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FED ER AL R ESERVE BANK O F N EW YORK r Circular No. 7 0 7 8*1 L January 11, 1973 J F IF T Y -E IG H T H A N N U A L STA TEM EN T T o the M em ber Banks of the Second Federal R eserv e D istrict: Herewith is a statement of condition of the Federal Reserve Bank of New York at the close of the year 1972, and of earnings and expenses for that year. For convenient comparison, the corresponding figures for 1971 are also shown. The regular annual report of the Bank, containing a review of economic and financial developments and of Bank operations in 1972, 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 Dec. 31,1972 A SSE T S Gold certificate account ----------------------------------- $ 2,063,888,207 Dec. 31 , 1971 $ 1,957,161,483 Special Drawing Rights certificate account____ 93,000,000 93,000,000 Federal Reserve notes of other Banks__________ 205,955,637 163,812,426 Other cash___________________________________ 17,434,740 21,120,191 Total _____________ ..._____________________ $ 2,380,278,584 Advances and discounts_______________________ $ 926,100,000 $ 2,235,094,100 $ 16,750,000 Acceptances: Bought ou trigh t___________________________ 70,460,821 79,662,785 Held under repurchase agreements__________ 36,305,904 180,919,487 U.S. Government securities: Bought outright* __________________________ 17,702,177,000 16,714,335,000 Held under repurchase agreements__________ 97,500,000 1,222,305,000 Bought outright------------------------------------------ 332,538,675 117.495.000 Held under repurchase agreements__________ 13,000,000 101.400.000 Federal agency obligations: Total loans and securities_________________ $19,178,082,400 $18,432,867,272 Other assets: Cash items in process of collection___________ $ 2,543,299,757 Bank premises______________________________ 7,482,265 All o t h e r f_____________ ...---------------------------- 258,959,939 Total other assets________________________ $ 2,921,625,887 8,280,057 329,685,999 $ 2,809,741,961 $ 3,259,591,943 T O T A L A S S E T S _______________________ $24,368,102,945 $23,927,553,315 * Includes securities loaned— fully secured by U. S. Govern ment securities pledged with the Bank .................................................... t Includes assets denominated in foreign currencies and, for Decem ber 31, 1971, IM F gold deposited. 2 $27,100,000 $35,370,000 Statement of Condition ( Continued) L IA B IL IT IE S Dec. 31, 1972 Dec. 31, 1971 $14,809,232,519 $13,462,156,641 $ 7,072,851,457 $ 6,960,447,521 U. S. Treasurer— general account_____ 388,168,879 386,977,267 Foreign* ________________ 110,028,965 87,681,521 Otherf _______________ 571,067,117 850,279,525 $ 8,142,116,418 $ 8,285,385,834 $ 862,910,138 $ 1,627,448,809 140,635,970 166,853,131 1,003,546,108 1,794,301,940 $23,954,895,045 $23,541,844,415 $ $ Federal Reserve notes______________ Deposits: Member bank reserve accounts_____ ~~ Total deposits________________ .... Other liabilities: Deferred availability cash item s_________ All other ___________________ Total other liabilities ____________ T O T A L L IA B IL IT IE S ______________ C A P IT A L A CC O U N TS Capital paid in ______________________ _ .... - - Surplus ______________________ 206,603,950 192,854,450 206,603,950 T O T A L C A P IT A L A CC O U N TS --- $ 413,207,900 T O T A L L IA B IL IT IE S A N D C A P IT A L A CC O U N TS -------------------------------------- $24,368,102,945 * A fter deducting participations o f other Federal Reserve Banks amounting t o ......................................................................................... 192,854,450 $ 385,708,900 $23,927,553,315 $214,600,000 $206,360,000 $46,551,945 $66,624,495 t F or Decem ber 31, 1971, includes IM F gold deposit. Contingent liability on acceptances purchased for foreign correspondents (after deducting participations of other Federal Reserve Banks amounting to $132,460,000 for December 31, 1972 and $187,861,300 for December 31,1971) ............................................................................ 3 Statement of Earnings and Expenses 1972 1971 Total current earnings________________________ $971,295,880 $959,231,739 Net expenses_________________________________ 90,074,465 83,670,695 Current net earnings_____________________ $881,221,415 $875,561,044 $ 769,744 $ 26,059,948 515,813 46,386 1,285,557 $ 26,106,334 Additions to current net earnings: Profit on sales of U. S. Government securi ties and Federal agency obligations (net) All other __________________________________ Total additions__________________________ $ Deductions from current net earnings: $ 2,151,738 Loss on foreign exchange transactions (net) „ $ 13,477,005 All other __________________________________ 106,638 Total deductions_________________________ $ 13,583,643 Net deductions ( — ) or additions ( + ) ________ — $ 12,298,086 + $ 23,895,930 Net earnings available for distribution____ $868,923,329 $899,456,974 Dividends paid _______________________________ $ 11,928,649 $ 11,341,925 Payments to U. S. Treasury (interest on Federal Reserve notes) ____________________________ $843,245,180 $880,050,249 Transferred to surplus________________________ $ 13,749,500 $ Surplus— beginning of year___________________ $192,854,450 $184,789,650 Transferred from net earnings for y ea r_______ 13,749,500 8,064,800 Surplus— end of y e a r-------------------------------------- $206,603,950 $192,854,450 58,666 $ 2,210,404 8,064,800 SU R PLU S A CC O U N T 4 Federal Reserve Bank of New York DIRECTORS R o s w e l l L. G il p a t r ic (C -1 9 7 4 * ), Partner, Cravath, Swaine & M oore, Attorneys, N ew Y ork , N. Y . Chairman, and Federal R eserv e A g en t F r a n k R . M il l ik e n (C -1 9 7 5 ), President, K ennecott Copper Corporation, N ew Y ork, N. Y . D epu ty Chairman A l a n P ifer (C -1 9 7 3 ), N o r m a n B r a ssl e r (A -1 9 7 4 ), Chairman o f the Board, N ew Jersey Bank (N ational A ssociation ), President, Carnegie Corporation of N ew Y ork , N ew Y ork, N. Y . Clifton, N. J. (E lected by Group 2 banks) D a v id R o ckefeller (A -1 9 7 3 ), Chairman of the Board, The Chase Manhattan Bank (N ational A ssociation ), N ew Y ork, N . Y . (E lected by Group 1 banks) M a u r ic e F. G r a n v il l e (B -1 9 7 3 ), Chairman of the Board, T ex a co Inc., N ew Y ork , N. Y . (E lected by Group 1 banks) N e w m a n E. W a i t , Jr. (A -1 9 7 5 ), J a c k B. J a c k s o n (B -1 9 7 5 ), President, T he Adirondack Trust Company, Saratoga Springs, N. Y . (E lected by Group 3 banks) President, J. C. Penney Co., Inc., N ew Y ork , N. Y . (E lected by Group 3 banks) * T he letter indicates the class o f directors; term expires December 31 o f the year indicated. MEMBER OF FEDERAL ADVISORY COUNCIL G a b r ie l H a u g e , Chairman of the Board, Manufacturers H anover Trust Company, N ew Y ork , N . Y . 5 Federal Reserve Bank of New York OFFICERS A lfred H a y e s , President W i l l i a m F. T reiber , F irst V ice President C h a r l e s A . C o o m bs , Senior V ice President R ic h a r d A . D e b s , Senior V ice President A l a n R . H o l m e s , Senior V ice President R obert G. L i n k , S enior V ice President T h o m a s M . T im l e n , Jr., Senior V ice President T h o m a s O. W a a g e , S enior V ice President D a v id E . B odner , V ice President W il l i a m H . B r a u n , Jr., V ice President P eter F o u s e k , V ice President G eorge G a r v y , Econom ic A dviser E d w a r d G. G u y , V ice President J o h n T . K e a n e , V ice President L eonard L a p id u s , V ice President F red W . P id erit , Jr., V ice President E verett B. P ost , V ice President T h o m a s C. S l o a n e , V ice President F rederick L . S m e d l e y , V ice President P eter D . S t e r n l ig h t , V ice President H . D avid W il l e y , V ice President J a m e s O . A s t o n , Assistant V ice President A . T h o m a s C o m bader , Assistant V ice President R obert L . C ooper , A ssistant V ice President R obert J. C r o w l e y , Assistant V ice President H o w a r d F . C r u m b , A dviser R ic h a r d G. D a v is , A dviser K a r l L . E ge, A ssistant V ice President M a r t in F r e n c h , Assistant V ice President R a l p h H . G elder , Assistant V ice President R ic h a r d H . H oen ig , Assistant V ice President P eter P . L a n g , A dviser M a d e l in e H . M c W h i n n e y , Assistant V ice President P a u l M e e k , Assistant V ice President J a m e s H . O l t m a n , Assistant General Counsel S cott E . P ardee , A ssistant V ice President E d w in R . P o w e r s , Assistant V ice President C h a r l e s R . P r ic h e r , A ssistant V ice President A . M a r s h a l l P u c k e t t , A ssistant V ice President B e n e d ic t R a f a n e l l o , Assistant V ice President W a lt e r S. R u s h m o r e , A ssistant V ice President F rederick C. S c h a d r a c k , Jr., A dviser W il l i a m M . S c h u l t z , Assistant V ice President A l o y s iu s J. S t a n t o n , Assistant V ice President R obert C. T h o m a n , A ssistant V ice President P h il i p V a n O r m a n , Assistant V ice President R obert Y o u n g , Jr., Assistant General Counsel P a u l A i k e n , M anager, Com puter Support D epartm ent B ru ce G. A l e x a n d e r , M anager, Personn el D epartm ent L eon ard I. B e n n e t t s , M anager, Check A dju stm ent J o h n C. H o u h o u l is , M anager, Paym ent S ystem s and General Counsel and Return Item s D epartm ent A ll e n R . B iv e n s , A ssistant Counsel J a m e s H . B o o t h , M anager, R egulations and Bank Analysis D epartm ent A r m o n d J. B raiger , M anager, Savings Bond D epartm ent L o u is J. B rendel , M anager, Planning D epartm ent J o h n C h o w a n s k y , M anager, M anagem ent Inform ation D epartm ent L o u is J. C o n r o y , M anager, E m ergen cy Planning D epartm ent R ic h a r d D . C o o p e r s m it h , Assistant Counsel E . G erald C o r r ig a n , Secretary J o se ph R . C o yle , Securities Trading Officer F red A . D e n e s e v ic h , M anager, N orth le r s e y Regional Check P rocessing Center A d a m R . D ic k , M anager, Batik Relations D epartm ent M a t t h e w C. D rexler , M anager, Building Operating D epartm ent E d n a E . E h r l ic h , M anager, International R esearch D epartm ent E u g e n e P . E m o n d , M anager, Credit and D iscount Departm ent C h e st e r B . F eldberg , Assistant Counsel F rederick L . F r e y , Chief Exam iner H e n r y S. F u j a r s k i , Jr., M anager, A ccounting Departm ent P eter J. F u l l e n , M anager, Com puter Operations D epartm ent M ar g aret L . G re e n e , M anager, F oreign Departm ent M ic h a e l J. H a m b u r g e r , Senior Econom ist G erald H a y d e n , M anager, Com puter Planning Departm ent M a t t h e w J. H oey , M anager, Governm ent Bond and Safekeeping D epartm ent L eon R . H o l m e s , M anager, Cash Custody Departm ent, and M anager, Collection D epartm ent D epartm ent W h i t n e y R . I r w i n , M anager, Cash D epartm ent B er n a r d J. J a c k s o n , M anager, F oreign Departm ent E d w a r d F . K ip f s t u h l , M anager, F oreign Banking R egulations D epartm ent T h o m a s P . K ip p , M anager, Check P rocessing D epartm ent F red H . K lo p st oc k , Senior Econom ist L eon K orobow , M anager, Banking Studies D epartm ent R o n a ld E . L o n g , M anager, S ervice Departm ent J o se p h M . O ’ C o n n e l l , M anager, Check Processing D epartm ent T heodore N. O p p e n h e im e r , Assistant Secretary E r n e s t T . P a t r i k i s , Assistant Counsel L eopold S. R a s s n i c k , Assistant Counsel, and Assistant Secretary M a r y J. R odgers, Assistant Counsel F r a n c is H . R o h r b a c h , M anager, Personnel Departm ent E d w in S. R o t h m a n , M anager, Foreign Departm ent H erbert H . R u e s s , M anager, Credit and D iscount Departm ent I r w in D. S andberg , M anager, A cceptan ce Departm ent, and M anager, Securities Departm ent R a l p h C. S c h in d l e r , R esearch Com piiter Officer B e n j a m i n S t a c k h o u s e , M anager, Bank Applications Departm ent R udolf T h u n b e r g , M anager, D om estic Research Departm ent S h e il a L. T s c h i n k e l , M anager, Securities D epartm ent R u t h A n n T yl e r , M anager, Personnel Departm ent R ic h a r d V o l l k o m m e r , M anager, G overnm ent Bond and Safekeeping D epartm ent W il l ia m M. W a l s h , M anager, R esearch Com puter D epartm ent S t e p h e n P . W e is , M anager, Security Custody Departm ent W il l ia m H . W etendorf , M anager, P rotection Departm ent G eorge C. S m i t h , General A uditor J o h n E. F l a n a g a n , A ssistant General A uditor J erry B e r k o w it z , M anager, Auditing Departm ent 6 — Buffalo Branch of Federal Reserve Bank of New York DIRECTORS R u pe r t W a r r e n , Chairman Form er President, T rico Products Corporation, Buffalo, N. Y . W il l i a m B. A n d erso n , T heodore M . M c C lu r e , President, The First National Bank o f Jamestown, T , XT V Jamestown, N . Y . N o r m a n F. B e a c h , President, The Citizens National Bank and Trust Company, W ellsville, N . Y . D o n a ld R. N e sb it t , V ice President, Eastman K odak Company, O w ner and operator, Silver Creek Farms, Rochester, N . Y . Albion, N. Y . C l a u d e F. S h u c h t e r , A ngelo A . C o s t a n z a , President, Central Trust Company Rochester N . Y ., President and Chief E xecutive Officer, l i. xt it Manufacturers and Traders T rust Company, Rochester, N . Y . Buffalo, N. Y . OFFICERS A n g u s A . M a c I n n e s , Jr* V ice President R o n a l d B . G r a y , A ssistant V ice President and Cashier H a r r y A . C u r t h , Jr., A ssistant Cashier P eter D . L u ce , Assistant Cashier A r t h u r A . R a n d a l l , Assistant Cashier
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