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F E D E R A L R E S E R V E BAN K O F NEW YO RK r Circular No. 5 4 4 0 "I L January 8, 1964 J FORTY-NINTH ANNUAL STATEMENT To the Member Banks of the Second Federal Reserve District: Herewith is a statement of condition of the Federal Reserve Bank o f New York at the close of the year 1963, and of earnings and expenses for that year. For convenient comparison, the corresponding figures for 1962 are also shown. The regular annual report of the Bank, containing a review of economic and financial developments and o f Bank operations in 1963, 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. 19 14 F I F T I E T H A N N I V E R S A R Y 19 6 4 Statement of Condition ASSETS Bee. 31,1963 Bee. 31,1962 Gold certificate a c c o u n t........................................ $ 3,608,466,202 $ 3,394,816,738 Redemption fund for Federal Reserve notes.. 334,006,092 302,817,637 Federal Reserve notes of other B a n k s ............ 109,995,355 94,866,195 Other cash .............................................................. 31,675,918 42,078,021 Total c a s h ........................................................ $ 4,084,143,567 $ 3,834,578,591 $ $ Discounts and advan ces........................................ 9,998,000 15,474,000 Acceptances: Bought outright ................................................ 69,978,083 52,561,639 Held under repurchase agreem en t................ 91,742,032 57,692,076 Bought outright ................................................ 8,696,757,000 7,526,600,000 Held under repurchase a g reem en t................ 10,800,000 342,000,000 Total loans and secu rities............................ $ 8,879,275,115 $ 7,994,327,715 U. S. Government securities : Other assets: Gash items in process of co lle ctio n ................ $ 1,688,500,100 $ 1,604,891,631 Bank p re m ise s.................................................... 8,110,101 8,413,283 All o t h e r .............................................................. 105,935,152 90,286,293 Total other a s s e ts .......................................... $ 1,802,545,353 $ 1,703,591,207 TO TA L A SSE T S ........................................ $14,765,964,035 $13,532,497,513 2 Statement of Condition ( Continued) L IA B IL IT IE S Dec. 31,1963 Federal Reserve notes ........................................ $ 7,939,567,873 $ 7,234,646,685 Member bank reserve a cco u n ts...................... $ 4,994,534,552 $ 4,643,682,274 U. S. Treasurer— general a c c o u n t................ 227,126,407 117,026,081 Foreign* .............................................................. 54,054,210 58,120,902 Other .................................................................... 167,741,320 289,175,930 Total deposits ................................................ $ 5,443,456,489 $ 5,108,005,187 Deferred availability cash ite m s .................... All o t h e r .............................................................. $ 967,103,815 21,013,658 $ 795,421,196 18,357,795 Total other liabilities .................................. $ 988,117,473 $ 813,778,991 TO TA L L IA B IL IT IE S .............................. $14,371,141,835 $13,156,430,863 $ $ Dec. 31,1962 D eposits: Other liabilities: C A P IT A L ACCOUNTS Capital paid i n ...................................................... Surplus .................................................................... 131,607,400 250,711,100 263,214,800 $ 376,066,650 TO TA L C A P IT A L ACCOUNTS ............ $ TO TA L L IA B IL IT IE S AND C A P IT A L ACCOUNTS .............................................. $14,765,964,035 $13,532,497,513 * After deducting participations of other Federal Reserve Banks amounting t o ................................................................................... $116,960,000 $188,760,000 Contingent liability on acceptances purchased for foreign correspondents (after deducting participa tions of other Federal Reserve Banks amounting to $67,178,900 on December 31, 1963 and $61,056,600 on December 31, 1962) .............................................. $24,672,657 $24,464,162 Ratio of gold certificate reserves to deposit and Federal Reserve note liabilities com b in ed .............. 29.5% 30.0% 3 394,822,200 125,355,550 Statement of Earnings and Expenses 1963 1962 Total current e a rn in g s.................................................. $291,816,682 $261,931,405 Net expenses .................................................................. 39,098,579 36,115,339 $252,718,103 $225,816,066 Additions to current net earnings: $ All other 77,185 $ 112,711 492,364 119,711 $ 189,896 $ 612,075 $ 10,969 $ 408,191 $ 178,927 $ 203,884 $252,897,030 $ 7,743,061 $226,019,950 $ 7,419,208 Paid U. S. Treasury (as interest on Federal Reserve notes) ............................................................................ $232,650,269 $210,885,742 Transferred to surplus ................................................ $ 12,503,700 $ Surplus— beginning of y e a r ........................................ $250,711,100 $242,996,100 Transferred from net earnings for y e a r .................. 12,503,700 7,715,000 Surplus— end of y e a r .................................................... $263,214,800 $250,711,100 7,715,000 SURPLUS ACCOUNT 4 Federal Reserve Bank of New York DIRECTORS P h il ip D. R eed ( 0 - 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 of the Board, Bigelow-Sanford, Inc., New York, N. Y. Deputy Chairman E verett N . Ca se (C -1 9 6 6 ), K e n n e t h H . H a n n a n ( B -1 9 6 5 ) , President, Alfred P. Sloan Foundation, New York, N. Y . Executive Vice President, Union Carbide Corporation, New York, N. Y. (Elected by Group 2 banks) G eorge Ch a m p io n (A -1 9 6 4 ), A lbert L . N ickerson (B -19 66 ), Chairman of the Board, The Chase Manhattan Bank, New York N. Y . (Elected by Group 1 banks) Chairman of the Board, Socony Mobil Oil Company, Inc., New York, N. Y. (Elected by Group 3 banks) R ober t H. F e a r o n (A -1 9 6 6 ), B. E ar l P u c k e t t (B -19 64 ), Former Chairman of the Board, Allied Stores Corporation, New York, N. Y . (Elected by Group 1 banks) President, The Oneida Valley National Bank of Oneida, Oneida, N. Y . (Elected by Group 3 banks) R a l p h H. R ue (A -1 9 6 5 ), Chairman of the Board, The Schenectady Trust Company, Schenectady, N. Y. (Elected by Group 2 banks) * The letter indicates the clas9 of director; term expires December 31 of the year indicated. OFFICERS A l f r e d H a y e s , President W il l ia m F. T r e ib e r , First Vice President H ar o ld A. B i l b y , Vice President J o h n J . C l a r k e , Vice President and General Counsel 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 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 R obert G. R o u s e , Vice President and Senior Adviser 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 h o m a s O . W a a g e , Vice President E d w a r d G. Guy, Assistant General Counsel W i l l i a m H . B r a u n , J r., 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 P eter F o u s e k , Assistant Vice President P e ter P . L a n g , Adviser R o ber t G. L i n k , Adviser A n g u s A . M a c I n n e s , J r ., Assistant Vice President H a rold M . W T h o m a s C. S l o a n e , Assistant General Counsel S p e 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 T h o m a s J. R o c h e , Senior Foreign Exchange Officer F r a n k W . S c h i f f , Assistant Vice President F r e d e r ic k L . S m e d l e y , Assistant Vice President P eter D . S t e r n l ig h t , Assistant Vice President essel, G e r ald E . B e a c h , Manager, Security Custody Department M a r t in W . B e r g in , Manager, Public Information Department E r n e s t E . B l a n c h e t t e , Manager, Bank Relations Department A. T h o m a s C o m b a d e r , Manager, Building Operating Department R ober t L . C o oper , Manager, Acceptance Department R ober t J. C r o w l e y , Assistant Counsel R ic h a r d A. D e b s , Assistant Counsel K a r l L . E ge , Manager, Collection Department 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 B r u c e K . M a c L a u r y , Manager, Foreign Department W i l l i a m E . M a r p l e , Manager, Credit and Discount Department M a d e l in e H . M c W h i n n e y , Manager, Market Statistics Department Assistant Vice President P a u l M e e k , Manager, Securities 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 J a m e s H. O l t m a n , Assistant Counsel J o h n F . P ie 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 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 e r S. R u s h m o r e , Manager, Savings Bond Department F r a n c is H. S c h o t t , Manager, Research Department W i l l i a m M . S c h u l t z , Manager, Personnel Department 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 Rober t C. T h o m a n , Manager, Government Bond and Safekeeping Department, and Assistant Secretary 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 J o h n P. J e n s e n , General Auditor L e o n a r d I . B e n n e t t s , Assistant General Auditor 5 Federal Reserve Bank of New York MEMBER OF FEDERAL ADVISORY COUNCIL W il l ia m H. M oore , Chairman of the Board, Bankers Trust Company, New York, N. Y. Buffalo Branch of Federal Reserve Bank of New York DIRECTORS F e r o u s o n , Chairman President, Ferguson Electric Construction Co., Inc., Buffalo, N. Y. W h it w o r t h M a u r ic e R. F o r m a n , C h a r l e s W . M il l a r d , Jr., President, B. Forman Company, Rochester, N. Y. President, Manufacturers and Traders Trust Company, Buffalo, N. Y. A r t h u r S. H a m l i n , President, The Canandaigua National Bank and Trust Company, Canandaigua, N. Y. T h o m a s E. L a M o n t , E l m e r B. M i l l i m a n , President, Central Trust Company Rochester N. Y ., Rochester, N. Y. A nson F . Sh er m an , President, The Citizens Central Bank, Arcade, N. Y. Farmer, Albion, Orleans County, New York OFFICERS I n s l e y B. S m i t h , Vice President G eorge J . D o l l , Assistant Vice President and Cashier G e r a l d H. G r e e n e , Assistant Cashier J o h n T. K eane, Assistant Cashier
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