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FEDERAL RESERVE BANK OF NEW YORK r Circular No. 5 0 2 9 1 L January 6, 1967 FIFTY-SECOND 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 1966, and of earnings and expenses for that year. F or convenient comparison, the corresponding figures for 1965 are also shown. The regular annual report of the Bank, containing a review of economic and financial developments and o f Bank operations in 1966, 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. J Statement of Condition ASSETS Dec. 31,1966 Dec. 31,1965 $ 2,048,010,169 $ 2,478,306,003 Redemption fund for Federal Reserve notes 443,811,739 409,153,362 Federal Reserve notes of other Banks 189,084,923 151,311,043 31,316,972 16,506,739 $ 2,712,223,803 $ 3,055,277,147 $ $ Gold certificate a c c o u n t ................ Other cash ............................................................. Total cash ...................................................... Discounts and advances ....................................... 32,352,000 30,627,000 Acceptances: Bought outright ................................................ 69,121,246 74,508,530 Held under repurchase a g reem en t................ 123,997,688 111,925,404 33,800,000 0 10,898,700,000 9,744,231,000 626,800,000 289,900,000 $11,784,770,934 $10,251,191,934 $ 1,993,690,102 $ 1,676,821,174 9,357,852 8,667,499 All other* ............ ................. . . ......................... 526,222,394 276,389,717 Total other a s s e t s .......................................... $ 2,529,270,348 $ 1,961,878,390 TO TA L A S S E T S ........................ $17,026,265,085 $15,268,347,471 Federal agency obligations: Held under repurchase a g reem en t................ U. S. Government securities: Bought outright ................................................. Held under repurchase agreement Total loans and securities Other assets: Cash items in process of collection Bank premises .. . ......................... * Includes assets denominated in foreign currencies. Statement of Condition (ContinuedJ L IA B IL IT IE S j)ec. 31,1966 Dec. 31,1965 Federal Reserve n o t e s .......................................... $ 9,238,182,600 $ 8,600,326,266 Member bank reserve a cco u n ts ...................... $ 5,277,742,045 $ 4,803,963,029 U. S. Treasurer — general account .............. 271,153,861 159,647,023 55,965,245 39,580,566 Other .................................................................... 396,432,487 184,729,032 Total deposits ................................................ $ 6,001,293,638 $ 5,187,919,650 Deferred availability cash it e m s .................... $ 1,417,581,373 $ 1,141,912,157 A ll other .............................................................. 72,512,174 49,262,598 Total other lia b ilities.................................... $ 1,490,093,547 $ 1,191,174,755 TO TA L L IA B IL IT IE S .............................. $16,729,569,785 $14,979,420,671 $ $ D eposits: Foreign* .............. ........................................ .. Other liabilities: C A P IT A L ACCOUNTS Capital paid in ...................................................... Surplus .................................................................... TOTAL C A P IT A L A C C O U N T S .............. 148,347,650 148,347,650 $ 296,695,300 144,463,400 144,463,400 $ 288,926,800 TO TA L L IA B IL IT IE S AND C A P IT A L ACCOUNTS ........ . .................................... $17,026,265,085 $15,268,347,471 * After deducting participations of other Federal Reserve Banks amounting to ........................................................................... $118,080,000 $110,700,000 Contingent liability on acceptances purchased for foreign correspondents (after deducting participa tions o f other Federal Reserve Banks amounting to $141,548,400 on December 31,1966 and $105,976,800 on December 31, 1965) ................................................. $49,005,424 $37,546,440 Ratio o f gold certificate reserves to Federal Reserve note liability .................................................................... 27.0% 33.6% 3 Statement of Earnings and Expenses 1966 1965 Total current earnings ........................................ $485,346,803 $391,855,804 Net expenses .......................................................... 41,395,351 41,716,234 Current net e a r n in g s .................................... $443,951,452 $350,139,570 $ 394,767 $ 263,835 $ 621,750 $ 1,917 Additions to current net earnings Deductions from current net earnings: Loss on sales of U. S. Government securities (net) ................................................................ 3,696 6,738 All other .............................................................. 628,488 $ 5,613 Net additions or deductions (— ) ...................... $ — 233,721 $ 258,222 Net earnings available for distribution . . . $443,717,731 $350,397,792 Dividends paid ...................................................... $ $ Payments to U. S. Treasury (interest on Fed eral Reserve notes) .......................................... $431,063,425 $334,647,652 Transferred to surplus ........................................ $ $ Total deductions ............................................ $ 8,770,056 3,884,250 8,500,590 7,249,550 SURPLUS ACCOUNT Surplus — beginning of year ................ $144,463,400 $137,213,850 Transferred from net earnings for year 3,884,250 7,249,550 Surplus — end of year ............................ $148,347,650 $144,463,400 4 Federal Reserve Bank of New York D IRECTORS E verett N . Case (C -1 9 6 9 * ), President, Alfred P. Sloan Foundation, New York, N. Y. Chairman, and Federal Reserve Agent K H . H a n n a n (C -1 9 6 8 ), enneth Executive Vice President, Union Carbide Corporation, New York, N. Y. Deputy Chairman H. M o r r i s o n (A -1 969 ), President, Orange County Trust Company, Middletown, N. Y. (Elected by Group 3 banks) G. C o w a n (A -1 968 ), Chairman of the Board, National Newark & Essex Bank, Newark, N. J. (Elected by Group 2 banks) E ugene R obert M M C. M u m f o r d (B -1968), Chairman of the Board, Lever Brothers Company New York, N. Y. (Elected by Group 2 banks) il t o n R. F o r m a n (B -1969), President, B. Forman Co., Inc., Rochester, N. Y. (Elected by Group 3 banks) a u r ic e A. M u r p h y (A-1967), Chairman of the Board, Irving Trust Company, New York, N. Y. (Elected by Group 1 banks) G eorge J am es M. H ester (C -1 9 6 7 ), President, New York University, New York, N. Y. A r t h u r K. W a t s o n (B -1967), Chairman of the Board, IBM World Trade Corporation, New York, N. Y., and Vice Chairman of the Board, 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 H a r o l d A. B i l b y , Vice President and Senior Adviser W i l l i a m H . B r a u n , Jr., 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 F e l i x T . D a v i s , Vice President G e o r g e G a r v y , Economic Adviser T h o m a s O. W E dw ard G. G u y , President First Vice President 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 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 T h o m a s M . T i m l e n , Jr., Vice President a a g e , Vice President ayes, F . T r e ib e r , Assistant General Counsel T homas C. S loane, Assistant General Counsel 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 B r u c e K . M a c L a u r y , Assistant Vice President W i l l i a m E . M a r p l e , Assistant Vice President S p e n c e r S . M a r s h , J r ., Assistant Vice President P a u l M e e k , Assistant Vice President D o n a l d C. N i l e s , Assistant Vice President E v e r e t t B . P o s t , 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 II. 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 Persident G e o r g e C. S m i t h , Assistant Vice President R o b e r t C. T h o m a n , Assistant Vice President Manager, Government Bond and Safekeeping Department L e o n a r d I. B e n n e t t s , Manager, Cash Custody Department, and Manager, Collection Department D a v id E . B o d n e r , Manager, Foreign Department Louis J. B r e n d e l , Manager, Planning 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 H o w a r d F . C r u m b , Manager, Computer Services Department R i c h a r d G . D a v i s , Manager, Domestic Research Department R i c h a r d A . D e b s , Secretary, and Assistant Counsel F r e d e r i c k W . D e m i n g , Manager, Securities Department A d a m R . D i c k , Manager, Bank Relations Department K a r l L. E g e , Manager, Check Department M a r t i n F r e n c h , Manager, Security Custody Department R a l p h H . G e l d e r , Manager, Personnel Department E d w a r d J. G e n g , Manager, Securities Department, and Assistant Secretary R i c h a r d H . H o e n i g , Manager, Public Information Department F r e d H . K l o p s t o c k , Manager, International Research G erald E . B e a c h , W Department L e o n a r d L a p i d u s , Manager, Bank Examinations Department M a d e l i n e H . M c W h i n n e y , Manager, Statistics 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, Bank Examinations Department S c o t t E . P a r d e e , Manager, Foreign Department E d w i n R . P o w e r s , Manager, Foreign Department C h a r l e s R . P r i c h e r , Manager, Cash Department A . M a r s h a l l P u c k e t t , Senior Economist F r a n c i s II. R o h r b a c h , Manager, Personnel Department E d w i n S . R o t h m a n , Manager, Foreign Department H e r b e r t H . R u e s s , Manager, Credit and Discount 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, Domestic Research Department B e t t y J e a n S h e a , Assistant Counsel A l o y s i u s J . S t a n t o n , Manager, Accounting R o b e r t Y o u n g , J r ., 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 Department Federal Reserve Bank of New York M EM BER OF FE D E R A L A D V IS O R Y COUNCIL R. E. M cN e il l , J r ., Chairman of the Board, Manufacturers Hanover Trust Company, New York, N. Y. Buffalo Branch of Federal Reserve Bank of New York DIRECTORS R o b e r t S. B e n n e t t , Chairman General Manager, Lackawanna Plant, Bethlehem Steel Corporation, Buffalo, N. Y. F. B r i t t , President, L-Brooke Farms, Inc., Byron, N. Y. G erald Carl A . D J ohn D. H ay, A allace Ely, S. H a m l i n , President, The Canandaigua National Bank and Trust Company, Canandaigua, N. Y. rthu r Executive Vice President, Bausch & Lomb, Inc., Rochester, N. Y. J. W a m il t o n , Chairman of the Board, Marine Midland Chautauqua National Bank, Jamestown, N. Y. E . P erry S p in k , President, Security Trust Company of Rochester, Rochester, N. Y. Chairman of the Board, Liberty National Bank and Trust Company, Buffalo, N. Y. OFFICERS A ngus J ohn T. K H arry A . C u r t h , J r ., R o nald B . G r a y , A. M J r ., Vice President Assistant Vice President and Cashier acI n n e s, eane, Assistant Cashier G erald H . G r e en e, Assistant Cashier A 6 rthur Assistant Cashier A . R an dall, Assistant Cashier
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