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FEDERAL RESERVE BANK OF NEW YORK r Circular No. 5 7 5 7 T L January 7, 1966 J FIFTY-FIRST ANNUAL STATEMENT To the M em ber 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 1965, and of earnings and expenses for that year. For convenient comparison, the corresponding figures for 1964 are also shown. The regular annual report of the Bank, containing a review of economic and financial developments and of Bank operations in 1965, 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. 31,1965 Dec. 31,1964 Gold certificate account.......................................... $ 2,478,306,003 $ 3,072,781,082 Redemption fund for Federal Reserve notes .. 409,153,362 355,065,777 Federal Reserve notes of other B a n k s ............... 151,311,043 183,440,863 Other c a s h .................................................................... 16,506,739 32,083,000 Total c a s h ............................................................ $ 3,055,277,147 $ 3,643,370,722 $ $ Discounts and advances........................................... 30,627,000 40,980,000 Acceptances: Bought outright..................................................... 74,508,530 58,928,736 Held under repurchase agreement................... 111,925,404 34,839,463 Bought outright..................................................... 9,744,231,000 8,748,237,000 Held under repurchase agreement................... 289,900,000 537,500,000 Total loans and securities.............................. $10,251,191,934 $ 9,420,485,199 $ 1,676,821,174 $ 1,833,246,273 ..................................................... 8,667,499 7,803,426 All other* ................................................................ 276,389,717 139,526,063 Total other a s s e ts ............................................. $ 1,961,878,390 $ 1,980,575,762 TOTAL A SSE T S .................................. $15,268,347,471 $15,044,431,683 U. S. Government securities: Other assets: Cash items in process of collection................... Bank premises * Includes assets denominated in foreign currencies. Statement of Condition ( Continued) L IA B IL IT IE S Dec. 31,1965 Dec. 31,1964 Federal Reserve n o te s ............................................. $ 8,600,326,266 $ 8,253,862,367 Member bank reserve accounts ....................... $ 4,803,963,029 $ 4,829,799,258 U. S. Treasurer— general account................... 159,647,023 152,504,789 Foreign* .................................................................. 39,580,566 67,430,400 Other ........................................................................ 184,729,032 180,823,679 Total deposits..................................................... $ 5,187,919,650 $ 5,230,558,126 Deferred availability cash item s....................... $ 1,141,912,157 $ 1,113,473,165 All other .................................................................. 49,262,598 172,110,325 Total other liabilities...................................... $ 1,191,174,755 $ 1,285,583,490 TOTAL L IA B IL IT IE S $14,979,420,671 $14,770,003,983 $ $ Deposits: Other liabilities: .............................. C A P IT A L ACCOUNTS Capital paid i n ........................................................... Surplus ........................................................................ TOTAL CAPITAL A C C O U N T S ............... 144,463,400 144,463,400 $ 288,926,800 137,213,850 137,213,850 $ 274,427,700 TOTAL L IA B IL IT IE S AND C APIT AL A C C O U N T S ................................................... $15,268,347,471 $15,044,431,683 * A fte r deducting participations of other Federal Reserve Banks amounting to ..................................................................................... $110,700,000 $161,480,000 Contingent liability on acceptances purchased for foreign correspondents (after deducting participa tions o f other Federal Reserve Banks amounting to $105,976,800 on December 31, 1965 and $90,135,200 on December 31, 1964) ................................................. $37,546,440 $32,311,370 Ratio o f gold certificate reserves to Federal Reserve note liability .................................................................... 33.6% 41.5% 3 Statement of Earnings and Expenses 1964 1965 Total current earnings ..................................................... $391,855,804 Net expenses........................................................................ 41,716,234 Current net earnings................................................. $350,139,570 $ 294,401,444 0 $ 150,704 $ 335,357,068 40,955,624 Additions to current net earnings: Profit on sales of U. S. Government securities (net) .............................................................................. $ Total additions........................................................... 76,053 263,835 All other .......................................................................... $ 263,835 $ 226,757 $ 1,917 $ 0 Deductions from current net earnings: Loss on sales of U. S. Government securities (net) All other 6,308 3,696 .......................................................................... ....................................................... $ 5,613 $ 6,308 Net additions........................................................................ $ 258,222 $ 220,449 Net earnings available for distribution............... $350,397,792 $ 294,621,893 Dividends p a i d .................................................................... $ 8,500,590 $ 8,137,655 Payments to U. S. Treasury (interest on Federal Reserve notes) ............................................................... $334,647,652 $ 412,485,188 Transferred to surplu s..................................................... $ 7,249,550 $ - -126,000,950 Surplus— beginning of y e a r ............................................ $137,213,850 $ Transferred from net earnings for y e a r ..................... 7,249,550 Total deductions SURPLUS ACCOUNT $144,463,400 Payments to U. S. Treasury (interest on Federal Reserve notes) ............................................................... Surplus— end of year ....................................................... 4 0 $ 0 $144,463,400 263,214,800 263,214,800 126,000,950 $ 137,213,850 Federal Reserve Bank of New York DIRECTORS E v e r e t t N . C a s e ( C -1 9 6 6 * ), President, A lfred P. Sloan Foundation, New York, N . Y . Chairman, and Federal Reserve A g en t K enneth H. H (C -1 9 6 8 ), annan Executive Vice President, Union Carbide Corporation, New York, N . Y . Deputy Chairman R obert G. Co w a n (A -1 9 6 8 ), M il t o n Chairman of the Board, National Newark & Essex Bank, Newark, N . J . (Elected by Group 2 banks) C. M um ford (B -1 9 6 8 ), Chairman, Lever Brothers Company, New York, N . Y . (Elected by Group 2 banks) G eorge 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) R o b e r t H. F earo n (A -1 9 6 6 ), President, The Oneida Valley National Bank of Oneida, Oneida, N . Y . (Elected by Group 3 banks) A J am es L . N i c k e r s o n (B -1 9 6 6 ) , Chairman of the Board, Socony Mobil Oil Company, Inc., New York, N . Y . (Elected by Group 3 banks) lbert M . H e s t e r (C—1 9 6 7 ), President, New York University, New York, N . Y . A rthu r K. W atson ( B -1 9 6 7 ) , Chairman of the Board, IB M W orld 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 F. T H 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 G e o r g e G a r v y , Economic Adviser M a r c u s A . H a r r i s , Vice President T h o m as O. W E dw ard aage, W Vice President T homas C. S l o a n e , Assistant General Counsel D o n a l d C . N i l e s , 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 a n c i s H . S c h o t t , Adviser 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 im l e n , J r ., Assistant Vice President e a c h , Manager, Government Bond and Safekeeping Department L e o n a r d I . B e n n e t t s , Manager, Banlc Relations Department M a r t i n W . B e r g i n , Manager Public Inform ation Department D a v i d E . B o d n e r , Manager, Foreign Department L ouis J. B r e n d e l , Manager, Computer Services Department A . T h o m a s C o m b a d e r , Manager, Building Operating Department R o b e r t L . C o o p e r , Manager, Acceptance Department R o b e r t J. C r o w l e y , Manager, Foreign Department R ic h a r d G . D a v i s , Manager, Domestic Research Department R ic h a r d A . D e b s , Secretary, and Assistant Counsel F r e d e r ic k W . D e m i n g , Manager, Securities Department K a r l L . E g e , Manager, Cash Custody Department, and Manager, Collection Department M a r t i n F r e n c h , Manager, Security Custody Department E d w a r d J. G e n g , Manager, Securities Department, and Assistant Secretary G erald E . B President First Vice President A l a n R . H o l m e s , Vice President R o b e r t G . L i n k , Vice President F r e d W . P i d e r i t , Jr., 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 G . G u y , 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 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 A n g u s A . M a c I n n e s , J r ., Assistant Vice President B r u c e K . M a c L a u r y , Assistant Vice President S p e n c e r S . M a r s h , J r ., Assistant Vice President T homas M. T a yes, r e ib e r , F re d H . K l o p s t o c k , Senior Economist L e o n a r d L a p i d u s , Manager, Personnel 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 i n e H . M c W h i n n e y , Manager, Statistics Department P a u l M e e k , Manager, Securities Department R o b e r t M e y e r , Assistant Counsel 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 , Manager, Banlc Examinations Department 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, Cash 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 e d e r ic k C. S c h a d r a c k , J r ., Manager, International Research Department B e t t y J e a n S h e a , Assistant Counsel 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, Accounting Department R o b e r t C. T h o m a n , Manager, Personnel Department R o b e r t Y o u n g , Jr., Assistant Counsel J o h n P . J e n s e n , General Auditor M . S c h u l t z , Assistant General Auditor il l ia m 5 Federal Reserve Bank of New York M EM BER OF FE D E R A L A D V IS O R Y 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 T homas E. L am ont, Chairman Farmer, Albion, Orleans County, New York R o b e r t S. B ennett, J ohn D. H General Manager, Lackawanna Plant, a m il t o n , President, Chautauqua National Bank of Jamestown, Bethlehem Steel Corporation, Jamestown, N . Y . Buffalo, N . Y . A J. W allace rthur Ely, S. H a m l in , President, The Canandaigua National Bank President, Security Trust Company of Rochester, and Trust Company, Rochester, N . Y . M a u r ic e Canandaigua, N . Y . C harles W . M R. F orm an, President, B. Forman Company, il l a r d , Jr., Chairman of the Board, Rochester, N . Y . Manufacturers and Traders Trust Company, Buffalo, N . Y . OFFICERS I n s l e y B. S m i t h , Vice President J ohn T. K H arry eane, A . C u r t h , J r ., Assistant Cashier G e r a l d H . G r e e n e , Assistant Cashier R o n a l d B. G r a y , Assistant Cashier Cashier A 6 rth u r A . R a n d a l l , Assistant Cashier
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