ses o f B ills o f E x ch a n g e , T r a d e A cce p ta n ce s and B a n k e rs’ A cce p ta n ce s U n d er S ection 1 4 ............................................................ B A c c e p ta n c e b y M em ber B a n k s o f D r a fts o r B ills o f E x c h a n g e ................. C R eserves o f M e m b e r B a n k s ......................................................................................... D P u rch a se o f W a r r a n t s ..................................................................................................... E T ru st P o w e rs o f N a tion a l B a n k s ............................................................................... F C o lle ctio n o f N o n ca sh I te m s ...................................................................................... G M e m b e rsh ip o f S ta te B a n k in g In stitu tion s in the F e d e ra l R e se rv e S y s te m ........................................................................................... H In cre a se o r D ecrea se o f C a p ita l S tock o f F e d e ra l R eserve B a n k s and C a n cela tion o f O ld a n d Issu e o f N ew S to ck C e rtifica tes........................... I C h eck C le a rin g a n d C o lle c t io n .................................................................................... J B a n k in g C o rp o ra tio n s A u th o riz e d to d o F o r e ig n B a n k in g B u siness U n d e r th e T erm s o f S e ctio n 2 5 ( a ) o f the F e d e ra l R e serv e A c t ............ K In te r lo c k in g B a n k D irectora tes U n d er the C la y ton A c t ................................ L F o r e ig n B ra n ch e s o f N a tion a l B a n k s a n d o f C o rp o ra tio n s O rga n ized U n d e r th e P r o v is io n s o f S e ctio n 2 5 ( a ) o f th e F e d e ra l R e serv e A c t . . M R e la tio n s w ith F o r e ig n B a n k s a n d B a n k e r s ....................................................... N L o a n s t o E x e cu tiv e O fficers o f M em b er B a n k s .................................................. O H o ld in g C o m p a n y A ffiliates— V o t in g P e r m its ................................................... P P a y m e n t o f In te re s t on D e p o s it s ............................................................................... Q R e la tio n s h ip s w ith D ea lers in S ecu rities U n d er S e ctio n 32 o f th e B a n k in g A c t o f 1 9 3 3 ............................................................................................................ R In d u stria l L o a n s b y F e d e ra l R e serv e B a n k s ....................................................... S E x te n sio n an d M a in ten an ce o f C red it b y B rok ers, D ealers, an d M em bers o f N a tion a l S ecu rities E x c h a n g e s ........................................................................ T L o a n s b y B a n k s f o r the P u r p o s e o f P u rch a sin g o r C a r r y in g S tock s R e g istered on a N a tion a l Secu rities E x c h a n g e .............................................. c U L o a n G uaran tees f o r D e fe n se P r o d u c tio n ............................................................ V (R ev. 1-10-56)
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