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FEDERAL RESERVE BANK OF NEW YORK r Circular No. 6 2 7 5 “I L January 14, 1969 J FIFTY-FOURTH 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 1968, and of earnings and expenses for that year. For convenient comparison, the corresponding figures for 1967 are also shown. The regular annual report of the Bank, containing a review of economic and financial developments and of Bank operations in 1968, is now being prepared. When it is issued, a cop 3^ will be sent to each member bank in the District. A lfbed H ayes, President. Statement of Condition ASSETS Dec. 31,1968 Gold certificate a ccou n t...................................... $ 2,812,518,837 Redemption fund for Federal Reserve notes* . . Dec. 3 1 ,1967 $ 2,320,057,521 — 471,599,344 Federal Reserve notes of other B a n k s............. 162,261,500 173,043,779 Other cash ........................................................... 20,430,999 43,380,285 Total cash .................................................... Discounts and advances .................................... $ 2,995,211,336 $"^008^80^29 $ $ 74,425,000 48,480,000 Acceptances: Bought outright .............................................. 57,715,472 74,873,008 Held under repurchase agreem ent............... 0 89,323,866 0 37,800,000 Federal agency obligations: Held under repurchase agreem ent......... . U. S. Government securities: Bought outright .............................................. 12,687,264,000 12,317,975,000 Held under repurchase agreem ent............... 0 Total loans and securities........................... $12,819,404,472 $12,700,651,874 Cash items in process of collection ............... $ 2,663,114,417 $ 2,083,443,070 Bank premises ................................................ 9,702,272 All o t h e r f.......................................................... 877,160,816 Total other a sse ts........................................ $ 3,549,977,505 $ 2,823,613,099 TOTAL ASSETS ...................................... $19,364,593,313 $18,532,345,902 132,200,000 Other assets: 9,680,749 730,489,280 * The A ct of March 18, 19G8 (82 Stat. 50) abolished the requirement for the maintenance o f the redemption fund. Accordingly, the balance in the fund was transferred tothe gold certificate account, f Includes assets denominated in foreign currencies. 2 Statement of Condition ( ContinuedJ LIAB ILITIES Dec. 31,1968 Dec. 31,1967 Federal Reserve n o t e s ........................................ $10,511,438,153 $ 9,853,951,531 Member bank reserve accounts..................... $ 5,897,264,530 $ 5,994,387,777 U. S. Treasurer — general account ............. 681,157,313 233,049,730 .......................................................... 52,506,410 31,835,482 Other ................................................................. 516,138,023 463,763,125 Total deposits .............................................. $ 7,147,066,276 $ 6,723,036,114 Deferred availability cash ite m s ................... $ 1,291,835,792 $ 1,569,631,084 All o t h e r ........................................................... 94,106,492 77,100,173 Total other liabilities.................................. $ 1,385,942,284 $ 1,646,731,257 TOTAL LIABILITIES ............................. "$19,044,446,713 $18^223/718,902 Deposits: Foreign* Other liabilities: CAPITAL ACCOUNTS Capital paid in .................................................... $ 160,073,300 Surplus ................................................................. 160,073,300 TOTAL CAPITAL A C C O U N T S ............. 320,146,600 TOTAL LIABILITIES AND CAPITAL ACCOUNTS ............................................ * A fter deducting participations of other Federal Reserve Banka amounting to ........................................................................... Contingent liability on acceptances purchased for foreign correspondents (after deducting participa tions of other Federal Reserve Banks amounting to $81,135,600 on December 31, 1968 and $115,810,000 on December 31, 1 9 6 7 )................................................ 3 $ 154,313,500 154,313,500 $ 308,627,000 $19,364,593,313 $18,532,345,902 $163,460,000 $103,600,000 $28,062,204 $40,064,878 Statement of Earnings and Expenses 1968 1967 Total current earnings ...................................... $696,373,170 $556,219,965 Net expenses ....................................................... 50,213,565 44,391,784 Current net earnin gs.................................. $646,159,605 $511,828,181 $ $ Additions to current net earnings: Profit on sales of U. S. Government securi ties (net) ....................................................... 191,709 189,510 Profit on foreign exchange transactions (net) 2,068,703 372,088 All other ........................................................... 16,343 9,278 Total additions ............................................ $ 2,276,755 $ 570,876 Deductions from current net earnings............. $ 9,856 $ 3,267 Net additions........................................................ $ 2,266,899 $ 567,609 Net earnings available for distribution . . . $648,426,504 $512,395,790 Dividends paid .................................................... $ $ Payments to U. S. Treasury (interest on Fed eral Reserve notes) ........................................ $633,194,098 $497,336,952 Transferred to surplus ...................................... $ $ 9,472,606 5,759,800 9,092,988 5,965,850 SURPLUS ACCOUNT Surplus — beginning of year .......................... $154,313,500 $148,347,650 Transferred from net earnings for y e a r ......... 5,759,800 5,965,850 Surplus — end of year ...................................... $160,073,300 $154,313,500 4 Federal Reserve Bank of New York DIRECTORS A lbert L . N ickerson (C-1969*), Chairman of the Board, Mobil Oil Corporation, New York, N. Y. Chairman, and Federal Reserve Agent J a m e s M . H ester (C -1970), President, New York University, New York, N. Y. Deputy Chairman M aurice R. F orm an (B -1969), E ugene H. M orrison (A -1 969 ), President, B. Forman Co., Inc., President, Orange County Trust Company, Rochester, N. Y. Middletown, N. Y. (Elected by Group 3 banks) (Elected by Group 3 banks) R o s w e l l L . G ilpatric (C-1971), M ilton C. M umford (B -1 971 ), Partner, Cravath, Swaine & Moore, Attorneys, Chairman of the Board, Lever Brothers Company, New York, N. Y. New York, N. Y. (Elected by Group 2 banks) R. E. M cN eill , Jr. (A -1 970 ), C h arles E. T r e m a n , Jr. (A -1 9 7 1 ), Chairman o f the Board, President, Tompkins County Trust Company, Manufacturers Hanover Trust Company, Ithaca, N. Y. New York, N. Y. (Elected by Group 2 banks) (Elected by Group 1 banks) A rthur K . W a t so n (B -1 970 ), Chairman o f the Board, IBM World Trade Corporation, New York, N. Y., and Vice Chairman o f 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. MEMBER OF FEDERAL ADVISORY COUNCIL G eorge S. M oore, Chairman o f the Board, First National City Bank, New York, N. Y. 5 rr~- Federal Reserve Bank of New York OFFICERS A lfred H a y e s , President W il l ia m F. T reiber , First Vice President C h ar les A. Coom bs , Senior Vice President M arcus A. H arris , Senior Vice President A l a n R. H o l m e s , Senior Vice President R obert G. L i n k , Vice President B ruce K . M a c L a u r y , Vice President S pencer S. M a r s h , Jr., Market Adviser F red W . P iderit , Jr., Vice President P eter D . S ter nl igh t , Vice President T h o m a s M. T im l e n , Jr., Vice President T h o m a s O. W aage , Vice President W il l ia m H. B r a u n , Jr., Vice President J o h n J. Cl a r k e , Vice President and Special Legal Adviser R ichard A. D ebs , Vice President P eter F o u s e k , Vice President G eorge G a r v y , Economic Adviser E dw ard G. G u y , Vice President and General Counsel T h o m a s C. S lo ane , Assistant General Counsel D avid E . B odner , Assistant Vice President A. T h o m a s Combader , Assistant Vice President R obert J. Cr o w l e y , Assistant Vice President R ichard G. D a v is , Adviser K arl L . E ge, Assistant Vice President M a r t in F r e n c h , Assistant Vice President E dward J. G eng , Assistant Vice President J o h n T. K e a n e , Assistant Vice President P eter P. L a n g , Adviser L eonard L ap id u s , Assistant Vice President M ad eline H. M cW h i n n e y , Assistant Vice President P au l M e e k , Assistant Vice President D onald C. N il e s , Assistant Vice President E verett B. P o st , Assistant Vice President L aw r e n c e E. Q u a c k e n b u s h , Assistant Vice President* F rederick C. S chadrack , Jr., Assistant Vice President W il l ia m M . S ch u l t z , Assistant Vice President K e n n e t h E . S m a l l , Assistant Vice President F rederick L . S m e d le y , Assistant Vice President R obert C. T h o m a n , Assistant Vice President J o h n F . A l l e n , Manager, Personnel Department J o h n T . A rnold , Manager, Foreign Department J a m e s O. A st o n , Manager, Cash Custody Department, M a t t h e w J. H o e y , Manager, Government Bond and Manager, Collection Department I rving M . A uerbach , Manager, Statistics Department L eonard I. B e n n e t t s , Manager, Check Department A rm ond J. B raiger , Manager, Savings Bond Department L ouis J. B rendel , Manager, Planning Department J o h n Ch o w a n s k y , Manager, Management Information Department L ouis J. Conroy , Manager, Service Department R obert L. Cooper, Manager, Acceptance Department, 'and Manager, Securities Department J oseph R. Co yle , Securities Trading Officer H oward F . Cr um b , Manager, Computer Services Department F rederick W . D e m in g , Manager, Securities Department A dam R. D ic k , Manager, Bank Relations Department M a t t h e w C. D rexler , Manager, Building Operating Department E dna E . E h r l ic h , Senior Economist Ch ester B . F eldberg , Secretary, and Assistant Counsel F rederick L. F r e y , Chief Examiner R a l p h H . G elder , Manager, Bank Examinations Department R ich ard H . H oenig , Manager, Public Information Department, and Assistant Secretary and Safekeeping Department J o h n C. H o u h o u l is , Manager, Payment Systems Department F red H . K lopstock , Manager, International Research Department A rthur H . N oa , Manager, Service Department* J a m e s H. O l t m a n , Manager, Bank Examinations Department S cott E . P ardee , Manager, Foreign Department E d w in R. P o w e r s , Manager, Foreign Department C har les R. P richer , Manager, Cash Department A . M a r sh a l l P u c k e t t , Manager, Domestic Research Department L eopold S. R a s s n ic k , Assistant Counsel F r a n c is H . R o h rbach , Manager, Personnel Department E d w in S. R o t h m a n , Manager, Foreign Department H erbert H. R u e s s , Manager, Credit and Discount Department W alter S. R u sh m o r e , Manager, Accounting Department B e tty J ean S h e a , Assistant Counsel B e n j a m in S ta c k h o u s e , Manager, Bank Examinations Department A l o y s iu s J. S t a n t o n , Manager, Security Custody Department R u t h A n n T yle r , Manager, Personnel Department P h il ip V a n O r m a n , Assistant Counsel W il l ia m H . W etendorf , Manager, Protection Department R obert Y oung , Jr., Assistant Counsel G eorge C. S m it h , General Auditor J o h n E. F l a n a g a n , Assistant General Auditor ° Retires March 1, 1969. 6 Buffalo Branch of Federal Reserve Bank of New York DIRECTORS G erald F. B ritt , Chairman President, L-Brooke Farms, Inc., Byron, N. Y. Ch ar les L. H u g h e s , N orm an F . B ea c h , Vice President, Eastman Kodak Co., President, The Silver Creek National Bank, Rochester, N. Y. Silver Creek, N. Y. R obert S. B e n n e t t , E . P erry S p in k , General Manager, Lackawanna Plant, Chairman o f the Board, Bethlehem Steel Corporation, Liberty National Bank and Trust Company, Buffalo, N. Y. Buffalo, N. Y. W il m o t R. Craig , J a m e s I. W y c k o f f , Chairman of the Board and President, President, The National Bank of Geneva, Lincoln Rochester Trust Company, Geneva, N. Y. Rochester, N. Y. OFFICERS A n gus A . M ac I n n e s , Jr., Vice President Ro nald B. G r a y , Cashier H arry A. Cu r t h , Jr., Assistant Cashier G erald H . G reene , Assistant Cashier A rthur A . R a n d a ll , Assistant Cashier 7
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