The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE BANK OF NE W YORK r Circular No. 6 6 6 8 ~1 u January 11, 1971 -J FIFTY-SIXTH 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 1970, and of earnings and expenses for that year. For convenient comparison, the corresponding figures for 1969 are also shown. The regular annual report of the Bank, containing a review of economic and financial developments and of Bank operations in 1970, 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 D ec. 31, 1970 Dec. 31,1969 Gold certificate a ccou n t...................................... $ 1,942,743,116 $ 2,325,037,358 Special Drawing Rights certificate acconnt . . . . 93,000,000 0 Federal Reserve notes of other B a n k s............. 186,873,832 159,433,000 Other c a s h ............................................................. 20,418,883 7,887,955 $ 2,243,035,831 $ 2,492,358,313 $ $ Total ............................................................. Discounts and advances...................................... 103,720,000 51,532,000 Acceptances bought outright ............................. 57,445,656 63,914,251 U.S. Government securities bought outright* .. 15,844,536,000 13,920,970,000 Total loans and securities........................... $16,005,701,656 $14,036,416,251 Cash items in process of collection............... $ 2,810,169,442 $ 2,494,159,506 Bank p rem ises.................................................. 8,187,541 8,997,339 All otherf ......................................................... 376,899,820 828,356,261 Total other a s s e ts ........................................ $ 3,195,256,803 $ 3,331,513,106 TOTAL ASSETS ...................................... $21,443,994,290 $19,860,287,670 $31,000,000 $44,400,000 Other assets: * Includes securities loaned — fully secured by U. S. Govt Includes assets denominated in foreign currencies and IM F gold deposited. 2 Statement of Condition ( Continued ) LIAB ILITIES D ec. 31, 1970 Dec. 31,1969 Federal Reserve n o t e s ........................................ $12,196,484,613 $11,263,763,083 Member bank reserve accounts....................... $ 6,162,143,885 $ 5,826,602,951 U. S. Treasurer — general account............... 336,769,375 302,779,670 Foreign* ........................................................... 56,232,188 36,627,930 Otherf ............................................................... 736,527,949 538,713,253 Total deposits................................................ $ 7,291,673,397 $ 6,704,723,804 $ 1,438,862,461 $ 1,397,726,899 All other .................................... 147,394,519 140,976,384 Total other liabilities........... $ 1,586,256,980 $ 1,538,703,283 TOTAL LIABILITIES . . . . $21,074,414,990 $19,507,190,170 $ $ Deposits: Other liabilities: Deferred availability cash items CAPITAL ACCOUNTS Capital paid i n ...................................................... Surplus ................................................................. 184,789,650 TOTAL CAPITAL ACCOUNTS ........... TOTAL LIAB ILITIES AND CAPITAL ACCOUNTS ............................................ 184,789,650 $ 369,579,300 $21,443,994,290 * After deducting participations o f other Federal Reserve Banks amounting t o ............................................................................. 176,548,750 176,548,750 $ 353,097,500 $19,860,287,670 $92,000,000 $96,980,000 $65,992,998 $37,106,686 t Includes IM F gold deposit. Contingent liability on acceptances purchased for foreign correspondents (after deducting participa tions of other Federal Reserve Banks amounting to $184,073,600 on December 31,1970 and $108,841,400 on December 31, 1969) ................................................ O Statement of Earnings and Expenses 1970 1969 Total current earnings........................................ $987,141,845 $848,842,412 Net expenses.......................................................... 69,847,745 60,432,688 Current net earnings ................................... $917,294,100 $788,409,724 $ $ Additions to current net earnings: Profit on sales of U. S. Government securi ties (net) ....................................................... 2,072,992 0 Profit on foreign exchange transactions (net) 917,351 1,487,033 All other ............................................................ 20,283 30,662 Total additions ............................................ $ 3,010,626 $ 1,517,695 $ 0 $ 1,493,272 Deductions from current net earnings: Loss on sales of U. S. Government securi ties (net) ........................................................ 3,968 93,655 All o t h e r ............................................................ Total deductions .......................................... $ 93,655 $ 1,497,240 Net additions ........................................................ $ 2,916,971 $ 20,455 Net earnings available for distribution . . . $920,211,071 $788,430,179 Dividends p a i d ...................................................... $ 10,953,058 $ 10,237,180 Payments to U. S. Treasury (interest on Fed eral Reserve n o t e s ).......................................... $901,017,113 $761,717,549 Transferred to surplus ...................................... $ 8,240,900 $ 16,475,450 Surplus — beginning of y e a r ............................. $176,548,750 $160,073,300 Transferred from net earnings for y e a r ........... 8,240,900 16,475,450 Surplus — end of y e a r ........................................ $184,789,650 $176,548,750 SURPLUS ACCOUNT 4 Federal Reserve Bank of New York DIRECTORS A lbert L. N (C-1972*), ic k e r s o n Former Chairman of the Board, Mobil Oil Corporation, New York, N. Y. Chairman, and Federal Reserve Agent Ro sw ell L. (C -1971), G il p a t r ic Partner, Cravath, Swaine & Moore, Attorneys, New York, N. Y. Deputy Chairman W. D. E berle M i l t o n C. M (B -1 973 ), President, American Standard Inc., (Elected by Group 2 banks) (Elected by Group 1 banks) R. F orman (B-1972), W il l ia m Chairman o f the Board, B. Forman Co., Inc., S. S. H a m l in (A -1973), New York, N. Y. (Elected by Group 3 banks) rthur R en chard Chairman o f the Board, Chemical Bank, Rochester, N. Y. A (B-1971), New York, N. Y. New York, N. Y. M a u r ic e um ford Chairman of the Board, Lever Brothers Company, (Elected by Group 1 banks) (A -1972), President, The Canandaigua National Bank and Ch a r l e s E. T reman, Jr. (A -1971), President, Tompkins County Trust Company, Trust Company, Ithaca, N. Y. Canandaigua, N. Y. (Elected by Group 2 banks) (Elected by Group 3 banks) W h it n e y M. Y Executive Director, New oung, N a tio n a l Y ork, (C-1973), J r. N. Urban League, Y. • The letter indicates the class of director; term expires December 31 of the year indicated. MEMBER OF FEDERAL ADVISORY COUNCIL John M . M eyer, J r ., Chairman of the Board, Morgan Guaranty Trust Company of New York, New York, N. Y. 5 Federal Reserve Bank of New York OFFICERS A W il l ia m H a y e s , President F . T b e ib e r , First Vice President lfred C h a b l e s A . Co o m b s , Senior Vice President M a b c u s A . H a b b i s , Senior Vice President A l a n E . H o l m e s , Senior Vice President R o b eb t G . L i n k , Senior Vice President D a v id E . B o d n e b , Vice President W i l l i a m H . B b a u n , J r ., Vice President J o h n J . C l a b k e , Vice President J o h n T . K e a n e , Vice President S p e n c e e S. M a b s h , J r ., Market Adviser F eed W . P id e b it , J r ., Vice President E v e b e t t B . P o s t , Vice President P e t e r D . S t e b n l i g h t , Vice President T h o m a s M . T i m l e n , J r ., Vice President T h o m a s 0 . W a a g e , Vice President and Special Legal Adviser R i c h a b d A. D e b s , Vice President P e t e b F otjsek , Vice President G e obge G a b v y , Economic Adviser E d w a b d G . G u y , Vice President and General Counsel T homas C. S loane, Deputy General Counsel A. T h o m a s C o m b a d e r , Assistant Vice President R o b er t J. C r o w l e y , Assistant Vice President H o w a r d F . C r u m b , Assistant Vice President R ic h a r d G . D a v i s , Adviser K a e l L . E ge , Assistant Vice President M a b t i n F b e n c h , Assistant Vice President E d w a b d J. G e n g , Assistant Vice President P e t e b P . L a n g , Adviser L e o n a b d L a p i d u s , Assistant Vice President M a d e l in e H . M c W h i n n e y , 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 S c o t t E. P a r d e e , Assistant Vice President C h a r l e s R . P r ic h e r , Assistant Vice President A. M a r s h a l l P u c k e t t , Adviser W a l t e b S . R u s h m o b e , Assistant Vice President F r e d e r ic k C. S c h a d b a c k , Jr., Assistant Vice President W i l l i a m M . S c h u l t z , Assistant Vice President F b e d e e ic k L . S m e d l e y , Assistant Vice President R o b e b t C. T h o m a n , Assistant Vice President P h i l i p V a n O e m a n , Assistant Vice President R o b eb t Y o u n g , Jr., Assistant General Counsel P a u l A i k e n , Manager, Computer Support Department B b u c e G . A l e x a n d e b , Manager, Personnel Department J a m e s O. A s t o n , Manager, Cash Custody Department, W h i t n e y R . I b w i n , Manager, Cash Department B e b n a r d J . J a c k s o n , Manager, Foreign Department E d w a r d F . K i p f s t u h l , Manager, Foreign Banking and Manager, Collection Department I b v in g M . A u e r b a c h , Manager, Statistics Department L e o n a r d I . B e n n e t t s , Manager, Check Processing Department A l l e n R . B i v e n s , Assistant Counsel J a m e s H . B o o t h , Manager, Bank Reports and Analysis Department A r m o n d J . B r a ig e b , Manager, Savings Bond Department Louis J . B b e n d e l , Manager, Planning Department J o h n C h o w a n s k y , Manager, Management Information Department L o u is J . C o n r o y , Manager, Service Department R o b e r t L . C o oper , Manager, Acceptance Department, and Manager, Securities Department R ic h a r d D . C o o p e r s m it h , Assistant Counsel J o s e p h R . C o y l e , Securities Trading Officer F r e d e r ic k W . D e m i n g , Manager, Securities Department A d a m R . D i c k , Manager, Bank Relations Department M a t t h e w C. D e e x l e b , Manager, Building Operating Department E d n a E . E h r l i c h , Senior Economist C h e s t e r B . F el d b e b g , Secretary, and Assistant Counsel F b e d e e ic k L . F b e y , Chief Examiner R a l p h H . G e l d e b , Manager, Banking Studies Department G e b a l d H a y d e n , Manager, Computer Planning Department R ic h a r d H . H o e n ig , Manager, Public Information Department M a t t h e w J . H o e y , Manager, Government Bond and Safekeeping Department J o h n C. H o u h o u l is , Manager, Consumer Information and Securities Regulations Department, and Manager, Payment Systems Department G eobge C. Regulations Department T h o m a s P . K ip p , Manager, Check Processing Department F eed H . K l o p s t o c k , Manager, International Research Department R o n a l d E . L o n g , Manager, Accounting Department J o s e p h M . O ’ C o n n e l l , Manager, Check Adjustment and Return Items Department J a m e s H. O l t m a n , Assistant Counsel E d w i n R . P o w e r s , Manager, Computer Operations Department B e n e d ic t R a f a n e l l o , Manager, Credit and Discount Department L eopold S . R a s s n i c k , Assistant Counsel M a r y J . R od g er s , Assistant Counsel F r a n c is H. 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 b b e e t H . R u e s s , Manager, Credit and Discount Department I b w i n D . S a n d b e e g , Securities Trading Officer R a l p h C. S c h in d l e e , Research Computer Officer B e n j a m i n S t a c k h o u s e , Manager, Bank Applications Department A l o y s i u s J. S t a n t o n , Manager, Security Custody Department R u d o l f T h u n b e e g , Manager, Domestic Research Department R u t h A n n T y l e e , Manager, Personnel Department R ic h a b d V o l l k o m m e b , Manager, Government Bond and Safekeeping Department W i l l i a m M . W a l s h , Manager, Research Computer Department W i l l i a m H. W e t e n d o e f , Manager, Protection Department H. D a v id W i l l e y , Manager, Foreign Department, and Assistant Secretary General Auditor Assistant General Auditor S m it h , J ohn E . F lanagan, 6 Buffalo Branch of Federal Reserve Bank of New York DIRECTORS N orman F. B each, Chairman Vice President, Eastman Kodak Company, Rochester, N. Y. D a v id M oeton A d a m s , J. L aub, Chairman of the Board, General Manager, Pro-Fac Cooperative, Inc., Marine Midland Bank — Western, Rochester, N. Y. Buffalo, N. Y. W il l ia m B. A nderson, President, The First National Bank o f Jamestown, R upert W arren, President, Trico Products Corporation, Jamestown, N. Y. Buffalo, N. Y. A ngelo A. Co s t a n z a , President, Central Trust Company Rochester N. Y., J AMES I. WYCKOFF, President, The National Bank of Geneva, Rochester, N. Y. Geneva, N. Y . OFFICERS A ngus A. M R onald B . G r a y , H arry A. Curth , acI n n e s, Jr., Vice President Assistant Vice President and Cashier Jr., Assistant Cashier G erald H . G re e n e , A rthur A . R andall, 7 Assistant Cashier Assistant Cashier
@FedFRASER