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FEDERAL RESERVE BANK OF N EW YORK r Circular N o. 5 6 0 0 1 L January 8, 1965 J FIFTIETH ANNUAL STATEMENT To the Member Banks of the Second Federal Reserve District: Herewith is a statement of condition of the Federal Reserve Bank of New York at the close of the year 1964, and of earnings and expenses for that year. For convenient comparison, the corresponding figures for 1963 are also shown. The regular annual report of the Bank, containing a review of economic and financial developments and of Bank operations in 1964, is now being prepared. When it is issued, a copy will be sent to each member bank in the District. A lfked P Ia y e s , President. Statement of Condition ASSETS Dec. 31,1964 Dec. 31,1963 Gold certificate a c c o u n t........................................ $ 3,072,781,082 $ 3,608,466,202 Redemption fund for Federal Reserve n o te s .. 355,065,777 334,006,092 Federal Reserve notes of other B a n k s ............ 183,440,863 109,995,355 Other cash .............................................................. 32,083,000 31,675,918 Total c a s h ................................ ........................ $ 3,643,370,722 $ 4,084,143,567 $ $ Discounts and ad va n ces........................................ 40,980,000 9,998,000 Acceptances: Bought outright ................................................ 58,928,736 69,978,083 Held under repurchase agreem en t................ 34,839,463 91,742,032 Bought outright ................................................ 8,748,237,000 8,696,757,000 Held under repurchase agreem en t................ 537,500,000 10,800,000 Total loans and secu rities............................ $ 9,420,485,199 $ 8,879,275,115 Cash items in process o f co lle ctio n ................ $ 1,833,246,273 $ 1,688,500,100 Bank p re m ise s.................................................... 7,803,426 8,110,101 All other* ............................................................ 139,526,063 105,935,152 Total other a s s e t s .......................................... $ 1,980,575,762 $ 1,802,545,353 TO TA L A S S E T S ........................................ $15,044,431,683 $14,765,964,035 U. S. Government securities: Other assets : * Includes assets denominated in foreign currencies. 2 Statement of Condition (Continued) L IA B IL IT IE S Dec. 31,1964 Dec. 31,1963 $ 8,253,862,367 $ 7,939,567,873 Member bank reserve a ccou n ts...................... $ 4,829,799,258 $ 4,994,534,552 U. S. Treasurer— general a c c o u n t................ 152,504,789 227,126,407 Foreign* .............................................................. 67,430,400 54,054,210 Other .................................................................... 180,823,679 167,741,320 Total deposits ................................................ $ 5,230,558,126 $ 5,443,456,489 Deferred availability cash it e m s .................... A ll o t h e r .............................................................. $ 1,113,473,165 172,110,325 $ 967,103,815 21,013,658 Total other liabilities .................................. $ 1,285,583,490 $ 988,117,473 TO TA L L IA B IL IT IE S .............................. $14,770,003,983 $14,371,141,835 $ $ Federal Reserve notes ........................................ D eposits: Other liabilities: C A P IT A L ACCOUNTS Capital paid in ...................................................... Surplus .................................................................... 137,213,850 263,214,800 137,213,850 $ 394,822,200 TO TAL 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 .............................................. $15,044,431,683 $14,765,964,035 * After deducting participations of other Federal Reserve Banks amounting to ................................................................................ $161,480,000 $116,960,000 Contingent liability on acceptances purchased for foreign correspondents (after deducting participa tions of other Federal Reserve Banks amounting to $90,135,200 on December 31, 1964 and $67,178,900 on December 31, 1 9 6 3 )................................................ $32,311,370 $24,672,657 Ratio of gold certificate reserves to deposit and Federal Reserve note liabilities com bin ed.............. 25.4% 29.5% 3 274,427,700 131,607,400 Statement of Earnings and Expenses 1964 Total current ea rn in g s.................................................. $ 1963 335,357,068 $291,816,682 40,955,624 39,098,579 $ 294,401,444 $252,718,103 $ 150,704 Net expenses .............................................................. ... Current net earnings ............................................ Additions to current net earnings: Profit on sales of U. S. Government securities (net) All other ...................................................................... $ 76,053 77,185 112,711 Total additions ...................................................... ....$ 226,757 $ 189,896 Deductions from current net ea rn in g s...................... ....$ 6,308 $ 10,969 Net additions .................................................................. ....$ 220,449 $ 178,927 Net earnings available for d istribu tion ............ .... $ 294,621,893 $252,897,030 Dividends p a i d ................................................................ ... $ 8,137,655 Payments to U. S. Treasury (interest on Federal Reserve notes) ............................................................ ... $ 412,485,188 $232,650,269 Transferred to surplus ................................................ ....$ —126,000,950 $ 12,503,700 $ 7,743,061 SURPLUS ACCOUNT Surplus— beginning of y e a r ........................................ $ Payments to U. S. Treasury (interest on Federal Reserve notes) ............................................................ Surplus— end of y e a r .................................................... 4 $ 12,503,700 263,214,800 $263,214,800 126,000,950 $ $250,711,100 0 Transferred from net earnings for y e a r .................. 263,214,800 0 137,213,850 $263,214,800 Federal Reserve Bank of New York DIRECTORS P h il ip 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 E verett N . Ca se (C -1 9 6 6 ), President, Alfred P. Sloan Foundation, New York, N. Y. Deputy Chairman H. F e a r o n (A -1 9 6 6 ), President, The Oneida Valley National Bank of Oneida, Oneida, N. Y . (Elected by Group 3 banks) R obert „ K „ TT G eorge A A. M u r p h y (A -1 9 6 7 ), Chairman of the Board, Irving Trust Company, New York, N. Y. (Elected by Group 1 banks) g (C -1967), President, New York University, New York, N. Y . L. N i c k e r s o n (B -19 66 ), Chairman of the Board, Mobil Oil Company, Inc., N * York N y F (Elected by Group 3 banks) lbert II. H a n n a n ( o ), Executive Vice President, Union Carbide Corporation, New York, N. Y . (Elected by Group 2 banks) enneth (A -1 9 6 5 ), Chairman of the Board, The Schenectady Trust Company, Schenectady, N. Y . (Elected by Group 2 banks) J a m e s M . H ester Ralph H . R ue A rthur K . W atson (B -1 9 6 7 ), Chairman of the Board, IBM World Trade Corporation, New York, N. Y., and Senior Vice President, International Business Machines Corporation, Armonk, N. Y. (Elected by Group 1 banks) The letter indicates the class of director; term expires December 31 of the year indicated. OFFICERS A W il l ia m lfred H ates, President F . T r e i b e r , First Vice President H a r o l d 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. C r o s s e , Vice President G e o r g e G a r v y , Economic Adviser T h o m as O. W M a r c u s A . H a r r i s , Vice President A l a n R . H o l m e s , 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 R o b e r t W . S t o n e , Vice President 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 , Jr., Assistant Vice President F e l i x T . D a v i s , Assistant Vice President P e t e r F o u s e k , 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 , Adviser A n g u s A . M a c I n n e s , Jr., Assistant Vice President S p e n c e r S . M a r s h , Jr., Assistant Vice President D o n a l d C. N i l e s , Assistant Vice President T homas C. S l o a n e , Assistant General Counsel F re d W . P i d e r i t , 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 K e n n e t h E. S m a l l , Assistant Vice President F r e d e r ic k L . S m e d l e y , Assistant Vice President P e t e r D . S t e r n l i g h t , Assistant Vice President H a r o l d M . W e s s e l , Assistant Vice President G e r a l d E . B e a c h , Manager, Security Custody Department M a r t i n W . B e r g i n , Manager, Public Information Department E r n e s t E . B l a n c h e t t e , Manager, Bank Relations H. M c W Manager, Market Statistics Department P a u l M e e k , Manager, Securities Department Department R o b e r t M e y e r , Assistant Counsel Louis J . B r e n d e l , Manager, Computer Services Department A r t h u r H. N o a , Manager, Service Department A . T h o m a s C o m b a d e r , Manager, Building Operating J a m e s H. O l t m a n , Manager, Bank Examinations Department Department E v e r e t t B . P o s t , Manager, Accounting Department, and R o b e r t L . C o o p e r , Manager, Acceptance Department Manager, Planning Department R o b e r t J. C r o w l e y , Assistant Counsel C h a r l e s R . P r i c h e r , Manager, Cash Department R i c h a r d G . D a v i s , Senior Economist J o h n P . R i n g e n , Manager, Bank Examinations Department R i c h a r d A . D e b s , Assistant Counsel E d w i n S . R o t h m a n , Manager, Foreign Department K a r l L . E g e , Manager, Collection Department W a l t e r S . R u s h m o r e , Manager, Savings Bond Department M a r t i n F r e n c h , Manager, Cash Custody Department F r a n c i s H. S c h o t t , Manager, Research Department E d w a r d J . G e n g , Manager, Securities Department W i l l i a m M . S c h u l t z , Manager, Personnel Department F r e d H . K l o p s t o c k , Manager, Research Department G e o r g e C . S m i t h , Manager, Check Department L e o n a r d L a p i d u s , Manager, Personnel Department A l o y s i u s J. S t a n t o n , Manager, Check Department B r u c e K . M a c L a u r y , Manager, Foreign Department R o b e r t C . T h o m a n , Manager, Government Bond and W i l l i a m E . M a r p l e , Manager, Credit and Discount Safekeeping Department, and Assistant Secretary Department T h o m a s M . T i m l e n , Jr., Secretary, and Assistant Counsel R o b e r t Y o u n g , J r ., Assistant Counsel L M a d e l in e h in n e y , J o h n P . J e n s e n , General Auditor I . B e n n e t t s , Assistant General Auditor eon ard 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 R. F o r m a n , Chairman President, B. Forman Company, Rochester, N. Y. M R obert S. B a u r ic e A ennett, General Manager, Lackawanna Plant, Bethlehem Steel Corporation, Buffalo, N. Y . J. W allace S. H a m l in , President, The Canandaigua National Bank and Trust Company, Canandaigua, N. Y. E ly, T hom as E . L aM President, Security Trust Company of Rochester, Rochester, N. Y . J ohn D. H rthur ont, Farmer, Albion, Orleans County, New York C h a r l e s W . M i l l a r d , Jr., a m il t o n , President, Chautauqua National Bank of Jamestown, Jamestown, N. Y. Chairman of the Board and President, Manufacturers and Traders Trust Company, Buffalo, N. Y. OFFICERS I n s l e y B . S m i t h , Vice President G e o r g e 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 ohn T. K eane, Assistant Cashier
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