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FEDERAL RESERVE BANK OF NEW YORK r Circular No. 5 2 8 3 ~l L January 4, 1963 J FORTY-EIGHTH 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 1962, and of earnings and expenses for that year. For convenient comparison, the corresponding figures for 1961 are also shown. The regular annual report of the Bank, containing an account of its operations for the year ended December 31, 1962, 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 Dec. 31,1962 Dec. 3 1 ,1961 Gold certificate account........................................... $ 3,394,816,738 $ 3,479,128,978 Redemption fund for Federal Reserve n otes.. 302,817,637 278,305,717 Federal Reserve notes of other B a n k s............... 94,866,195 107,773,715 Other cash .................................................................. 42,078,021 54,645,298 Total c a s h ............................................................ Discounts and advances........................................... $ 3,834,578,591 $ 3,919,853,708 $ $ 15,474,000 105,600,000 Acceptances: Bought outright..................................................... 52,561,639 48,514,733 Held under repurchase agreement................. 57,692,076 3,008,503 Bought outright ................................................... 7,526,600,000 7,103,246,000 Held under repurchase agreement................. 342,000,000 159,000,000 U. S. Government securities: Total loans and securities ............................ $ 7,994,327,715 $ 7,419,369,236 Other assets: Cash items in process of collection............... $ 1,604,891,631 $ 1,643,694,515 Bank premises ..................................................... 8,413,283 8,897,965 All o th e r .................................................................. 90,286,293 58,639,842 Total other a sse ts............................................. $1,703,591,207 $ 1,711,232,322 TOTAL A S S E T S ............................................. $13,532,497,513 $13,050,455,266 I Statement of Condition ( Continued) L IA B IL IT IE S Dec. 31,1962 Dec. 31,1961 Federal Reserve n o te s ............................................. $ 7,234,646,685 $ 6,751,487,670 Member bank reserve accounts....................... $ 4,643,682,274 $ 4,516,756,847 U. S. Treasurer— general account................. 117,026,081 129,236,527 Foreign* .................................................................. 58,120,902 88,059,148 Other ........................................................................ 289,175,930 229,209,101 Total deposits ................................................... $ 5,108,005,187 $ 4,963,261,623 Deferred availability cash ite m s..................... All o th e r .................................................................. $ 795,421,196 18,357,795 $ 955,610,075 15,601,748 Total other liabilities .................................... $ 813,778,991 $ 971,211,823 TOTAL L IA B IL IT IE S ................................ $13,156,430,863 $12,685,961,116 $ $ Deposits: Other liabilities: C A P IT A L ACCOUNTS Capital paid i n .......................................................... Surplus ........................................................................ 125,355,550 242,996,100 250,711,100 $ 364,494,150 TOTAL C APITAL A C C O U N T S ............... $ TOTAL L IA B IL IT IE S AND C A P IT A L ACCOUNTS ................................................. $13,532,497,513 $13,050,455,266 * After deducting participations of other Federal Reserve Banks amounting to ........................................................................... $188,760,000 $190,800,000 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... 376,066,650 121,498,050 24,464,162 $ 36,004,230 61,056,600) ($ 90,000,000) 30.0% 32.1% 3 I Statement of Earnings and Expenses 1962 1961 Total current earnings..................................................... $261,931,405 $235,242,335 Net expenses........................................................................ 36,115,339 32,776,084 Current net earnings .............................................. $225,816,066 $202,466,251 $ $ Additions to current net earnings: Profit on sales of U. S. Government securities (net) 492,364 10,733 119,711 All other .......................................................................... 859,086 Total additions ......................................................... $ 612,075 $ 869,819 Deductions from current net earnings....................... $ 408,191 $ 3,827 Net additions ...................................................................... $ 203,884 $ 865,992 Net earnings available for distribution............. Dividends p a id .................................................................... $226,019,950 $203,332,243 $ $ 7,419,208 7,043,136 Paid U. S. Treasury (as interest on Federal Reserve $210,885,742 $182,395,607 $ 7,715,000 $ 13,893,500 Surplus— beginniug of y e a r .......................................... $242,996,100 $229,102,600 Transferred from net earnings for y e a r ................... 7,715,000 13,893,500 Surplus— end of y e a r ....................................................... $250,711,100 $242,996,100 notes) ................................................................................. Transferred to surplus ................................................... SURPLUS ACCOUNT i Federal Reserve Bank of New York DIRECTORS P h i l i p D . R eed ( C - 1 9 6 5 * ) , Former Chairman of the Board, General Electric Company, New York, N. Y. Chairman, and Federal Reserve Agent J a m e s D e Ca m p W is e (C -1 9 6 4 ), Former Chairman o f the Board, Bigelow-Sanford, Inc., New York, N. Y. Deputy Chairman A. N. C a s e ( C - 1 9 6 3 ) , President, Alfred P. Sloan Foundation, New York, N. Y. E verett (A -1964), Chairman of the Board, The Chase Manhattan Bank, New York, N. Y. (Elected by Group 1 banks) G eorge C h a m p i o n K A L . N ic k e r s o n (B -1963), Chairman o f the Board, Socony Mobil Oil Company, Inc., New York, N. Y. (Elected by Group 3 banks) lbert B. H . H a n n a n (B -1965), Executive Vice President, Union Carbide Corporation, New York, N. Y. (Elected by Group 2 banks) enneth (A -1963), President, The First National Bank of Moravia, Moravia, N. Y. (Elected by Group 3 banks) L eo n a r d M o tt (B-1964), Chairman o f the Board, Allied Stores Corporation, New York, N. Y. (Elected by Group 1 banks) E arl P u c k e t t R a l p h H . R u e (A -1965), President, The Schenectady Trust Company, Schenectady, N. Y. (Elected by Group 2 banks) The letter indicates the class of director; term expires Decem ber 31 of the year indicated. OFFICERS A W il l i a m lfred H a rold 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 G eorge G a r v y , Economic Adviser M a r c u s A . H a r r is , Vice President A l a n R . H o l m e s , Vice President T homas J oh n J . Clark e, H erbert H . K im b a l l , Vice President R obert G. R o u s e , Vice President and Senior W a l t er H . R o z e l l , J r., Vice President H orace L . S a n f o r d , Vice President R obert W . S t o n e , Vice President T odd G. T ie b o u t , Vice President and General O . W a a g e , Vice President Assistant General Counsel F e l ix T . D a v i s , Assistant Vice President N o r m a n P . D a v is , Assistant Vice President J o h n P . J e n s e n , Assistant Vice President P e ter P . L a n g , Adviser R obert 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 M a r t in W . B e r g in , Manager, Public Information Department E rnest E . B la n c h e tte , President First Vice President H ayes, F . T r e ibe r , Manager, Bank Relations Department W i l l i a m H . B r a u n , Jr., Assistant Counsel A . T h o m a s C o m b a d e r , Manager, Building Operating Department R ober t L . C ooper , Manager, Securities Department R ober t J. C r o w l e y , Assistant Counsel K a r l L . E g e , Manager, Savings Bond Department P eter F o u s e k , Manager, Foreign Department M a r t in 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 rold W . L e w i s , Manager, Security Custody Department R ober 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 E dw ard a d e l in e H . M cW G. Guy, Assistant General Counsel 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 E ve r e tt B . P o s t , Manager, Planning Department C h a r l e s R . P r ic h e r , Manager, Personnel Department J o h n P . R i n g e n , Manager, Bank Examinations Department E d w i n S. R o t h m a n , Manager, Foreign Department W a l t er 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 Department F r a n c is H. S c h o t t , Manager, Foreign 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 h in n e y , Manager, Market Statistics Department Manager, Securities Department, and Assistant Secretary P aul M eek, Counsel S p e n ce 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 T h o m a s J. R o c h e , Senior Foreign Exchange Officer F r ed er ick L . S m e d l e y , Assistant Vice President M e r l y n N . T r u e d , Assistant Vice President Department M Adviser 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, Collection Department T h o m a s M . T i m l e n , J r ., Secretary, and Assistant Counsel R obert Y o u n g , J r ., Assistant Counsel D o n a l d J . C a m e r o n , General Auditor L e o n a r d I . B e n n e t t s , Assistant General Auditor 5
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