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FED ER A L RESER VE BANK O F NEW YORK r Circular No. 7 3 2 31 I. January 18, 1974 FIFTY-NINTH ANNUAL STATEMENT T o the M em ber Banks of the Second Federal R eserve D istrict: Herewith is a statement of condition of the Federal Reserve Bank of New York at the close of the year 1973, and of earnings and expenses for that year. For convenient comparison, the corresponding figures for 1972 are also shown. The regular annual report of the Bank, containing a review of economic and financial developments and of Bank operations in 1973, 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. J Statement of Condition A SSE TS Dec. 3 1 , 1973 Gold certificate account_______________________ $ 3,231,124,460 Dec. 3 1 , 19 72 $ 2,063,888,207 Special Drawing Rights certificate account____ 93,000,000 93.000.000 Federal Reserve notes of other Banks__________ 197,837,504 205,955,637 Other cash___________________________________ 19,011,686 17,434,740 Total ___________________________________ Advances____________________________________ $ 3,540,973,650 $ 2,380,278,584 $ $ 485,105,000 926,100,000 Acceptances: Bought outright___________________________ 68,013,606 70,460,821 Held under repurchase agreements -__ ______ — 0— 36,305,904 U.S. Government securities: 17,702,177,000 Bought outright*____________________ __ __ 19,313,746,000 Held under repurchase agreements__________ 58,000,000 97,500,000 Bought outright___________________________ 476,946,955 332,538,675 Held under repurchase agreements__________ 42,000,000 13.000.000 Federal agency obligations: Total loans and securities_________________ $20,443,811,561 $19,178,082,400 Other assets: Cash items in process of collection___________ $t 2,575,286,995 Bank premises_____________________________ 10,066,694 All o t h e r f_________________________________ 207,995,556 $ 2,543,299,757 7,482,265 258,959,939 Total other assets________________________ $ 2,793,349,245 $ 2,809,741,961 T O T A L A S S E T S _______________________ $26,778,134,456 $24,368,102,945 * Includes securities loaned— fully secured by U. S. Govern ment securities pledged with the B a n k .................................................... t Includes assets denominated in foreign currencies. $162,950,000 $27,100,000 Statement of Condition ( Continued) L IA B IL IT IE S Dec. 3 1 , i 973 Federal Reserve notes_________________________ $16,081,664,698 Dec. 3 1 , 1972 $14,809,232,519 Deposits: Member bank reserve accounts_____________ $ 7,780,245,806 $ 7,072,851,457 U. S. Treasurer— general account___________ 394,348,031 388,168,879 Foreign* ---------------------------------------------------- 58,634,596 110,028,965 O th er__________________________ ____ ______ 673,840,619 571,067,117 Total deposits_________ _________________ $ 8,907,069,052 $ 8,142,116,418 Deferred availability cash item s____________ $ 1,118,003,627 $ All other __________________________________ 241,471,579 140,635,970 Total other liabilities ____________________ 1,359,475,206 1,003,546,108 T O T A L L IA B IL IT IE S _________________ $26,348,208,956 $23,954,895,045 Other liabilities: 862,910,138 C A P IT A L ACCOU N TS Capital paid in ____________________________ __ $ 214,962,750 Surplus ------------ --------------------------------------------$ 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 _________________________ $26,778,134,456 * A fter deducting participations of other Federal Reserve Banks amounting t o ........................................................................................ 3 429,925,500 206,603,950 206,603,950 214,962,750 T O T A L C A P IT A L A C C O U N T S ______ Contingent liability on acceptances purchased for foreign correspondents (after deducting participations of other Federal Reserve Banks amounting to $429,432,900 for Decem ber 31, 1973 and $132,460,000 for Decem ber 31, 1972) .................................................................................... $ $ 413,207,900 $24,368,102,945 $192,140,000 $214,600,000 $151,662,148 $46,551,945 Statement of Earnings and Expenses 1972 *973 Total current earnings________________________ $1,347,806,665 $971,295,880 Net expenses_________________________________ 108,848,083 90,074,465 Current net earnings_____________________ $1,238,958,582 $881,221,415 Additions to current net earnings: Profit on sales of U. S. Government securi ties and Federal agency obligations (net) - 0 - All other __________________________________ $ 503,460 Total additions __________________________ $ 503,460 $ 9,281,164 $ 769,744 515,813 $ 1,285,557 Deductions from current net earnings: Loss on sales of U. S. Government securi ties and Federal agency obligations (net) - 0 - Loss on foreign exchange transactions (net) „ 12,375,714 $ 13,477,005 All other __________________________________ 60,104 106,638 Total deductions_________________________ $ 21,716,982 $ 13,583,643 Net deductions _______________________________ $ 21,213,522 $ 12,298,086 $1,217,745,060 $868,923,329 Net earnings available for distribution____ Dividends paid ______________________________ $ 12,549,890 $ 11,928,649 Payments to U. S. Treasury (interest on Federal Reserve notes) ____________________________ $1,196,836,370 $843,245,180 Transferred to surplus_________________ __ ___ $ 8,358,800 $ 13,749,500 $192,854,450 Transferred from net earnings for y ea r_______ $ 206,603,950 8,358,800 Surplus— end of y e a r_________________________ 214,962,750 $206,603,950 SU R PLU S A C C O U N T Surplus— beginning of year______________ ____ 4 13,749,500 Federal Reserve Bank of New York DIRECTORS R o s w e l l L. G i l p a t r i c (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 N M B r a s s l e r (A -1 9 7 4 ), Chairman o f the Board, N ew Jersey Bank (N ational A ssociation ), Clifton, N. J. (E lected by Group 2 banks) orm an A lan President, Carnegie Corporation of N ew Y ork , N ew Y ork, N. Y . D a v id R o c k e fe ll er (A -1 9 7 6 ), Chairman o f the Board, The Chase Manhattan Bank (N ational A ssociation ), N ew Y ork, N . Y . (E lected by Group 1 banks) F. G r a n v il l e (B -1 9 7 6 ), Chairman o f the Board, T ex a co Inc., N ew Y ork , N . Y . (E lected by Group 1 banks) a u r ic e W J a c k B. J a c k s o n (B -1 9 7 5 ), President, J. C. Penney Co., Inc., N ew Y ork , N . Y . (E lected by Group 3 banks) N P ifer (C -1 9 7 6 ), S . S n e a t h (B -1 9 7 4 ), President, Union Carbide Corporation, New Y ork, N . Y . (E lected by Group 2 banks) il l ia m E. W a i t , Jr. (A -1 9 7 5 ), President, T he Adirondack Trust Company, ew man Saratoga Springs, N . Y . (E lected by Group 3 banks) * T h e letter indicates the class o f directors; term expires December 31 of the year indicated. M EM B ER OF F ED E R AL A D V IS O R Y COUNCIL G a b r ie l H au ge, Chairman of the Board, Manufacturers H anover Trust Company, N ew Y ork , N . Y . Federal Reserve Bank of New York OFFICERS A l f r e d H a y e s , President R ic h a r d A . D eb s , F irst V ice President C h a r l e s A . C o o m b s , Senior V ice President A l a n R . H o l m e s , Senior V ice P resident T T D a v id E . B odner , V ice President W i l l i a m H . B r a u n , J r., V ice President R ic h a r d G . D a v i s , V ice President K a r l L . E ge, V ice President P eter F o u s e k , E conom ic A dviser G eorge G a r v y , V ice P resident and Senior A d viser E d w a r d G . G u y , V ice President R obert E . L lo y d , J r., V ice President P a u l M e e k , M on etary A dviser F red W . P id er it , J r., V ice President E verett B. P o st , V ice President A . M a r s h a l l P u c k e t t , V ice President T h o m a s C. S l o a n e , V ice President F r ed er ick 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 a v id W i l l e y , V ice President and General Counsel J o h n T . K e a n e , V ice President L e o n a r d L a p id u s , V ice P resident homas M. T im l e n , homas O. W aage, J r., Senior V ice President S enior V ice President J a m e s O . A s t o n , A ssistant V ice President L o u is J. B r e n d e l , Assistant V ice President A . T h o m a s C o m b a d e r , Buildings Adm inistrator R obert L. C ooper , A ssistant V ice President J o s e p h R . C o y l e , Chief Securities Trading Officer R obert J. C r o w l e y , A ssistant V ice President H o w a r d F. C r u m b , A d viser R a l p h H . G elder , A ssistant V ice President R ic h a r d H . H o e n ig , A ssistant V ice President M a t t h e w J. H o e y , Assistant V ice President W h i t n e y R . I r w i n , Assistant V ice President F red H . K l o p s t o c k , A d viser M a d e l in e H . M cW h i n n e y , Assistant V ice President A n t o n S. N i s s e n , Assistant V ice President J a m e s H . O l t m a n , A ssistant General Counsel S cott E . P ardee , A ssistant V ice President E d w i n R . P o w e r s , 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 l t e r S . R u s h m o r e , A ssistant V ice President I r w i n D. S a n d be r g , A ssistant V ice President F red er ick C. S c h a d r a c k , Jr., A d viser W i l l i a m M . S c h u l t z , A ssistant 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 R udolf T h u n b e r g , A ssistant V ice President P h il i p V a n O r m a n , Assistant V ice President W i l l i a m M . W a l s h , Assistant V ice President W i l l i a m H . W e te n d o r f , A ssistant V ice President R obert Y o u n g , Jr., A ssistant General Counsel B r u c e G. A l e x a n d e r , M anager, Personnel D epartm ent L e o n a r d I. B e n n e t t s , M anager, Check A dju stm ent J o h n C. H R egulations D epartm ent L e o n K o robow , M anager, Banking Studies D epartm ent R o n a l d E. L o n g , M anager, Planning D epartm ent C h a r l e s M. L u c a s , M anager, Statistics D epartm ent F r a n k W . L u n d b l a d , Jr., M anager, P rotection Departm ent J o s e p h M. O ’ C o n n e l l , M anager, Check Processing D epartm ent J. B opp , M anager, Cash Custody Departm ent, and M anager, C ollection D epartm ent A r m o n d J. B r aig er , M anager, Savings Bond D epartm ent R a l p h A . C a n n III, M anager, Check P rocessing D epartm ent T e r r e n c e J. C h e c k i , M anager, Personnel 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 P a u l J. C ie u r z o , M anager, G overnm ent Bond and Safekeeping 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 , A ssistant Counsel E . G erald C o r r ig a n , Secretary F red A . D e n e s e v i c h , M anager, Check P rocessing D epartm ent A d a m R . D i c k , M anager, Bank R elations D epartm ent M a t t h e w C . D r exler , M anager, Building Operating D epartm ent E d n a E . E h r l i c 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 D epartm ent F r ed e r ick 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 D epartm ent P eter J. F u l l e n , M anager, Com puter Operations D epartm ent M a r g a r e t L. G r e e n e , M anager, F oreign D epartm ent M i c 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 Support Departm ent L e o n R . H o l m e s , M anager, Cash Departm ent aren M anager, Paym ent System s B e r n a r d J. J a c k s o n , M anager, F oreign D epartm ent E d w a r d F. K i p f s t u h l , M anager, F oreign Banking and R eturn Item s D epartm ent J e r r y B e r k o w i t z , M anager, Com puter Planning Departm ent A l l e n R . B i v e n s , A ssistant Counsel J a m e s H . B o o t h , M anager, R egulations and Bank A nalysis K o u h o u l is , D epartm ent D epartm ent T heodore N. O p p e n h e im e r , A ssistant S ecretary E d w a r d J. O zog , M anager, A cceptan ce Departm ent, and M anager, Securities D epartm ent E r n e s t T . P a t r i k i s , Assistant Counsel J ero m e P . P erlongo , M anager, N orth Jersey Regional Check P rocessing Center 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 D epartm ent E d w i n 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 R a l p h C. S c h in d l e r , R esearch Com puter Officer C e c il A. S h e p h e r d , Equal Opportunity Officer B e n j a m i n S t a c k h o u s e , M anager, Bank Applications D epartm ent G a r y H . S t e r n , M anager, D om estic R esearch Departm ent S t e p h e n G . T h i e k e , A ssistant Secretary S h e i l 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 y l e r , M anager, Service 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 Departm ent e is , M anager, Security Custody D epartm ent S t e p h e n P. W 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 W . W i l l i a m B a u m g a r d t , M anager, Auditing D epartm ent 6 * Buffalo Branch of Federal Reserve Bank of New York DIRECTORS N orman F. B e a c h , Chairman, V ice President, Eastman K odak Company, Rochester, N . Y . J. W allace D a n ie l G . R a n s o m , E ly, President and Chief Executive Officer, Security Trust Company of Rochester, Rochester, N. Y . T heodore M. M President, The W m . H engerer Company, Buffalo, N. Y. C l a u d e F. S h u c h t e r , cC lu r e , President and Chief Executive Officer, Manufacturers and Traders Trust Company, Buffalo, N . Y . President, The Citizens National Bank and Trust Company, W ellsville, N . Y . D onald R . N e s b it t , R u per t W O w ner and operator, Silver Creek Farms, arren , Form er President, T rico Products Corporation, Albion, N . Y . Buffalo, N . Y . OFFICERS A ngus A. M acI 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 arry A . C u r t h , J r., A ssistant Cashier G a r y S. W P eter D . L u c e , Assistant Cashier e in t r a u b , 7 Assistant Cashier
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