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FED ER A L RESERVE BA N K O F NEW Y O R K r Circular No. 6 0 9 2 ~] L January 8, 1968 -1 FIFTY-THIRD 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 1967, and of earnings and expenses for that year. For convenient comparison, the corresponding figures for 1966 are also shown. The regular annual report of the Bank, containing a review of economic and financial developments and of Bank operations in 1967, is now being prepared. When it is issued, a copy will be sent to each member bank in the District. A lfred H a y e s , President. Statement of Condition ASSETS Dec. 31,1967 Dec. 31,1966 $ 2,320,057,521 $ 2,048,010,169 Redemption fund for Federal Reserve notes .. 471,599,344 443,811,739 Federal Reserve notes of other Banks...... 173,043,779 189,084,923 Other cash .......................... 43,380,285 31,316,972 Total cash ...................... $ 3,008,080,929 $ 2,712,223,803 $ $ Gold certificate account................ Discounts and advances ................ 48,480,000 32,352,000 Acceptances: Bought outright .................... 74,873,008 69,121,246 Held under repurchase agreement...... 89,323,866 123,997,688 37,800,000 33,800,000 Bought outright .................... 12,317,975,000 10,898,700,000 Held under repurchase agreement...... 132,200,000 626,800,000 Total loans and securities........... $12,700,651,874 $11,784,770,934 Cash items in process of collection...... $ 2,083,443,070 $ 1,993,690,102 Bank premises ..................... 9,680,749 9,357,852 All other* ..... .................... 730,489,280 526,222,394 Total other assets................. $ 2,823,613,099 $ 2,529,270,348 T O T A L A S S E T S ................. $18,532,345,902 $17,026,265,085 Federal agency obligations: Held under repurchase agreement...... U. S. Government securities: Other assets: * Includes assets denominated in foreign currencies. 2 Statement of Condition (ContinuedJ LIABILITIES Dec. 31,1967 Dec. 31,1966 $ 9,853,951,531 $ 9,238,182,600 Member bank reserve accounts......... $ 5,994,387,777 $ 5,277,742,045 U. S. Treasurer — general account ...... 233,049,730 271,153,861 Foreign* ......................... 31,835,482 55,965,245 Other ............................ 463,763,125 396,432,487 Total deposits .................... $ 6,723,036,114 $ 6,001,293,638 Deferred availability cash items........ $ 1,569,631,084 $ 1,417,581,373 All other .......................... 77,100,173 72,512,174 Total other liabilities............... $ 1,646,731,257 $ 1,490,093,547 T O T A L LIABILITIES ............ $18,223,718,902 $16,729,569,785 $ $ Federal Reserve notes................. Deposits: Other liabilities: CAPITAL A C C O U N T S Capital paid in ...................... Surplus ............................ 154,313,500 148,347,650 154,313,500 $ 296,695,300 T O T A L CAPITAL A C C O U N T S ...... $ T O T A L LIABILITIES A N D CAPITAL A C C O U N T S ................... $18,532,345,902 $17,026,265,085 * After deducting participations of other Federal Reserve Banks amounting to ........................................................................... $103,600,000 $118,080,000 Contingent liability on acceptances purchased for foreign correspondents (after deducting participa tions of other Federal Reserve Banks amounting to $115,810,000 on December 31, 1967 and $141,548,400 on December 31, 1 9 6 6 ) ................................................ $40,064,878 $49,005,424 Ratio of gold certificate reserves to Federal Reserve note liability ................................................................ 28.3% 27.0% 308,627,000 148,347,650 Statement of Earnings and Expenses 1967 Total current earnings ................ 1966 $556,219,965 $485,346,803 Net expenses ........................ 44,391,784 41,395,351 Current net earnings............... $511,828,181 $443,951,452 $ $ Additions to current net earnings: Profit on sales of U. S. Government securi ties (net) ........................ All other .......... ............... Total additions ................... 189,510 381,366 0 394,767 $ 570,876 $ 394,767 $ 0 $ 621,750 Deductions from current net earnings: Loss on sales of U. S. Government securities (net) ........................... All other .......................... 3,267 6,738 Total deductions .................. $ 3,267 Net additions or deductions (— ) ......... $ 567,609 $ — 233,721 $512,395,790 $443,717,731 Dividends paid ...................... $ 9,092,988 $ 8,770,056 Payments to U. S. Treasury (interest on Fed eral Reserve notes) ................. $497,336,952 $431,063,425 Transferred to surplus ................ $ 5,965,850 $ 3,884,250 Surplus — beginning of vear ........... $148,347,650 $144,463,400 Transferred from net earnings for year.... 5,965,850 3,884,250 Surplus — end o f year ................ $154,313,500 $148,347,650 Net earnings available for distribution ... $ 628,488 SURPLUS ACCOUNT 4 Federal Reserve Bank of New York DIRECTORS E v e re tt N . Case ( C - 1 9 6 9 * ) , President, A lfre d P. Sloan Foundation, N ew Y ork, N . Y . Chairman, and Federal R eserve A g e n t K e n n e th H. H annan ( C -1 9 6 8 ) , Executive V ice President, Union Carbide Corporation, N ew Y ork, N . Y . D ep u ty Chairman R ob ert G. Cowan ( A - 1 9 6 8 ) , R. E. M c N e ill, Jr. ( A - 1 9 7 0 ) , Chairman o f the Board, N ational New ark & Essex Bank, Newark, N . J . (E lected by Group 2 banks) Chairman o f the Board, M anufacturers Hanover Trust Company, N ew York, N . Y . (E lected by Group 1 banks) M aurice R. Form an ( B - 1 9 6 9 ) , Eugene H . M orrison ( A - 1 9 6 9 ) , President, B . Form an Co., Inc., Rochester, N . Y . (E lected by Group 3 banks) President, Orange County Trust Company, M iddletown, N . Y . (Elected by Group 3 banks) M ilt o n C. M um ford ( B - 1 9 6 8 ) , James M. H e ste r ( C -1 9 7 0 ) , President, N ew Y ork University, N ew Y ork , N . Y . Chairman o f the Board, Lever Brothers Company, N ew Y ork , N . Y . (E lected by Group 2 banks) A r t h u r K . W a tson ( B - 1 9 7 0 ) , Chairman o f the Board, IB M W orld Trade Corporation, N ew Y ork, N . Y ., and Vice Chairman o f the Board, International Business Machines Corporation, Arm onk, N . Y . (E lected by Group 1 banks) • The letter indicates the class of director; term expires December 31 of the year indicated. OFFICERS A lf r e d H ayes, President W illia m F. Treiber, First Vice President H a rold A. B ilb y , Vice President and Senior A d viser M arcus A. H arris, Vice President W illia m H. Braun, Jr., Vice President A la n R. H olm es, Vice P resident J o h n J. C la rk e, Vice President and Special Legal A d viser R ob ert G. L in k, Vice P resident C h a rle s A. Coombs, Vice President B ru ce K . M acL aury, Vice President F e lix T. Davis, Vice P resident Spencer S. M arsh, Jr., M arket A d viser P e te r F ou sek , Vice P resident Fred W. P id erit, Jr., Vice President George Garvy, Econom ic A d viser P e te r D. S te r n lig h t, Vice President Edward G. Guy, Vice President and General Counsel Thomas M. T im len , Jr., Vice President Thom as 0 . Waage, Vice President Thom as C. S loa n e, A ssistant General Counsel P a u l M eek, A ssista nt Vice President David E. Bodner, A ssistant Vice President D on a ld C. N ile s , A ssista nt Vice President A. Thom as Combader, A ssistant Vice President E v e re tt B. P ost, A ssistant Vice President R ob ert J . C ro w le y, Assistant Vice President L a w ren ce E. Quackenbush, Assistant Vice President Rich ard G. Davis, Assistant Vice President Edward J. Geng, A ssistant Vice President F ra n k W. S c h iff, Assistant Vice President P e te r P. Lang, A dviser K e n n e th E. S m a ll, Assistant Vice President W illia m E. M arple, Assistant Vice President F rederick L. Sm edley, A ssistant Vice President George C. Sm ith, A ssistant Vice President M adeline H. M cW h in n ey, A ssistant Vice President R obert C. T homan , Assistant Vice President J o h n T. A rn o ld , M anager, F oreign Departm ent Irvin g M. A u erbach, Manager, Statistics Department G erald E. B each , M anager, Accounting Departm ent, and M anager, M anagem ent Inform ation D epartm ent Leonard I. B e n n e tts , M anager, Cash Custody Departm ent, and M anager, Collection Departm ent L o u is J. B ren d el, M anager, Planning Department R ob ert L . Cooper, Manager, Acceptance D epartm ent, and M anager, Securities D epartm ent Joseph R. C oyle, Securities Trading Officer H ow ard F. Crumb, M anager, Computer Services D epartm ent R ich ard A. Debs, Secretary, and Assistant Counsel F red erick W. Deming, M anager, Securities D epartm ent Adam R. D ick, Manager, Bank Relations Departm ent M a tth e w C. D r e x le r, M anager, Building Operating Departm ent K a r l L . Ege, M anager, Check Departm ent Edna E. E h r lic h , Senior Econom ist M artin F ren ch , Manager, Government Bond and Safekeeping Departm ent F red erick L. F rey, Chief Exam iner R a lp h H . G elder, M anager, Personnel D epartm ent R ich ard H. H oenig, Manager, Public Inform ation Department Fred H. K lo p s to c k , M anager, International Research D epartm ent Leonard Lapidus, M anager, Bank Exam inations Departm ent R ob ert M eyer, A ssistant Counsel A r t h u r H. Noa, Manager, Service Departm ent James H. O ltm an, Manager, Bank Examinations D epartm ent, and A ssistant Secretary S c o t t E . Pardee, M anager, F oreign Departm ent Edwin R. P ow ers, Manager, Foreign D epartm ent C h a rles R. P rich er, Manager, Cash Departm ent A. M a r s h a ll P u ck e tt, Senior Econom ist F ra n cis II. R oh rbach, Manager, Personnel D epartm ent Edwin S. R othm an, Manager, Foreign D epartm ent H erb ert H. Ruess, Manager, Credit and Discount D epartm ent W a lt e r S. Rushm ore, M anager, Savings B ond D epartm ent F red erick C. Sch adrack, Jr., Manager, D om estic Research Departm ent B e t ty Jean Shea, Assistant Counsel B en jam in S ta ck h ou se, M anager, Bank Examinations D epartm ent A lo y s iu s J. S ta n ton , Manager, Security Custody Departm ent P h ilip V an Orman, A ssistant Counsel R ob ert Y oung, Jr., A ssistant Counsel J oh n P. Jensen, General A uditor W illia m M . S ch u ltz , Assistant General A ud itor 5 Federal Reserve Bank of New York MEMBER OF FEDERAL ADVISORY COUNCIL G eorge S. M oore, Chairm an o f the B o ard , F ir s t N a tio n a l C ity B a n k , N ew Y ork , 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 , Chairm an G eneral M a n a g e r, L ack aw an n a P la n t, Bethlehem S teel C orporation, B u ffa lo , N . Y . N orm an F . B e a ch , A rthur S. H a m l in , V ic e P resident, E a stm a n K o d a k Co., P residen t, T he C anandaigu a N a tio n a l B a n k R ochester, N . Y . and T ru st C om pany, C an an daigu a, N . Y . G e ra ld F . B r it t , C h a r le s L . H u gh es, P residen t, L -B r o o k e F a rm s, In c ., P resident, T he Silver Creek N a tio n a l B an k , B y ro n , N . Y . Silver Creek, N . Y . P erry S p in k , W ilm o t R. Craig, Chairm an o f the B o ard and President, Chairm an o f the B o ard , L incoln Rochester T ru st C om pany, L ib e rty N a tio n a l B a n k and T ru st C om p any, R ochester, N . Y . B u ffa lo , N . Y . OFFICERS A n g u s A . M a cIn n e s , Jr., V ice P resid en t J o h n T. K e a n e , A ssista n t V ice P re sid en t and Cashier H a r r y A . C u rth , Jr., A ssista n t Cashier G e ra ld H. G reen e, A s sis ta n t Cashier R o n a ld B . G ra y, A s sis ta n t Cashier A r t h u r A . R a n d a ll, A s sis ta n t Cashier 6
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