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F E D E R A L R E S E R V E B ANK O F N E W YORK r Circular No. 5 1 3 3 "I L January 5, 1962 J FORTY-SEVENTH ANNUAL STATEMENT To the Member Banks o f the Second Federal Reserve D istrict: Herewith is a statement of condition of the Federal Reserve Bank of New York at the close of the year 1961, and of earnings and expenses for that year. For convenient comparison, the corresponding figures for 1960 are also shown. The regular annual report of the Bank, containing an account of its operations for the year ended December 31, 1961, 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 Bee. 31,1961 Dec. 31,1960 Gold certificate account........................................... $ 3,479,128,978 $ 3,819,405,384 Redemption fund for Federal Reserve n otes.. 278,305,717 254,584,037 Federal Reserve notes of other b a n k s............... 107,773,715 118,166,750 Other cash .................................................................. 54,645,298 58,804,853 Total c a s h ............................................................ $ 3,919,853,708 $ 4,250,961,024 Discounts and advances........................................... $ 105,600,000 $ 2,480,000 Acceptances: Bought outright..................................................... 48,514,733 53,335,274 Held under repurchase agreement................. 3,008,503 20,261,429 Bought outright ................................................... 7,103,246,000 6,730,744,000 Held under repurchase agreem ent................. 159,000,000 400,000,000 Total loans and securities ............................ $ 7,419,369,236 $ 7,206,820,703 Cash items in process of collection............... $ 1,643,694,515 $ 1,456,311,375 Bank premises ..................................................... 8,897,965 9,386,014 All o th e r .................................................................. 58,639,842 51,863,403 Total other a sse ts ............................................. $ 1,711,232,322 $ 1,517,560,792 TOTAL A S S E T S ............................................. $13,050,455,266 $12,975,342,519 U. S. Government securities: Other assets: 2 Statement of Condition ( Continued ) L IA B IL IT IE S Dec. 31,1961 Dec. 31,1960 Federal Reserve n o te s ............................................. $ 6,751,487,670 $ 6,662,953,220 Member bank reserve accounts........................ $ 4,516,756,847 $ 4,581,510,279 U. S. Treasurer— general account ................. 129,236,527 72,160,280 Foreign* .................................................................. 88,059,148 64,205,521 Other ......................................................................... 229,209,101 396,897,596 Total deposits ................................................... $ 4,963,261,623 $ 5,114,773,676 Deferred availability cash ite m s..................... All o th e r .................................................................. $ 955,610,075 15,601,748 $ 844,369,247 9,592,476 Total other liabilities ..................................... $ 971,211,823 $ 853,961,723 TOTAL L IA B IL IT IE S ................................ $12,685,961,116 $12,631,688,619 $ $ Deposits: Other liabilities: C A P IT A L ACCOUNTS Capital paid i n .......................................................... Surplus ......................................................................... 121,498,050 229,102,600 242,996,100 TOTAL C A P IT A L A C C O U N T S ............... $ TO TAL L IA B IL IT IE S AND C A P IT A L ACCOUNTS ................................................. $13,050,455,266 $12,975,342,519 * After deducting participations o f other Federal Eeserve Banks amounting to ........................................................................... $190,800,000 $153,010,000 Contingent liability on acceptances purchased for foreign correspondents................................ $ (after deducting participations of other Federal Reserve Banks amounting t o ) ........... ($ Ratio of gold certificate reserves to deposit and Federal Reserve note liabilities combined.. . 3 364,494,150 114,551,300 $ 343,653,900 36,004,230 $ 64,376,346 90,000,000) ($ 166,023,000) 32.1% 34.6% Statement of Earnings and Expenses 1961 Total current earnings..................... 1960 $235,242,335 $277,093,133 32,776,084 30,751,930 $202,466,251 $246,341,203 $ $ Net expenses.................................. Current net earnings .......................... Additions to current net earnings: Profit on sales of U. S. Government securities (net) Transferred from reserve for contingencies (net) 859,086 607,327 0 10,733 All other .................................. Total additions ....................... 1,837,333 26,142 $ 869,819 $ 2,470,802 Deductions from current net earnings............. $ 3,827 $ 5,562 Net additions .......................... $ 865,992 $ 2,465,240 Net earnings available for distribution . . . . $203,332,243 $248,806,443 Dividends p a id ..................... $ $ Paid U. S. Treasury (as interest on Federal Reserve notes) .......................... $182,395,607 $233,806,144 Transferred to surplus ............. $ 13,893,500 $ $229,102,600 $220,904,600 13,893,500 8,198,000 $242,996,100 $229,102,600 7,043,136 6,802,299 8,198,000 SURPLUS ACCOUNT Surplus— beginning of year Transferred from net earnings for year Surplus— end of y e a r ......... Federal Reserve Bank of New York DIRECTORS P h il i p D. R eed (C-1962*), Former Chairman o f the Board, General Electrie Company, New York, N. Y. Chairman, and Federal Reserve Agent J a m e s D e C a m p W is e (C-19G4), Former Chairman o f the Board, Bigelow-Sanford, Inc., New York, N. Y. Deputy Chairman (A -1 9 6 2 ), Chairman o f the Board, Peoples Trust Company of Bergen County, Hackensack, N. J. (Elected by Group 2 banks) E v e r e t t N. C a s e (C -1963), President, Colgate University, Hamilton, N. Y. H . H a n n a n (B -1962), Executive Vice President, Union Carbide Corporation, New York, N. Y. (Elected by Group 2 banks) A. L e o n a r d M o tt ( A —1963), President, The First National Bank o f Moravia, Moravia, N. Y. (Elected by Group 3 banks) Ce s a b J . B e r t h e a u K enneth (A -1 9 6 4 ), Chairman o f the Board, The Chase Manhattan Bank, New York, N. Y. (Elected by Group 1 banks) L. N i c k e r s o n (B -1 963 ), Chairman o f the Board, Socony Mobil Oil Company, Inc., New York, N. Y. (Elected by Group 3 banks) G eorge C h a m p i o n A lbert B. E a r l P u c k e t t (B -1964), Chairman o f the Board, Allied Stores Corporation, New York, N. Y. (Elected by Group 1 banks) The letter indicates the class of director; term expires December 31 of the year indicated. OFFICERS A l f r ed W il l ia m F. H H ar o ld 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. Cr o s s e , Vice President M a r c u s A. H a r r is , Vice President H er b er t H . K i m b a l l , Vice President J o h n J . Cl a r k e , Assistant General Counsel F e l i x T . D a v is , Assistant Vice President N o r m a n P . D a v i s , Assistant Vice President G eorge G a r v y , Adviser A l a n R . H o l m e s , Assistant Vice President 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 er t G . L i n k , Assistant Vice President T h o m a s O. W E dward G. G u y , aage, Department c W h i n n e y , Manager, Market Statistics Department P a u l M e e k , Manager, Public Information Department, and Assistant Secretary 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 J o h n F . P ie r c e , Chief Examiner M a d e l in e H . M K Assistant General Counsel A n g u s A . M a c I n n e s , Jr., Assistant Vice President S pe n c e r S . M a r s h , Jr., Assistant Vice President F red W . P id e r it , Jr., 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 ic k L . S m e d l e y , Assistant Vice President R obert W . S t o n e , Assistant Vice President M e r l y n N . T r u e d , Assistant Vice President Assistant Vice President L e o n a r d I . B e n n e t t s , Manager, Collection Department M a r t i n W . B e r g in , Manager, Savings Bond Department W i l l i a m H . B r a u n , Jr., Assistant Counsel R ober t L . C ooper , Manager, Securities Department R ober t J. Cr o w l e y , Assistant Counsel P e t e r F o u s e k , Senior Economist M a r t i n F r e n c h , Manager, Cash Custody Department F red H . K l o p s t o c k , Manager, Research Department H a r o ld W . L e w i s , Manager, Security Custody Department R o b er t L i n d s a y , Senior Economist W i l l i a m E. M a r p l e , Manager, Credit and Discount President First 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 , Jr., Vice President H o r a c e L . S a n f o r d , Vice President Todd G. T ie b o u t , Vice President and General Counsel ayes, T r e ib e r , E verett Charles J ohn P . Fiio m a s W alter B . P o s t , Manager, Planning Department R . P r ic h e r , Manager, Personnel Department R i n g e n , Manager, Bank Examinations Department J. R o c h e , Manager, Foreign Department S . R u s h m o r e , Manager, Government Bond and Safekeeping Department F r a n k W . S c h i f f , Manager, Research F r a n c is II. S c h o t t , Manager, Foreign Department Department W i l l i a m M. S c h u l t z , Manager, Personnel 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, Cash Department G eorge C. S m i t h , Manager, Check Department A l o y s iu s J. S t a n t o n , Manager, Check Mechanization Department P eter D . S t e r n l ig h t , Manager, Securities Department R obert C. T h o m a n , Manager, Bank Relations Department T h o m a s M. T i m l e n , Jr., Secretary, and Assistant Counsel R obert Y o u n g , Jr., Assistant Counsel D o n a l d J . C a m e r o n , General Auditor a r l L . E g e , Assistant General Auditor 5 Federal Reserve Bank of New York MEMBER OF FEDERAL ADVISORY COUNCIL G eorge A . M u r p h y , Chairman o f the Board, Irving Trust Company, New York, N. Y. Buffalo Branch of Federal Reserve Bank of New lork DIRECTORS R a y m o n d E. O l s o n , Chairman President, Taylor Instrument Companies, Rochester, . Y. N. D o n o v a n , President, Bank of Jamestown, Jamestown, N. Y. E lm er H oward W h it w o r t h F erguson, A nson B. M i l l i m a n , President, Central Trust Company Rochester N. Y., Rochester, N. Y. F . Sh erm an, President, The Citizens Central Bank, Arcade, N. Y. President, Ferguson Electric Construction Co., Inc., Buffalo, N. Y. A. S m i t h , President, The Marine Trust Company o f Western New York, Buffalo, N. Y. F r a n c is E. L a M o n t , Farmer, Albion, Orleans County, New York T homas OFFICERS I nsley H a rold M . W G eorge J. D oll, Cashier G e r ald H . G r e e n e , Assistant Cashier B. S m it h , essel, Vice President Assistant Vice President J ohn T. K eane, M . M onroe M Assistant Cashier yers, Assistant Cashier
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