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FEDERAL RESERVE BANK O F N E W YORK r Circular N o. 4 9 8 4 1 L January 6, 1961 J FORTY-SIXTH ANNUAL STATEM ENT To All Member Banks of the Second Federal Reserve D istrict: Herewith is a statement of condition o f the Federal Reserve Bank of New York at the close of the year 1960, and o f earnings and expenses fo r that year. F or convenient comparison, the corresponding figures for the previous year, 1959, are also shown. The regular annual report o f the Bank, containing an account of its operations fo r the year ended December 31, 1960, is now being prepared. When it is issued, a copy will be sent to each member bank in the District. A lfred H ayes, President. Statement of Condition ASSETS D ec. 31,1960 Dcc. 31,1959 Gold certificate a c c o u n t........................................ $ 3,819,405,384 $ 4,685,959,103 Redemption fund for Federal Reserve notes. . 254,584,037 213,325,392 Federal Reserve notes of other b a n k s .............. 118,166,750 90,056,290 Other cash .............................................................. 58,804,853 54,975,098 Total c a s h ........................................................ $ 4,250,961,024 $ 5,044,315,883 $ $ Discounts and advances ...................................... 2,480,000 202,780,000 A cceptances: Bought outright ................................................ 53,335,274 44,168,229 Held under repurchase a g reem en t................ 20,261,429 31,173,139 Bought outright ................................................ 6,730,744,000 6,695,661,000 Held under repurchase a g reem en t................ 400,000,000 41,500,000 Total loans and s e cu ritie s .......................... $ 7,206,820,703 $ 7,015,282,368 $ $ U. S. Government securities: Other assets: Due from foreign b a n k s * ................................ 3,903 3,861 Cash items in process o f c o lle c tio n .............. 1,456,311,375 1,280,699,085 Bank p re m is e s .................................................... 9,386,014 9,858,380 A ll o t h e r .............................................................. 51,859,500 65,067,066 Total other a s s e t s .......................................... $ 1,517,560,792 $ 1,355,628,392 T O TA L A S S E T S ........................................ $12,975,342,519 $13,415,226,643 * A f t e r d e d u ctin g p a r tic ip a tio n s o f oth er F e d e r a l R eserve B an k s a m o u n tin g to ..................................................................................... 2 $10,171 $10,364 Statement of Condition ( Continued) ) L IA B IL IT IE S Dec. 31,1960 D ec. 31,1959 $ 6,662,953,220 $ 6,646,973,125 Member bank reserve a ccou n ts...................... $ 4,581,510,279 $ 5,092,824,452 U. S. Treasurer— general a cco u n t................ 72,160,280 65,277,876 Foreign* .............................................................. 64,205,521 94,227,588 Other .................................................................... 396,897,596 367,074,258 Total deposits ................................................ $ 5,114,773,676 $ 5,619,404,174 D eferred availability cash ite m s .................... A ll o t h e r .............................................................. $ 844,369,247 9,592,476 $ 808,203,023 7,452,088 Total other lia b ilities.................................... $ 853,961,723 $ 815,655,111 TO TA L L IA B IL IT IE S .............................. $12,631,688,619 $13,082,032,410 $ $ Federal Reserve n o t e s .......................................... D eposits: Other liabilities: C A P IT A L ACCOUNTS Capital paid i n ........................................................ 114,551,300 110,452,300 Surplus .................................................................... 229,102,600 220,904,600 Other capital a ccou n ts.......................................... 0 1,837,333 TO TA L C A P IT A L A C C O U N T S .............. $ 343,653,900 TO TA L L IA B IL IT IE S AND CA PITA L ACCOUNTS .............................................. $12,975,342,519 * A f t e r d e d u ctin g p a r tic ip a tio n s o f other F e d era l R eserve B an k s a m o u n tin g to .................................................................................... 3 34.6% 333,194,233 $13,415,226,643 $153,010,000 Contingent liability on acceptances purchased for foreign correspondents.............................. $ 64,376,346 (after deducting participations of other Federal Reserve Banks amounting t o ) .......... ($ 166,023,000) Ratio of gold certificate reserves to deposit and Federal Reserve note liabilities com bined... $ $250,560,000 $ 22,749,950 ($ 59,256,000) 39.9% Statement of Earnings and Expenses I960 1959 Total current earnings ................................................ $277,093,133 $224,371,766 Net expen ses.................................................................... 30,751,930 29,007,740 Current net e a rn in g s............................................ $246,341,203 $195,364,026 $ $ Additions to current net earnings: Profit on sales of U. S. Government securities (net) 607,327 47,981 Transferred from reserve for contingencies (net) 1,837,333 20,968,889 AH other ...................................................................... 26,142 953 $ 21,017,823 Total a d d ition s........................................................ $ 2,470,802 Deductions from current net ea rn in g s...................... $ 5,562 Net additions .................................................................. $ 2,465,240 . $ 288,283 $ 20,729,540 $248,806,443 $216,093,566 Dividends p a i d ................................................................ $ $ Paid U. S. Treasury (interest on Federal Reserve notes) ............................................................................ $233,806,144 Transferred to surplus ................................................ $ Net earnings available for distribution............ 6,802,299 6,546,841 $227,544,018 8,198,000 $— 17,997,293 Surplus— beginning of y e a r ........................................ $220,904,600 $238,901,893 Transferred from net earnings for y e a r .................. 8,198,000 0 SURPLUS ACCOUNT $229,102,600 $238,901,893 Paid U. S. Treasury (interest on Federal Reserve notes) ............................................................................ 0 17,997,293* Surplus— end o f year .................................................. $229,102,600 $220,904,600 * P a y m e n t to U . S. T rea su ry represen tin g surplus in excess o f 100 p er cen t o f su bscribed cap ital sto ck a s o f the close o f D ecem b er 31, 1959. 4 Federal Reserve Bank of New York DIRECTORS P h il ip D . R eed ( C - 1 9 6 2 * ) , F o rm e r C hairm an o f th e B o a r d , G eneral E le c tr ic C om pan y, N ew Y o r k , N . Y . Chairman, and Federal Reserve Agent J a m e s D eC a m p W is e (C -1 9 6 1 ), C hairm an o f the B o a r d , B ig e lo w -S a n fo r d C arp et C om p an y , In c., N e w Y o rk , N . Y . Deputy Chairman H enry C. A lexander K (A -1 9 6 1 ), u gustus C. L ong ( B -1 9 6 3 ), A . L eonard M eedham Case (B -1 9 6 2 ), C hairm an, B oa rd o f D irectors, T e x a c o In c., N ew Y ork , N . Y . (E le c te d b y G rou p 3 b a n k s) (A -1 9 6 2 ), C hairm an o f the B oa rd , P e o p le s T ru st C om p an y o f B e r g e n C ou n ty, H a ck en sa ck , N . J . (E le c te d b y G rou p 2 b a n k s) E verett N annan E x ecu tiv e V ic e P resid en t, [Jnion C a rb id e C orp ora tion , N e w Y o rk , N . Y . (E le c te d b y G rou p 2 b a n k s) A C esa r J. B e rth e a u II. H enneth C hairm an o f th e B o a r d , M o rg a n G u a ra n ty T ru st C om p an y o f N e w Y o rk , N ew Y o r k , N . Y . (E le c te d b y G rou p 1 b a n k s) (C -1 9 6 3 ), ott (A -1 9 6 3 ), P resid en t, T h e F ir s t N a tio n a l B a n k o f M o ra v ia , M o ra v ia , N . Y . (E le c te d b y G rou p 3 b a n k s) P resid en t, C o lg a te U n iv e rsity , H a m ilto n , N . Y . B . E a r l P u c k e t t (B -1 9 6 1 ), C hairm an o f the B o a r d , A llie d S tores C orp ora tion , N ew Y o rk , N . Y . (E le c te d b y G roup 1 b a n k s) * The letter indicates the class o f d irector; term expires Decem ber 31 o f the year indicated. OFFICERS President First Vice President R o b e r t V . R o o s a , Vice President R o b e r t G . R o u s e , Vice President W a l t e r H . R o z e l l , J r ., Vice President H o r a c e L . S a n f o r d , Vice President T o d d G. T i e b o u t , Vice President and General Counsel A lfr e d H a yes, W illia m F . T re ib e r , H a r o l d A . B i l b y , Vice President C h a r l e s A . C o o m b s , Vice President H o w a r d D . C r o s s e , Vice President M a r c u s A . H a r r i s , Vice President H e r b e r t H . K i m b a l l , Vice President J o h n J . C la r k e , Assistant General Counsel E d w a rd G. G u y, Assistant General Counsel 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 G e o r g e G a r v y , Adviser J o h n P . J e n s e n , Assistant Vice President P e t e r P . L a n g , Adviser R o b e r t G . L i n k , Assistant Vice President A n g u s A . M a c I n n e s , J r ., Assistant Vice President S p e n c e r S . M a r s h , J r ., Assistant Vice President F r e d W . P i d e r i t , J r ., Assistant Vice President L a w r e n c e E . Q u a c k e n b u s h , Assistant Vice President F r e d e r i c k L ., S m e d l e y , Assistant Vice President T h o m a s O . W a a g e , Assistant Vice President M a r t i n W . B e r g i n , Manager, Savings Bond Department W i l l i a m H . B r a u n , J r ., Secretary, and Assistant Counsel R o b e r t L . C o o p e r , Manager, Securities Department R o b e r t J . C r o w l e y , Assistant Counsel P e t e r F o u s e k , Senior Economist A l a n R . H o l m e s , Manager, Securities Department F r e d H . K l o p s t o c k , Manager, Research Department H a r o l d W . L e w i s , Manager, Security Custody Department W i l l i a m E . M a r p l e , Manager, Credit and Discount J o h n F . P i e r c e , Chief Examiner E v e r e t t B . P o s t , Manager, Planning Department C h a r l e s R . P r i c h e r , Manager, Personnel Department J o h n P . R i n g e n , Manager, Bank Examinations Department T h o m a s J . R o c h e , Manager, Foreign Department W a l t e r S . R u s h m o r e , Manager, Collection Department F r a n k W . S c h i f f , Manager, Research Department T h o m a s C. S l o a n e , Assistant Counsel K e n n e t h E . S m a l l , Manager, Government Bond and Department Safekeeping Department M a d e lin e H . M c W h in n e y , Manager, Market Statistics Department P a u l M e e k , Manager, H e rb e rt A . M u e th e r, Public Information Department Manager, Building Operating Department D o n a l d C . N i l e s , Manager, Accounting Department 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, Cash Custody Department F r a n k l i n E . P e t e r s o n , Manager, Cash Department G e o r g e C. S m i t h , Manager, Check Department A l o y s i u s J . S t a n t o n , Manager, Check Mechanization Department R o b e r t W . S t o n e , Manager, Securities Department R o b e r t C . T h o m a n , Manager, Bank Relations Department T h o m a s M . T i m l e n , J r ., Assistant Counsel, and Assistant Secretary M e r ly n N . T ru ed , R o b e r t Y o u n g , J r ., D o n a l d J . C a m e r o n , General Auditor K a r l L . E g e , Assistant General Auditor 5 Manager, Foreign Department Assistant Counsel Federal Reserve Bank of New York M EM B ER OF F ED E R AL A D V ISO R Y COUNCIL G eorge A . M urphv, C hairm an o f the B o a rd , Ir v in g T ru st C om pan y, N ew Y o rk , N . Y . Buffalo Branch of Federal Reserve Bank of New York DIRECTORS W h i t w o r t h F e r g u s o n , Chairman P re sid e n t, F e rg u so n E le ctric C onstruction Co., In c., B u ffa lo , N . Y . H ow a rd N . D on ovan, R aym on d E. O ls o n , P resid en t, T a y lo r In stru m en t C om panies, P re sid e n t, B an k o f Ja m estow n , Ja m estow n , N . Y . R och ester, N . Y . J o h n W . R e m in g to n , D e n to n A. F u lle r , P resid en t, L in c o ln R och ester T ru st C om p an y, P re sid e n t, T h e C itizens N a tio n a l B a n k o f R och ester, N . Y . W e llsv ille , W e lls v ille , N . Y . F r a n c is A . S m it h , T h o m a s E . L a M o n t , F arm er, P resid en t, T h e M a rin e T ru st C om p an y A lb io n , O rlean s C ou n ty, N ew Y o r k o f W e ste rn N e w Y o rk , B u ffa lo , N . Y . OFFICERS I n s l e y B . S m i t h , V ice President H a r o l d M . W e s s e l , Assistant Vice President G e o r g e J . D o l l , Cashier J ohn T. K G e r a l d I I . G r e e n e , A ssistant Cashier M. M (1 onroe eane, M A ssistant Cashier yers, A ssistan t Cashier
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